Indian engineering group Larsen & Toubro booked its highest quarterly order intake, taking its backlog to ₹8.54 trillion as logistics disruptions slowed deliveries to Middle East sites and management said solar revenue could be deferred.
L&T reported ₹147,665 crore in new orders during July-September, up 28% from a year before. The company described the intake as a quarterly record. At the quarter’s end on Sept. 30, its consolidated book of outstanding orders totaled ₹8,53,514 crore. The results statement listed major wins in hydrocarbon, CarbonLite Solutions, public spaces and airports, and power transmission and distribution.
International orders totaled ₹92,375 crore, or 63% of quarterly inflow, and made up 54% of the total order book. On the earnings call, management said the Middle East accounted for 73% of L&T’s ₹4.62 trillion international backlog.
Revenue from operations rose about 16% to ₹78,749.94 crore, from ₹67,983.53 crore a year earlier. Net profit attributable to company owners reached ₹5,202.10 crore, up 32.5% from ₹3,926.09 crore.
Executives said logistics disruption was slowing material arrivals at some Middle East project sites and could push solar revenue into a later period. Hydrocarbon projects were less affected than renewable work, while power transmission and distribution faced a smaller impact. Management said deferrals of some Middle East solar projects were primarily responsible for Energy Green order inflow falling 45% to ₹6,600 crore. Longer transit times for solar materials also brought extra costs.
L&T’s group EBITDA margin, excluding other income, was 8.7%, compared with 10% in the year-earlier quarter. Executives linked the decline to lower margins across the group and a change in revenue mix. Separately, they cited supply-chain costs and costs in Water & Effluent Treatment projects. Manufacturing EBITDA margin in the Projects, Products & Manufacturing portfolio was 7%, down 30 basis points from a year earlier.
L&T left its FY27 targets unchanged: order inflow and revenue growth of 10% to 12%, and a 7.8% full-year EBITDA margin for its Projects, Products & Manufacturing portfolio. Management cited a pipeline of about ₹10 trillion in potential projects for the fiscal year’s remaining six months and expects solar bidding momentum to improve in the third and fourth quarters.
