Larsen & Toubro cash flow

Latest FY26

Cash from operations: ₹16,741cr+82.7% on FY25
Capital spending: ₹4,809cr+8.8% on FY25
Free cash flow: ₹11,932cr+151.6% on FY25
Cash from financing: −₹2,156cr₹6,557 cr in FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Sep 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus

Changes in working capital
Adjustments to reconcile profit — non-cash items						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	—	4,365	4,121	3,682	3,502
	—	2,625	3,334	3,546	3,207
	—	−3,017	−2,450	−2,447	−1,817
	—	−292	—	−208	−6.3
	—	115	223	298	250
	—	−310	−2.2	−2.4	−66.9
	—	−131	—	490	706
	—	−1,861	—	−944	−358
	—	−2,201	−540	245	−476
	—	−28,151	−9,252	−10,548	−4,495
	—	−25,233	—	−5,588	4,937
	—	45,128	9,683	14,507	5,413
	—	1,722	—	0.0	0.0
	—	4,036	—	0.0	0.0
Cash from operating activities
	28,343	25,976	23,579	20,517	17,109
	—	−3,204	—	3,029	10,795
	—	22,772	14,762	23,546	27,904
	—	0.0	−117	0.0	0.0
	—	6,031	5,601	5,280	5,127
	—	16,741	9,161	18,266	22,777
Cash from investing activities
	—	4,809	4,419	4,517	4,144
	—	341	878	306	350
	—	12,946	—	4,889	9,120
	—	1,190	1,726	4,931	827
	—	255	—	0.0	0.0
	—	1,015	1,050	13.1	131
	—	0.0	—	215	2,790
	—	423	—	0.0	0.0
	—	335	—	152	19.1
	—	327	144	226	157
	—	2,701	2,084	2,408	1,609
	—	2,815	—	3,344	−670
	—	−11,739	−15,518	2,163	−8,312
Cash from financing activities
	—	7.5	9.3	9.7	10.3
	—	0.0	—	12,280	0.0
	—	0.0	—	0.0	613
	—	43,694	38,200	23,175	28,386
	—	36,403	30,782	27,228	32,795
	—	718	562	627	581
	—	3,182	3,416	3,438	2,889
	—	4,676	3,850	4,217	3,091
	—	−877	—	−808	0.0
	—	−2,156	6,557	−25,413	−11,572
	—	2,846	200	−4,984	2,893
	—	359	28.7	15.9	264
	—	3,204	229	−4,968	3,156
	—	15,391	12,187	11,959	16,927
Reference items
	28,988	29,151	26,435	23,494	20,753
	9.6%	10.2%	10.3%	10.6%	11.3%
	11,932	11,932	4,742	13,750	18,633
	—	37,068	−19,349	5,838	—
	₹86.74	₹86.74	₹34.47	₹99.95	₹135.45
	43.83×	—	—	—	—
	—	0.88×	0.61×	1.17×	1.82×
	—	6,031	5,601	5,280	5,127
	—	3,182	3,416	3,438	2,889

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From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

LT₹3,801.30

Larsen & Toubro Ltd.

