Economy
Indian Economy
Despite the prevailing global uncertainties, the Indian economy is estimated to grow between 6.25-6.50% during the current year 2024-25. The agriculture sector is expected to grow ~4%, the industrial sector ~6% and the services sector ~7%. In absolute terms, the agriculture sector continued to operate well above pre-pandemic trend levels. Whereas, in the industrial sector, sustained growth through FY 2023-24 and FY 2024-25, has led to the closure of the trend gap. The recovery within the services sector has been uneven, and as a result, the sector is only now approaching its long-term trend levels.
Indias headline inflation, as measured by the Consumer Price Index (CPI), has eased considerably during the year. The monthly average CPI print was 4.63% in FY 2024-25 vs. 5.35% in FY 2023-24. This decline was primarily led by a decrease in core services and fuel price inflation. Food price inflation continued to hold firm impacted by weather related supply disruptions. For FY 2025–26, the Reserve Bank of India (RBI) has forecast CPI inflation at 4%, based on the expectation of a normal monsoon.
Policy rates remained unchanged through the April-December 2024 period with the repo rate at 6.50%. However, with relatively weaker growth prints and falling underlying inflation, the Monetary Policy Committee (MPC) changed its policy stance from ‘Withdrawal of Accommodation to ‘Neutral in October 2024. Further, to inject liquidity into the banking system a reduction in CRR to 4.00% of NDTL from 4.50% was announced in December 2024. In February 2025, the RBI lowered the repo rate to 6.25% in response to downward revisions in growth forecasts for H1 FY 2025-26, while keeping the inflation trajectory aligned with its target.
The external trade sector has demonstrated stability and growth despite uncertainties in the global trade environment. In FY 2024-25, export trade in merchandise and services exceeded USD 800 billion, a growth of 5.5%. Total imports during the period are estimated at USD 915 billion, registering a growth of 6.8%.
After a relative stable H1 FY 2024-25, the rupee weakened against the USD by around 5% in the period from October to (mid) February, a period which saw increased financial market volatility. While Foreign Portfolio Investment (FPI) inflows were positive, amounting to approximately USD 20 billion in H1 FY 2024-25, the trend reversed in H2 FY 2024-25, with net outflows of a similar magnitude. Investments in debt securities saw net inflows of around USD 15 billion, whereas equity investments registered net outflows of a comparable amount for FY 2024-25.
The Indian economy is expected to remain resilient, supported by robust consumption from households, alongside the governments continued focus on capital expenditure. Capacity utilisation in manufacturing remains high and balance sheets of banks and corporates remain healthy. The economy has also undergone rapid digitalisation over the past decade, significantly boosting productivity. The service sector has increasingly shifted towards high-tech digital solutions, including e-commerce, fintech, cloud computing and AI-driven services.
The risks to growth remain largely external – rising tariff barriers, stretched supply chains and continuing geopolitical tensions. The country will have to adapt to the evolving global landscape and harness its domestic strengths to drive growth in a sustainable manner.
Global Economy
World GDP grew by 2.7% in calendar year 2024, with regional growth varying significantly. The United States saw robust growth at 2.8%, while the Eurozone experienced more subdued growth at 0.8%. Growth in emerging markets was driven by India and China, which recorded growth rates of 6.5% and 5%, respectively. For the most part, the year was marked by improving financial conditions, declining inflation and a partial de-escalation of regional conflicts. In the United States, the balance of risks has shifted from inflation to growth, as the effects of increased tariff measures would begin to impact the economy. In addition, changes in the regulatory environment, immigration policies and fiscal policy are expected to influence the dynamics between growth and inflation. The upside risk to inflation from tariffs, coupled with the downside risks to growth, could create a challenging environment for monetary policy. Technology is expected to remain a bright spot for the US economy in 2025, with spending projected to surpass USD 2 trillion for the first time.
The economies of Europe and UK continue to remain fragile. However, the commitment by Germany to permit fiscal loosening through a special EUR 500 billion off-budget infrastructure fund, to be disbursed over a decade, could alter the medium-term growth dynamics for Europe.
China would be the most directly impacted economy if the tariffs imposed by the United States take effect. To stabilise the economy, the government may employ a combination of monetary easing and fiscal support measures aimed at boosting domestic consumption and addressing weaknesses in the property sector.
The Gulf Cooperation Council (GCC), led by Saudi Arabia, is likely to continue strengthening both the physical and digital infrastructure of the region, in addition to monetising its oil & gas assets. As GCC countries embark on the transition from oil to clean energy and pursue various industrialisation initiatives, the regions growth opportunities remain healthy. With global cross-border trade and investment flows slowing there is a growing risk of rising cost pressures, reduced productivity and slower efficiency gains. However, with trade in services not being directly affected by tariff-related disruptions, the global IT outsourcing market is expected to remain relatively resilient. Indias technology sector is expected to grow by around 5% in FY 2025-26, with revenues projected to exceed USD 300 billion.
India remains relatively insulated from global headwinds and is on track to become the worlds third-largest economy in the medium-term. It continues to be one of the fastest-growing large economies, supported by favourable demographics, investment led impetus, and ongoing regulatory reforms.
Business Model and Strategy
Strategy Formulation
Business strategy formulation aims to set long-term goals for the Group and identify areas to leverage its strengths, explore new business opportunities, and enhance its existing capabilities and offerings. This is enabled through plans with two different time horizons, viz. medium-term strategic plan (5 years) and short-term (annual) budget targets.
‘Lakshya, the Groups 5-year strategic plan, is developed through a collaborative process across the organisation. Lakshya 2026 seeks to achieve value-accretive growth in the existing business portfolio through a multi-pronged approach of targeting opportunities arising out of global trends, along with a focus on ESG and Sustainability. The underlying emphasis of Lakshya 2026 is to ride the momentum in existing trends through project wins and faster execution as well as capitalise on emerging trends through creating new capability and generating new streams of revenue. In addition, there is continued focus on timely completion of projects, driving profitability through operational excellence, value engineering, and various digitalisation-led productivity improvement initiatives. Lakshya 2026 has completed its fourth year in FY 2024-25 and is satisfactorily progressing towards the targets set in the plan.
The megatrend of energy transition has strengthened in recent years. This is clear from the business opportunities that have opened up in the renewables space. Hence, the Renewables business has been carved out from Power Transmission & Distribution business and is now a separate business vertical within the Infrastructure segment. This restructuring will allow a focus on excelling in the renewable energy sector, ensuring strong execution and sustained profitability as the Group continues to expand its footprint in this rapidly evolving market. India as well as the Middle East and North Africa (MENA) region are both experiencing rapid infrastructure development and economic diversification because of the megatrends of urbanisation and demographics. Buoyed by this market opportunity, the Minerals & Metals vertical within the Infrastructure segment has achieved remarkable progress and has demonstrated strong performance across all business metrics. Technology transformations, be it digital, materials/semiconductors, or in the energy sphere, are happening at an ever-increasing pace. The Group continues to accelerate the growth of its newly seeded business lines, viz. Green Hydrogen and its derivatives, Semiconductor technologies, Data Centers, and E-commerce and Digital Platform businesses (L&T EduTech and L&T-SuFin). L&T Semiconductor Technologies Limited has acquired SiliConch Systems Private Limited and the data center business, Cloundfiniti has entered into a strategic partnership with E2E Networks Limited for Cloud, AI and high-performance computing.
The Group remains vigilant of the evolving geopolitical scenario. The diversity of its businesses and the spread across multiple regions provide overall resilience and ability to respond tactically as well as seize new and emerging opportunities.
Business Model
Value creation is enabled through a portfolio comprising:
EPC Projects
EPC Projects focus on the proven core competencies of conceptualising, designing, executing and commissioning large, complex projects in the areas of transportation infrastructure, power transmission & distribution, water & irrigation infrastructure, buildings & factories, metals & mining, energy generation & storage solutions, oil & gas, and energy transition.
Hi-Tech Manufacturing
Hi-Tech Manufacturing focuses on custom-designed and built equipment catering to process plants for various sectors (including nuclear); precision engineering and systems for the defence & aerospace sectors; electrolysers for hydrogen production; industrial and bulk material handling; construction machinery & mining equipment; and industrial valves.
Services
The Services businesses cater to sectors of IT (through LTIMindtree), Engineering R&D (through LTTS), Financial Services (through L&T Finance), Real Estate Development (through L&T Realty), B2B E-commerce (through L&T-SuFin), Skilling and Assessment (through L&T EduTech), Data / Cloud Services (through L&T-Cloudfiniti) and Semicondcutor Chip design (through L&T Semiconductor Technologies Limited) In addition to the above, the Group continues to pursue its goal of unlocking value by staying asset-light and exiting non-core businesses.
The Groups businesses and offerings are closely linked to global megatrends.
Portfolio Strategy
The portfolio strategy focuses on growth by diversifying revenue streams, exploring new opportunities, and enhancing profitability to create value for all stakeholders.
Complementing the mature businesses with growth-stage businesses
While the Group relies on mature businesses for cash generation and steady growth, the focus is also on seeding and scaling up new, tech-driven businesses with high growth potential
Geographically diversified businesses
India continues to remain the primary market for EPC Projects, Hi-Tech
Manufacturing and Financial Services businesses. Additionally, GCC has emerged as a significant market for the EPC and Energy businesses. The Americas and Europe will continue to be the primary geographies for the IT services businesses.
Balancing the cyclical nature of the EPC business through a portfolio of Services businesses
To have a better revenue profile and improved profitability, the Group intends to increase the share of the IT&TS services business while pursuing growth in the traditional EPC and Hi-Tech Manufacturing businesses.
Supplementing the standalone offerings with partnerships
For Hi-Tech Manufacturing and EPC Projects businesses, the Group has partnered with several large global process and technology licensors, and EPC contractors to expand the scope of its business offerings. For the IT and Technology Services businesses, the Group has strategic partnerships with established global software product and technology companies.
IT services business witnessed moderate growth, driven by an increase in discretionary spending and improvement in the BFSI sector in North America. The EPC Projects and Hi-Tech Manufacturing portfolio saw robust growth aided by capex-led focus in India and oil & gas and clean energy investments in the Middle East.
Strategic Thrust and Direction
The Group continues to be guided by the strategic objectives formulated under Lakshya 2026 plan. These are outlined below. As 2025-26 will be terminal year for current Lakshya 2026 plan, the group has also initiated the process to formulate the next 5-year strategic plan - Lakshya 2031 which will be finalised in FY 2025-26.
The Strategic Objectives
Value-accretive growth of current businesses
Scaling-up Digital and E-commerce businesses
Developing business offerings to ride the Energy Transition wave
Divestment of non-core businesses
Enabling business sustainability through high focus on ESG and Stakeholder Value Creation
These Strategic Objectives are supported through Strategic Enablers:
Operational excellence for leadership in cost-competitiveness and world-class execution
Industry-leading capabilities in digital technologies and analytics for improved productivity, ESG effectiveness and strengthening revenue streams
Financial resources to enable growth of the businesses and sound financial health to facilitate access to capital markets, when required
Talent and leadership pipeline to drive business continuity and growth
Capability development through R&D, absorption of new technologies and partnerships
Performance in FY 2024-25 against Strategic Objectives:
| OBJECTIVES | PERFORMANCE MEASURES | PERFORMANCE |
SO-I |
a Revenue growth |
In FY 2024-25, the Group achieved revenues of I 2,55,734 crore (16% growth y-o-y). |
| Value-accretive growth of current businesses | a Composition of Services in Total Revenues |
The Services businesses reported modest growth of 8% y-o-y. The composition of service businesses to total revenue is at 26% in FY 2024-25 compared to 28% in FY 2023-24. |
SO-II Scaling up digital and e-commerce businesses |
a Growth of Digital & E-commerce businesses |
In FY 2024-25, L&T-Cloudfiniti (data centers and related services) saw its operations start at the Kancheepuram Data Center – Phase 1 with 12 MW capacity. It also announced strategic partnership with E2E |
| Networks Limited to accelerate cloud and AI innovation for Indian enterprises. | ||
| Further, three new data centers in Mahape, Panvel and Bangalore are under active consideration. | ||
| Acquisition of SiliConch Systems Private Limited by L&T Semiconductor Technologies Limited, a semiconductor start-up focused on power semiconductors, highlights the Groups dedication to innovation and sustainability in the semiconductor industry. L&T-SuFin and L&T EduTech have also been scaled up further in FY 2024-25 | ||
SO-III |
a Size of Green Business |
The Group increased the share of Green Business to I 75,500 crore, which is 53% of standalone revenue in FY 2024-25 (as compared to 50% in FY 2023-24). |
| Developing business offerings to ride the Energy Transition wave | a New business or business offerings developed |
L&T continues to prioritise its participation in energy transition and sustainability. The Renewables business vertical was carved out from the Power Transmission & Distribution business within the infrastructure segment to enhance the Companys focus on opportunities in the Green space. L&T Energy GreenTech Limited signed a Memorandum of |
| Understanding (MoU) with John Cockerill to explore various technologies in Concentrated Solar Power (CSP) and Thermal Energy Storage (TES). | ||
SO-IV Divestment of non-core businesses |
a Businesses divested |
The entire stake in L&T Infrastructure Development Projects Limited (L&T IDPL) (a joint venture with investments in road projects and a power transmission asset) was divested on April 10, 2024. |
| The Group continues to actively pursue divestments of other non-core assets and is also exploring various alternatives to de-risk its current exposure in L&T Metro Rail (Hyderabad) Limited. | ||
SO-V |
a Metrics linked to ESG performance are based on materiality, e.g. |
For details, refer to the following in the Integrated Report section: |
| Enabling business sustainability through a high focus on ESG and Stakeholder Value Creation | - Carbon footprint | a Natural Capital |
| - Resource consumption | a Social and Relationship Capital |
|
| - Lost time injury frequency rate | a Human Capital |
|
| - Training hours |
Risk Management Framework
Being a global conglomerate operating in multiple geographies across a number of sectors spanning engineering, construction, manufacturing, technology, financial services, and much more, L&T is exposed to a diverse range of risks. Effective risk management is therefore integral to the Companys functioning and plays a critical role in achieving sustained growth, ensuring operational efficiency and safeguarding stakeholder interests. The Companys robust risk management framework proactively identifies, assesses and mitigates potential risks. The Chief Risk Officer facilitates institutionalisation of Enterprise Risk Management processes and regularly apprises the Board Risk Management Committee and Apex Risk Management Committee about these risks. The key risks that L&T faces can broadly be classified as: a) Operational risks b) Tactical risks c) Strategic risks
Operational Risks
L&Ts projects are often large-scale, complex and involve multiple stakeholders, which increase operational risks such as project delays, cost overruns and supply chain disruptions.
Project Execution Risks
Workmen Shortages: Availability of skilled workmen and workforce attrition can impact construction schedules. Regulatory Delays: Prolonged environmental and statutory approvals, land acquisition issues, and right-of-way availability can impact project timelines.
Supply Chain Disruptions: Delays in the delivery of key materials and equipment due to vendor issues, geopolitical constraints, or logistical bottlenecks can lead to cost escalations.
Design Changes/Approval delays: Frequent modifications in project design, delay in client approvals and rework due to client requirements can result in additional costs and extended deadlines.
The Company mitigates these risks by careful client and geography selection, leveraging advanced project management techniques, digitalisation and strategic partnerships with suppliers and subcontractors.
Quality and Safety Risks
Construction Quality
Construction quality risks refer to the potential issues in structural integrity, safety, workmanship and compliance with regulatory and client specifications. L&Ts projects typically demonstrate attention to quality, safety and technical standards. L&T enforces strict quality control protocols, third-party audits and compliance with global engineering standards. The Company adheres to international standards and guidelines such as ISO 9001:2015.
Workplace Safety Risks
L&T is committed to Mission Zero Harm and relentlessly works towards enhancing the health and safety standards within the organisation as well as that of workers and subcontractors working on behalf of the Company at project sites or premises. This includes using continuous sensitisation, toolbox talks, providing protective gear and conducting special training in the safe handling of equipment and material. The Company adheres to international standards and guidelines such as ISO 45001:2018.
Supply Chain and Vendor Management Risks
L&T undertakes rigorous pre-qualification of vendors, has back-to-back operational and financial guarantee arrangements with subcontractors, does regular monitoring and ensures diversification of its supplier base.
Technology and Cybersecurity Risks
L&T has a robust Cyber Security Assurance Framework encompassing processes, standards and technology for managing cyber risks. These risks are monitored and mitigated at the level of individual businesses. Senior management has regular oversight through various councils and risk management committees. In addition, a Cyber Security Operations Centre has been established which monitors security alerts on 24x7 basis. All the necessary safeguards to maintain desired security and resiliency levels have been deployed within the organisation.
Legal and Contractual Risks
Given the complexity and long duration of projects, disagreements over contractual terms and project scope can arise. L&T proactively negotiates clear contractual terms and engages experts for risk assessment to minimise legal and contractual risks. Further, L&T endeavours to limit its total contractual liability on any project to a reasonable level.
Logistics and Infrastructure Challenges
Large-scale infrastructure projects require the movement of heavy equipment and materials across regions and countries. Challenges include port congestion and customs protocol delays, road conditions, inadequate transport infrastructure, weather and climate disruptions.
L&T incorporates risk-based logistics planning and leverages digital tracking tools to ensure smooth supply chain operations. An integrated logistics management portal has been developed to help businesses with their decision making.
Black Swan Events
L&T has a crisis management framework for responding to crisis situations such as natural calamities, geopolitical upheaval, local unrest, war, terrorist attacks and other emergency situations, and ensuring the safety and security of its employees, workforce, assets and operations globally.
Risks related to Manufacturing Operations
L&Ts manufacturing facilities are critical to delivering high quality engineered products and ensuring timely project execution. These facilities, while enabling operational scale and efficiency, are also subject to risks related to supply chain, geopolitical tensions, natural disasters and regulatory compliance. The Company implements robust safety and sustainability protocols as well as maintains contingency plans to mitigate the impact of natural disasters, environmental events, or localised sociopolitical disruptions. Technology upgrades and digitalisation initiatives are being leveraged to enhance resilience, optimise throughput and ensure business continuity across all manufacturing locations.
