Larsen & Toubro

What Larsen & Toubro does

Larsen & Toubro (L&T) is an Indian multinational conglomerate headquartered in Mumbai and listed on the BSE (500510) and NSE (LT), engaged in Engineering, Procurement and Construction (EPC) projects, Hi-Tech Manufacturing, and Technology Services. The company operates across multiple business verticals: Construction (buildings, transportation infrastructure including metro and high-speed rail, heavy civil infrastructure, water and effluent treatment, smart world communications), Energy Hydrocarbon (refinery expansions, petrochemical complexes, gas processing plants, LNG terminals, cross-country pipelines), Defence and Aerospace (K9 Vajra artillery, naval systems, missile subsystems, submarine components), Power Transmission and Distribution across 30 countries, and Heavy Engineering including construction and mining machinery. In recent years L&T has expanded into hi-tech technology segments via L&T Semiconductor Technologies (LTSCT), a fabless semiconductor design subsidiary; Larsen & Toubro Vyoma, a sovereign AI cloud and hyperscale data centre business; and L&T Electronic Products & Systems (LTEPS).

L&T's business model combines project-based EPC contracts (awarded through competitive bidding) with capital goods manufacturing and emerging technology services. Revenue is generated through Lump Sum Turnkey EPC contracts classified across bands from Significant (₹1,000–2,500 Cr) to Ultra-Mega (>₹15,000 Cr), direct manufacturing of heavy engineering and defence products sold to government and industrial clients, and fee/license-based technology revenue streams (semiconductor design, sovereign cloud, GPU-as-a-Service). The go-to-market is direct enterprise sales targeting government ministries, public sector undertakings, defence organisations, utilities, and large industrial customers across more than 50 countries, with a network of regional offices and project agents supporting international bid participation.

L&T reported USD 32 billion in revenue in FY2025-26 with record order inflows of ₹4.36 trillion (a 22.1% YoY increase), an order book of approximately ₹7.3 lakh crore (~36% from West Asia), and 50,000+ employees across 19 domestic manufacturing facilities. International orders contributed 58% of FY26 inflows. The group's credit profile is rated Baa1 by Moody's, two notches above India's sovereign Baa3 rating, reflecting balance sheet strength required to secure and execute large multi-year contracts.

Name

Larsen & Toubro

Legal name

Larsen & Toubro Limited

Website

https://larsentoubro.com

Company type

Public

Founded year

1946

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Larsen & Toubro is an Indian multinational executing large-scale EPC projects, manufacturing heavy engineering and defence equipment, and operating semiconductor design and sovereign AI cloud businesses for government and industrial clients across more than 50 countries.

Ownership category

akta.pro rank

Product category

Engineering, Procurement and Construction (EPC) Services

NAICS

Engineering Services (541330), Architectural, Engineering, and Related Services (5413), Construction Machinery Manufacturing (333120)

SIC

Services-Engineering Services (8711), General Bldg Contractors - Nonresidential Bldgs (1540), Construction Machinery & Equip (3531), Construction, Mining & Materials Handling Machinery & Equip (3530)

akta.pro primary industry

T&D project/program management & owner’s engineering (EPCM/PMC) (EUADAKAF)

akta.pro secondary industries

Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ), Overhead & Underground Collection System Construction (MV/HV Lines, Duct Banks) (EUAEADAG), O&M, Upgrades & Refurbishment of T&D Assets (Reconductoring, Rebuilds) (IMAFAHAM), Systems Engineering & Technical Program Management (BPAHAIAI)

Keywords

• Engineering procurement construction
• Hydrocarbon EPC services
• Defence equipment manufacturing
• Power transmission distribution
• Semiconductor design services

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D

Revenue model

1. EPC Projects: Engineering, Procurement and Construction (EPC) contracts across construction, infrastructure, hydrocarbons, power, water, and defence projects. Revenue is generated on a project-by-project basis, with order values classified as Significant (₹1,000–2,500 Cr), Large (₹2,500–5,000 Cr), Major (₹5,000–10,000 Cr), Mega (₹10,000–15,000 Cr), or Ultra-Mega (>₹15,000 Cr).
2. Hi-Tech Manufacturing: Manufacturing of heavy engineering equipment, construction and mining machinery, precision engineering systems, electronic products, semiconductor devices, and defence products sold to clients in India and globally.
3. Technology Services: Semiconductor design services through L&T Semiconductor Technologies Ltd (LTSCT), sovereign cloud and AI infrastructure services through Vyoma, and electronic products and systems through LTEPS.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Larsen & Toubro designs and delivers large-scale Engineering, Procurement and Construction (EPC) projects across construction, infrastructure, hydrocarbons, power transmission and distribution, defence, and water sectors, alongside hi-tech manufacturing of heavy engineering equipment, mining machinery, defence platforms (K9 Vajra), electronic systems, and fabless semiconductor devices. Through wholly-owned subsidiaries including L&T Semiconductor Technologies (LTSCT), L&T Vyoma, L&T Electronic Products & Systems (LTEPS), L&T GeoStructure, and L&T Metro Rail Hyderabad, the group sells design, manufacturing, and digital infrastructure (sovereign AI cloud, GPU-as-a-Service, hyperscale data centres) to governments and enterprises globally.

