MUMBAI — Larsen and Toubro won ₹1,08,014 crore of new orders in the June quarter and recognised ₹67,942 crore of revenue. For every rupee of work it finished, it signed up ₹1.59 more. The share price moved three rupees on Monday.
L&T closed August 24, 2026, at ₹4,090.00 on the National Stock Exchange, down ₹3.00 or 0.07 percent, and at ₹4,085.30 on the BSE, off the same 0.07 percent. It opened at ₹4,100.00, reached ₹4,107.10 and dipped to ₹4,077.70 without ever threatening to do anything. Volume was 13.69 lakh shares, which for a company worth ₹5.63 lakh crore is a very quiet day. The Nifty 50 fell 0.14 percent.
Stillness in the price is not stillness in the business. India’s largest engineering and construction group ended June with an order book of ₹7,78,954 crore, 27 percent larger than a year earlier, against revenue that grew 7 percent. Those two growth rates cannot stay that far apart forever, and which one converges on the other is the question the stock’s 32 times earnings is answering.
L&T Share Price Today: NSE and BSE Close for August 24, 2026
| Measure | NSE · LT | BSE · 500510 |
|---|---|---|
| Closing price | ₹4,090.00 | ₹4,085.30 |
| Previous close | ₹4,093.00 | ₹4,088.05 |
| Change | -₹3.00 (-0.07%) | -₹2.75 (-0.07%) |
| Open | ₹4,100.00 | ₹4,097.00 |
| Day’s high | ₹4,107.10 | ₹4,106.40 |
| Day’s low | ₹4,077.70 | ₹4,078.55 |
| Volume traded | 13.69 lakh shares | – |
| 52-week high | ₹4,440.00 (-7.88% from today’s close) | |
| 52-week low | ₹3,288.10 (+24.39% from today’s close) | |
| Market capitalisation | ₹5,63,411 crore | |
| Trailing P/E · Price to book | 32.0 · 5.15 | |
| Book value per share · Return on equity | ₹794 · 15.9% | |
| NSE closing prices for August 24, 2026, with BSE figures from the exchange’s own quote feed, timestamped 16:00 IST. Valuation ratios and market capitalisation are Screener’s consolidated figures. | ||
Thirty-two times earnings is the highest multiple in this series of large Indian companies, above Reliance at 23.8 and more than double Tata Consultancy Services at 15.4. It is not being paid for the current return on equity of 15.9 percent, which ICICI Bank matches at a much lower multiple. It is being paid for the order book.
Larsen & Toubro Stock Code on NSE, BSE and Global Data Feeds
| Exchange or provider | Code | Notes |
|---|---|---|
| NSE (National Stock Exchange) | LT | Series EQ. Nifty 50 constituent |
| BSE (Bombay Stock Exchange) | 500510 | Scrip code. Group A, BSE Sensex constituent |
| ISIN | INE018A01030 | Depository identifier. Face value ₹2 |
| Google Finance | NSE:LT · BOM:500510 | The exchange-prefixed format Google requires |
| Yahoo Finance | LT.NS · LT.BO | Suffix marks the exchange |
| ISIN, scrip code and face value confirmed against the BSE’s company header feed. Founded in 1938 by two Danish engineers, Henning Holck-Larsen and Soren Kristian Toubro, and headquartered in Mumbai. The BSE classifies it under Civil Construction. | ||
L&T Q1 FY27: The Order Book Is the Company
The June-quarter results, reported on July 28, split cleanly into two halves that point in opposite directions.
| Measure | Q1 FY27 | Change YoY |
|---|---|---|
| Order inflow | ₹1,08,014 cr | +14% |
| Order book at June 30 | ₹7,78,954 cr | +27% |
| Consolidated revenue | ₹67,942 cr | +7% |
| Profit attributable to owners | ₹4,123 cr | +14% |
| International revenue | ₹34,393 cr | 51% of total |
| International orders won | ₹60,702 cr | 56% of inflow |
| International share of order book | 52% | |
| Figures as reported in L&T’s Q1 FY2026-27 results of July 28, 2026. The company attributes the order-book growth in part to ultra-mega offshore wind orders from Europe, and flagged margin pressure from disruptions in the Middle East and from foreign exchange movements. | ||
Two ratios drawn from that table say more than the growth rates do. Divide the quarter’s order inflow by the quarter’s revenue and you get a book-to-bill of 1.59: L&T is winning work more than half again as fast as it is delivering it. Divide the closing order book by four times the quarter’s revenue and you get roughly 2.87 years of work already contracted at the present rate of execution.