Tactical Risks
Market and Industry Risks
a Economic and Policy Risks: L&Ts core EPC business is dependent on infrastructure investments by governments and private entities. Economic slowdowns, budget constraints, or shifts in government priorities can lead to delays or cancellations of major projects. Additionally, periods of high inflation and rising interest rates can reduce capital spending, affecting the Companys order inflows and revenue visibility.
a Competition and Pricing Pressure: L&T faces competition from both domestic players in India and international firms abroad. Competitive bidding, particularly in government tenders, exerts pressure on margin, and aggressive pricing strategies by competitors can impact L&Ts ability to secure projects.
a Slowdown in Key End-Markets: Sectors like oil & gas, power, real estate and infrastructure are sensitive to macroeconomic cycles, oil prices and countries fiscal health, impacting order book growth.
a Adequacy of Credit Facilities: Construction projects in India, Middle East, Africa and other Asian countries are bank guarantee (BG)-intensive, as BGs (bid, performance, advance payment, material, retention) are to be issued to clients during the project tenure. L&T ensures availability of adequate bank credit lines and bond facilities from financial institutions to meet these requirements. The Companys strong credit worthiness is reflected via AAA Domestic Credit Rating (from CRISIL and India Ratings), and BBB+ International Credit Rating (from S&P and Fitch) – which is two levels above Indias sovereign rating.
L&T maintains a balanced mix of projects across sectors, geographies and clients to reduce over-reliance on any single market or funding source. Further, L&T strategically bids for projects funded by global multilateral institutions which are less susceptible to local in-country fiscal constraints. To manage competition risk, L&T is focused on long term relationships with clients, superior design and execution and timely completion of projects. Additionally, L&T collaborates with global EPC, technology firms, key suppliers and local partners to strengthen bid competitiveness and optimise costs.
Geopolitical/Country Risk
L&T mitigates geopolitical and country risks through comprehensive country risk assessments during the bidding stage, diversification of business lines across geographies, and working primarily with sovereign or creditworthy clients. Further, L&T closely monitors geopolitical developments and incorporates risk mitigation strategies such as contract structuring, hedging mechanisms, and contingency planning to safeguard project viability and financial exposure.
Sanctions and Regulatory Risks
L&T continuously monitors sanctions related developments and ensures strict adherence to international compliance norms. L&T has a strong internal control framework in place and a robust process of carrying out due diligence of counterparties, countries, sanctions and end-use of products manufactured.
Workforce and Talent Management Risks
L&T develops workforce and talent through a blend of internal capability building, local talent integration, robust HR processes and a culture of continuous learning. L&T invests in upskilling programmes and leadership development to retain talent and bridge skill gaps. The Company provides training to thousands of young workers each year at its nine Construction Skill Training Institutes (CSTIs) and its five sub-centres. Further, L&T has developed a Central Workmen Mobilisation Cell to centrally collate workmen requirements and coordinate with sourcing centres to deploy workers where needed.
Strategic Risks
Energy Transition
Energy Transition is transforming industries across the world. This shift impacts businesses at the operational level by increasing the demand for ‘green specifications in tenders, building codes and other regulatory frameworks. It also presents new opportunities, such as EPC projects for Solar Energy, Pumped Hydro Storage & Battery Storage projects, and emerging sectors like Green Hydrogen production / Electrolyser manufacturing. Additionally, there are increased opportunities in transmission & distribution due to the need for grid reconfiguration and evacuation requirements for renewable energy sources.
L&T has identified significant business opportunities linked to energy transition, especially in the decarbonisation of the energy sector. By leveraging these opportunities, L&T aims to align its business strategies with decarbonisation trends while managing the risks associated with new technologies.
Climate Change
Climate change heightens the frequency and intensity of physical risks, thus posing execution challenges. These risks manifest as acute events — extreme weather, heavy precipitation — and chronic impacts — higher temperatures, rising sea levels. Increasingly, extreme weather events can disrupt project timelines, while gradual shifts such as rising temperatures and sea levels pose challenges to long-term business sustainability.
For dealing with periods of extremely high temperature or flood conditions, measures are taken to optimise the work-rest cycle, early warning systems, shelters for the workforce, and awareness sessions and advisories to apprise the workforce of risks, reporting of issues, and preventive measures to be taken.
Investment Risk
L&T actively considers investing in emerging sectors that have synergies with its EPC projects and Services competencies. Investments are continually evaluated and made in growth related opportunities, some of which have the risk of long gestation periods. The Company works towards ensuring adequate returns on existing and new investments in infrastructure, construction projects and the services businesses as a guiding principle as part of its Lakshya plan.
Operating Risks of Subsidiaries
L&Ts operations span across multiple geographies through a network of domestic and international subsidiaries engaged in engineering, construction, manufacturing, technology and services. The Company manages operating risks of unlisted subsidiaries through central oversight, periodic performance evaluations and ensuring strategic alignment with Group-wide objectives. L&Ts senior management is present on the Boards and Committees of the listed subsidiaries, which have adopted suitable policies to mitigate their operational, tactical and strategic risks.
Financial Risks
The process of managing the Companys financial exposures is governed by the Risk Management Framework and Policy approved by the Companys Audit Committee under the guidance of the Board. Financial risks in each business portfolio are collated, measured and managed by the Corporate Treasury.
Calendar year 2024 was marked by significant political transitions, with elections reshaping the global geopolitical landscape. Inflation pressures eased, prompting central banks to pivot towards rate cuts amid slowing growth and rising uncertainty.
In calendar year 2025, the spotlight is firmly on policy decisions from newly elected governments and the potential ripple effects across trade, defence, climate and technology sectors. Global real GDP growth in 2025 could slow to sub-3% levels driven by ‘trade wars and knock-on effects. Policy uncertainty tends to weigh heavily on corporate confidence. This, in turn, could lead to cuts in capital expenditure which could then undermine growth prospects. In the US, the political shift has seen renewed protectionist trade measures, most notably through announcement of a significant increase in tariffs. The US tariff strategy represents a potential reversal of the post-World War II global economic framework. In the near term, US-China trade flows are expected to be the most impacted. For other trading partners, any prolonged uncertainty could substantially affect trade volumes. If these higher tariffs get implemented, there could be an unintended consequence of stagflation.
The pressure on European NATO members to boost defence autonomy is expected to trigger increased military expenditure, in both the EU and UK. This shift could provide a much needed growth catalyst for Europe, offsetting weakness in traditional sectors like automotive and manufacturing, which have been squeezed by softening demand and rising competition from China.
The Chinese economy continues to face headwinds. While the economy may avoid a sharp slowdown in the near term due to policy support, monetary easing and measures to boost consumption, real GDP growth could slip below 4% in the second half of the year.
GCC economies have displayed resilience despite regional geopolitical tensions. The region remains committed to economic diversification, clean energy and industrialisation strategies. However, if crude oil prices were to consistently trade below USD 55 per barrel, the region could witness significant growth headwinds.
In India, real GDP growth is projected between 6.25-6.50% for FY 2025-26. Government of India aims to balance fiscal discipline – by targeting a 4.4% deficit – while continuing with growth-friendly measures, namely, continued capital expenditure at 3.1% of GDP and personal income tax cuts to support consumption. CPI inflation is expected to average around 4% for FY 2025-26.
Foreign Exchange and Commodity Price Risks
The businesses of the Company are exposed to fluctuations in foreign exchange rates and commodity prices. Additionally, it has exposures to foreign currency denominated financial assets and liabilities. Net foreign exchange risk on revenues, costs, assets and liabilities are managed through a combination of forward and option contracts wherein the counterparties are regulated banking entities. The financial risks involving commodity prices are managed through a combination of price variation clauses embedded in customer contracts, hedges in financial markets and pass-through price arrangements. In the case of contracts with price variation clauses, the Company may run a basis risk between the actual price of the commodity and the reference indices.
The disclosure of commodity exposures, as required under clause 9(n) of Part C, Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in the format specified vide Chapter VI-E of SEBI Master Circular No. SEBI/HO/ CFD/PoD2/CIR/P/0155 dated November 11, 2024, is given below:
| % OF SUCH EXPOSURE HEDGED THROUGH COMMODITY DERIVATIVES | |||||||
| DOMESTIC MARKET | INTERNATIONAL MARKET | ||||||
| SR NO COMMODITY NAME | EXPOSURE IN INR TOWARDS THE PARTICULAR COMMODITY (K CRORE) | EXPOSURE IN QUANTITY TERMS TOWARDS THE PARTICULAR COMMODITY (TN) | OTC | EXCHANGE | OTC | EXCHANGE | TOTAL |
| 1 Aluminium - Buy | 3,023.88 | 1,41,891 | - | - | 78.74 | - | 78.74 |
| 2 Aluminium - Sell | (9.62) | (440) | - | - | 100.00 | - | 100.00 |
| 3 Zinc - Buy | 72.21 | 2,939 | - | - | 100.00 | - | 100.00 |
| 4 Copper - Buy | 3,003.41 | 37,227 | - | - | 70.80 | - | 70.80 |
| 5 Copper - Sell | (83.20) | (1,001) | - | - | 100.00 | - | 100.00 |
| 6 Lead - Buy | 70.45 | 3,265 | - | - | 100.00 | - | 100.00 |
| 7 Coking coal - Buy | 20.83 | 12,029 | - | - | - | - | - |
| 8 Iron ore - Buy | 18.75 | 22,721 | - | - | 86.05 | - | 86.05 |
| 9 Steel - Buy | 21,840.16 | 32,24,865 | - | - | - | - | - |
| 10 Cement - Buy | 4,506.86 | 68,68,041 | - | - | - | - | - |
| 11 Nickel - Buy | 131.40 | 953 | - | - | 68.63 | - | 68.63 |
| 12 Thermal Coal - Buy | 2.75 | 2,673 | - | - | - | - | - |
Total exposure |
32,597.88 | 1,03,15,160.80 | |||||
Liquidity and Interest Rate Risks
The Company constantly monitors the liquidity levels, economic and capital market conditions and maintains access to sources of liquidity through a combination of approved banking lines, trade finance and capital markets. The Company deploys its surplus funds in short-term investments, in line with the Board-approved Treasury Policy. The Company dynamically manages interest rate risks through a mix of fund-raising, investment products and derivatives across maturity profiles within the Risk Management Framework.
Financial Resources and Capital Allocation
The capital allocation philosophy of the Company is geared to support business initiatives for the profitable growth of the Company, while retaining liquidity to support short-term requirements of the Group. As a policy, the Company maintains cash buffers and has access to adequate banking lines to meet both opportunities and challenges. In the financial year, the Company supported the capital expenditure required to execute projects awarded in the Projects and Manufacturing businesses and also investments in new areas, in line with the plan. Prospectively, the Company will continue to support the growth of L&T Realty and new businesses like green energy, data centers and semiconductor design.
In line with its stated strategy to monetise non-core assets, the Company concluded the divestment of its roads concessions business L&T IDPL which resulted in release of capital to the tune of I 1,300 crore.
Low gearing levels (Gross Debt to Equity ratio at 0.31x) at the parent entity level and a healthy cash buffer allow enough flexibility to the Company to deal with normal business uncertainties.
The Company continues to see significant volume of large-value contracts in the Middle East, especially from Saudi Arabia, which require large local non-fund-based banking facilities. The Company is confident of tying up the required facilities during the year to address upcoming requirements.
Internal Controls and Safeguards
Corporate Governance and Internal Controls: Ensuring Business Integrity and Sustainability
Corporate governance is fundamental to the Companys ability to achieve sustainable growth and predictable outcomes. A key pillar of corporate governance is a robust internal controls framework, which ensures operational efficiency, safeguards assets, supports reliable financial reporting, and prevents frauds and errors. At the core of this framework is the globally recognised model issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
The COSO framework is designed to help companies align their internal controls with the challenges they face due to changing internal and external factors. By adopting this framework, the Company ensures that its internal controls are aligned with its business needs, risk profile, and strategic objectives, enabling it to respond effectively to emerging challenges and maintain consistency in its operations.
Framework and Policies for Internal Controls
The Companys internal control framework is tailored to fit the size, complexity and nature of its business. The Board of Directors and management at all levels play a crucial role in setting the right principles for the organisation through their actions and directives. This leadership is reinforced by the Companys Code of Conduct (CoC), which promotes ethical values and corporate integrity. The CoC serves as a guide for employees, underscoring the importance of honesty and responsibility in business dealings. Furthermore, suppliers must confirm their adherence to a separate Code of Conduct to align with the Companys commitment to sustainable growth and the integration of Environmental, Social and Governance (ESG) principles in business operations.
The Company also maintains a Whistleblower / Vigil Mechanism, allowing employees and business partners to report concerns about unethical or illegal activities, misconduct, or fraud. This system ensures that concerns are raised and addressed without fear of retaliation, promoting a culture of transparency and accountability.
Internal Financial Controls
Internal financial controls (IFC), aligned with the Companies Act, 2013 are integral to the Companys control framework and operate at both entity and process levels. The responsibility for establishing, maintaining, and upgrading these controls lies with the executive management, assisted by internal control teams at both the corporate and business levels.
These teams are tasked with developing and refining processes and standard operating procedures to enhance operational efficiency. Teams share best practices across the organisation and ensure that internal controls are regularly updated in response to changing business conditions and external factors, such as new regulations or emerging risks. Additionally, the Company engages independent professional firms to periodically review the effectiveness of its control systems, with their recommendations being incorporated to strengthen existing practices.
Audit and Review Mechanisms
The effectiveness of internal controls is tested through regular audits conducted by the statutory auditors, the Companys Corporate Audit Services (CAS) department and also through third-party audits. The CAS is responsible for evaluating the design and operating effectiveness of internal controls across core business operations and support functions. The annual audit plan, which is reviewed by the Audit Committee, ensures comprehensive coverage of all areas. Significant audit findings, along with periodic progress on corrective actions, are presented to the Audit Committee on a quarterly basis.
The Company follows a three-line model to ensure that its internal controls remain effective. The first line of defence involves business heads, process owners and support functions who are responsible for the design and operation of internal controls. The second line is the Corporate Internal Control department, which monitors and improves the effectiveness of these controls. The third line is the Corporate Audit Services, which conducts independent internal audits and provides assurance on the effectiveness of the controls.
OVERALL FINANCIAL REVIEW 2024-25
I. L&T CONSOLIDATED
Amidst the challenging global economic environment marred by geopolitical conflicts, the Company has achieved a strong performance in its businesses, spread across diverse sectors and geographies. The Company maintained its focus on maximising shareholder value by efficient execution of its large order book, leveraging technology to improve cost competitiveness and efficiency, reducing working capital along with better funds management, and divesting its non-core assets.
During the year, as part of the strategy to exit non-core businesses, on April 10, 2024, the Company completed the divestment of its entire shareholding in L&T Infrastructure Development Projects Limited, a joint venture primarily engaged in the development and operation of toll roads and a power transmission asset. Further, the Company entered into an Asset Purchase agreement with M/s Infra Bazar Tech Private Limited on June 12, 2024, for the sale of assets of its Machinery Works segment.
In FY 2024-25, the Company has carved out a separate business vertical for ‘Renewables out of the Power Transmission & Distribution business amid energy transition led growth, within its Infrastructure segment. Further, in February 2025 the Company acquired the remaining 26% stake in L&T Special Steels and Heavy Forgings Private Limited (LTSSHF) from the Nuclear Power Corporation of India Limited (NPCIL), thereby making LTSSHF a wholly owned subsidiary.
L&T Energy Green Tech Limited (LTEGL), a wholly owned subsidiary of the Company, has been granted incentives for setting up of a 90 KTPA Green Hydrogen capacity in India. This incentive will be distributed over a period of 3 years. Further, LTEGL has also been allocated 500 acres of land at Kandla port, Gujarat for setting up of a plant for Green Hydrogen and its derivatives under a 30-year lease by the Deendayal Airport Authority Kandla.
During the year, L&T Semiconductor Technologies Limited (LTSCT) acquired 100% stake in SiliConch Systems, a Bengaluru-based fabless semiconductor design start-up focused on power semiconductors with a portfolio of more than 30 granted patents. This acquisition will aid the overall engineering skill sets and design expertise thereby strengthening the Groups presence in fabless semiconductor business.
Further, the Company also entered into a strategic partnership with E2E Networks Limited to accelerate cloud and AI innovation for Indian enterprises. As part of the overall arrangement, the Company also acquired a 15% stake in E2E Networks Limited through the primary market route. This partnership is a significant step towards adoption of GenAI solutions in India to foster a fundamental shift in the way Accelerated Computing on Cloud is used by Indian organisations. The collaboration aims to accelerate digital transformation for a diverse range of industries, fostering a technology-driven, sustainable future for India.
The financial services business of the Group, L&T Finance Limited (LTF), during the year, also entered into an agreement with Paul Merchants Finance Pvt. Ltd. (PMFL) for acquiring its gold loan business segment. This acquisition marks the entry of LTF into the gold loan business. Also, L&T Technology Services Limited (LTTS) acquired Silicon Valley-based Intelliswift, to deepen its offerings across Software Product Development, Platform Engineering, Digital Integration, Data and AI.
Two coveted global credit rating agencies – S&P and Fitch – have assigned ‘BBB+ rating to Larsen & Toubro. L&Ts ‘BBB+ international rating with a stable outlook by both these rating agencies is two notches above Indias sovereign ratings and this underscores L&Ts exceptional credit quality and robust financial health.
As at March 31, 2025, the L&T Group comprised 87 subsidiaries, 6 associate companies, 11 joint ventures, and 36 jointly held operations. Out of the total 140 entities, 45 entities belong to the listed subsidiaries, and 5 are associated with Development Projects. The rest of the entities in the Group are mostly strategic extensions of the traditional businesses, viz. EPC Contracts and Hi-Tech Manufacturing, to enable access to new geographies, technology and nuanced business segments.
Order Inflow and Order Book
L&T Group achieved order inflows of I 3,56,631 crore during FY 2024-25, registering a growth of 17.8% over the previous year. Growth was largely driven by the strong investment momentum in the Middle East region and policy impetus by Government of India towards capex push. The buoyancy in Middle East businesses led to an increase in the share of international order inflow to 58% from 54% in the previous year.