Product overview

Larsen & Toubro is a USD 32 billion Indian multinational operating in EPC Projects, Hi-Tech Manufacturing, Products and Services across five thematic business groups: Construction, EPC (Hydrocarbon), Manufacturing, Defence, and Miscellaneous (including Real Estate, Green Energy, Edutech). The company operates as a platform of integrated business verticals and wholly-owned subsidiaries rather than a unified product portfolio. Key branded offerings include L&T Semiconductor Technologies (fabless semiconductor products), L&T Energy Hydrocarbon Onshore (hydrocarbon EPC), Larsen & Toubro Vyoma (sovereign AI cloud and data centres), L&T GeoStructure (geotechnical services), L&T Electronic Products & Systems (defence/industrial electronics), and L&T Power Transmission & Distribution. These operate alongside core construction and defence manufacturing segments serving domestic and international markets in over 50 countries.

Differentiator

Problem solved

Functional benefit

Brands

• L&T GeoStructure: Geological and structural construction business unit
• L&T Energy Hydrocarbon
• L&T Power Transmission & Distribution
• BlueVerse RightLogic
• Vyoma
• L&T Technology Services (LTTS)

Products and services

• L&T Construction EPC construction services spanning Buildings & Factories, Transportation Infrastructure (metro rail, high speed rail), Heavy Civil Infrastructure, Water & Effluent Treatment, Metallurgical & Material Handling, and Smart World & Communications for government and industrial clients in India and globally.
• L&T Energy Hydrocarbon Onshore Comprehensive Lump Sum Turnkey EPC solutions across upstream, midstream and downstream hydrocarbon sectors including refinery expansions, petrochemical complexes, gas processing plants, fertiliser plants, LNG terminals, cross-country pipelines and coal-to-chemicals projects for oil & gas majors and government clients.
• L&T Power Transmission & Distribution End-to-end EPC solutions enabling access to clean and reliable electricity, spanning smart transmission and distribution network establishment to last-mile electrification for utilities, renewable energy developers, and industrial customers across 30 countries.
• L&T Defence & Aerospace Defence equipment manufacturing including precision engineering systems, defence shipbuilding, K9 Vajra self-propelled artillery, missile subsystems, light tanks (Zorawar), submarine components and aerospace components for India's defence self-reliance initiatives.
• L&T Heavy Engineering and Industrial Products Heavy engineering equipment, construction and mining machinery, industrial valves and rubber processing machinery manufactured across 19 Indian facilities for industrial, energy and infrastructure clients.
• L&T Semiconductor Technologies (LTSCT) Fabless semiconductor design and delivery of smart devices including MEMS Sensors, Power, Analog Mixed Signal and RF products for global customers across automotive, industrial, energy and telecommunication verticals.
• Larsen & Toubro Vyoma (Sovereign AI Cloud and Hyperscale Data Centres) Sovereign, India-hosted AI cloud and hyperscale data centre platform offering GPU-as-a-Service, hyperscale colocation, and mission-critical digital infrastructure for government, BFSI, healthcare, manufacturing and high-compute industries.
• L&T Electronic Products & Systems (LTEPS) Design, development and manufacture of advanced electronic systems and solutions for defence, aerospace, industrial and energy applications, offering high-reliability products from concept to industrialisation including EV traction motors and motor control units.
• L&T GeoStructure Geotechnical and foundation engineering services including piling, ground improvement and specialised foundation solutions for large infrastructure and industrial projects in India and internationally.
• L&T Metro Rail Hyderabad Metro rail operations and development of the Hyderabad Metro Rail Phase I corridor, with Phase II expansion under government review.
• BlueVerse RightLogic Cybersecurity assessment and risk assurance framework by LTM designed to help enterprises identify, assess and remediate cyber exposure as they accelerate AI adoption, delivered through a 4 to 6 week engagement.
• L&T Technology Services (LTTS) Engineering and technology services subsidiary providing design and development services for global clients across the product development value chain, with AI-related IP and patents.
• LTM (formerly LTIMindtree) IT Services IT services and consulting business formed from the merger of LTI and Mindtree, providing digital engineering, cloud native applications and modernisation services to enterprise clients globally.