| Measure | Figure | Basis |
|---|---|---|
| Order inflow, June quarter | ₹1,08,014 cr | As reported |
| Revenue, June quarter | ₹67,942 cr | As reported |
| Book-to-bill for the quarter | 1.59 | Inflow divided by revenue |
| Order book at June 30 | ₹7,78,954 cr | As reported |
| Revenue run rate, annualised | ₹2,71,768 cr | June quarter multiplied by four |
| Years of work in hand | 2.87 | Order book divided by the run rate |
| Book-to-bill and years of work in hand are calculated by The Eastern Herald from the company’s reported figures. Annualising a single quarter is a rough device: L&T’s revenue is seasonal, with the March quarter typically its largest, so the true order-book cover is somewhat shorter than 2.87 years. | ||
L&T Is Now More Than Half a Foreign Company
The line in the results that deserves more attention than it has had is the geographic split. International work is 51 percent of revenue, 56 percent of the quarter’s new orders and 52 percent of the order book. Larsen and Toubro is no longer principally a play on Indian capital expenditure. It is a global contractor that happens to be listed in Mumbai and headquartered there, with the majority of its work in the Middle East, Europe and elsewhere.
That has two consequences the domestic framing hides. The first is currency: revenue earned in dollars, euros and Gulf currencies and reported in rupees benefits when the rupee weakens, and L&T explicitly flagged foreign exchange as a source of margin pressure this quarter, which cuts the other way on cost. The second is concentration risk of a different kind. The company named disruptions in the Middle East as a drag on margin. A contractor with more than half its book abroad carries geopolitical exposure that no amount of Indian infrastructure spending offsets.
The offshore wind orders from Europe are the clearest illustration. They are large, they are technically demanding, and they are precisely the sort of contract that lifts an order book by 27 percent while contributing nothing to revenue for several quarters.
L&T Share Price: Recent Sessions and a Narrow Range
| Date | Close (₹) | Change | Volume |
|---|---|---|---|
| August 14, 2026 | 4,057.00 | -0.34% | 9.34 lakh |
| August 17, 2026 | 4,086.70 | +0.73% | 10.66 lakh |
| August 18, 2026 | 4,064.30 | -0.55% | 13.56 lakh |
| August 19, 2026 | 4,041.30 | -0.57% | 11.91 lakh |
| August 20, 2026 | 4,081.00 | +0.98% | 10.56 lakh |
| August 21, 2026 | 4,093.00 | +0.29% | 12.59 lakh |
| August 24, 2026 | 4,090.00 | -0.07% | 13.69 lakh |
| NSE closing prices and volumes. Seven sessions inside a range of ₹4,041 to ₹4,093, or 1.3 percent, on turnover that has barely varied. | |||
Seven sessions and a 52-rupee band on a four-thousand-rupee stock. ₹4,041.30 on August 19 was the low of the stretch and it has not been retested; ₹4,107.10 capped Monday. The 52-week high of ₹4,440 is 8.6 percent above the current price, which makes L&T one of the closer large caps to its own peak.
What this article cannot tell you is what the order book is worth at the margin line. L&T publishes order inflow and order book in headline form but does not break the book down by expected margin, so there is no way to know whether ₹7,78,954 crore of contracted work is more or less profitable than the ₹6,13,000 crore of it a year ago. The company has flagged margin pressure from the Middle East and from currency without quantifying either. And the offshore wind orders are new territory for the group at this scale, which means the execution risk on the fastest-growing part of the book is the part with the least track record behind it. A book-to-bill of 1.59 is an excellent problem to have. Whether it is an excellent business depends on numbers L&T has not published.
Elsewhere on Monday the Indian market’s movement was in metals, where Tata Steel rose 1.80 percent and Hindalco 2.37 percent, while HDFC Bank held ₹729 within 2 percent of its 52-week low.
L&T’s June-quarter figures are drawn from the company’s Q1 FY2026-27 results and investor presentation of July 28, 2026. Closing prices and the scrip identifiers were verified against the BSE’s own quote feed for scrip 500510.
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