The year witnessed the booking of some noteworthy orders across businesses. Buildings & Factories business received orders for commercial buildings and an international airport, signalling and rolling stock in domestic metro in Transportation Infrastructure, few orders were received in the hydel and tunnel vertical of Heavy Civil Infrastructure business, multiple renewable energy and transmission projects from the Middle East under the Power Transmission & Distribution and Renewables businesses, an international order for desalination plant in Water & Effluent Treatment, couple of orders in ferrous metal space in Minerals & Metals, an ultra-mega order in the Offshore vertical of the Hydrocarbon business, domestic BTG orders in CarbonLite Solutions business and a major repeat order from Ministry of Defence in the Precision Engineering & Systems business. Infrastructure segment continues to remain the largest segment in the Companys business portfolio with 49% of overall order inflow share, as compared to 47% in the previous year.
As at March 31, 2025, the order book continuous to remain at a record level of I 5,79,137 crore, thereby providing a multi-year revenue visibility for the Group. The infrastructure segment continues to dominate with a share of 62% of the consolidated order book.
The order book registered a growth of 21.7% on a y-o-y basis, mainly with the receipt of some high-value orders during the year. Around 72% of the total order book comprises orders received from Indias central and state governments (including local authorities) and state-owned enterprises (both domestic and international). The private sector share has increased to 28% of the total order book as on March 2025, as against 23% as on March 2024. Of the domestic order book, 25% of the orders are funded by multilateral agencies.
The share of the international order book increased from 38% to 46% on account of the intake of higher international orders during the year.
Consolidated Revenue from Operations
L&T Group recorded revenue of I 2,55,734 crore during FY 2024-25, registering a growth of 15.7%. The growth was mainly achieved with the pick-up of execution momentum in project and manufacturing businesses. The composition of international revenue at the group level is at 50% in FY 2024-25 compared to 43% in the previous year.
During the year, growth was majorly visible in Infrastructure segment and Energy segment.
Operating Expenses and PBDIT
Manufacturing, Construction and Operating (MCO) expenses for FY 2024-25 at I 1,70,973 crore increased by 17.1% over the previous year. These expenses mainly comprise the cost of construction materials, raw materials and components, subcontracting expenses, and interest costs in the Financial Services business. This represents 66.9% of revenue as compared to 66.0% in the previous year, mainly due to higher share of revenue from the Project and Manufacturing businesses and changes in job mix.
Staff expenses for the year FY 2024-25 at I 46,769 crore increased by 13.6% over the previous year, reflecting a combination of manpower ramp-up and salary revisions. As a percentage of revenue, it however decreased by ~30 basis points (bps) during FY 2024-25, consequent upon higher revenue. The Group continues to focus on productivity improvements, digitalisation and manpower optimisation across its businesses.
Sales and administration expenses at I 11,558 crore increased by 10.9% over the previous year. This represents 4.5% of revenue, which is similar to the previous year.
The Groups operating profit at I 26,435 crore for FY 2024-25 registered a growth of 12.5% y-o-y, largely led by higher business volumes. The EBITDA margin for the year, however, declined by ~30 bps, and is at 10.3%.
The impact of additional execution costs incurred in the Infrastructure and the Energy segment as well as higher provisions on contract assets and customer receivables impacted the Companys overall margin. At the same time, cost savings in a few projects of the Infrastructure segment and favourable claim settlements, partially mitigated the decline in margin.
Depreciation and Amortisation Charge
Depreciation and amortisation charges for FY 2024-25 increased to I 4,121 crore from I 3,682 crore in the previous year, registering an increase of 11.9%, mainly reflective of higher capex spending in recent years.
Profit Before Interest and Tax
Segment-wise composition of PBIT for FY 2024-25 is represented below:
| Infrastructure Projects | Energy Projects | Hi-Tech Manufacturing | IT & Technology Services | Financial Services | Development Projects | Others | |
FY 23-24 |
5721 | 2701 | 1140 | 7659 | 3028 | 1015 | 1508 |
FY 24-25 |
6921 | 3137 | 1459 | 7682 | 3491 | 757 | 1935 |
The segment-wise PBIT registered improvement over the previous year across all businesses except Development Projects, where a higher gain on the sale of commercial property of Hyderabad Metro was booked in the previous year.
Other Income
This mainly consists of interest, dividend and gains from treasury operations. Other income at I 4,125 crore has remained at a similar level to the previous year.
Finance Cost
The interest expenses for FY 2024-25 at I 3,334 crore were lower by 6.0% over I 3,546 crore for the previous year. The lower average borrowing at a group level and improved borrowing rate aided in reduction of interest expense. The average interest cost for FY 2024-25 was lower by 30 bps as compared to the previous year.
Tax Expense
Income Tax charge for FY 2024-25 was higher at I 5,891 crore by 19.1% compared to I 4,947 crore in the previous year on higher taxable income.
Exceptional Items
Exceptional items during the year mainly comprise of reversal of impairment of funded exposure in L&T Special Steels and Heavy Forgings Private Limited (LTSSHF). The previous year mainly included gain on the divestment of stake in L&T Transportation Infrastructure Limited, a subsidiary of L&T IDPL and reversal of impairment of investment in L&T IDPL.
Consolidated Profit after Tax and EPS
Consolidated Profit after Tax (PAT) at I 15,037 crore for FY 2024-25 increased by 15.1% over the previous year at I 13,059 crore. The increase is mainly attributable to improved activity levels.
Consolidated Basic Earnings per Share (EPS) for FY 2024-25 at I 109.36 improved over the previous year at I 93.96.
Return on Consolidated Net Worth
The Consolidated Net Worth, as on March 31, 2025, at I 97,656 crore, reflects a net increase of I 11,296 crore, as compared to the position as on March 31, 2024. The Return on Net Worth (RONW) for FY 2024-25 was higher at 16.3%, compared to 14.9% in the previous year, mainly on account of higher profitability.
Liquidity and Gearing
Cash flow from operations (including change in loans and advances towards financing activities) for FY 2024-25 decreased to I 9,161 crore as compared to I 18,266 crore in the previous year, mainly due to higher retail loan book in Financial Services business. During the year, borrowings increased by I 15,203 crore to sustain higher level of operations mainly in Financial Services business and additional funds were generated mainly from treasury and dividend income.
Funds were mainly utilised for surplus investments I 13,711 crore, capital expenditure of I 3,541 crore, and payment of dividend of I 3,850 crore. Further, funds were utilised for net interest payment of I 3,609 crore and investments in subsidiary, associates and joint ventures I 494 crore during FY 2024-25.
Consequently, there was a net increase of I 200 crore in the cash balances as of March 31, 2025, compared to the beginning of the financial year.
Consolidated Fund Flow Statement
| PARTICULARS | FY 2023-24 | FY 2024-25 |
| Operating Activities | 18,266 | 9,161 |
| Additional Borrowings/(Repayment of Borrowings) | (4,513) | 15,203 |
| Treasury and dividend income | 2,634 | 2,228 |
| ESOP Proceeds (Net) | 10 | 9 |
Sources of Funds |
16,397 | 26,601 |
| Capital expenditure (Net) | 4,210 | 3,541 |
| Purchase/(Sales) of Investments | (2,739) | 13,711 |
| Net investment/(Divestment) | (1,000) | 494 |
| Dividend paid | 4,217 | 3,850 |
| Interest paid | 3,605 | 3,609 |
| Payment to minority interest (net) | 808 | 1,196 |
| Buy-back of equity shares (Incl. tax and expenses on buy-back) | 12,280 | - |
| Increase/(Decrease) in cash balance | (4,984) | 200 |
Utilisation of Funds |
16,397 | 26,601 |
The total Group borrowings as at March 31, 2025, was higher at I 1,29,559 crore compared to I 1,14,040 crore as at March 31, 2024. The major increase is in the debt of the
Financial Services business, to finance its growth momentum. At a group level, the gross debt-to-equity ratio marginally increased to 1.12:1 as at March 31, 2025, from 1.11:1 as at March 31, 2024. However, the net debt-to-equity ratio decreased to 0.60:1 as at March 31, 2025, from 0.64:1 as at March 31, 2024.
Details of significant changes in key financial ratios along with explanation:
In compliance with the requirement of listing regulations, the key financial ratios of the Group have been provided hereunder along with the explanation only for the significant changes, i.e. change of 25% or more as compared to the previous financial year:
| SR. NO PARTICULARS | FY 2023-24 | FY 2024-25 | % GROWTH |
| 1 Gross Debt Equity Ratio | 1.11 | 1.12 | -1.0% |
| 2 PBDIT as % of net revenue | 10.6% | 10.3% | -2.7% |
| 3 Net Working Capital % of Sales (Excluding Financial Services & Corporate) | 12.0% | 11.0% | 7.9% |
| 4 Interest Coverage ratio (Excludes Financial Services and Finance Lease Activity) | 5.79 | 6.75 | 16.5% |
II. L&T ST ANDALONE
L&Ts standalone financials reflect the performance of Infrastructure Projects, Energy Projects, Hi-Tech Manufacturing and Others. The Others segment comprises Realty, Smart Infrastructure & Communication, Construction & Mining Machinery, Rubber Processing Machinery, E-commerce / Digital Platforms and Data Centers.
Brief Summary of Performance at Standalone Level:
| PARAMETERS (IN K CRORE) | FY 2023-24 | FY 2024-25 | % GROWTH Y-O-Y |
| Order Inflow | 1,71,663 | 2,39,336 | 39% |
| Share of International Order Inflow | 35% | 50% | |
| Revenue | 1,26,233 | 1,42,509 | 13% |
| Share of International Revenue | 21% | 29% | |
| Order Book | 3,71,382 | 4,70,444 | 27% |
| Share of International Order Book | 23% | 35% | |
| PBDIT | 9,729 | 11,588 | 19% |
| PAT | 9,331 | 10,871 | 16% |
| Net Worth | 64,516 | 71,896 | 11% |
| RONW (%) | 13.7% | 15.9% | |
| EPS (in Rs.) | 67.14 | 79.06 |
Liquidity and Gearing
Business operations generated cash flows of Rs. 12,724 crore during the year, compared to Rs. 8,297 crore in the previous year. The increase is attributable to improved volumes and better working capital management. The proceeds from treasury income of Rs. 1,280 crore, and dividend income from S&A companies at Rs. 2,958 crore have been utilised towards repayment of borrowings (incl. repayment of lease liability) Rs. 655 crore, purchase of surplus investments Rs. 7,158 crore and net investment in S&A companies at Rs. 1,391 crore. Further, capex payments of Rs. 2,040 crore, dividend payments of Rs. 3,850 crore, and interest payments of Rs. 2,229 crore was also made during the year.
There was a net decrease of I 353 crore in the cash balances as at March 31, 2025, compared to the beginning of the year.
Fund Flow Statement
| PARTICULARS | FY 2023-24 | FY 2024-25 |
| Operating Activities | 8,297 | 12,724 |
| Treasury and dividend income | 4,690 | 4,237 |
| ESOP Proceeds | 10 | 9 |
| (Increase)/decrease in cash balance | (134) | 353 |
Sources of Funds |
12,863 | 17,323 |
| Capital expenditure (Net) | 2,826 | 2,040 |
| Repayment of Borrowings / (Borrowings) | (4,234) | 655 |
| Purchase / (Sale) of Other Investments | (4,645) | 7,158 |
| Net Investment | 151 | 1,391 |
| Dividend paid | 4,217 | 3,850 |
| Interest paid | 2,268 | 2,229 |
| Buy-back of shares (Incl. tax and expenses on buy-back) | 12,280 | - |
Utilisation of Funds |
12,863 | 17,323 |
Total borrowings as at March 31, 2025, decreased to I 21,935 crore, compared to I 22,540 crore in the previous year. The loan portfolio of the Company comprises a mix of Rupee and suitably hedged foreign currency loans. The gross debt-to-equity ratio decreased to 0.31:1 as at March 31, 2025, from 0.35:1 as at March 31, 2024. The Company has become debt-free after considering cash and cash equivalents at the end of the year.
INFRASTRUCTURE PROJECTS SEGMENT
The Infrastructure Projects segment comprises the engineering, procurement and construction (EPC) of:
a) Buildings & Factories
b) Transportation Infrastructure
c) Heavy Civil Infrastructure
d) Power Transmission & Distribution
e) Renewables
f) Water & Effluent Treatment
g) Minerals & Metals
To capitalise on growth opportunities in the clean energy space, the Renewables business vertical was carved out from the Power Transmission & Distribution business within the Infrastructure Projects Segment.
The Renewables business focuses on tapping the opportunities that arise as a result of the global shift towards clean energy and the need for decarbonised electricity to combat climate change.
The Infrastructure segment secured orders worth Rs. 1,73,226 crore in FY 2024-25, higher by 21.5% over the previous year, with the receipt of multiple orders across various subsegments. During the current year, the Buildings & Factories business registered growth buoyed by the receipt of an international order for airport and a data center in a CIS (Commonwealth of Independent States) country. Power Transmission & Distribution business and Renewables business also benefitted from the receipt of multiple international orders for renewable energy projects as well as transmission lines and substation orders. Similarly, Minerals & Metals business registered growth over the previous year with receipt of a large value international order.
The Transportation Infrastructure and Heavy Civil
Infrastructure businesses registered a decline in their growth on deferment of targeted prospects during the year. Again, Water & Effluent Treatment business was also impacted by the central and various state elections leading to delay in tendering of orders.
The share of international orders for the infrastructure segment increased to 61% from 38% in the previous year. The share of the Middle East in overall international order inflow for the segment however reduced to 69% compared to 93% in the previous year due to receipt of orders in a CIS country.
The Infrastructure segment registered revenue of Rs. 1,31,315 crore for FY 2024-25 - a growth of 15.2% over the previous year. The growth was mainly driven by the ramp-up of execution across multiple project sites. Revenue from international operations constituted 41% of the total revenue for FY 2024-25 compared to 30% in the previous year.
The segments operating margin for FY 2024-25 marginally improved to 6.4% from 6.2% in the previous year.
The funds employed by the segment at Rs. 25,003 crore as on March 31, 2025, registers marginal increase of 4.0% vis-?-vis March 31, 2024, mainly on account of increase in working capital level.
Buildings & Factories
Overview
The Buildings & Factories business of the Company is at the forefront of building urban infrastructure and offers end-to-end design-and-build turnkey solutions that seamlessly traverse the entire project life-cycle, from concept to commissioning. Its expertise extends across sectors such as airports, hospitals, stadiums, retail establishments, educational campuses, IT parks, office towers, data centers, semiconductor fabrication (fab) and Outsourced Semiconductor Assembly and Test (OSAT) facilities, high-rise structures, industrial warehouses, automobile plants, test tracks, and other industrial structures.
Driving the success of the business are dedicated engineering design centres, competency cells and innovative formwork systems. The commitment to innovation has been continuous, improved by mechanised project execution, a robust network of seasoned consultants and dependable vendors, and a meticulously digitalised project control framework. A talented workforce, adept at navigating complex challenges, has contributed significantly to the realisation of iconic structures both in India and overseas. The business is organised into the following Strategic Business Groups (SBGs):
Health, Public Spaces & Airports SBG:
This SBG consists of the following three businesses: The Health business is committed to transforming healthcare infrastructure through its expertise in planning, design and execution of world-class medical facilities. With a strong portfolio of projects across India, the business plays a pivotal role in building the countrys healthcare ecosystem. The Public Space business undertakes design and execution of iconic projects like statues, museums, stadiums, metro stations, convention centres, malls, integrated multimodal developments, educational institutes, right from concept to commissioning on an EPC basis.
The Airports business specialises in designing and constructing airport terminal buildings, along with associated service structures. The business also provides integrated airport system solutions, including baggage-handling systems, passenger-flow monitoring, passenger boarding bridges, visual docking guidance systems, ATC towers, cargo facilities, aircraft hangars, and other essential facilities.
Residential, Commercial Buildings & Factories SBG:
This SBG consists of the following three businesses:
The Residential business is a prime EPC solutions provider for elite, affordable and mass-housing projects. The business has expertise in executing high-rise towers and developing mass-dwelling units. This business has pioneered the use of precast technology for fast and quality construction.
The Commercial Buildings business specialises in end-to-end services, from conceptualisation to commissioning, for establishing data centers, semiconductor fab and OSAT facilities. It also provides turnkey design-and-build solutions for IT office spaces. The business also embraces innovative construction technologies, including prefabricated prefinished volumetric construction (PPVC), modular construction and 3D printing.
The Factories business offers comprehensive EPC solutions with single-point accountability, catering to the needs of sectors such as Automobiles - plants and test tracks, Electronics, Solar PV manufacturing, Glass, Paints, Life Science Products, Warehouses and FMCG products.
Business Environment
Health
The demand for specialised hospitals and advanced medical facilities continues to rise ensuring better healthcare accessibility across the country. The states of Bihar, Odisha, Chhattisgarh and Jharkhand are emerging as key investment hubs for healthcare expansion. In the north-eastern states, healthcare investments are targeted to increase the hospital bed-to-population ratio. Both public and private investments are driving the growth of cutting-edge medical facilities.
Public Spaces
The public spaces business unit has demonstrated robust growth across multiple sectors, including stadiums, MUD (Mixed Use Development), hotels and malls. Opportunities in sports, tourism infrastructure and the re-construction of government office spaces is expected to drive growth in the near to medium-term.
Airports
The airport sector is witnessing strong growth, with passenger traffic increasing at a 13% y-o-y rate, driving the demand for infrastructure development. Rising demand for air travel from Tier II and Tier III cities is creating opportunities for the development of greenfield airports and the expansion and modernisation of existing facilities. The business is also exploring opportunities in the GCC (Gulf Cooperation Council) countries and the broader APAC (Asia-Pacific) region.
Residential
The real estate sector witnessed strong growth in FY 2024-25, with residential sales reaching new highs, driven by rising households confidence and stable interest rates. Demand surged in the upper middle class and luxury segments, while new launches and sales in the top seven cities grew by 25% y-o-y and 31% y-o-y, respectively. Rising urbanisation and demand for mega townships, along with policy support in the form of Pradhan Mantri Awas Yojana (PMAY) and floor space index (FSI) relaxations, continue to aid market expansion.