Quantifiable outcome

• 1,369 million accident-free working hours in FY2025-26
• +4 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• KAHRAMAA (Qatar)coreStrategic or Co-development Partner · 17 June 2026Qatar General Electricity and Water Corporation (KAHRAMAA) awarded L&T and other consortium members contracts worth over QR2.2 billion for engineering, procurement and construction of substations, underground cables and overhead lines to connect the Dukhan Solar Power Project to the national grid in Qatar's western region, strengthening renewable energy integration.
• EVR MotorscoreStrategic or Co-development Partner · 27 May 2026L&T Electronic Products & Systems (LTEPS) entered a strategic partnership with global electric propulsion technology company EVR Motors to jointly develop, manufacture and deploy next-generation EV traction motors for the Indian market. The collaboration combines L&T's engineering and manufacturing expertise with EVR Motors' breakthrough traction motor technology, catering to two- and three-wheelers, passenger and commercial vehicles. Motors will be manufactured at LTEPS's Coimbatore plant.
• Open Dhi GroupminorStrategic or Co-development Partner · 20 May 2026Larsen & Toubro Vyoma partnered with Open Dhi Group to host and scale the latter's enterprise and retail technology platforms (DhiERP+, DhiADT+, Bhaiyaa) on Vyoma's sovereign cloud infrastructure within its 'Double Sandwich Technology' architecture, enabling scalable digital ecosystems with assured data residency in India.
• Exail (France)coreTechnology or Integration · 14 May 2026L&T entered a strategic collaboration with France-based Exail to deliver an advanced Unmanned Mine Counter-Measure (MCM) Suite for the Indian Navy's Mine Counter Measure Vessels programme. L&T serves as prime contractor while Exail serves as technology partner, providing globally proven MCM technologies. The partnership supports Aatmanirbhar Bharat and Make in India initiatives with strong local industrial collaboration.
• Indian NavycoreStrategic or Co-development Partner · 14 May 2026L&T is the prime contractor delivering the Unmanned Mine Counter-Measure Suite to the Indian Navy's MCMVs programme, with Exail as technology partner. The programme involves 12 Mine Counter Measure Vessels and will build a robust and self-reliant naval defence manufacturing ecosystem in India under Aatmanirbhar Bharat.
• Synopsys Inc.coreTechnology or Integration · 12 May 2026L&T Semiconductor Technologies Ltd (LTSCT), a wholly-owned subsidiary of L&T, entered a multiyear license agreement with Synopsys Inc. to adopt simulation software for AI-enabled design and optimisation of next-generation power modules and intelligent power modules (IPMs). The collaboration enhances design efficiency, improves reliability and reduces development cycles across chip, package and system levels.
• SiliConch Systems Private LimitedcoreStrategic or Co-development Partner · 11 August 2024L&T Semiconductor Technologies Limited, a wholly-owned subsidiary of Larsen & Toubro Ltd, acquired 100% stake in SiliConch Systems Private Limited, making it a subsidiary. This completed the transaction following stipulated conditions in the Share Purchase Agreement dated July 8, 2024, expanding L&T's semiconductor design capabilities.
• Cuelogic TechnologiescoreStrategic or Co-development Partner · 16 June 2021Larsen & Toubro Infotech Ltd (LTI) announced the acquisition of Pune-based Cuelogic Technologies, a digital engineering and outsourced product development company. This was LTI's seventh acquisition since its 2016 listing, expanding LTI's digital capabilities and product development capacity leveraging Cuelogic's expertise in digital engineering, cloud native applications and modernization.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• AtkinsRéalis (formerly SNC-Lavalin): Canadian engineering services and nuclear/EPC firm serving infrastructure and energy clients globally. Comparable to L&T in integrated engineering, project management, and nuclear/defence work.
• Hyundai Engineering & Construction: Korean EPC and construction company with global operations across infrastructure, energy, and industrial projects. Comparable to L&T in international EPC bidding and Middle East project exposure.
• Reliance Industries (EPC arm / Reliance Infrastructure): Indian conglomerate with significant EPC, defence, and infrastructure operations through Reliance Infrastructure and Jio-defence initiatives. Comparable to L&T as a diversified Indian conglomerate pursuing defence and infrastructure growth.
• Bechtel Corporation: Privately held US-based EPC conglomerate delivering large-scale infrastructure, energy, and defence projects globally. Most directly comparable to L&T in terms of multi-sector EPC execution, government contracting, and project scale.
• Fluor Corporation: US-based global EPC firm serving energy, mining, infrastructure, and government clients with lump-sum turnkey contracts. Comparable to L&T in EPC project delivery model and exposure to government/industrial end markets.
• VINCI SA: French integrated construction and concessions group operating across buildings, civil engineering, and energy infrastructure globally. Comparable to L&T in diversified construction+EPC portfolio and large government contract base.
• Tata Projects Ltd: Indian EPC subsidiary of Tata Group executing large infrastructure, power, and industrial projects. Closest Indian competitor to L&T in domestic EPC bidding and government infrastructure contracts.
• Bouygues SA: French diversified conglomerate with construction, telecom, and media operations. Comparable to L&T's conglomerate model spanning construction, infrastructure, and technology businesses at scale.
• KBR Inc. US-based engineering services and government solutions provider with strong hydrocarbon and defence exposure. Comparable to L&T in delivering engineering services to government, energy, and defence clients globally.
• Jacobs Solutions Inc. US-based professional services firm focused on critical infrastructure, advanced manufacturing, and government services. Comparable to L&T in delivering engineering, consulting, and project execution services at scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/larsentoubro

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries14 records

Funding overview

Funding rounds5 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Larsen & Toubro