Financials Larsen & Toubro Limited NSE India S.E.

Equities

LT

INE018A01030

Construction & Engineering

Market Closed - NSE India S.E. 07:43:48 2024-04-26 am EDT 5-day change 1st Jan Change
3,605 INR -1.29% Intraday chart for Larsen & Toubro Limited +2.47% +2.25%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,941,448 1,132,397 1,991,613 2,483,319 3,041,966 4,951,535 - -
Enterprise Value (EV) 1 2,920,213 2,235,014 2,816,753 3,250,943 3,041,966 5,915,603 5,920,163 5,902,077
P/E ratio 21.8 x 11.9 x 17.2 x 28.7 x 29.1 x 37.5 x 29.3 x 23.8 x
Yield 1.3% 2.23% 2.54% 1.24% 1.11% 0.84% 1.03% 1.25%
Capitalization / Revenue 1.38 x 0.78 x 1.46 x 1.59 x 1.66 x 2.27 x 1.97 x 1.73 x
EV / Revenue 2.07 x 1.54 x 2.07 x 2.08 x 1.66 x 2.71 x 2.36 x 2.06 x
EV / EBITDA 17.9 x 13.7 x 18 x 17.8 x 14.7 x 24.3 x 19.8 x 16.7 x
EV / FCF -32.4 x 65.8 x 12.8 x 20.3 x 16 x 41.7 x 32 x 25.7 x
FCF Yield -3.08% 1.52% 7.78% 4.94% 6.24% 2.4% 3.13% 3.88%
Price to Book 3.11 x 1.49 x 2.63 x 3.01 x - 5.46 x 4.82 x 4.24 x
Nbr of stocks (in thousands) 1,402,730 1,403,479 1,404,176 1,405,029 1,405,227 1,374,548 - -
Reference price 2 1,384 806.8 1,418 1,767 2,165 3,602 3,602 3,602
Announcement Date 5/10/19 6/5/20 5/14/21 5/12/22 5/10/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,410,071 1,454,524 1,359,790 1,565,212 1,833,407 2,181,842 2,508,534 2,868,450
EBITDA 1 163,247 163,290 156,241 182,173 207,533 243,665 298,783 353,421
EBIT 1 142,407 138,667 127,199 152,694 172,510 211,898 264,316 317,305
Operating Margin 10.1% 9.53% 9.35% 9.76% 9.41% 9.71% 10.54% 11.06%
Earnings before Tax (EBT) 1 145,809 134,310 85,420 145,304 171,090 210,330 263,891 320,667
Net income 1 89,051 95,490 115,829 86,693 104,707 132,146 169,820 208,348
Net margin 6.32% 6.57% 8.52% 5.54% 5.71% 6.06% 6.77% 7.26%
EPS 2 63.40 67.95 82.41 61.65 74.45 96.10 123.0 151.2
Free Cash Flow 1 -89,995 33,944 219,218 160,530 189,840 141,803 185,075 229,228
FCF margin -6.38% 2.33% 16.12% 10.26% 10.35% 6.5% 7.38% 7.99%
FCF Conversion (EBITDA) - 20.79% 140.31% 88.12% 91.47% 58.2% 61.94% 64.86%
FCF Conversion (Net income) - 35.55% 189.26% 185.17% 181.31% 107.31% 108.98% 110.02%
Dividend per Share 2 18.00 18.00 36.00 22.00 24.00 30.24 37.17 45.10
Announcement Date 5/10/19 6/5/20 5/14/21 5/12/22 5/10/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1
Net sales 1 649,644 355,964 480,879 293,347 347,729 641,076 395,629 528,507 358,532 427,626 786,158 463,897 583,352 478,820 503,625 989,060 537,607 659,936 -
EBITDA 1 - 42,800 63,889 31,715 39,949 71,664 45,304 65,205 39,567 48,994 88,561 50,730 68,330 48,690 53,712 105,010 60,648 75,553 -
EBIT 1 - 35,778 55,722 24,541 32,661 - 37,980 57,512 29,930 40,400 70,400 42,479 59,794 40,382 44,350 - 49,128 69,749 -
Operating Margin - 10.05% 11.59% 8.37% 9.39% - 9.6% 10.88% 8.35% 9.45% 8.95% 9.16% 10.25% 8.43% 8.81% - 9.14% 10.57% -
Earnings before Tax (EBT) 1 - 36,805 57,474 22,746 31,386 54,132 35,556 55,616 29,319 39,400 68,800 43,364 59,074 43,324 44,284 93,234 53,719 66,938 -
Net income 1 - 24,667 32,928 11,744 18,194 29,939 20,547 36,207 17,000 22,300 39,300 25,529 39,868 24,930 27,755 57,156 34,568 43,435 -
Net margin - 6.93% 6.85% 4% 5.23% 4.67% 5.19% 6.85% 4.74% 5.21% 5% 5.5% 6.83% 5.21% 5.51% 5.78% 6.43% 6.58% -
EPS 2 - 17.55 23.42 8.350 12.94 - 14.61 25.75 12.10 15.85 27.95 18.15 28.35 17.73 20.71 - 25.58 31.37 -
Dividend per Share 2 - - 18.00 - - - - - - - - - - - - - - 36.00 -
Announcement Date 10/23/19 1/25/21 5/14/21 7/26/21 10/27/21 10/27/21 1/28/22 5/12/22 7/26/22 10/31/22 10/31/22 1/30/23 5/10/23 7/25/23 - 10/31/23 - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 978,765 1,102,617 825,141 767,624 - 964,067 968,627 950,542
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.996 x 6.753 x 5.281 x 4.214 x - 3.957 x 3.242 x 2.69 x
Free Cash Flow 1 -89,995 33,945 219,218 160,530 189,840 141,803 185,075 229,228
ROE (net income / shareholders' equity) 14.8% 13.1% 16.2% 11% 12.2% 14.4% 16.9% 18.5%
ROA (Net income/ Total Assets) 3.33% 3.26% 3.74% 2.75% - 4.2% 4.9% 5.4%
Assets 1 2,677,268 2,932,479 3,097,040 3,156,616 - 3,146,327 3,465,723 3,858,301
Book Value Per Share 2 445.0 543.0 540.0 587.0 - 660.0 748.0 850.0
Cash Flow per Share 2 -33.60 47.60 163.0 136.0 162.0 130.0 152.0 183.0
Capex 1 42,826 32,994 9,223 31,106 37,930 38,955 40,889 41,644
Capex / Sales 3.04% 2.27% 0.68% 1.99% 2.07% 1.79% 1.63% 1.45%
Announcement Date 5/10/19 6/5/20 5/14/21 5/12/22 5/10/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
34
Last Close Price
3,602 INR
Average target price
3,961 INR
Spread / Average Target
+9.95%
Consensus
  1. Stock Market
  2. Equities
  3. LT Stock
  4. LT Stock
  5. Financials Larsen & Toubro Limited