Commercial Buildings
Urbanisation, business expansion and investments in the technology sector remain the key drivers of demand for the Commercial Buildings segment.
The semiconductor industry is leveraging the rise of R&D centres and global capability centres (GCCs) to expand facilities in the country. The industry has thrown up opportunities to integrate smart building technology and energy-efficient solutions to develop sustainable semiconductor and cleanroom facilities. Government incentives and investments in semiconductor manufacturing are driving growth in the Indian market. The data center business is also gaining traction, in India and the broader APAC region.
Factories
Indias factory construction business is witnessing sustained growth, driven by rising private sector investments and government initiatives like the Production-Linked Incentive (PLI) scheme, Make in India, Faster Adoption and Manufacturing of Electric Vehicles (FAME), Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) scheme, Electronic Manufacturing Cluster (EMC) scheme and the Automotive Mission Plan 2026.
International
The business has expanded its presence in the Middle East in general, capitalising on the economic upswing in Oman in particular. Selective opportunities are being pursued in the rest of the GCC region while growing business in newer geographies in the broader APAC region.
Major Achievements
Major Orders Won:
Semiconductor fab plant in Dholera, Gujarat
OSAT facility at Morigaon, Assam
Automobile manufacturing plant at Bidadi, Karnataka
Electronics manufacturing plant at Kancheepuram, Tamil Nadu
Cancer hospitals in Navi Mumbai, Vizag and Mullanpur
Institute of Neuroscience in Kolkata, West Bengal
AIG super specialty hospital at Hyderabad, Telangana
Residential developments for a leading real estate group across multiple locations in India International data center in the CIS region
Key Projects Commissioned:
Data Center in Kancheepuram, Tamil Nadu
National Cricket Academy for the Board of Control for Cricket in India (BCCI) in Bangalore, Karnataka
Hotel for a prestigious client in Colombo, Sri Lanka
Teaching Hospital in Flacq, Mauritius
Government Medical College and Hospital in Jamshedpur, Jharkhand
AIIMS Hospital in Gorakhpur, Uttar Pradesh
Residential Township for a large conglomerate in Nagothane, Maharashtra
Competitive Positioning
The business continues to power ahead in the domestic market as it secures high-value orders with stringent timelines. The business maintains a strong competitive edge through timely project execution, design-led construction and sustainability-driven solutions. By leveraging advanced construction technologies such as prefab and modular construction, 3D printing technology, along with a focus on high-growth segments like cleanrooms, data center, semiconductor fab and OSAT facilities, and zero-carbon-rated buildings, the B&F business continues to reinforce its market leadership.
Significant Initiatives
The business continues to make significant strides in sustainability, with several pioneering initiatives. Strengthening its commitment to the utilisation of clean energy during the construction phase, several projects in Maharashtra have partnered with the Maharashtra Electricity Board to operate entirely on renewable energy sources. These initiatives not only contribute to a substantial reduction in carbon emissions, but also set a benchmark for sustainable construction practices.
In addition to the adoption of renewable energy at project sites, the business has agreements in place to procure clean power. These steps further reinforce the organisations commitment to environmental responsibility and leadership in integrating sustainable energy solutions.
Beyond clean energy initiatives, the business has implemented innovative carbon reduction measures across various projects by transitioning from high-speed diesel-based equipment to electrically driven operations.
This transformation includes:
Variable Frequency Drive (VFD)-driven Concrete Pumps
Electric Air Compressors
Electric Skid Steer Loaders
Electric Wheel Loaders
Autonomous Electric Burrows
These advancements mark a significant shift towards the adoption of low-emission construction technologies, enhancing energy efficiency, reducing environmental impact and setting new industry standards for sustainable development. By integrating renewable energy solutions and electrification of construction equipment, the business is driving meaningful progress towards its carbon neutrality goals.
Risks and Concerns
The business faces several challenges that require close monitoring. A stable political scenario, vibrant business conditions and balanced fiscal policies are factors that strengthen investment sentiment and the project funding environment.
Private investments in real estate, energy, data centers and semiconductors have gained traction over the past couple of years. However, the long-term growth prospects of these sectors would depend on the continuation of stable macroeconomic conditions and a supportive policy framework. Any slowdown in infrastructure investments could impact growth prospects in the near to medium-term. While the GCC and the broader APAC regions continue to offer opportunities in various infrastructure segments, regional economic stability and regulatory changes must be carefully navigated.
In an increasingly competitive environment, the need for continuous innovation and differentiation is paramount. Additionally, achieving premium pricing in a highly competitive market remains a challenge. Proactive cost management, resilient supply chain strategies, market adaptability, mobilising, training and retaining the workforce will be crucial in mitigating risks while sustaining growth.
Outlook
Health
Indias healthcare sector is projected to grow at a CAGR of 8% from 2024 to 2032, driven by urbanisation and increased government spending (2.5% of GDP) on the sector. However, Tier II and Tier III cities, along with rural areas, still face a healthcare service shortage. To bridge this gap, the government plans to add 75,000 medical seats by FY 2030-31 and establish 200 daycare cancer centres in district hospitals. The Ayushman Bharat scheme, which now covers ~38% of
Bhogapuram International Airport, Visakhapatnam, Andhra Pradesh the population, has led to enhanced accessibility for medical services. With growing demand for specialised hospitals, Indias healthcare industry is set for a major transformation.
Public Spaces
Central Government initiatives such as the Target Olympic Podium Scheme (TOPS) and the improved scenario in the hospitality industry have allowed for increased traction in the Public Spaces business. Further, opportunities that may arise from the Central Vista Redevelopment plans, Mixed-Use Development schemes and sports development projects, signal a healthy outlook for this business.
Airports
Supportive government policies such as UDAN (Ude Desh ka Aam Nagrik) and the Air Cargo Policy are driving investments in airport projects across the country. The business also envisages an uptick in investments from the Central Government and private airport operators. Furthermore, the business is also looking at opportunities in the GCC countries and the broader APAC region.
Residential
The Residential business has seen a consistent y-o-y increase in project launches and property sales across the top seven cities in the country. At the same time, average inventory had reached an all-time low of 15 months at the end of 2023. Affordability, stable interest rates and the wealth effect are likely to contribute to the growth of this business in the near to medium-term.
Commercial Buildings
The Commercial Buildings business is well-positioned to capitalise on the growing demand for the niche market segments of semiconductor fab and OSAT facilities and data center construction in India and abroad, by leveraging its experience, expertise and strategic partnerships. The business continues to focus and serve its clients in the commercial and retail segments as well.
Factories
Indias manufacturing sector is set for significant growth, driven by government initiatives like the PLI programme and state-specific industrial policies. Government initiatives are also driving investments in solar, EVs, electronics, batteries, automobiles and FMCG sectors, positioning India as a global manufacturing hub.
International
The business is selectively pursuing opportunities in Saudi Arabia, Oman and Sri Lanka. In Oman, the focus remains on hospitality and healthcare projects. The business has strengthened its footprint by securing the first AI-enabled and sustainable data center in the CIS region.
Ganga Expressway Project, Uttar Pradesh
Transportation Infrastructure
Overview
The Transportation Infrastructure business offers comprehensive turnkey design-and-build EPC solutions with single-point responsibility for delivering projects such as roads, runways, bridges, elevated corridors, railways, urban transit infrastructure and airports.
The business is divided into two Strategic Business Groups (SBGs), namely - Roads, Bridges & Formations (RBF) Business Group and Railways Business Group (RBG).
The RBF Business Group provides EPC design-and-build construction services. The RBF business group is further subdivided into the Roads & Runways (R&R) business unit, the Bridges business unit and the Formations & Structure (F&S) business unit.
The R&R business unit operates in the (a) road infrastructure sector viz. associated structures, cross-drainage, toll plaza, wayside amenities, etc.; (b) airport sector viz. construction of complete airside infrastructure - including runways, taxiways, aprons, airfield ground lighting, fuel hydrant systems - for both domestic and international airports (both greenfield and brownfield); and (c) design and construction solutions for elevated corridors in urban areas.
The Bridges business unit undertakes the construction of bridges by employing innovative and advanced bridge construction techniques like incremental launching, segmental construction, full span, cable stay, precast and pre-stressed concrete as well as steel and concrete composite construction.
The F&S business unit provides construction services for railway civil works in dedicated freight corridors (DFC), high-speed rail (HSR) and urban railway network projects. The RBG Business Group is further sub divided into the Mainline business unit (MLBU) and Metro business unit (MTBU). MLBU addresses EPC construction works in the domains of civil and trackwork, electrification, system integration including signalling and telecommunication for all mainline railway projects, dedicated freight corridors (DFCs) and rail links to ports, mining and power plant facilities. MTBU carries out EPC construction works that require ballastless trackwork, electrification and systems integration for mass rapid transit systems (MRTS), regional rapid transit systems (RRTS), semi-HSR and HSR projects in India and abroad. To focus on the opportunities emerging in the ASEAN (Association of South East Asian Nations) region and the Middle East, a separate International Business Unit (IBU) has been formed. The scope of the IBU includes mainline works and integrated systems works for mass transit and HSR projects.
The business has Engineering Design Centres located in Mumbai, Faridabad and Chennai, a Competency Development Centre at Kancheepuram and a Workmen Training Centre at Ahmedabad.
Precast Slab Track for Delhi–Meerut RRTS – Indias first semi-high-speed rail
Business Environment
Roads, Bridges & Formations
In FY 2024-25, capital expenditure of the National Highway Authority of India (NHAI) reached an all-time high of I 2.5 lakh crore, reporting a strong growth of 21% over the previous year. India continued to witness significant momentum in road construction, driven by continued investments under the Bharatmala Pariyojana project and the National Infrastructure Pipeline (NIP). The government plans to further intensify efforts with an emphasis on green infrastructure, expanding multimodal logistics corridors and integrating smart technologies into highway management. New initiatives such as the PM Gati Shakti master plan will further streamline project execution, while the focus on public-private partnerships (PPP) is expected to unlock additional investments.
Railway Business Group
The railway sector has experienced significant growth over the past few years, driven by increased investments and financial backing from the government. The National Rail Plan 2030 offers numerous opportunities across various railway domains.
The Union Budget for FY 2025-26 included a record-breaking capital allocation of I 2.65 lakh crore for the railways. The key areas targeted for investment are rolling stock, multi-tracking works, electrification, passenger amenities, high-speed rail and DFCs. The government is also exploring private investments into rolling stock manufacturing and operation and maintenance services.
The governments emphasis on modernising and expanding railway infrastructure is evident through several key initiatives. These include the introduction of HSR and semi-HSR corridors, RRTS, suburban rail systems, first and last-mile connectivity projects, station modernisation, enhanced implementation of the Automatic Train Protection System ‘KAVACH, and the deployment of LTE-R (Long Term Evolution for Railways).
Following directives from the Railway Board, zonal railways have gradually adopted the EPC delivery model. Building on the successful commissioning of the DFC, some railway zones are in the process of transitioning to large-scale EPC packages instead of smaller contracts.
The acceptance of advanced transport systems, such as RRTS and HSR, continues to grow, as demonstrated by the recent commissioning of the Delhi-Meerut RRTS corridor. Furthermore, there is a significant pipeline of projects across both the mainline and metro segments that are expected to be bid out in the near term.
Major Achievements
Major Orders Won:
Navi Mumbai Airport Influence Notified Area (NAINA) development from City and Industrial Development Corporation (CIDCO), Maharashtra. The project will have 4 approach roads of 13.28 km.
Inaugural landing of commercial aircraft at Navi Mumbai International Airport
6-lane Chennai Peripheral Ring Road - Pkg 3 (11 km) from Tamil Nadu Road Infrastructure Development Corporation (TNRIDC), Tamil Nadu.
Civil, Track and OHE Package: New Paharpur – New Kastha 3rd & 4th Line (46 rkm) for DFCC and IR EPC.
Projects Completed:
The business has completed / commissioned the following projects:
Meerut-Aligarh-Ghaziabad Road Project (MAGRP)
Mej-Indergarh Expressway Project (MIEP)
Mukkola-Kanyakumari Road Project (MKRP)
MMRC 10C Track: Commercial operations commenced on the entire 24 tkm stretch from Aarey to BKC on October 7, 2024, TOC received on March 12, 2025
RRTS Delhi-Meerut Track: Multiple priority stretches inaugurated. Overall, 108 tkm route from New Ashok Nagar (Delhi) to Meerut South has commenced commercial operations
Significant Initiatives
Setting up of mechanised, automated precast moulds for bridge segment casting in precasting yards
Deployment of computer vision for monitoring of cycle time of Full Span and U Girder precasting
Mould Cleaning Robot - Jointly developed with the L&T Product Development Centre, this magnetic tracked robot is designed to clean steel concrete moulds. It functions as a platform for interchangeable attachments, including pressure nozzles, paint sprayers and NDT tools
To achieve water neutrality, wastewater recycling through modular STPs and ETPs was introduced in the MAHSR T3 Track Slab Manufacturing Facility, treating over 3,900 KL of water in FY 2024-25
To address the challenges of a diverse set of project categories each with unique challenges, a unified Audit Management System — QARS 2.0 — has been introduced. This system incorporates 20 railway-specific audit parameters and has been successfully implemented
Outlook
Roads, Bridges & Formations
Under the Union Budget 2025-26, the budgetary allocation for the Ministry of Road Transport and Highways (MoRTH) is I 2.87 lakh crore, an annual increase of 2.4% on a y-o-y basis. The Build-Operate-Transfer (BOT) model by the government offers contractors long-term revenue opportunities through the operation and maintenance phases of an infrastructure project. Meanwhile, the business continues to focus on opportunities in this segment by partnering with BOT concessionaires for the EPC scope of the project.
Railway Business Group
As envisaged under the National Infrastructure Pipeline, the focus of railway investments is on improving track capacity, enhancing freight efficiency, increasing train speeds, enhancing safety and ensuring better connectivity.
Mumbai-Ahmedabad High-Speed Rail Project – Package 6
The Union Budget for FY 2025-26 allocated a record I 2.65 lakh crore to the railway sector. The focus of the outlay is expected to be on projects aimed at capacity augmentation and traffic decongestion. The next wave of technological improvements includes upgrading electrification to 2x25kV from the current 1x25kV on trunk routes.
There has been a strong focus on the development of semi-HSR corridors, with track and systems packages worth I 25,000 crore expected to be finalised over the next few years. The National Capital Region Transport Corporation (NCRTC) is expected to issue tenders for civil packages and system contracts by the end of the year, as part of the ongoing development of the four RRTS corridors.
There is a continued thrust on building new and expanding the existing Metro and MRTS to facilitate ease of movement and reduce carbon footprint. System orders are expected to be finalised across four major metro cities and several Tier-2 cities.
International Front
As part of L&Ts growth strategy, the RBG is focused on expanding its operational footprint across three key regions: Southeast Asia, Middle East and North & East Africa. In addition to these markets, the business continues to strengthen its presence in South Asia.
The global railway systems market is poised for significant growth, driven by increasing investments in HSR, Metro, Light Rail Transit (LRT) and mainline corridors.
To effectively address these opportunities and strengthen its presence in key geographies, L&T is in the process of forming alliances with global EPC companies, technology partners and original equipment manufacturers (OEMs).
Heavy Civil Infrastructure
Overview
The Heavy Civil Infrastructure business is an EPC market leader in the core civil infrastructure segments that are crucial to the countrys sustainable economic growth and development. The business segments include: a) Urban Transit Infrastructure consisting of Metros, Semi &
High-Speed Rail (HSR) and Urban Tunnels b) Hydel & Tunnels c) Nuclear d) Ports & Harbours e) Defence Infrastructure
The business has a robust domestic presence and undertakes large-scale, complex projects, offering turnkey solutions tailored to meet customers requirements.
The business derives a competitive edge due to its dedicated in-house design and technical capabilities, competency cells, fabrication facilities, specialised training centres and strong resource base consisting of a skilled workforce, talented pool of employees and a large fleet of advanced construction equipment.
Chennai Metro Rails Phase 2, C4-ECV-01 Package, Tamil Nadu
Urban Transit: As a frontrunner in augmenting urban transit infrastructure in India, the segment is currently participating in the construction of various metro rail packages - both elevated and underground - in Mumbai, Bengaluru, Chennai, Kolkata, Patna, Agra and New Delhi. This segment is currently executing multiple packages in Indias first HSR corridor connecting Mumbai to Ahmedabad. It has deployed the most advanced high-end construction techniques for the construction of Full Span Launching girders. With a view to promote the Aatmanirbhar Bharat initiative of Government of India (GoI), in-house fabricated equipment like Straddle Carrier, Launching Girders, Girder Transporter are being used in the construction of this prestigious project.
Hydel & Tunnels: This segment offers comprehensive turnkey construction solutions for hydroelectric dam projects, barrages, pumped storage plants and complex irrigation projects. The business is in the process of executing projects in Madhya Pradesh, Assam, Arunachal Pradesh, Uttarakhand, Jammu & Kashmir, Rajasthan and Sikkim.
Nuclear: This segment undertakes civil construction works for nuclear power plants. It has expertise in the construction of Pressurised Heavy Water Reactors (PHWR), Light Water Reactors (LWR) and Natural Draft Cooling Towers (NDCT).
Ports & Harbours: This segment has extensive expertise in constructing greenfield ports, shipyard structures and seawater intake systems along the countrys coastline. It specialises in offering comprehensive construction solutions for various marine infrastructure elements that include breakwaters, berths, jetties, wharfs, dry docks and shore protection structures. Currently, the business has presence in Tamil Nadu, Kerala, Andhra Pradesh and Maharashtra.
Defence Infrastructure: This segment offers single-point EPC solutions from concept to commissioning, for various defence civil establishment infrastructure facilities in India. L&T GeoStructure Private Limited, a wholly owned subsidiary, is a pioneer in the ground engineering space, and is engaged in foundation and ground improvement related projects. It has a strong, professional and specialised team with knowledge of design, equipment and methods to execute and supervise sophisticated foundation works. The business has expertise in deep piling and diaphragm walls, multi-cellular intake wells for river-linking, marine terminals with berths, jetties and deep cut-off walls.
