External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 827.6/86.1/52.7bn, a miss of 0.7/2.4/8.6%, marked by disruptions in supply chain in the Middle East and slower execution in water projects in FY26</li><li>P&amp;M margins stood at 7.8% in FY26 (FY25: 7.8%)</li><li>Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and Hydrogen</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 827.6/86.1/52.7bn, a miss of 0.7/2.4/8.6%, marked by disruptions in supply chain in the Middle East and slower execution in water projects in FY26P&amp;M margins stood at 7.8% in FY26 (FY25: 7.8%)Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and HydrogenContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes

HSIE Results Daily: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes, Petronet LNG,

<ul><li>NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km target</li><li>This resulted in players like GR and KNR winning few projects but not enough to meet guidance</li><li>For our road coverage universe, awards win has been around 50% of the guidance</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km targetThis resulted in players like GR and KNR winning few projects but not enough to meet guidanceFor our road coverage universe, awards win has been around 50% of the guidanceContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industrials (Q4FY26 Results Preview): Domestic recovery, geopolitical headwinds

<ul><li>NHAI awarding key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar</li><li>Award pipeline remains on paper with BOT at 20%, EPC 10%, and HAM 70%</li><li>The only silver lining is bids are not getting postponed and are getting finalized</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NHAI awarding key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subparAward pipeline remains on paper with BOT at 20%, EPC 10%, and HAM 70%The only silver lining is bids are not getting postponed and are getting finalizedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industrials (Q3FY26 Results Preview): Domestic ordering early cycle recovery

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 679.8/68.1/39.3bn, a miss of 5.4/5.2/6.4%, marked by slower execution in water projects and extended monsoons</li><li>P&amp;M margins stood at 7.8% in Q2FY26 (vs 7.6/7.6% in Q1FY26/Q2FY25)</li><li>Given robust order inflows of INR 2.1trn (+39% YoY) in H1FY26, LT now expects to beat earlier 10% order inflow growth guidance for FY26</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 679.8/68.1/39.3bn, a miss of 5.4/5.2/6.4%, marked by slower execution in water projects and extended monsoonsP&amp;M margins stood at 7.8% in Q2FY26 (vs 7.6/7.6% in Q1FY26/Q2FY25)Given robust order inflows of INR 2.1trn (+39% YoY) in H1FY26, LT now expects to beat earlier 10% order inflow growth guidance for FY26Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Larsen & Toubro, Jindal Steel, Shree Cement, PB Fintech

India

Larsen & Toubro Limited (L&T) is an Indian multinational conglomerate specializing in engineering, procurement, construction (EPC), hi-tech manufacturing, and services. The company operates across diverse segments including infrastructure, hydrocarbon, power, heavy engineering, defense engineering, IT and technology services, financial services, and development projects. L&T was founded in 1938 and is headquartered in Mumbai, India.

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Larsen & Toubro (LTOD LI)

HSIE Results Daily: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes

Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and Hydrogen

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes, Petronet LNG,

Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and Hydrogen

HDFC Securities

Industrials (Q4FY26 Results Preview): Domestic recovery, geopolitical headwinds

NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km target

HDFC Securities

Industrials (Q3FY26 Results Preview): Domestic ordering early cycle recovery

NHAI awarding key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Jindal Steel, Shree Cement, PB Fintech

Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 679.8/68.1/39.3bn, a miss of 5.4/5.2/6.4%, marked by slower execution in water projects...

HDFC Securities

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