The shares of a Large-Cap multinational conglomerate that specialises in a diversified portfolio of technology, engineering, construction, manufacturing, and financial services are gaining attention. In this article, we will explore whether the company earns more from the Indian or the International markets.
With a market capitalization of Rs. 5,33,942.70 crores on Friday, the shares of Larsen & Toubro Ltd increased upto 0.02 percent, reaching a high of Rs. 3892.70 per share compared to its previous closing price of Rs. 3880.80 per share.
Larsen & Toubro Ltd (L&T) is a leading Indian multinational conglomerate with a strong presence in engineering, construction, manufacturing, technology, and financial services. Renowned for its execution excellence, L&T has been instrumental in building some of India’s most iconic infrastructure projects, including highways, metros, airports, power plants, and defense systems.
The company operates across multiple verticals such as Infrastructure, Power, Heavy Engineering, Hydrocarbon, IT & Technology Services, and Financial Services, serving both domestic and global markets. L&T’s vast and diversified order book reflects its strong capabilities, robust project pipeline, and trusted client relationships across sectors.
Revenue composition
The L&T’s segment composition spans various industries. Infrastructure Projects cover areas like buildings, factories, heavy civil work, water management, power transmission and distribution, renewables, transportation infrastructure, and minerals & metals. Energy Projects focus on hydrocarbon, CarbonLite solutions, and clean energy.
In Hi-Tech Manufacturing, the emphasis is on heavy engineering, precision engineering, and electrolyser manufacturing. IT & TS services are provided by LTIMindtree, LTTS, and digital platforms, with a focus on data centers and semiconductor design.
The Financial Services segment includes retail and wholesale lending. Development Projects include significant projects such as Hyderabad Metro, Nabha Power, and Green Energy. Lastly, the Others segment focuses on real estate, industrial equipment design, and the development of smart world and communications solutions. To understand whether L&T earns more from Indian or global markets, below is a breakdown of its business by segment & Geography for Q2 FY26.
Segment-wise split
For Q2 FY26, the total revenue is Rs. 68,000 crores. The segment breakdown reveals that Infrastructure holds the largest share at 47%, amounting to Rs. 31,960 crores. Following that, Services contribute 28%, equating to Rs. 19,040 crores. Energy accounts for 19%, totaling Rs. 12,920 crores, while Hi-Tech Manufacturing represents 4% of the total, or Rs. 2,720 crores. The smallest share, Others, stands at 2%, which is Rs. 1,360 crores.
Geography-wise split
Geographically, India leads with 44% of the total revenue, equaling Rs. 29,920 crores. The Middle East follows closely with 37%, contributing Rs. 25,160 crores. USA & Europe generate 17%, amounting to Rs. 11,560 crores, while the Rest of the World (ROW) makes up the remaining 2%, Rs. 1,360 crores. This distribution highlights the dominant regions and sectors contributing to the revenue for the quarter.
Order Book as on 30-Sep-2025
As of 30-Sep-2025, the total order book stands at Rs. 6,670 billion, which is equivalent to Rs. 6,67,000 crores. The segment breakdown shows that Infrastructure leads with 59%, amounting to Rs. 3,93,530 crores.
Energy follows with 32%, totaling Rs. 2,13,440 crores, while Hi-Tech Manufacturing represents 6%, or Rs. 40,020 crores. The smallest portion is Others, contributing 3%, which is Rs. 20,010 crores.
Geographically, India holds the largest share with 51%, equating to Rs. 3,40,170 crores. The Middle East accounts for 41%, contributing Rs. 2,73,470 crores, while ROW (Rest of the World) represents 8%, amounting to Rs. 53,360 crores. This distribution illustrates the key segments and regions in the order book as of September 2025.
Order Inflow Composition – Q2
As of Q2, the Order Inflow by segment stands at Rs. 1158 billion, which is equivalent to Rs. 1,15,800 crores. The segment breakdown shows that Infrastructure leads with 46%, amounting to Rs. 53,268 crores, and Energy follows with 33%, totaling Rs. 38,214 crores.
Services follow with 16%, totaling Rs. 18,528 crores, while Hi-Tech Manufacturing represents 2%, or Rs. 2,316 crores. The smallest portion is Others, contributing 3%, which is Rs. 3,474 crores.
As of Q2, the order inflow by geography shows that the Middle East accounts for 54%, amounting to Rs. 62,532 crores, while India makes up 35%, amounting to Rs. 40,530 crores. USA & Europe follow with 10%, contributing Rs. 11,580 crores. The smallest portion comes from ROW (Rest of the World), which accounts for 1%, amounting to Rs. 1,158 crores.
Conclusion
While international markets remain the largest revenue contributor for L&T, the company is also expanding its footprint globally. As of Q2 FY26, international markets, comprising the Middle East (37%), the USA & Europe (17%), and the rest of the world (ROW) (2%), account for 56% of total revenue. India closely follows with a contribution of 44%, reflecting the company’s growing success in global markets.
The order book inflow further reinforces this trend, with international markets leading at 65% and India making 35%. Of the order book, India contributes 51%, while other international markets contribute a combined 49%, closely following.
L&T’s diversified portfolio across infrastructure, energy, manufacturing, and technology services has allowed it to leverage opportunities both domestically and internationally. With a strategic focus on global expansion, especially in the Middle East, L&T is increasingly deriving more value from international markets, ensuring long-term growth beyond India’s borders.
Written by Sridhar J
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