Business Environment
Urban Transit
Indias urban landscape is undergoing a rapid transformation, driven by the need to expand and modernise infrastructure to accommodate a rapidly growing population. To this end, the development of efficient urban infrastructure – particularly mass transit systems – is crucial. Indias metro rail development has been remarkable in recent years and has transformed urban mobility across the country. Covering over 1,000 km across 11 states and 23 cities, millions of people rely on metros for quick, easy and affordable travel. India has now become home to the
1,000 MW Pakal Dul Hydro Electric Project, Jammu & Kashmir
third-largest metro network in the world. Indias metro rail systems are not only enhancing urban mobility but also contributing to environmental sustainability. There are extensive plans for further expansion of metros with an additional 1,032 km of rail networks having been approved, which will extend the reach to 26 cities.
India has been making significant strides in developing urban transit tunnels to improve connectivity and reduce traffic congestion. These projects are part of Indias broader strategy to modernise its infrastructure and support sustainable urban development.
Hydel
Indias commitment at COP26 was to establish a non-fossil fuel-based power generation capacity of 500 GW by 2030. To this end, the government has been taking steps to increase investments in offshore wind, pumped storage, hydel power and nuclear power sectors. Pumped Storage Plant (PSP) projects are regarded as a priority among all energy storage systems to support the attainment of this goal.
The GoI has introduced a new framework and streamlined the processes to expedite the development of PSPs. This framework aims to accelerate the growth of Indias renewable energy capacity. Key aspects of this framework include streamlined approvals, improved site allocation processes and incentives for private sector participation.
Nuclear
Under the Viksit Bharat initiative, India has set an ambitious target to achieve 100 GW of nuclear power capacity by 2047. This goal is part of Indias long-term energy transition strategy to ensure energy reliability and reduce dependency on fossil fuels.
To support this target, the government has introduced the Nuclear Energy Mission, which includes significant investments in R&D, particularly in Small Modular Reactors (SMRs). The Union Budget 2025-26 has allocated I 20,000 crore for this initiative, aiming to develop at least five indigenously designed and operational SMRs by 2033. The government is also focusing on enhancing domestic nuclear capabilities and promoting private sector participation through policy interventions and infrastructure investments.
Ports & Harbours
Sagarmala, a flagship programme of the Ministry of Ports, Shipping and Waterways, aims to promote port-led development in the country. According to the ministry, as many as 800 projects have been identified as a part of the programme. Port modernisation, new port development and port connectivity enhancement are expected to result in increased capacity and world-class infrastructure at Indian ports. The Union Budget for FY 2025-26 announced an allocation of I 30,000 crore for port modernisation and expansion, Green Ports initiative and the development of new ports.
Natural Draft Cooling Tower, Rajasthan Atomic Power Plant 7 & 8
Defence
The government is focusing on building new capacities and upgrading existing defence infrastructure through an increased budget allocation to the Ministry of Defence. This will lead to opportunities in various defence infrastructure projects.
International
The business is exploring opportunities in Middle East and SAARC (South Asian Association for Regional Cooperation) with prospects in the Urban Transit, Defence and Ports & Harbours businesses.
Major Achievements
Major Orders Won:
Nuclear Island (NI) Mechanical Package for Gorakhpur Haryana Anu Vidhyuth Pariyojana (GHAVP 1&2) Project: This involves EPC, testing and commissioning of primary piping works, nuclear ventilation, common services and plant water package from Nuclear Power Corporation of India Limited (NPCIL).
Shahpur Pumped Storage Project (PSP): This involves constructing an Upper Dam (to form the upper reservoir), Lower Dam (to form the lower reservoir), Intake Structure with an Approach Channel, Steel Lined Buried Penstock / Pressure Shaft (vertical and horizontal), Surface Powerhouse, Tailrace Outlet Structure, Tailrace Channel, etc. from a leading Renewable Energy solutions company in India.
Agra Metro Package Phase 1, Line-2: This involves the design and construction of a vital 15.09 km elevated viaduct that will connect Agra Cantonment to Kalindi Vihar through 14 elevated stations and another 2.61 km depot connecting line from Sadar Bazar to PAC depot.
Teesta Dam 3: Scope of work includes construction of coffer dam, diversion structures, concrete gravity dam for 1200 MW (6 X 200 MW) Teesta III Hydro Electric Project at Mangan, Sikkim India from a leading Renewable Energy solutions company in India.
Projects Inaugurated:
Thane Creek Bridge III, North Side Bridge inaugurated on January 26, 2025
Riyadh Metro inaugurated on November 27, 2024
Mumbai Metro Line 3 Package 7 inaugurated on October 5, 2024
Other key achievements:
Mumbai-Ahmedabad High-Speed Rail MAHSR C4 has completed 196 km of super structure build
Successfully erected the IC dome liner (270 MT) of KKNPP Unit 4 and commissioned unit 7 of RAPP NDCT
Chennai Metro CMRL RT 01 Package erected 52 numbers U-Girder erection in a single month
Pakal Dul HEP HRT-TBM package team has achieved a new record achieving 46.596 RM of tunneling in a single day and 628.652 RM of tunneling in December 2024
380 kV Double Circuit Overhead Transmission Line (OHTL) between Arar and Rafha, Kingdom of Saudi Arabia
Outlook
India is expected to spend nearly I 143 lakh crore on infrastructure up to 2030 with a focus on urban transit, renewable energy and ports. The upcoming phase of infrastructure development is set to witness an increase in the average project size and a notable increase in the number of mega-scale projects.
To this end, the government is looking to encourage private and foreign investment through various initiatives such as liberalised FDI policy, fiscal incentives and measures such as PM Gati Shakti and a National Single Window System to improve the ease of doing business.
Faced with rapid urbanisation, the government is considering the implementation of Mass Transit Systems such as Metro / Metro Lite / Metro Neo / Personal Rapid Transit System in Tier 1 and Tier 2 cities. These initiatives are part of the green mobility drive to reduce the countrys carbon footprint in the fight against climate change.
With a strong push towards green energy initiatives, including supportive policies and fiscal incentives, this business has numerous opportunities in the hydro, nuclear and pumped storage sectors to contribute meaningfully to Indias sustainable energy transition.
Power Transmission & Distribution
Overview
The Power Transmission & Distribution business vertical is a major EPC player, providing technology-driven, end-to-end solutions for enabling access to clean, reliable electricity. It offers integrated EPC services and related digital energy solutions, starting from the establishment of smart and efficient transmission and distribution (T&D) networks to last-mile electrification. It serves utilities, renewable energy developers, industrial and infrastructure customers in 30 countries across the SAARC, ASEAN, the Middle East, Africa, North America and CIS regions.
The business is broadly organised into T&D and Digital Energy Solutions (DES) businesses.
The Transmission & Distribution business caters to various T&D utilities and developers, along with bulk power supply consumers like metros, airports, etc. in creating the following infrastructure:
Substation: Turnkey solutions for Extra-High Voltage (EHV) air-insulated / gas-insulated substations up to 1,200 kV, Flexible AC Transmission Systems (FACTS) devices such as Static Synchronous Compensator (STATCOMs) and Static VAR Compensator (SVCs), Digital Substation related solutions and EHV cable systems.
300 MVAr Zakher STATCOM, UAE
Transmission Line: Complete EPC solutions for overhead transmission lines. It is well integrated with the digitally driven, sustainability-focussed tower manufacturing units, with a combined capacity to produce more than 1 lakh tonnes of tower components per annum. The Kancheepuram manufacturing facility also houses a state-of-the-art Tower Testing and Research Station, which provides its design and testing services to clientele across 33 countries.
Power Distribution: A range of EPC services related to urban/rural electrification, augmenting, reforming and strengthening of high voltage and low voltage distribution networks, power quality improvement works and advanced distribution management solutions.
Geographically the major operating regions are India, Saudi Arabia, UAE and the rest of the Middle East. The business also has strong presence in Africa, ASEAN and the CIS regions. The business has earned a strong reputation in the Middle East among the utilities and energy companies in Saudi Arabia, UAE, Oman, Qatar, Kuwait and Bahrain, having executed several marquee projects. It enjoys an enviable track record and garners a significant share of T&D projects awarded every year.
Larsen & Toubro Saudi Arabia LLC (LTSA), a wholly owned subsidiary, provides engineering, construction and contracting services in the sphere of T&D in Saudi Arabia. In the Africa region, the business has executed landmark projects in Algeria, Egypt, Morocco, Kenya, Ethiopia,
Tanzania, Uganda, Botswana, Mozambique and Malawi. It has made further inroads into Western and Northern Africa with ongoing projects in Guinea, Cameroon and Tunisia. In the ASEAN region, L&T is an established T&D player, holding a portfolio of prestigious projects spread across several countries.
The Digital Energy Solutions arm provides electricity related consulting and digital solutions globally through its unique platform and a multitude of software products and solutions. Its cutting-edge offerings include hybrid energy management systems, control room and substation automation solutions, grid edge interconnections and power system cyber security needs, amongst other solutions. Driven by powerful algorithms and simulations, the solutions offered by this business unit enable customers across India, the Middle East and the USA to build resilient future-ready systems.
The focus of the PT&D business vertical is to create a path for a transition to sources of clean energy in India and abroad, while enabling the customers/prosumers with the highest standards of reliability, availability and efficiency of power T&D networks.
Business Environment
The pursuit of grid strengthening in the Middle East countries, the pace of renewable capacity addition and projected demand growth have provided ample opportunities for growth in the substation and transmission line businesses.
A Transposition Tower along the 765 kV Fatehgarh–Bhadla Transmission Line in Rajasthan
In India, certain trendsetting orders related to grid digitalisation have been awarded. This is expected to pave the way for modernisation of distribution and for better management and control of the electricity network as renewable energy penetration increases.
The revival of order finalisation of 765 kV transmission line packages associated with emergent renewable energy zones has provided further opportunities in India.
Major Achievements
Major Orders Won:
5 packages of 765 kV transmission lines and 2 numbers of 765 kV substations for energy transfer from RE Zones in Western India to multiple load dispatch centres
?800 kV Bipole High Voltage Direct Current (HVDC) transmission link in Western India
Advanced Distribution Management System in West Bengal
Upgrading Energy Management System in Southern Region load dispatch centre in India
2 packages of ?500 kV Bipole HVDC transmission lines in Saudi Arabia for regional interconnections
4 numbers of 380 kV substations and 5 transmission line packages for grid expansion in Saudi Arabia
14 substations of various voltage levels in UAE and 3 substations in Qatar
400 kV substations and a transmission line in Kuwait
3 packages of 400 kV transmission lines and associated grid stations in Oman
Setting up of a new National System Control Centre in Kenya which will serve as a transmission hub for facilitating integration of variable RE and enabling merit order power dispatch
Projects Completed and Commissioned:
Tunnel electrical and mechanical works packages associated with Udhampur Baramulla Srinagar Rail Link project, Jammu & Kashmir
765 kV transmission link in Rajasthan
400 kV gas-insulated substations in Andhra Pradesh and Rajasthan
2 substations in Nepal
2 transmission line projects in Bangladesh
5 substations and 312 km of overhead transmission lines in Saudi Arabia
18 substations and 168 km of underground cables across UAE, Kuwait and Qatar including STATCOM and offshore substation projects
3 substations and 117 ckm of transmission lines in Africa
4 substations in ASEAN region
Significant Initiatives
Launched Liquified Natural Gas (LNG)-powered truck for transporting transmission line tower parts from Kancheepuram factory to project sites as a supply chain decarbonisation initiative.
Developed a unique software-defined Phasor Data Concentrator and Substation Gateway which is a
400/220 kV Gas Insulated Substation at Mylasandra near Electronic City in Bengaluru, Karnataka remarkable milestone in digital management and control of vast grid networks.
Outlook
International
The multifold expansion of transmission grid infrastructure in the Middle East region is expected to continue as several in-country and country-to-country interconnections are planned. The need for grid strengthening to sustain capacity addition is also well understood across these countries. HVDC corridors and Flexible AC Transmission System (FACTS) components are also being added to the network.
In addition, ancillary opportunities are expected to open up as substantial investments take place in the real estate, industrial and technology projects in the GCC region that create new sources of electricity demand. For instance, Saudi Arabia has embarked on the creation of a dozen vibrant urban downtowns while several housing projects and theme parks are being developed in other GCC countries. In the artificial intelligence mission, electricity generation capacity and a strong grid are considered as critical enablers.
Even as projects in the renewable space come onstream, the revival of optimism in conventional areas with carbon reduction strategies may offer opportunities.
Selective pursuit in specific countries in Africa and ASEAN - especially in renewables-linked projects – is expected to fuel growth in the near future.
Domestic
The domestic opportunities are expected to regain momentum with inroads into select Tariff Based Competitive Bidding (TBCB) projects, digital solutions and distribution projects. 765 kV transmission line and substation opportunities, primarily for the purpose of renewable energy evacuation, are expected to provide a stable order inflow in the medium-term. Further, opportunities in HVDC corridors and metro rail projects are also expected to bolster prospects. The next phase of distribution modernisation is expected to gain momentum and should provide further opportunities from select distribution companies (DISCOMs). The impact on supply chain due to the unfolding ‘trade war scenario is a risk factor. Strategies to navigate challenges with respect to fluctuating commodity prices, increasing localisation requirements in certain geographies and equipment delivery constraints are in place. Further, strengthening of teams to enable timely execution of the fast-track jobs in early stages is being worked upon.
A strong order book and visibility of prospects offers a constructive outlook. Armed with core engineering skills and in-house software development capabilities, the ability to provide a range of advanced physical and digital solutions including advanced network-wide energy management systems, intelligent power distribution systems and dynamic reactive power compensation, at scale, gives the PT&D business an edge over competition. Further, the business continues to focus on managing its working capital efficiently which should enable further improvement in the return ratios in the near to medium-term.
2 GWp Ar Rass 2 PV Solar project in Kingdom of Saudi Arabia
Renewables
Overview
The Renewables business vertical is a single-stop EPC service provider for GW-scale solar PV, energy storage, microgrid and hybrid renewable projects. L&T is amongst a few players with experience and expertise in handling different module technologies, module mounting structures, contour-based solutions for challenging terrains and storage types. It serves renewable energy developers, utilities, industrial, and infrastructure customers across India, Middle East, the SAARC, ASEAN, Africa and CIS regions.
The business group has accumulated in-depth engineering and construction know-how to execute a vast range of renewable projects, be it hybrid, floating or linear, with best-suited technologies for terrain type and tracking. The round-the-clock (RTC) renewable energy required by emerging load centres such as data centers and green hydrogen plants can be effectively provided by the business, with its wide-ranging capabilities in solar PV plants, battery energy storage systems (BESS), energy management systems / SCADA, wind balance of plant, and grid elements.
The container integration facility at Kancheepuram augments the capabilities of the business with an annual capacity to integrate ~1.2 GWh of BESS with associated intelligent management and control system.
Business Environment
A vibrant renewable energy market in India, Middle East and CIS provides ample opportunities for growth. These opportunities come with significantly higher package sizes, thereby aiding effective resource utilisation and facilitating volume growth.
Renewable energy projects in India face challenges related to land acquisition, inter-state transmission system (ISTS) connectivity and power evacuation, intense competition from smaller EPC players, e-reverse auctions, in-house EPC execution by most private developers, and policy uncertainties. The business focuses on select opportunities from public sector undertakings (PSUs), state utilities and specialised projects such as floating solar power projects.
Major Achievements
Major Orders Won:
a 2.5 GWp solar PV and 10 GWh BESS EPC order in UAE
a 1.2 GWp solar PV and 1 GWh BESS EPC order in CIS
a 3.5 GWp solar PV plant EPC order in KSA
a 0.7 GWp solar PV, 45 MWh BESS and 156 MW floating solar plants in India
Projects Completed and Commissioned:
Completed - 3.7 GWp solar PV plants in KSA
Commissioned 0.7 GWp solar PV plants + 57 MWh
BESS across India 1 GWp of solar PV plants in UAE
2.6 GWp of solar PV plants in KSA
112.5 MW Solar PV for WBSEDCL, West Bengal
Significant Initiatives
Established a new wind vertical in response to the prospects in wind projects
Enhanced capacity of container integration facility at Kancheepuram through technology tie-up and localisation approach for BESS Liquid Cooling Container Integration from 400 MWh to 1.2 GWh per annum
Outlook
Renewable electricity has emerged as the preferred source of energy in varied applications and industries. Significant investments for enhancing renewable energy capacity are being witnessed in both developed and emerging economies. Novel solutions involving a spectrum of renewable technologies, including energy storage and wind, are being integrated for solar generation. This expansion of renewable energy production will go hand in hand with a multi-fold expansion of the transmission grid infrastructure.
The GCC countries have set ambitious renewable energy plans for 2030, which are backed by action on the ground. Besides diversification of fuel mix, renewable energy for green hydrogen is another major driver. Our reputation and relationships with the major developers in the region are expected to fuel the growth of the business in the other regions as well.
The Renewables vertical will look to focus on certain countries in Africa and ASEAN where it can leverage its proven track record, established relationships with various stakeholders and ability to access the project finance market to pursue select opportunities arising from just transition initiatives to grid interconnection requirements and renewable proliferation. In India, the manufacturing capacity of solar PV cells is expected to increase substantially in the coming years. In this regard, the Ministry of New and Renewable Energy has recently amended the Approved List of Models and Manufacturers (ALMM) Order for implementation of ALMM for solar PV cells. It is crucial for India to achieve self-sufficiency in PV cell manufacturing to meet the ambitious RE targets by 2030.
The influx of orders coupled with ramped-up execution, automation and mechanisation of the execution processes and efficient working capital management provides strong ground for improved return ratios in the near to medium-term.
