Analyst Presentation - Q1 / 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 July 28, 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.- Q1 / 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 Q1 / 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 faithfully, for LARSEN & TOUBRO LIMITED SUBRAMANIAN NARAYAN COMPANY SECRETARY & COMPLIANCE OFFICER (ACS 16354) Encl. As above. An ISO 9001:2015 Certified Department Aboard LTS-3000, women engineers from L&T are playing a key role in advancing India’s energy ambitions through the Daman Upside Development Project (DUDP), a major offshore oil & gas exploration project in India Earnings Call Presentation Q1 FY27 28th July, 2026 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 Honorable Prime Minister Shri Narendra Modi visited the AM Naik Heavy Engineering Complex, Hazira of L&T on 5th June 2026. He visited L&T’s Heavy Engineering, Precision Engineering & Systems and Electrolyser Manufacturing facilities. EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Key Highlights Bhogapuram Airport, near Visakhapatnam EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Key Strategic Developments Divestment of Nabha Power SPA signed to divest Electronic Products & Systems LTM issued an offer to acquire completed on 25-Jun-2026 LTMRHL stake to business partners with Israel Randstad’s Technology and Hyderabad Metro Rail Ltd based EVR Motors for next-gen Consulting Services business EV traction motors L&T Vyoma partnered with Partnership with France-based Moody's Ratings assigned Fortanix to deliver sovereign Exail to make 'Baa1' long-term / Stable and secure AI cloud solutions Advanced Unmanned Mine rating; two notches above Counter-Measure Suite Sovereign Rating EEPPCC PPRROOJJEECCTTSS || MMAANNUUFFAACCTTUURRIINNGG && PPRROODDUUCCTTSS || SSEERRVVIICCEESS Resilience amidst a Turbulent Environment ORDER INFLOW REVENUE PROFIT AFTER TAX ₹ 1080 bn ₹ 679 bn ₹ 41 bn 14% YoY Growth 7% YoY Growth 14% YoY Growth ORDER BOOK NWC% TO REVENUE RETURN ON EQUITY ₹ 7790 bn 4.9% 16.1%* 520 bps YoY improvement * Includes 100 bps impact of Labour Code 27% YoY Growth provision recognised in Q3 FY26 EEPPCC PPRROOJJEECCTTSS || MMAANNUUFFAACCTTUURRIINNGG && PPRROODDUUCCTTSS || SSEERRVVIICCEESS Key Financial Indicators In ₹ bn Particulars Q1 FY26 Q1 FY27 % Var Order Inflow 945 1080 14% Order Book 6128 7790 27% Revenue 637 679 7% EBITDA % 9.9% 9.0% Reported PAT 36 41 14% Key Ratios As on Jun'25 As on Jun'26 Net Working Capital 10.1% 4.9% ROE (TTM) (%) 17.0% 16.1%* Cash Flow Metrics Q1 FY26 Q1 FY27 Cash flow from Operations 58 43 (excl Financial Services business) * Includes 100 bps impact of Labour Code provision recognised in Q3 FY26 EEPPCC PPRROOJJEECCTTSS || MMAANNUUFFAACCTTUURRIINNGG && PPRROODDUUCCTTSS || SSEERRVVIICCEESS 7 Group Performance Analysis Petrochemical Fluidized Catalytic Cracking Unit, Barmer EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Q1 FY27 Order Inflow / Order Book In ₹ bn Order Inflow Order Book 14% 27% 2 2827 4076 Y 473 607 1080 Q 6128 7790 2 3301 Y 458 487 945 F 3714 30-Jun-25 30-Jun-26 Domestic International • Order Inflow growth aided by ultra-mega offshore wind orders from Europe and sustained domestic private sector ordering • International orders constitute 52% of the Order Book • Strong addressable prospects pipeline of ~ Rs 15 trillion for the near term EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Group P&L Construct: Revenue to EBITDA Remarks Q1 FY26 ₹ Billion Q1 FY27 % Var Revenue 636.8 Revenue 679.4 7% Subdued revenue growth primarily attributable to execution stage of the order book and supply chain constraints in the Middle East 52% International Rev. 51% • MCO Expense 402.3 MCO Exp.* 417.0 4% Reflective of increased activity levels and revenue mix • Staff Costs 17.1 Fin. Charge Opex** 20.3 19% Driven by resource augmentation and salary increments across businesses 126.4 Staff Costs 140.4 11% • SG&A Increase in SG&A cost includes the impact of forex 27.9 Sales & Admin. 40.5 45% variation in LTM & LTTS, and credit cost in FS and PP&M 573.6 Total Opex 618.3 8% • EBITDA Margin EBITDA margin was impacted by lower execution 63.2 EBITDA 61.2 -3% levels, forex variation in IT subsidiaries and higher ECL provisions 9.9% EBITDA % 9.0% * 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 Q1 FY26 ₹ Billion Q1 FY27 % Var 63.2 EBITDA 61.2 -3% Finance Cost Reduction primarily due to decline in average (7.8) Finance Cost (5.4) -31% borrowings. Interest cost for Hyderabad Metro has not been considered from 01-May-2026 (10.3) Depreciation (10.3) 0% • Other Income Other income supported by higher group surplus 13.6 Other Income 23.8 75% funds and improved yields (15.3) Tax Expense (19.4) 26% • Income Tax Tax increase includes tax on gain on divestment (0.1) JV/Associates PAT Share 0.1 (7.0) Non-controlling Int. (8.7) 23% 36.2 Reported PAT 41.2 14% EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Segment Performance Analysis Al Muwayh, Solar PV Project in Saudi Arabia EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 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 3 Electronics Heavy Civil Energy - Green Electrolyser Semiconductor Metals & Minerals Manufacturing Digital Platforms Renewables - Solar CE & IPDD Power T&D Renewables – Onshore & Water Effluent & Treatment Offshore Wind Projects, Products & Manufacturing 8 (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 1133 Order Inflow Composition – Q1 FY27 Segment Geography 42% 44% 41% 11% Infrastructure & Utilities Energy - Conventional India Middle East US [Showing first 8,000 characters — download PDF for full document]