External broker reports(aggregated public sources), HDFC Securities

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<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

<ul><li>In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar</li><li>Whilst the award pipeline is pegged at INR 3.5trn, movement on order book conversion has been slow</li><li>Of this, BOT is 20%, EPC 10%, and HAM 70%</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.

In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subparWhilst the award pipeline is pegged at INR 3.5trn, movement on order book conversion has been slowOf this, BOT is 20%, EPC 10%, and HAM 70%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.

Industrials (Q2FY26 Results Preview): Domestic ordering tepid, export order saviour

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower finance cost and marginally higher treasury income</li><li>P&amp;M margins stood at 7.6% (+flat YoY) LT continues to guide for 10% order inflow growth (vs flat expectation) for FY26 on a high FY25 base and 15% revenue growth (in-line), with P&amp;M margin guidance at 8.5%</li><li>NWC to sales stood at 10.1% (Q4FY25: 11%) and LT maintained FY26 guidance at 12%</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 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower finance cost and marginally higher treasury incomeP&amp;M margins stood at 7.6% (+flat YoY) LT continues to guide for 10% order inflow growth (vs flat expectation) for FY26 on a high FY25 base and 15% revenue growth (in-line), with P&amp;M margin guidance at 8.5%NWC to sales stood at 10.1% (Q4FY25: 11%) and LT maintained FY26 guidance at 12%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.

HSIE Results Daily: Larsen & Toubro, Asian Paints, Gail (India), KEC International

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower finance cost and marginally higher treasury income</li><li>P&amp;M margins stood at 7.6% (+flat YoY)</li><li>LT continues to guide for 10% order inflow growth (vsflat expectation) for FY26 on a high FY25 base and 15% revenue growth (in-line), with P&amp;M margin guidance at 8.5%</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 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower finance cost and marginally higher treasury incomeP&amp;M margins stood at 7.6% (+flat YoY)LT continues to guide for 10% order inflow growth (vsflat expectation) for FY26 on a high FY25 base and 15% revenue growth (in-line), with P&amp;M margin guidance at 8.5%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.

HSIE Results Daily: Larsen & Toubro, Asian Paints, Gail (India), KEC International...

<ul><li>We expect a favorable risk-reward with EPC sector at cyclically low valuation.</li><li>One can add strong balance sheet plays as (1) ordering remaining strong in renewables, T&amp;D, buildings, and revival expected in water &amp; railways, while roads will be muted, (2) asset monetization fructifying, (3) strong balance sheets and stable NWC days, and (4) likely improvement in cash flow generation.</li><li>LT, Cummins India, Siemens Energy and Kalpataru are our top picks in the capital goods space. In the infra space, we like HG, PNC and NCC.</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.

We expect a favorable risk-reward with EPC sector at cyclically low valuation.One can add strong balance sheet plays as (1) ordering remaining strong in renewables, T&amp;D, buildings, and revival expected in water &amp; railways, while roads will be muted, (2) asset monetization fructifying, (3) strong balance sheets and stable NWC days, and (4) likely improvement in cash flow generation.LT, Cummins India, Siemens Energy and Kalpataru are our top picks in the capital goods space. In the infra space, we like HG, PNC and NCC.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.

Industrials (Q1FY26 Results Preview): Ordering pick-up awaited

India

Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale engineering projects, and acts as the Indian representative for a number of overseas manufacturers of heavy machinery. The Company's products include bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants, switchgears, food processing machinery and feed milling plants.

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Larsen & Toubro (LTOD LI)

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

Industrials (Q2FY26 Results Preview): Domestic ordering tepid, export order saviour

In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar. Whilst the award pipeline is pegged at INR 3.5trn,...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Asian Paints, Gail (India), KEC International

Larsen & Toubro: Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, a beat/(miss) of...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Asian Paints, Gail (India), KEC International...

Larsen & Toubro: Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower...

HDFC Securities

Industrials (Q1FY26 Results Preview): Ordering pick-up awaited

LT, Cummins India, Siemens Energy and Kalpataru are our top picks in the capital goods space. In the infra space, we like HG, PNC and NCC.

HDFC Securities

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