HPCL Rajasthan Refinery Limited (HRRL) Water Block Package
Water & Effluent Treatment
Overview
The Water & Effluent Treatment business delivers end-to-end water management solutions for both government and private sector clients. The business expertise covers the entire water life-cycle, including potable water treatment, storage and conveyance, wastewater management, industrial water solutions, irrigation, desalination and smart water infrastructure. Through its in-house Water Technology Centre, the business continuously integrates cutting-edge technological advancements and world-class processes to enhance efficiency and innovation in water management. With a strong footprint across India and operations spanning five international markets, the business delivers large-scale, high-impact projects aimed at improving clean water access, optimising treatment processes and modernising distribution networks. Adhering to rigorous quality and safety standards, the business has earned a recognition for excellence, sustainability and technological innovation. As it expands into high-growth sectors, the business remains committed to operational efficiency and ESG principles, further solidifying its position as a trusted leader in the water management industry. The WET business is structured into three verticals:
Water & Wastewater
Irrigation, Industrial & Infrastructure
Water International
The Water & Wastewater business vertical delivers comprehensive water solutions for the municipal and rural water sectors. In the potable water domain, it manages projects end-to-end covering sourcing, treatment, transmission, storage and distribution. In the municipal wastewater segment, project bids cover collection and conveyance of sewage, construction of pumping stations and advanced wastewater treatment plants, including high-standard sludge treatment and power generation.
The Irrigation, Industrial & Infrastructure business vertical caters to the irrigation and industrial sectors by offering a diverse range of water solutions, including mega and micro irrigation systems, industrial effluent treatment, plant water systems and water infrastructure for smart cities. This vertical also undertakes desalination projects in India and abroad to support sustainable water management. The Water International business focusses on providing complete water solutions in markets in Middle East and East Africa.
Business Environment
Government policies are set to reshape Indias water management landscape, with initiatives from both the central and state governments playing a crucial role in driving demand across potable water, wastewater treatment and irrigation segments. The union budget underscores a strong commitment to Indias water future through measures such as extending the Jal Jeevan Mission until 2028, targeting investments to bolster irrigation
Water Treatment Plant (WTP) in Buxwaha is part of the Buxwaha Multi Village Rural Water Supply Scheme (MVRWSS), Madhya Pradesh by launching river interlinking programmes, large-scale irrigation projects, and accelerated upgrades in urban water systems under AMRUT 2.0.
The business faces industry-specific challenges, including intense competition from established players and new entrants, workforce shortages and cost escalations. To address these challenges, the business capitalises on the in-house Water Technology Centre to provide for low-cost innovative solutions that are sustainable and future-ready. The Middle East saw robust growth driven by extensive investments in desalination projects and the adoption of smart water technologies, as governments and private entities focus on addressing water scarcity and enhancing water security. Strategic partnerships and large-scale initiatives emerged to modernise infrastructure and improve the efficiency of water distribution systems amidst heightened environmental challenges.
Major Achievements
Major Orders Won:
The business bagged multiple orders in India and abroad:
Ras Mohaisen Desalination Plant, KSA – 300 MLD capacity
Amravati Capital City Development, Zone 7, Andhra Pradesh – Utility Network
Dholpur Water Supply Scheme, Rajasthan – 190 km pipeline network
Pirana STP, Gujarat – 424 MLD Sewage Treatment Plant
Major Projects Commissioned:
More than two million people benefitted with the commissioning of 10 projects during FY 2024-25. Some of the major projects commissioned during the year are:
Athikadavu – Avinashi LIS, Tamil Nadu
Narmada Kshipra Lift Irrigation, Madhya Pradesh
Water Transmission Project in Ad Dakhiliyah, Oman
HPCL Rajasthan Refinery Ltd. (HRRL) Water Block Package, Gujarat
Buxwaha Water Supply Scheme, Madhya Pradesh
Tapi Lift Irrigation Scheme, Gujarat
Rajkot Smart City, Gujarat
Significant Initiatives
Multiple initiatives were undertaken with a focus on operational efficiency, technological advancements, financial prudence and market expansion to strengthen business resilience, address key challenges and capitalise on future growth opportunities.
Real-time risk monitoring and implementation of control measures are being implemented across project sites along with operational control procedures across risk profiles to achieve operational excellence and safety awareness.
Athikadavu Avinashi Lift Irrigation Scheme, Tamil Nadu
An in-house unit has been constructed in Madhya Pradesh for micro-irrigation projects where a technology driven system is being developed for applications in Large Water Management Systems (LWMS). This system optimises water delivery to crops, reduces wastage and increases agricultural yield.
Timely completion of project and smooth handover to O&M customers are crucial activities within the project life-cycle. The business has formed a Commissioning Cell to work closely with project teams for faster completion of jobs.
Outlook
The business predominantly operates as a B2G vertical with dependency on Central and State policies, with ongoing initiatives playing a pivotal role in shaping business opportunities. Indias water and wastewater sector is poised to grow at a CAGR of 12%, targeting USD 17.9 billion by FY 2028-29, primarily driven by the need for improved wastewater treatment and water security. Government-led initiatives, of establishing over 500 wastewater treatment plants by 2027 and the extension of the Jal Jeevan Mission programme until 2028, present significant growth prospects in both potable as well as treated water infrastructure. Additionally, large-scale river interlinking projects in Haryana, Rajasthan and Madhya Pradesh, along with irrigation expansion in Karnataka and Bihar, continue to drive sectoral investments.
Urban water infrastructure is witnessing substantial upgrades, with major cities such as Delhi, Chennai, Bengaluru and Pune developing modern sewage treatment plants, while Maharashtra advances on a desalination project in Mumbai. States like Punjab and Karnataka are also strengthening wastewater management and urban water systems under AMRUT 2.0, enhancing the overall demand for advanced water solutions.
In the Middle East and Africa, countries are increasingly investing in desalination and water distribution projects to meet the rising demand for clean water. Strategic partnerships and regional economic growth initiatives will be crucial in leveraging these opportunities.
Going forward, the business will focus on expanding opportunities in irrigation, wastewater treatment, desalination and urban water management while strengthening its international footprint.
While the industry presents strong growth potential, challenges such as escalating operational costs, competition from new entrants and commodity price volatility persist. The business remains focused on technological innovation and process efficiencies to enhance competitiveness and sustain market leadership. Robust strategic planning and risk management will be the key in navigating the evolving market dynamics and ensuring long-term business resilience.
Freight Handling Facility for Etihad Rail, UAE
Minerals & Metals
Overview
The Minerals & Metals business offers complete EPC solutions for the mineral and metal sectors across the globe. The business undertakes end-to-end engineering, procurement, manufacturing, supply, construction, erection and commissioning of projects covering the complete spectrum from mineral processing to finished metals.
The business also offers comprehensive product solutions with an array of customised mineral crushing equipment and plants for varied applications; surface miners; material handling equipment; high-speed railway construction equipment; steel plant machinery; port and shipyard cranes, and other custom-made critical equipment and complex assemblies catering to core industrial sectors including mining, steel, ports, fertilisers, cement, chemical plants, etc. The complete range of product solutions is backed by six decades of experience and knowledge, in-house design resources, state-of-the-art manufacturing capabilities and after-sales product support with value-added and cost-effective services to ensure higher uptime.
M&M has manufacturing centres located at Kansbahal, Odisha and Kancheepuram, Tamil Nadu. The Kansbahal centre is equipped with advanced engineering resources, computer-aided engineering and simulation facilities for its operations. This centre is also certified ISO 9001:2008. The businesss Engineering Design & Research Centres (EDRCs) are in Kolkata, Chennai and Mumbai.
Business Environment
Domestic Business
India remains a dominant player in the iron and steel industry as worlds second largest crude steel producer. The growth in domestic steel consumption continues to be robust, driven by key sectors such as infrastructure, automotive, construction and consumer goods. In FY 2024-25, crude steel production is expected to exceed 145 million tonne (MT), while domestic steel consumption is expected to reach around 135 MT.
The governments ongoing focus on infrastructure development continues to play a pivotal role in driving demand for steel and other metals. These policies, coupled with favourable market conditions, have helped the metal industry improve production volumes and achieve stronger realisations.
Launching Girder manufactured by Minerals & Metals - Product Business Unit, in action at the High-Speed Rail Project in Anand, Gujarat
Recently, India has made significant discoveries of lithium reserves, particularly in Jammu & Kashmir and Rajasthan. Besides its immense use and relevance in future-focused industries like EVs and energy storage, discovery of this critical resource can reduce Indias dependence on imports and support transition to green mobility.
International Business
Planned investments in the metallurgy sector in the Middle East are a key focus area for the M&M business. The region enjoys the advantages of land availability, low energy costs, high solar irradiation potential and proximity to the European market. In addition, the continuous push to diversify the economy has given a much-needed push to the minerals industry for value creation within the GCC region. GCC countries have a planned roadmap to tap the extensive minerals resources within their respective territories. Apart from minerals reserves within the region, GCC countries are working to secure their supply chain for raw materials for the domestic industry in general and new age and transition metals in particular.
Opportunities in setting up process plants for iron and steel, aluminum, gold, phosphate, copper and new age metals in the region are extensive. These opportunities allow for a higher degree of visibility for the business in the near to medium-term.
Product Business
The outlook for the product business, driven by continued investments in infrastructure, urbanisation and industrial expansion, remains positive. The governments push for large-scale infrastructure projects, including smart cities, roads, highways and ports, presents significant opportunities for growth in the domestic market.
This business is actively pursuing opportunities in select international markets and has secured its first order from a European client for a stacker reclaimer. The business has also received repeat orders for surface miners from Africa. The growth of core products such as crushing systems, surface miners, material handling equipment, port and shipyard cranes and steel plant equipment is primarily driven by higher investments in the following industrial sectors:
Cement Sector: The cement segment in India is expected to grow at a CAGR of 6% to 7% over the next five years, with significant investments in greenfield and brownfield projects. Major domestic players are undertaking ambitious expansion plans to capitalise on this growth potential. The business unit witnessed large order inflows from the cement sector in FY 2024-25. The strong order pipeline is expected to continue on the back of the current momentum in the infrastructure economy. It is estimated that the Indian cement industry is likely to add ~ 40-45 MT capacity in FY 2025-26.
Blast Furnace for JSW Dolvi, Maharashtra
Mining, Power & Steel Sectors: The surge in steel plant capacity, along with the continued growth in coal and iron ore production to meet rising demand in the steel and power sectors, has significantly boosted business opportunities for a range of businesss equipment, including coal crushers, surface miners, stacker reclaimers and wagon tipplers. Backed by the National Steel Policy targeting 300 MTPA capacity by 2030, the sector is witnessing significant investments by major players. Additionally, the Government of India has envisaged 80 GW coal-based thermal power capacity addition by 2030 with major public and private players driving expansion.
The year also witnessed increased order inflow for surface miners, apron feeders, stacker reclaimers, wagon tipplers, coal crushing equipment from the above sectors. The growth momentum is expected to continue in the coming years in line with expansion plans of mining, power and steel enterprises.
Construction Sector: The growth in the infrastructure space is the primary demand driver for aggregate crushing solutions equipment. With an increased budget allocation for roads and highway development in FY 2025-26, the sector is poised for significant growth. Following the successful supply of new generation high-capacity aggregate crushing solutions, FY 2025-26 presents promising opportunities, driven by the momentum in infrastructure development.
Port Sector: The port sector in India is set for significant growth, driven by government initiatives such as the Sagarmala Programme and Maritime India Vision 2030. Container traffic is projected to grow steadily at 8% y-o-y, leading to an expected capacity addition of 21 MTEUs in container terminals and 455 MTPA in bulk terminals by 2031. Additionally, GoIs renewed focus on enhancing shipbuilding capacity and upgrading/expanding naval dockyards is expected to drive demand for shipyard cranes.
Major Achievements
Major Orders Won:
DRI plant and pellet plant in the UAE
Freight handling facilities in the UAE
First ever EPC order for 2*8 MTPA pellet plant from a large global steel producer
Coke oven battery for a large domestic public sector steel producer
Alumina refinery in Odisha for a large domestic non-ferrous metals company
Tail gas treatment plant for a large domestic non-ferrous metals company at Chanderiya and Debari
Largest order received for material handling equipment from a large domestic infrastructure company for 12 sets of stacker reclaimers and 4 sets of wagon tipplers
Mansourah-Massarah Gold Project - Gold Processing Plant in Kingdom of Saudi Arabia
Largest order received for port crane equipment from a domestic shipbuilding company for 8 numbers of electric level luffing cranes
Largest order for 14 numbers of 380 tonne torpedo ladle cars from a domestic private sector steel producer
Marquee Projects Commissioned:
3 MTPA alumina refinery in Lanjigarh, Odisha, commissioning Train #1 of the refinery on March 31, 2024
Hot commissioning of twin slab caster at a major domestic private sector steel plant
Load commissioning of domestic coal handling projects
Commissioning and performance guarantee test completion for domestic coal handling projects
Commissioning of a large domestic non-ferrous metal companys roaster plant
Commissioning of stacker reclaimers / wagon tipplers for a major domestic industrial companys project at Yadadri, Telangana
Designed and manufactured hybrid tandem wagon tippler for a major domestic private sector steel producer
Significant Initiatives
2.5 MWp solar plant commissioned at Kansbahal Works to replace 45% of energy usage with renewable energy, emissions by lowering expected to reduce 3,200 MT of CO2 dependency on thermal power
First robotic welding machine for crusher rotors successfully installed at Kansbahal Works, which will enhance weld quality and reduce welding man-hours by 75% thereby ensuring safer operations
Kansbahal Works is certified ISO 3834-2:2021 and EN 1090-2:2008
Outlook
More than 70% of the worlds steel production is in Asia. While Japan and South Korea, historically major producers of steel, are experiencing decline in their global shares as they move towards reducing domestic production for environmental and economic reasons, India, with its vast iron ore reserves and expanding domestic consumption, is increasingly emerging as a major beneficiary of this shift. India is well-positioned to meet its steel production targets by 2030, further strengthening its role as a leading global supplier.
Laminar Cooling System for 3 MTPA Hot Strip Mill (HSM) at Rourkela Steel Plant, Odisha
In India, the ongoing privatisation of mining assets is attracting increased investments in mineral beneficiation and pelletisation of iron ore. These developments aim to enhance the value of raw materials while producing more environmentally friendly products for both domestic and export markets. Indian steel companies are progressing with their capacity expansion plans, supported by strong domestic consumption and robust margin.
The non-ferrous sector, particularly in aluminum and zinc, continues to see capacity expansion. Major players are investing in new projects to meet rising demand and to capitalise on technological advancements in production. In the Middle East, the minerals and metals sector is becoming an increasingly attractive investment destination.
The region benefits from low energy costs, investor-friendly policies and accessible financing options. This aligns with the Middle Easts vision to diversify its economy beyond oil with a focus on growing industries such as metals and minerals. Significant investments are being made in logistics and infrastructure projects in the UAE and Oman, particularly in expanding port facilities, transportation networks and storage capabilities. Several of these key projects are nearing completion, which will further enhance the regions ability to handle growing trade in metals and minerals.
Overall, the outlook for FY 2025-26 remains positive, with sustained growth driven by ongoing capacity expansions, technological innovations and strategic investments across key regions and sectors in the global minerals and metals industry.
ENERGY PROJECTS SEGMENT
The Energy Projects segment comprises of: a) Hydrocarbon Business b) CarbonLite Solutions Business c) Green & Clean Energy Business As businesses across the globe move towards decarbonisation, and, as a part of the strategy to become a major player in the energy transition space, the Company has repurposed its Energy-Power business to CarbonLite Solutions business from the current year.
Financial performance of the segment
LTS 3000 Heavylift cum Pipelay Vessel in Saudi Waters
The Energy segment achieved order inflows of I 87,569 crore in FY 2024-25, registering a growth of 18.7% over the previous year on receipt of an ultra-mega order in the Hydrocarbon business and BTG (boiler-turbine-generator) orders in CarbonLite Solutions business. The share of international orders declined to 60% from 87% in FY 2023-24.
The Energy segments revenue at I 40,689 crore for the year grew by 37.6% y-o-y due to a strong pick-up in the execution momentum, mainly in the Hydrocarbon business. The Power business, on the other hand, registered a decline due to
Expansion of Marine Terminal for Juaymah NGL Facilities, Kingdom of Saudi Arabia a lower opening order book. The share of international revenue in FY 2024-25 at the segment level was higher at 66% compared to 58% in the previous year on the execution of large international projects in the Hydrocarbon business. The segments operating margin declined to 8.4% from 10.0%, mainly due to new orders being in the early stage of execution in Hydrocarbon business.
Funds employed by the segment as on March 31, 2025, at I 2,482 crore, decreased by 57.1% y-o-y mainly due to reduction in contract assets in some large value Hydrocarbon projects.
Hydrocarbon Business
Overview
The Hydrocarbon business provides integrated ‘design and build turnkey solutions across multiple geographies. The business executes projects encompassing engineering, procurement, fabrication, construction, installation, project management and asset life services.
Backed by digitalisation and cutting-edge innovation, the business has integrated capabilities across the value chain, including in-house front-end design and detailed engineering, project management, procurement, modular fabrication facilities, onshore and offshore construction, installation, and commissioning.
Major fabrication facilities are located in India and in the Middle East. In India, the Engineering, Procurement & Project Management Centres are located at Mumbai, Vadodara and Chennai, and modular fabrication facilities are at Hazira (near Surat) and Kattupalli (near Chennai). The overseas presence of the business is predominantly in the Middle East, i.e. in KSA, UAE, Qatar, Kuwait, Oman and Algeria. A project management office with a training facility, a heavy wall pressure vessel manufacturing unit and a piping factory have been established in the Kingdom of Saudi Arabia (KSA). The business has also invested in a state-of-the-art modular fabrication facility at Sohar in Oman.
The business caters to clients across the hydrocarbon value chain through the following business verticals and units:
Offshore
The Offshore business offers lumpsum turnkey EPCIC (Engineering, Procurement, Construction, Installation and Commissioning) solutions for wellhead platforms, riser platforms, process platforms, accommodation platforms, subsea pipelines, brownfield developments, decommissioning projects, deepwater structures, manifolds, as well as transportation and installation services to the global offshore oil & gas industry.
