LT.NS Larsen & Toubro Limited
INR·Price 4194.20·Mkt cap 5.77TComputed from the latest reported financials and the current market price.
Who's the real player?
A genuine play on this theme — most of its business sits right here.
Is the business healthy?
Shaky fundamentals — weak cash generation or a stretched balance sheet. Tread carefully.
- Strong cash flow quality
- High FCF conversion
- Conservative accounting (negative accrual ratio)
Are the smart people buying?
No ownership-change data for this stock. Conviction is judged from capex and buyback signals alone.
- Institutional pct is high
- Capex growth indicates growth intent
What is management saying?
No earnings-call transcript or filings found for this stock.
Is the price right?
DCF not meaningful here — the model implies a non-positive equity value (high debt / weak free cash flow).
Through the masters' eyes
Each investor's numeric rules, checked against this stock's metrics: exact math, no guesswork. Tap one to see which rules pass, fail, and what to judge yourself.
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Passes 2 of 4 of Radhakishan Damani's numeric checks. Still judge the non-numeric criteria below for yourself.
- Consistent revenue (consistency ≥ 80%) — now 96.4%
- Positive net margin — now 5.7%
- High returns on capital (ROCE ≥ 18%) — now 13.7%
- Very low debt (D/E ≤ 0.5) — now 1.15
- A durable consumer franchise
- Pricing power
- A long runway, bought patiently
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Passes 1 of 2 of Raamdeo Agrawal's numeric checks. Still judge the non-numeric criteria below for yourself.
- Longevity: revenue consistency ≥ 70% — now 96.4%
- Quality: ROCE ≥ 18% — now 13.7%
- Durability of the growth (longevity)
- Quality and honesty of management
Couldn't check from available data: Growth: earnings CAGR ≥ 15% — not available; Price: PEG ≤ 2 — not available
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Passes 2 of 5 of Warren Buffett's numeric checks. Still judge the non-numeric criteria below for yourself.
- Positive free cash flow — now 4.2%
- Trades below intrinsic value (margin of safety ≥ 0) — now 15043.1%
- ROE ≥ 15% — now 14.7%
- Net margin ≥ 10% — now 5.7%
- Conservative leverage (D/E ≤ 1.0) — now 1.15
- A business you can understand
- A durable competitive moat
- Honest, capable management
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Passes 1 of 4 of Charlie Munger's numeric checks. Still judge the non-numeric criteria below for yourself.
- Trades below intrinsic value (margin of safety ≥ 0) — now 15043.1%
- High returns on capital (ROCE ≥ 15%) — now 13.7%
- ROE ≥ 15% — now 14.7%
- Conservative leverage (D/E ≤ 1.0) — now 1.15
- A high-quality, understandable business
- A durable moat
- Management of integrity
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Passes 0 of 6 of Benjamin Graham's numeric checks. Still judge the non-numeric criteria below for yourself.
- P/E ≤ 15 — now 35.88
- P/B ≤ 1.5 — now 5.28
- Graham number: P/E × P/B ≤ 22.5 — now 189.4
- Strong liquidity (current ratio ≥ 1.5) — now 1.25
- Debt below equity (D/E ≤ 1.0) — now 1.15
- Financially safe (Altman Z ≥ 3) — now 2.24
- A long record of stable earnings
- An uninterrupted dividend history
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Passes 0 of 2 of Peter Lynch's numeric checks. Still judge the non-numeric criteria below for yourself.
- Manageable debt (D/E ≤ 1.0) — now 1.15
- Solid liquidity (current ratio ≥ 1.5) — now 1.25
- A simple business you understand
- Which 'type' it is (fast grower, stalwart, cyclical…)
- A believable growth story
Couldn't check from available data: PEG ≤ 1 (growth cheap vs price) — not available; Earnings growth ≥ 15% — not available
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Passes 0 of 3 of Rakesh Jhunjhunwala's numeric checks. Still judge the non-numeric criteria below for yourself.
- ROE ≥ 18% — now 14.7%
- Net margin ≥ 10% — now 5.7%
- Conservative leverage (D/E ≤ 1.0) — now 1.15
- A large, scalable opportunity
- Trustworthy, ambitious management
- Conviction to hold through volatility
Couldn't check from available data: Earnings growth ≥ 15% — not available
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Passes 0 of 2 of Vijay Kedia's numeric checks. Still judge the non-numeric criteria below for yourself.
- ROE ≥ 15% — now 14.7%
- Manageable debt (D/E ≤ 1.0) — now 1.15
- Ambitious, capable management
- A small company with a large opportunity
- Patience to hold for years
Couldn't check from available data: Strong earnings growth ≥ 20% — not available
Financial statements (INR)
↗ sourceCash-flow lines highlighted — we trust cash over reported profit.
| Line | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | 2.84T | 2.54T | 2.19T | 1.82T | — |
| Operating income | 270.71B | 264.78B | 217.31B | 195.01B | — |
| EBITDA | 331.67B | 310.08B | 277.28B | 236.71B | — |
| Net income | 160.84B | 150.37B | 130.59B | 104.71B | — |
| Operating cash flow | 167.41B | 91.51B | 182.66B | 227.77B | — |
| Capex | -48.09B | -44.19B | -45.17B | -41.44B | — |
| Free cash flow | 119.32B | 47.33B | 137.50B | 186.33B | — |
| Total assets | 4.53T | 3.80T | 3.40T | 3.30T | — |
| Total equity | 1.09T | 976.56B | 863.59B | 893.26B | — |
| Total debt | 1.25T | 1.32T | 1.16T | 1.21T | — |
| Cash & equivalents | 153.91B | 121.87B | 119.58B | 169.27B | — |