· Infrastructure

₹ CrorePeersRVNL KEC NBCC AFCONS IRCON CEMPRO ENGINERSIN IRBMcap ₹5.23L Cr

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In ₹ Crore except Per Share 12 Months Ending	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/09/2026
Adjustments to Reconcile Profit — Non-cash Items
+ Depreciation & Amortisation	3,502.3	3,682.3	4,121.2	4,364.8	—
+ Finance Costs	3,207.2	3,545.9	3,334.4	2,625.5	—
+ Interest Income	-1,817.5	-2,447.1	-2,449.9	-3,017.3	—
+ Dividend Income	-6.3	-208.5	—	-291.8	—
+ Share-based Payments	249.5	297.6	222.6	115.3	—
+ Unrealised FX (Gain) / Loss	-66.9	-2.4	-2.2	-309.8	—
+ Other Non-cash Items	706.0	490.2	—	-130.9	—
+ Other — Cash Effects are Investing / Financing	-358.3	-943.8	—	-1,860.7	—
Changes in Working Capital
+ Inventories	-475.8	244.7	-539.5	-2,201.0	—
+ Trade Receivables — Current	-4,495.3	-10,548.4	-9,252.3	-28,150.9	—
+ Other Financial Assets — Non-current	4,937.4	-5,587.9	—	-25,233.3	—
+ Trade Payables — Current	5,412.7	14,506.5	9,683.4	45,127.6	—
+ Other Current Liabilities	0.0	0.0	—	1,722.4	—
+ Provisions — Current	0.0	0.0	—	4,036.5	—
Cash from Operating Activities
Profit Before Tax (per I/S)	17,109.0	20,517.1	23,578.8	25,975.8	28,343.5
+ Total Adjustments (incl. Working Capital)	10,795.1	3,029.2	—	-3,203.7	—
Cash from Operations (pre-tax)	27,904.1	23,546.3	14,761.8	22,772.1	—
+ Dividends Received — Operating	0.0	0.0	-117.1	0.0	—
+ Income Taxes Paid	5,127.2	5,280.1	5,601.1	6,031.2	—
Cash from Operating Activities	22,777.0	18,266.3	9,160.7	16,741.0	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	4,143.8	4,516.5	4,418.8	4,809.2	—
+ Disp of Fixed Assets	350.4	306.1	878.2	340.5	—
+ Purchase of Investments (Equity / Debt)	9,120.0	4,889.5	—	12,946.4	—
+ Sale of Investments (Equity / Debt)	827.2	4,931.4	1,726.3	1,190.4	—
+ Acq of Interests in Joint Ventures	0.0	0.0	—	255.1	—
+ Acq of Subsidiaries / Businesses (net)	131.2	13.1	1,049.9	1,014.5	—
+ Disp of Subsidiaries / Businesses (net)	2,790.3	214.7	—	0.0	—
+ Loans & Advances Made	0.0	0.0	—	422.7	—
+ Loans & Advances Repaid	19.1	151.7	—	334.7	—
+ Dividends Received — Investing	157.4	226.1	144.3	327.3	—
+ Interest Received — Investing	1,609.0	2,408.2	2,083.5	2,700.7	—
+ Other Inflows / (Outflows) — Investing	-670.0	3,344.1	—	2,815.4	—
Cash from Investing Activities	-8,311.7	2,163.0	-15,517.5	-11,738.8	—
Cash from Financing Activities
+ Proceeds from Issue of Shares	10.3	9.7	9.3	7.5	—
+ Buyback / Redemption of Own Shares	0.0	12,279.9	—	0.0	—
+ Payments — Change in Ownership of Subsidiaries	612.6	0.0	—	0.0	—
+ Proceeds from Borrowings	28,386.3	23,175.1	38,199.7	43,693.7	—
+ Repayment of Borrowings	32,795.0	27,227.8	30,782.4	36,403.5	—
+ Payment of Lease Liabilities	581.4	627.1	562.3	718.3	—
+ Interest Paid	2,888.6	3,438.3	3,415.7	3,182.2	—
+ Dividends Paid	3,091.4	4,217.0	3,849.6	4,676.2	—
+ Other Inflows / (Outflows) — Financing	0.0	-808.1	—	-877.4	—
Cash from Financing Activities	-11,572.5	-25,413.4	6,556.6	-2,156.4	—
Net Changes in Cash (pre-FX)	2,892.8	-4,984.0	199.8	2,845.7	—
+ Effect of FX Rate Changes on Cash	263.7	15.9	28.7	358.5	—
Net Changes in Cash	3,156.5	-4,968.2	228.5	3,204.2	—
Closing Cash	16,926.7	11,958.5	12,187.0	15,391.2	—
Reference Items
EBITDA	20,753.3	23,493.7	26,434.7	29,151.1	28,988.2
EBITDA Margin %	11.32	10.63	10.34	10.20	9.63
Free Cash Flow (CFO − Capex)	18,633.2	13,749.8	4,741.9	11,931.8	11,931.8
Free Cash Flow to Equity	—	5,837.9	-19,348.9	37,067.9	—
Free Cash Flow per Basic Share	135.45	99.95	34.47	86.74	86.74
Price to Free Cash Flow	—	—	—	—	43.83
Cash Flow to Net Income	1.82	1.17	0.61	0.88	—
Cash Paid for Taxes	5,127.2	5,280.1	5,601.1	6,031.2	—
Cash Paid for Interest	2,888.6	3,438.3	3,415.7	3,182.2	—

As filed, sign as filed: a payment tagged as a positive magnitude in the filing stays positive here, so read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown — depth follows the filer, so a thin statement means a thin filing. Total Adjustments is the filer's own grand total of the reconciliation and spans BOTH the non-cash items and the working-capital block; Profit Before Tax plus it equals Cash from Operations (pre-tax). It can be reported when its components are not, so it is never a sum of the rows above it. No consensus estimates → no Est columns. Click any row to chart it.

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Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 193%.