The Offshore business has dedicated comprehensive in-house engineering capabilities that offer ‘Fit for Purpose engineering solutions, which cover the complete project life-cycle, from concept to commissioning. As a one-stop solution
Full Conversion Hydrocracker Unit for Hindustan Petroleum Corporation Ltd. (HPCL), Visakhapatnam, Andhra Pradesh
EPCIC player, the business has in-house fabrication facilities focussed on quality and timely dispatches. The Companys marine assets include a self-propelled heavy-lift-cum-pipe-lay vessel, LTS 3000, held through a joint venture, and a wholly owned pipe-lay barge, LTB 300. These assets facilitate faster offshore installation and support timely project completion. As an engineering partner of choice for both domestic and international markets, the Offshore project management team aims to deliver complex offshore projects in a time-bound manner with the highest quality standards in a safe and incident-free environment.
Onshore EPC
The Onshore business provides end-to-end ‘Design to Build LumpSum Turnkey (LSTK) EPC solutions across the midstream and downstream segments of the hydrocarbon value chain. Its expertise spans oil & gas processing and treatment facilities, oil & gas field development, petroleum refining, petrochemicals, fertiliser, cross-country pipelines, crude oil and product storage tanks & terminals, cryogenic storage/LNG tanks & terminals, coal / pet-coke gasification, complex composite work, CMEI (Civil Mechanical Electrical Instrumentation) on an LSTK basis.
With a proven track record of concurrent execution of multiple mega / ultra-mega projects across domestic and international markets, the business collaborates with a diverse range of technology process licensors, ensuring efficient and cutting-edge project execution.
Modular Fabrication
The Modular Fabrication business specialises in supplying plants and modular systems built as solutions for the offshore, onshore oil & gas, and offshore wind farm industries, with the capability to deliver modules up to 6,600 MT.
Its dedicated engineering and project management expertise is extensive and draws on the strengths of the EPC businesses for both offshore and onshore projects. Offshore solutions encompass structures and modules for oil & gas and wind farm projects, including deepwater subsea structures, oil & gas manifolds, jack-up rigs and mobile offshore production units (MOPU). Onshore offerings cover process and pipe rack modules, skids, structures, static equipment / pressure vessels and columns, modular specialty furnaces and prefabricated control rooms / substation buildings (E-houses).
World-class modular fabrication facilities are strategically located at Hazira (Indias west coast), Kattupalli (Indias east coast), Sohar (Oman) and Jubail (KSA). The combined annual capacity for fabrication is estimated at about 60 million manhours or 200,000 MT. The heavy wall pressure vessel manufacturing facility in KSA primarily caters to the local requirement of offshore and onshore projects in the Kingdom.
Modular engineering capability also includes tailored ‘Print to Build solutions for technology companies, particularly in renewables and decarbonisation space. The business delivers modules to clients in North America, Europe, Africa, the Middle East, Asia and Australia.
Ready-to-install Modules fabricated at Kattupalli facility, for the worlds largest Green Hydrogen plant in Kingdom of Saudi Arabia
Advanced Value Engineering & Technology Services (AdVENT)
Leveraging its expertise in high-end engineering and the execution of technically complex EPC projects, the AdVENT business unit delivers customer-centric solutions for various elements of hydrocarbon industry value chain.
AdVENTs technical capabilities enable it to offer tailored engineering solutions from concept to commissioning. The business offers EPC project solutions, integrated modular solutions, refinery technology solutions and sustainable waste-to-energy solutions.
The business also focusses on technology-backed petrochemicals and downstream chemical industries that are the building blocks of high-value industrial end-products.
Asset Management
The Asset Management business delivers differentiated and value-added services across a wide spectrum of solutions to hydrocarbon and allied process Industries.
These comprehensive asset management solutions cover operations, maintenance, performance enhancement and health assessment of critical assets. The business complements the organisations EPC project offerings for a mutually beneficial engagement over the life-cycle of assets. The comprehensive operations and maintenance outsourcing model covers consulting, asset integrity, asset performance improvement and specialised services based on the client requirements.
Offshore Wind
The Offshore Wind business is dedicated to advancing clean and sustainable energy solutions. This business provides turnkey EPCI (Engineering, Procurement, Construction, Transportation, and Installation) services, specialising in both offshore HVAC/HVDC substations and Wind Turbine Generator (WTG) foundations encompassing both fixed and floating structures. The business is supported by strong multidisciplinary teams, strategic partnerships with key industry stakeholders and a robust supplier network. The Companys factory establishments include three state-of-the-art fabrication facilities in Oman and India, operating under the principle of ‘Think Global, Act Local. The business operates in the Far East, Europe and the United States.
Business Environment
As the transition to sustainable energy accelerates, both energy-producing and energy-consuming nations are striving to balance the need for continued investments to support domestic growth with the long-term emission reduction goals aligned with their respective Net Zero commitments. The renewable energy sector continues to gain traction, fuelled by clean energy demand, policy support and rapid technological advancements. In addition, the growing emphasis on energy efficiency and carbon reduction is boosting demand for CCUS (Carbon Capture, Utilisation & Storage) projects.
HVAC Offshore Substation and WTGs Monopile
Expansion of offshore projects continued to gain momentum in the Middle East. Qatars increasing focus on LNG investments could see production increase from 77 MTPA in 2024 to 142 MTPA by 2030. These present significant growth opportunities for the business.
The business faces risks from currency and commodity price fluctuation, supply chain disruptions and talent shortage. Geopolitical tensions, including the Red Sea and Russia-Ukraine crises, have intensified commodity price volatility and logistic bottlenecks.
To counter these risks, the business has been steadily diversifying its supply chain, hedging currency and commodity exposures, and increasing its focus on implementing modular solutions.
In the US, suspended oil & gas projects are being revived, with awards expected by FY 2025-26, alongside opportunities in blue hydrogen, ammonia and petrochemicals. In India, upstream firms are increasing O&M outsourcing, while downstream players focus on utility maintenance.
Growing emphasis on energy efficiency and carbon reduction is boosting demand for modular fabrication in CCUS (Carbon Capture, Utilisation & Storage) projects.
To maintain its competitive edge, the business continues to expand collaboration efforts with industrial and energy technology companies. The business continues to strengthen its footprint in the Middle East for specialised services. With a focus on innovation, digitalisation and sustainability, the business remains well-positioned for long-term growth.
Major Achievements
Major Orders Won:
a Ultra-mega offshore contract from Qatar Energy LNG for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4) a Order from Oil & Natural Gas Corporation (ONGC) for Daman Upside Development Project-Wellhead Platforms & Pipelines (DUDP-WP), off Indias west coast a Order from ONGC for the eighth phase of Pipeline Replacement Project (PRPVIII Group B) off Indias west coast a Order from Rashtriya Chemicals and Fertilizers Limited (RCF) (a GoI undertaking with Navaratna status), a leading fertilisers and chemicals manufacturing company for License, Engineering, Procurement and Construction (L-EPC) of a 1,200 MTPD (DAP basis) NPK fertiliser plant along with associated utilities and off-site facilities at their Thal unit in Raigad district
Projects Completed:
Successful decommissioning of offshore facilities for BG Exploration and Production India in the Tapti field, located off Indias west coast
Mechanical completion and Performance Guarantee Test Run (PGTR) of Phase-IIIB LNG Storage Tanks for Petronet LNG Ltd. Dahej LNG Terminal Expansion
Mechanical completion of 30 jackets, i.e. 10 jackets in Safaniyah, 9 jackets in Safaniyah and Ribyan, and 11 jackets in Safaniyah and Zuluf fields (Saudi Aramco)
Overall view of Cairn Oil & Gas: Upstream Onshore – Gas Processing for Vedanta Limited, Rajasthan
Mechanical completion achieved in ARBI8 refurbishment project (Saudi Aramco - CRPO-75)
Offshore jacket fabrication and load-out of (Mcdermott Middle East Inc.) Marjan Increment Program Package-I
Significant Initiatives
Productivity Enhancement
The business continues to implement initiatives aimed at enhancing productivity across operations. The business has reinforced process improvements and lean execution strategies by focusing on streamlining workflows, eliminating redundancies and empowering its workforce. These measures have resulted in reduced turnaround times, improved resource efficiency, a higher overall output and ensuring that projects are delivered within stringent timelines and budgets.
Value Engineering
Value engineering remains a cornerstone of the business strategy, driving cost efficiencies while at the same time maintaining high quality and safety standards. By standardising designs, adopting templatisation, minimising rework and implementing robust surplus management, the business has significantly optimised resource consumption. These practices have facilitated enhanced execution efficiencies, ensured on-time project completion and improved bottom-line performance.
Digitalisation and Automation
The business is investing in advanced digital tools to enhance project execution. 4D visualisation, AI/ML-driven analytics, VR simulations and predictive tools are optimising planning, safety and efficiency. Increased automation across fabrication yards is minimising manual intervention, while Generative AI is set to further improve decision-making and resource allocation.
Smart Procurement
The business is advancing its procurement strategies by integrating smart, data-driven methodologies to enhance cost-effectiveness and supply chain efficiency. The adoption of e-procurement platforms, data analytics for spend optimisation and vendor consolidation initiatives have strengthened supplier relationships and improved cost control. By fostering partnerships and implementing intelligent sourcing mechanisms, the business is ensuring resilient procurement processes that align with project needs and market dynamics.
Outlook
Oil prices remain the key to capital investments in the hydrocarbon sector. OPEC+ production strategies continue to influence market stability and thus investment cycles. Despite near-term price volatility, KSA, the UAE and Qatar continue to invest in offshore oil & gas development.
3D Model of Numaligarh Refinery Limited (NRL), Assam
Significant EPC opportunities are expected to open up in India with ~68 MMTPA of additional refining capacity planned. The governments push to increase the share of natural gas to 15% of the energy mix by 2030 is also expected to drive investments in pipeline infrastructure, LNG terminals and gas-based projects.
The offshore wind industry has grown rapidly, reaching ~80 GW by the end of 2024, clocking 28% CAGR over the past five years. While Europe dominates - led by the UK, Germany, Netherlands and Denmark, Asian markets like India, Taiwan, Vietnam, Japan and South Korea also present growth opportunities for the business.
Indias offshore wind energy market has been progressing steadily. Viability Gap Funding (VGF) has been approved to the tune of I 7,450 crore for 1 GW projects in Gujarat and Tamil Nadu. With 4 GW of projects in the pipeline, Indias share of the global offshore wind market could reach ~3% by the early 2030s.
Sustainability-driven investments in CCUS (Carbon Capture, Utilisation & Storage) and energy-efficient designs are shaping industry trends. The business is adapting to refinery-petrochemical integration and decarbonisation solutions to maintain competitiveness.
In the Middle East, localisation policies like IKTVA (Saudi Arabia) and ICV (UAE) continue to shape project awards, emphasising local partnerships and regional execution capabilities.
The business remains highly competitive, with participation from European, Korean and Chinese EPC players in bids across the hydrocarbon value chain.
Labour shortage, increasing raw material costs and inflation in general can present challenges to project cost structures. Demand for skilled labour in the Middle East and Southeast Asia has impacted workforce availability. The business has countered these challenges through procurement optimisation, automation and strategic partnerships to ensure cost competitiveness. The business has also enhanced execution efficiency through real-time project monitoring, automation and Advanced Work Packaging (AWP).
Despite a strong order backlog in FY 2024-25, the business secured a near record-high value of order inflows - in Saudi Arabia and Qatar - thus reinforcing its status as a trusted partner. In India, while ongoing projects set new benchmarks, capacity expansion in refining, petro-chemical and LNG infrastructure present long-term growth opportunities for the business.
Despite prevailing uncertainties, the business maintains a positive outlook on the future of the hydrocarbon sector. With strategic partnerships, digital transformation and sustainability initiatives, the business remains well equipped to navigate industry shifts and drive long-term growth across upstream, midstream and downstream segments.
Jafurah Export Pipeline Project for Saudi Aramco, Kingdom of Saudi Arabia
The Hydrocarbon business achieved order inflows of I 63,400 crore in FY 2024-25, registering a decline of 10.6% over the previous year, due to base effect. During the year, business secured its largest ever single value order in Qatar. The share of international orders is 82% in FY 2024-25 compared to 90% in the previous year.
The Hydrocarbon business recorded revenue of I 38,618 crore for the year, registering a growth of 45.6% y-o-y, due to a robust pick-up in execution momentum of a large order book. The share of international revenue in FY 2024-25 was higher at 69% of the total revenue as compared to 65% in the previous year, largely reflective of a robust opening international order book.
The operating margin of the business declined to 8.4% from 10.3%, mainly reflective of stage of execution of the order book.
2x660 MW Tanda Thermal Power Plant, Uttar Pradesh
CarbonLite Solutions Business
Overview
L&T Energy - CarbonLite Solutions (LTECLS), erstwhile L&T Energy - Power, has established itself as a leading EPC player offering turnkey solutions for the BTG (boiler-turbine-generator) island components of coal-based power plants - encompassing design, engineering, procurement, manufacturing, construction and commissioning.
L&T Energy - Power was rechristened to LTECLS in FY 2024-25 as part of L&Ts broader shift towards sustainability. The business aims to leverage its existing expertise to develop and deliver solutions for carbon-capture projects, nuclear projects (turbine island) and pumped storage plant turbines. The business shall continue to offer BTG solutions for coal-based power plants within the country to support energy security of India.
The business operates from L&T Knowledge City, Vadodara and has access to integrated state-of-the-art manufacturing facilities at Hazira for ultra-supercritical and supercritical boilers, turbines and generators, pulverisers, axial fans, air preheaters and electrostatic precipitators. The facilities are equipped to deliver equipment aggregating to 4,000 MW. The business has the following joint venture (JV) companies within its fold:
L&T-MHI Power Boilers Private Limited, a JV with Mitsubishi Heavy Industries (MHI), Japan – the worlds leading power equipment maker, for the design, manufacturing, erection and commissioning of ultra-supercritical / supercritical boilers, up to a rating of 1,000 MW.
L&T-MHI Power Turbine Generators Private Limited, a JV with Mitsubishi Heavy Industries (MHI), Japan and Mitsubishi Electric Corp. (MELCO), Japan for the manufacture of steam turbines and generators (STG) with a capacity ranging from 660 MW to 1,000 MW. The Company is engaged in design, manufacture, erection and commissioning of ultra-supercritical / supercritical turbines and generators.
L&T Howden Private Limited, a JV with Howden Holdings B.V, is in the business of regenerative air preheaters and variable pitch axial fans for power plants.
L&T - Sargent & Lundy Limited, a JV with Sargent & Lundy LLC, USA, is engaged in the business of providing design, engineering and project management services for power projects.
Business Environment
In FY 2024-25, Indias peak power demand reached a record high of 250 GW and is projected to reach 458 GW by FY 2031-32.
After a prolonged period of subdued capacity addition, Indias coal-based thermal power sector regained momentum in FY 2024-25. During the year, ~20 GW of coal-based power projects were awarded. The Government of India (GoI) has set a target of minimum 80 GW additional coal-based capacity by FY 2031-32.
Boiler manufacturing facility at Hazira, Gujarat
Nuclear power is expected to play a pivotal role in achieving Indias energy transition goal of becoming net zero by 2070. To reach this goal, the GoI has set an aspirational plan of setting up 100 GW of nuclear power capacity by 2047 under the Viksit Bharat Initiative. To meet the target of net zero emissions by 2070, the GoI is developing a policy framework for carbon capture projects emissions from thermal power plants.
to curb CO2
There is a growing need to balance the cyclical nature of renewable power supply to the national grid with enhanced storage capacities. To this end, the GoI, through both the public and private sectors, aims to add ~20 GW of pumped storage hydro power plant capacity over the medium-term.
Major Achievements
Some of the major achievements by the business during the year include:
Notification of Award (NOA) received for BTG Package from a central utility for a 3x800 MW power project in Bihar
Limited Notice to Proceed (LNTP) received for BTG package from a central utility for a 2x800 MW power project in Madhya Pradesh
Commercial operation declared for one unit each in a 2x660 MW and a 3x660 MW power projects in Uttar Pradesh
Boiler light-up achieved for one unit each in 2x660 MW and 3x660 MW power projects in Bihar and Uttar Pradesh, respectively
Performance guarantee test completed for two flue gas desulphurisation (FGD) units for central utility projects in Madhya Pradesh and West Bengal
Completion of facilities for two FGD units for central utility projects in Odisha
Reliability test run completed for four FGD units for central utility projects in Chhattisgarh, Madhya Pradesh and West Bengal
Significant Initiatives
To improve profitability and on-time execution, the business has introduced various operational excellence initiatives. Digital and analytical levers such as Artificial Intelligence (including Machine Learning), IoT-isation, Immersive Technologies like Virtual Reality, BIM and Drones, Process Automation, Business Intelligence and Analytics are now a part of the day-to-day operations of the business. The goal to achieve excellence in QEHS - Quality, Environment, Health and Safety - remains a core focus area for all businesses under LTECLS umbrella.
Outlook
Indias GDP is expected to grow at a steady pace of ~6.25-6.50% p.a. over the near to medium-term. To sustain this growth momentum, it is imperative to ensure the countrys energy security. In order to mitigate the risk of relying solely on renewable sources of energy, India is increasing its coal-based power capacity to ensure a stable and cost-effective source of electricity. It is therefore likely that coal-based power will continue to coexist with other sources of renewable energy for the foreseeable future in India.
2x660 MW Khargone Thermal Power Plant, Madhya Pradesh (Indias first ultra-supercritical power plant)
Financial performance of the business
The CarbonLite Solutions business recorded an order inflow of I 24,153 crore for the year ended March 31, 2025, registering a growth of more than 100% as compared to the previous year, largely aided by the receipt of two BTG orders from a leading thermal power generation company in India.
The CarbonLite Solutions business revenue at I 2,059 crore declined by 32.4% on a y-o-y basis, with tapering of execution of jobs in the portfolio and a lower opening order book.
The operating margin improved to 11.9% from 8.7%, mainly due to a change in job mix.
Green Hydrogen Plant at L&Ts A. M. Naik Heavy Engineering Complex in Hazira, Gujarat
L&T Green & Clean Energy Business
Overview
The Green & Clean Energy business reinforces the Groups commitment to a more sustainable future by aligning its business goals, with global decarbonisation efforts. Through the business, the Company is committed to developing a clean energy ecosystem that is integrated, scalable, sustainable and aligned with international energy transition efforts. The Companys Green Energy vision is centred on three business pillars encompassing the Green Energy value chain – EPC, Manufacturing and Development.
