Analyst Presentation - Q2 / H1 FY27

Larsen & Toubro Limited e LARSEN & TOUBRO Secretarial Department L&T House, Ballard Estate Narottam Morarjee Marg Mumbai - 400 001, INDIA Tel: +91 22 6752 5656 Fax: +91 22 6752 5858 www.Larsentoubro.com Email: igrc@larsentoubro.com CIN:L99999MH1946PLC004768 SEC/2026 October 27, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jejeebhoy Towers, Exchange Plaza, 5th Floor Dalal Street, Plot No.C/1, G Block MUMBAI - 400 001 Bandra-Kurla Complex STOCK CODE: 500510 Bandra (E), Mumbai - 400 051 STOCK CODE: LT Dear Sirs, Sub.: Analyst Presentation.- Q2 / H1 FY27 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith a copy of Analyst Presentation on financials of Q2 / H1 FY27 which will be uploaded to our Investor Website https://investors.larsentoubro.com. We request you to take note of the same. Thanking you, Yours sincerely, for LARSEN & TOUBRO LIMITED SUBRAMANIAN NARAYAN COMPANY SECRETARY & COMPLIANCE OFFICER (ACS 16354) Encl. As above. An ISO 9001:2015 Certified Department Earnings Call Presentation Q2 / H1 FY27 Representative Image 27th October, 2026 Representative Image Disclaimer This presentation contains certain forward looking statements concerning L&T’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and the target countries for exports, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions with respect to investments, fiscal deficits, regulations, etc., interest and other fiscal costs generally prevailing in the economy. Past performance may not be indicative of future performance. The company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the company. EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Fabrication at Sohar Yard (Oman) of Riser Platform for North Oil Company’s Ruya Development (Qatar) Project Key Highlights EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES A Record Quarter amidst Volatility ORDER INFLOW REVENUE PROFIT AFTER TAX ₹ 1477 bn ₹ 787 bn ₹ 52 bn 28% YoY Growth 16% YoY Growth 33% YoY Growth New quarterly record ORDER BOOK NWC% TO REVENUE RETURN ON EQUITY ₹ 8535 bn 1.7% 16.7%* 850 bps YoY improvement * Includes 100 bps impact of Labour Code 28% YoY Growth A Record Low provision recognised in Q3 FY26 EEPPCC PPRROOJJEECCTTSS || MMAANNUUFFAACCTTUURRIINNGG && PPRROODDUUCCTTSS || SSEERRVVIICCEESS Key Financial Indicators In ₹ bn Q2 FY26 Q2 FY27 % Var Particulars H1 FY26 H1 FY27 % Var 1158 1477 28% Order Inflow 2102 2557 22% Order Book 6670 8535 28% 680 787 16% Revenue 1317 1467 11% 10.0% 8.7% EBITDA % 10.0% 8.8% 39 52 33% Reported PAT 75 93 24% Key Ratios As on Sep'25 As on Sep'26 Net Working Capital 10.2% 1.7% ROE (TTM) (%) 17.2% 16.7%* Q2 FY26 Q2 FY27 % Var Cash Flow Metrics H1 FY26 H1 FY27 % Var Cash flow from Operations 48 128 170% 106 180 70% (excl Financial Services business) * Includes 100 bps impact of Labour Code provision recognised in Q3 FY26 EEPPCC PPRROOJJEECCTTSS || MMAANNUUFFAACCTTUURRIINNGG && PPRROODDUUCCTTSS || SSEERRVVIICCEESS 5 Patna Medical College and Hospital (PMCH) – Set to become India’s largest and world’s second largest hospital by bed capacity Group Performance Analysis EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Q2 / H1 FY27 Order Inflow / Order Book In ₹ bn Order Inflow Order Book 28% 22% 4623 7 7 3268 Y 553 924 1477 Y 1026 1531 2557 F F z 2 1 6670 8535 2 Y 402 756 1158 2 Y 860 1242 2102 3402 3912 Q H 30-Sep-25 30-Sep-26 Domestic International • Highest ever quarterly order inflow led by receipt of Ultra Mega and Mega orders in the Energy-Conventional segment • International orders constitute 54% of the Order Book • Strong addressable prospects pipeline of ~ Rs 10 trillion for the near term EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Group P&L Construct: Revenue to EBITDA Remarks for the Quarter Q2 FY26 Q2 FY27 % Var ₹ Billion H1 FY26 H1 FY27 % Var Revenue 679.8 787.5 16% Revenue 1316.6 1466.9 11% Growth reflective of strong progress in Energy (Conventional + Green), Manufacturing & Products and Financial Services 56% 58% International Rev. 54% 55% MCO Expense Reflective of increased activity levels , higher share of 435.9 522.7 20% MCO Exp.