Larsen & Toubro LT
Defence Procurement (DAC approvals): Largest private defence prime: K9 Vajra guns, warships, Sarvatra bridging sub-systems and missile/aerospace parts
Mapped in 9 themes: Nifty 50, Naval Shipbuilding & Defence Shipyards, Aerospace Component Manufacturing & MRO, 5G/6G Telecom Buildout, Energy Generation, Real Estate, Semicon 2.0 + Mobile Phones (MPMS), Rare-Earth Magnets (REPM) and Defence Procurement (DAC approvals).
Where Larsen & Toubro sits in the supply chain
Larsen & Toubro appears in 12 supply-chain layers across 8 themes: Naval Shipbuilding & Defence Shipyards, Aerospace Component Manufacturing & MRO, 5G/6G Telecom Buildout, Energy Generation, Real Estate, Semicon 2.0 + Mobile Phones (MPMS), Rare-Earth Magnets (REPM) and Defence Procurement (DAC approvals).
Naval Shipbuilding & Defence Shipyards › Warship & Submarine Construction (Shipyards)
Direct supplierOnly significant private-sector warship/submarine builder (Kattupalli shipyard; submarine pressure hulls - Arihant-class / Scorpene sections)
Other companies in this layer
Aerospace Component Manufacturing & MRO › Systems Integration, Assembly EPC & Primes
Direct supplierDefence & aerospace is a small segment inside a giant diversified conglomerate
Other companies in this layer
5G/6G Telecom Buildout › Telecom EPC, Installation & Infrastructure Services
Indirect supplierTelecom EPC/Smart World & Communication is one small division inside a giant infra/engineering conglomerate
Other companies in this layer
Energy Generation › Thermal Equipment & EPC
Indirect supplierEPC for thermal, hydro and transmission infrastructure, alongside its much larger diversified infrastructure business
Other companies in this layer
Real Estate › Construction & EPC
Direct supplierBuilds high-rise towers, offices, airports, hospitals and factories through its Buildings & Factories business; also develops property through L&T Realty
Other companies in this layer
Semicon 2.0 + Mobile Phones (MPMS) › Chip design & IP
Emerging entrantL&T's wholly owned fabless chip unit (LTSCT): power, analog and silicon-carbide chips for autos, industry and energy
Other companies in this layer
Semicon 2.0 + Mobile Phones (MPMS) › Compound semis & advanced packaging
Emerging entrantL&T's wholly owned fabless chip unit (LTSCT): power, analog and silicon-carbide chips for autos, industry and energy
Other companies in this layer
Rare-Earth Magnets (REPM) › EV traction motors
Emerging entrantBidder for the magnet scheme (Aug 2026); also building EV traction motors with Israel's EVR Motors
Other companies in this layer
Rare-Earth Magnets (REPM) › Sintered magnet making
Emerging entrantBidder for the magnet scheme (Aug 2026); also building EV traction motors with Israel's EVR Motors
Other companies in this layer
Defence Procurement (DAC approvals) › Artillery & armoured systems
OperatorLargest private defence prime: K9 Vajra guns, warships, Sarvatra bridging sub-systems and missile/aerospace parts
Other companies in this layer
Defence Procurement (DAC approvals) › Warships & submarines
OperatorLargest private defence prime: K9 Vajra guns, warships, Sarvatra bridging sub-systems and missile/aerospace parts
Other companies in this layer
Defence Procurement (DAC approvals) › Military vehicles & bridging
Direct supplierLargest private defence prime: K9 Vajra guns, warships, Sarvatra bridging sub-systems and missile/aerospace parts
Other companies in this layer
Index membership
Larsen & Toubro is in the Nifty 50 (NSE industry: Construction).
Nifty 50 › Construction
Revenue and profit
| ₹ Cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 2,21,113 | 2,55,734 | 2,85,874 |
| Net profit | 15,547 | 17,673 | 18,954 |
Latest-year revenue ₹2.86L Cr (FY26, company-wide). Wider screens show FY22 onwards.
Strengths · in Defence Procurement (DAC approvals)
- Won 100 more K9 Vajra-T guns for ₹7,629 Cr (Dec 2024), >80% indigenous work content
- Builds warships at Kattupalli and supports BEML on the Sarvatra bridge (in the Sep 2026 AoN)
- Huge balance sheet to fund private Make projects
Risks · in Defence Procurement (DAC approvals)
- Defence is a small share of a ~₹2.9L Cr revenue group
- Many defence wins depend on foreign design partners
- Lumpy order timing
Common questions
What does Larsen & Toubro do?
In Defence Procurement (DAC approvals): Largest private defence prime: K9 Vajra guns, warships, Sarvatra bridging sub-systems and missile/aerospace parts. NextResearch maps it in 8 supply chains: Defence Procurement (DAC approvals), Naval Shipbuilding & Defence Shipyards, Aerospace Component Manufacturing & MRO, 5G/6G Telecom Buildout, Energy Generation, Real Estate, Semicon 2.0 + Mobile Phones (MPMS) and Rare-Earth Magnets (REPM).
Where does Larsen & Toubro sit in the supply chain?
Larsen & Toubro (NSE: LT) is mapped in 12 supply-chain layers: Warship & Submarine Construction (Shipyards) (Naval Shipbuilding & Defence Shipyards); Systems Integration, Assembly EPC & Primes (Aerospace Component Manufacturing & MRO); Telecom EPC, Installation & Infrastructure Services (5G/6G Telecom Buildout); Thermal Equipment & EPC (Energy Generation); and 8 more.
Who are Larsen & Toubro's peers?
In the Artillery & armoured systems layer of Defence Procurement (DAC approvals): Bharat Forge, Tata Advanced Systems (not NSE-listed) and Advanced Weapons & Equipment India (not NSE-listed).
What is Larsen & Toubro's market cap and valuation?
As of 30 Oct 2026: market cap ₹5.32L Cr, P/E 28.2x, ROCE 14.6%, ROE 15.9%, dividend yield 0.98%.