* 838.2 939.7 12% PP&M revenue and increased costs • Staff Costs 17.1 19.7 15% Fin. Charge Opex** 34.1 40.0 17% Driven by resource augmentation and salary increments across businesses 129.9 142.5 10% Staff Costs 256.2 282.9 10% • SG&A 29.0 34.2 18% Sales & Admin. 56.8 74.7 31% Increase in SG&A cost mainly due to adverse forex variation in LTM & LTTS and higher credit cost in FS 611.8 719.1 18% Total Opex 1185.4 1337.3 13% • EBITDA Margin Primarily impacted due to lower margin across 68.1 68.4 1% EBITDA 131.2 129.6 -1% portfolio and change in revenue mix (higher share of PP&M) 10.0% 8.7% EBITDA % 10.0% 8.8% * Manufacturing, Construction and Operating expenses **Finance cost of financial services business and finance lease activity EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Group P&L Construct: EBITDA to PAT Remarks for the Quarter Q2 FY26 Q2 FY27 % Var ₹ Billion H1 FY26 H1 FY27 % Var 68.1 68.4 1% EBITDA 131.2 129.6 -1% Finance Cost Reduction primarily due to non-consolidation of (7.6) (4.7) -38% Finance Cost (15.4) (10.1) -34% Hyderabad Metro and decrease in Standalone debt (10.9) (10.4) -5% Depreciation (21.3) (20.7) -3% • Depreciation Decline due to non-consolidation of Hyderabad Metro 13.8 23.1 67% Other Income 27.4 46.8 71% Other Income (16.5) (17.3) 5% Tax Expense (31.8) (36.7) 15% • Supported by higher group surplus funds & improved yields and one-time gain on divestment of SWC business in LTTS (0.1) 0.3 JV/Associates PAT Share (0.2) 0.4 • Profit After Tax (7.5) (7.5) -1% Non-controlling Int. (14.5) (16.1) 11% Growth mainly due to strong pickup in activity levels in PP&M and improved treasury operations 39.3 52.0 33% Reported PAT 75.4 93.2 24% EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Heavy Wall Vessels for a client in USA Segment Performance Analysis EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Current Segment Composition Infrastructure & Manufacturing & Technology, Platforms & Energy - Conventional Utilities Products Services Hydrocarbon Heavy Engineering Buildings & Factories LTM CarbonLite Solutions Precision LTTS Transportation Infra Engineering & Systems Data Center Electronics Heavy Civil Electrolyser Semiconductor Metals & Minerals Energy - Green Manufacturing Digital Platforms CE & IPDD Power T&D Renewables - Solar Water Effluent & Renewables – Onshore & Treatment Projects, Products & Manufacturing 8 Offshore Wind (PPM) = 1 + 2 + 3 + 4 Development Projects New business 6 7 Green Assets Hydrogen / Ammonia *Divested w.e.f 25-Jun-2026 Financial Services Realty Nabha Power* # Held for Sale Hyderabad Metro# EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 1111 Order Inflow Composition – Q2 / H1 FY27 Q2 FY27: ₹ 1477 Bn H1 FY27: ₹ 2557 Bn 14% 17% 24% Infrastructure & Utilities 4% Energy - Conventional Energy - Green 15% S Manufacturing & products Services 3% 3% y 23% India p 37% Middle East USA & Europe Rest of the World EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Order Book as on 30-Sep-2026 Segment Geography Infrastructure & Utilities Energy - Conventional India Middle East USA & Europe ROW Energy - Green Manufactur [Showing first 8,000 characters — download PDF for full document]