Business Model
The business operates across three principal segments:
1. EPC (L&T Energy Green Tech Limited – LTEGL)
The EPC division leverages L&Ts experience in complex energy infrastructure projects, including gas-to-power (G2P) and combined cycle power plants, based on LNG, NG, liquid fuels. The business is actively pursuing green hydrogen, ammonia (NH3) and methanol (CH4) projects by integrating renewable power with hydrogen production, thereby offering turnkey clean energy solutions for domestic and international markets.
2. Manufacturing (L&T Electrolysers Limited – LTEL, a wholly owned subsidiary of LTEGL)
At the core of the Manufacturing vertical is LTEL, a wholly owned subsidiary of LTEGL. LTEL manufactures modular, high-efficiency pressurised alkaline electrolysers at its state-of-the-art, robotic-enabled factory in Hazira, Gujarat. With an initial capacity of 400 MW, the facility has already achieved over 80% indigenisation, reinforcing the Aatmanirbhar Bharat initiative.
3. Development
The Development segment is spearheading the creation of large-scale green hydrogen and derivative assets across India, with plans to develop, own and operate clean energy plants. It integrates upstream renewable sources with downstream hydrogen-based solutions, targeting offtake agreements, partnerships and export opportunities. The business has recently set up a special purpose vehicle company (L&T Green Energy Kandla Private Limited – LTEGK, a wholly owned subsidiary of LTEGL) to pursue the initiatives proposed in the segment.
Business Environment
The green hydrogen ecosystem continues to gain momentum due to its ability to decarbonise hard-to-abate sectors like fertilisers, steel, refining, chemicals and heavy mobility. Despite short-term challenges around cost parity, policy frameworks and infrastructure, the sector saw accelerated investment in 2024 — particularly in Europe and Asia — with strong backing from regulatory programmes like the EU Hydrogen Strategy and Japan / South Koreas transition roadmaps.
In India, the National Green Hydrogen Mission with an outlay of I 20,000 crore aims for 5 MMTPA of annual green hydrogen production capacity by 2030. Programmes like SIGHT are catalysing demand through long-term procurement bids by
Indias 1st indigenously developed Electrolyser at A. M. Naik Heavy Engineering Complex, Hazira, Gujarat public sector oil companies. Indias cost-competitive solar and wind potential makes it an attractive hydrogen export hub. L&Ts comprehensive strategy — spanning renewable generation, electrolyser manufacturing, hydrogen production and derivatives — places it in a unique position to unlock value across the entire green energy value chain.
Key Milestones and Achievements
EPC & Development
PLI award received under the SIGHT programme for 90 kTPA green hydrogen production with maximum allocated incentive of 300 crore
First front-end engineering and design (FEED) order for a green ammonia facility executed for a global client
500 acres of land acquired in Kandla through auction for project development for setting up of a green hydrogen and its derivative production plant
Electrolyser Manufacturing
400 MW annual electrolyser capacity set up at Hazira
First indigenously manufactured electrolyser dispatched to Deendayal Port Authority (DPA), Kandla
Fully robotic electrolyser stack assembly line commissioned
Advanced gas purification systems to achieve 99.999% purity hydrogen
Strategic Initiatives
L&T is undertaking forward and backward integration across the hydrogen value chain:
Technology partnerships for renewable energy, hydrogen storage, ammonia synthesis, shipping, and port logistics
Global collaborations to access markets, offtake agreements and secure EPC-technology pipeline with global developers
Expansion plans to scale electrolyser capacity to gigawatt-level
R&D through the ‘New Energy Technology Lab focusing on next-generation green technologies
Outlook
The clean energy business expects measured but sustained growth in the green hydrogen and its derivatives space. While the long-term fundamentals remain strong, near-term priorities include:
a Achieving cost competitiveness through scale, technology localisation and backward integration
a Securing bankable offtake contracts to de-risk investments
a Driving policy advocacy for an enabling regulatory environment and low-cost financing mechanisms
a Building scalable manufacturing and integrated development capabilities to address both domestic and global demand By blending innovation with execution strength, the Green & Clean Energy business is poised to become a leading player in Indias energy transformation and an active contributor to the global net zero movement.
HI-TECH
MANUFACTURING SEGMENT
The Hi-Tech Manufacturing segment comprises of:
a) Heavy Engineering Business
b) Precision Engineering & Systems Business
Financial performance of the segment
The Hi-Tech Manufacturing segment achieved order inflows of Rs. 18,282 crore during FY 2024-25, registering growth of 28.0% over the previous year, mainly on receipt of key orders in Precision Engineering & Systems and Heavy Engineering businesses. The share of international orders increased to 21% in the current year from 16% in FY 2023-24.
The Hi-Tech Manufacturing segment achieved revenue of Rs. 10,181 crore for the year, registering a growth of 16.1% y-o-y due to a pick-up in execution momentum. The share of international revenue in FY 2024-25 was at 22% of the total revenue of the segment as compared to 29% in the previous year, due to tapering of execution in key international jobs nearing completion.
The segments operating margin improved to 17.3% from 16.3%, mainly due to execution cost savings.
Funds employed by the segment as on March 31, 2025, at Rs. 2,250 crore increased by 66.3% y-o-y, mainly due to acquisition of remaining 26% stake in L&T Special Steels and Heavy Forgings Private Limited (LTSSHF) from the Nuclear Power Corporation of India Limited (NPCIL).
Molten Salt Bath Reactor System with MCC Japan Technology, IOCL, Dumad, Gujarat
Heavy Engineering Business
Overview
The Heavy Engineering business is a global leader in the manufacturing of engineered-to-order hi-tech reactors and high pressure (HP) and high temperature (HT) heat exchangers for refinery, petrochemicals, fertiliser, oil & gas and nuclear power plant sectors. The business has implemented extensive Industry 4.0 technologies in its manufacturing and operations.
The A. M. Naik Heavy Engineering complex at Hazira is a globally benchmarked state-of-the-art fully integrated, digitally enabled manufacturing complex. The complex consists of in-house engineering and technology centres, manned by highly skilled teams, committed to a safe and sustainable work culture. The business is organised into the following product business units (PBUs) -
a The Reactor & Pressure Vessels (RPV) unit specialises in fabrication of hydro-processing reactors, tubular reactors, gasifiers, ammonia converters, urea reactors, coke drums, fluid catalytic cracking (FCC) reactor – regenerator system, oxidation reactor, titanium cladded equipment, LNG / gas processing pressure vessels and heavy columns.
a The Heat Transfer Equipment (HTE) unit specialises in molten salt reactor system, ammonia and urea exchangers, HP screw plug heat exchangers, methanol converters, propylene (PO) reactors, vinyl acetate monomer (VAM) reactors and fired-tube waste heat boiler packages.
FCCU Revamp at Nayara Energy, Vadinar, Gujarat
a The Process Plant Internals (PPI) unit specialises in proprietary internals for reactors and ammonia converter baskets, chemical vapour deposition (CVD) reactors for polysilicon plants involving exotic metallurgy like stainless steel, duplex / super duplex stainless steel, inconel, monel, hastelloy, titanium, zirconium, etc.
a The Modification, Revamp & Upgrade (MRU) unit offers value-added end-to-end solutions for multi-disciplinary lumpsum turnkey (LSTK) brownfield revamps such as urea energy saving projects, debottlenecking / capacity enhancement of oil & gas units including multi-shutdown facility revamp, FCC revamps, crude distillation unit / vacuum distillation unit revamps, urea reactor life extension, coke drum critical repairs/replacement, heat exchanger revamp, and emergency repairs for the process plant industry.
a The Nuclear business unit specialises in steam generator assemblies (SGA), end shields, pressuriser, calandria, reactor roof slabs, end-fittings, control rod drive mechanisms (CRDMs), SS thermal insulation panels, heat transport systems, fuel transfer equipment, steam separators / mist eliminators, heavy water upgrading columns, exchange unit towers and internals, heat exchangers, high and low level waste storage tanks and special equipment for in-service inspection. It supplies critical components for fusion reactors (ITER), fast breeder reactors and casks / canisters for handling spent fuel and critical equipment for various programmes.
Hydrotreating Reactor for the Antonio Dovali Jaime Refinery at Salina Cruz in Mexico
a The Special Fabrication Unit (SFU) fabricates critical titanium piping spools, complex internals for gasification plants, loop reactors, primary quench exchangers (PQE), double pipe heat exchangers for the polysilicon industry, filter vessels and refractory lined reactor regenerator internals for the petrochemicals sector.
a L&T Special Steels & Heavy Forgings Pvt. Ltd.
(LTSSHF), a wholly owned subsidiary of L&T from February 2025, operates a state-of-the-art integrated manufacturing facility that provides end-to-end solutions from scrap to finished forgings, all under one roof. The plant utilises advanced technology to produce high-quality heavy forgings for various industries, thereby contributing to Indias manufacturing push.
Business Environment
FY 2024-25 presented significant challenges as geopolitical uncertainties and ongoing military conflicts impacted supply chains leading to increased freight costs and longer delivery times. However, the domestic market was robust with strong demand, supportive policies and growth opportunities in select sectors.
New policy initiatives are expected to transform Indias nuclear energy sector. The government aims to achieve 100 GW of nuclear power capacity by 2047, with the development of Bharat Small Reactors (BSRs) and Bharat Small Modular Reactors (BSMRs). Proposed amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act aim to facilitate private sector participation, enabling industries to establish BSRs as captive power plants. This policy shift is expected to stimulate demand for reactor components, specialised materials and skilled labour, thereby bolstering the entire supply chain.
Major Achievements
During the year, the business delivered multiple critical equipment on time, including the worlds heaviest ethylene oxide (EO), hydrotreating and high pressure heat exchangers (HP HX) reactors.
Major international orders won:
68 equipment for Woodside Louisiana LNG Project, USA
DHT reactors for Marathon Galveston Bay Refinery, USA
Imperial Oil Refinery, Canada – first FCC from Canada
Ceyhan, Turkey – first international loop reactor order SFU successfully executed filter vessels in KSA and achieved a milestone by securing a record-breaking order to manufacture more than 100 numbers filter vessels within a year. Additionally, SFU has developed expertise in titanium spool fabrication and completed its first bio-refinery site project.
On the domestic business front:
Secured 17th consecutive urea reactor, reinforcing its position as the industry leader
Received an order for a urea revamp project, which includes Indias longest urea reactor
Steam Generator (SG) for Indigenously developed 10 X 700 MWe Pressurised Heavy Water Reactor, NPCIL
Made inroads into the specialty chemical market with first ever order from a domestic paints major
Nuclear business unit has successfully delivered four steam generators for NPCIls Kaiga 5 & 6 units
Significant Initiatives
Implemented an end-to-end digital transformation programme - iRUDRA. The programme requires the deployment of five platform solutions namely CRM, IEMQS, Brah-m, IIoT and WFM. These platforms are currently in the adoption and value realisation phase and, when implemented, are expected to improve operational excellence and product quality.
Outlook
The business remains positive in its outlook for order prospects. The growth in demand for renewable diesel, biodiesel and sustainable aviation fuel is expected to throw up project related opportunities in the near to medium-term. Oil to chemicals projects in Asia and LNG sector projects in the USA and the Middle East could provide future avenues for growth.
The MRU business has established itself as a reliable brownfield contractor in India and the GCC region. Opex spending, oil-to-chemicals, gas-to-chemicals, coal gasification, revamp of ageing fertiliser plants and energy efficiency projects would continue to drive growth for the business.
The Heavy Engineering business recorded an order inflow of I 4,956 crore for the year ended March 31, 2025, higher by 26.6% as compared to the previous year, mainly due to the receipt of a high-value international order in the nuclear equipment business. The share of international orders increased to 76% in the current year from 57% in the previous year.
Modular Bridging System
The Heavy Engineering businesss revenue of I 4,044 crore has remained steady on a y-o-y basis, given the stage of execution of orders in its order book. The MRU business, however, reported improved execution of orders. The share of revenue from international operations has decreased to 45% compared to 49% in FY 2023-24.
The operating margin of the business improved from 17.7% to 21.6% due to execution cost savings.
Precision Engineering and Systems Business
Overview
L&T made its foray into various strategic sectors, namely nuclear power, aerospace and defence in the sixties, early seventies and mid-eighties, respectively, as part of the Companys focus on building a strong and self-reliant India by leveraging its precision and systems engineering capabilities. This was well ahead of the opening up of these sectors for private industry participation, beginning with defence in 2001 and aerospace in 2020.
During the one and a half decades preceding the opening up of the defence sector for private sector participation, L&T was associated with the Defence Research & Development Organisation (DRDO), while concurrently contributing towards the Indian Navys - ‘A Builders Navy aspiration, by development of platform-specific equipment and systems across classes of naval platforms with in-country value addition. Today, L&T has a state-of-the-art shipyard capable of building large warships, conventional submarines and critical equipment and systems for these platforms.
In the land systems domain, the business is engaged in design-to-delivery solutions across a host of artillery programmes, air defence programmes, armoured platforms, weapon delivery platforms and combat engineering systems. L&T is a strategic industry partner to the Indian Ministry of Defence. In the space sector, the business continues to Indias indigenous Light Tank ‘Zorawar prototype be a trusted partner to ISRO across technology streams, i.e. in manufacturing of boosters; manufacturing of a range of metallic and composite hardware for launch vehicles and satellites; establishing ground test facilities on turnkey basis; partnering in developing new manufacturing technologies with various advanced materials; and establishing complete satellite communication infrastructure and other deep space communication systems.
Having built a portfolio of products, systems, platforms and solutions, and correspondingly a basket of technologies, the business provides concept-to-design-to-delivery solutions across chosen segments with a focus on indigenous design and emphasis on creating Indian Intellectual Property (IP). The business is structured to provide focus to various segments of operations, as under:
Marine Platforms, Equipment & Systems
Land Platforms, Equipment & Systems
Aerospace Systems
Electronics Products & Systems Given L&Ts capability in defence electronics and leveraging its foray into semiconductor design, the business is further seeking to expand its offerings to cover industrial electronic modules, products and systems in critical sectors like mobility, automation and robotics, power systems and communications.
The business is headquartered at Powai, Mumbai and its operations which extend across India, also include a Technology & Innovation Centre for development of futuristic technologies, Centre of Excellence for Artificial Intelligence, multiple segment-focused Design & Development Centres and the following dedicated Production Centres:
A. M. Naik Heavy Engineering Complex at Hazira (near Surat) for manufacturing, integration and testing of armoured and allied land platforms, hulls as well as pressure-proof structures for underwater platforms
Shipyard at Kattupalli (near Chennai) catering to new builds and repair of marine platforms
Strategic Systems Complex for manufacturing, integration and testing of launch systems, radars, engineering equipment and control systems at Talegaon (near Pune)
Precision Manufacturing and Systems Complex (PMSC) for aerospace systems and precision products manufacturing, equipped with Centres of Excellence for advanced composites and additive manufacturing at Coimbatore
Strategic Electronics Centre at Bengaluru Since its inception, the business has built a portfolio of wide ranging indigenously designed and developed products, systems, solutions, platforms and technologies. The business has indigenously conceptualised, engineered, built and supplied over 250 systems and products, with more than USNS Charles Drew visit to L&T Shipbuildings shipyard at Kattupalli, Chennai for Mid-Term Availability (MTA) repairs 50 of them having been delivered in serial production mode. The business model is uniquely differentiated through its focus on in-house technology and product development, innovation for serial production, mature and equated partnerships with domestic as well as global majors, both in the government and in private sector. Besides the supplies, the business offerings also include providing support during installation, commissioning, field evaluation trials, through-life support and obsolescence management. These capabilities enable the business to maintain its market leadership position in the private sector defence industry and be future-ready given the governments push for higher indigenisation and autonomy through the Aatmanirbhar Bharat Abhiyan.
L&Ts participation in the defence sector stems from its ethos of being a ‘Builder to the Nation. Various sustainability and risk assessors of defence-related businesses do recognise the right of countries to defend themselves and the need to develop and produce defence-related products to fulfil security, peacekeeping and humanitarian needs. This is well acknowledged in the current era of multiple regional conflicts where nations have increased their spending on defence to ensure national security.
It is noteworthy that the businesss prime customer and regulator, i.e. the Indian Government, is committed to non-proliferation under the "Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005". India is also a signatory to the Missile Technology Control Regime (MTCR), a multilateral export control regime, and a party to the Wassenaar Arrangement – a voluntary export control regime that limits the destabilising proliferation of sensitive technologies. Further, India has voluntarily adopted a ‘No First Use (NFU) Policy (PIB notification dated January 4, 2003) that is enshrined in the commitments of the Cabinet Committee on Security (CCS). Further, Indias application to join the Nuclear Suppliers Group (NSG) in 2016 is also under discussion. The Company recognises the need to act responsibly in carrying out its business related to the defence sector, implement internal controls and stay committed to respecting human rights.
While maintaining its position as a leading player in the Indian defence sector, the business does not manufacture any explosives or ammunition of any kind, including cluster munitions or antipersonnel landmines or nuclear weapons or components for such munitions. The business also does not customise any delivery systems for such munitions.
Business Environment
Traditionally defence production has been dominated by defence public sector undertakings (DPSUs). The sector is now slowly witnessing a gradual shift with increased participation and indigenous capability development by private players, public-private partnerships, start-ups and academia.
Indigenous Water Jet Propulsion (WJP)
Ministry of Defence has declared 2025 as the ‘Year of Reforms. The focus is to lay the foundation for unprecedented advancements in defence preparedness and transforming the Armed Forces into a technologically advanced combat-ready force capable of multi-domain integrated operations. There shall also be a focused intervention in simplifying and fast-tracking acquisition procedures. Towards this, the Defence Acquisition Council (DAC) has also approved guidelines for reducing timelines at various stages of the capital acquisition process to make it faster, more effective and efficient.
From the beginning of 2024 till date, the DAC has accorded approvals for capital acquisition proposals for more than 50 programmes worth close to I 5 trillion, of which more than 90% of the acquisition would be from domestic sources. Few of the key programmes include Future Ready Combat Vehicles (FRCV), Next Gen Fast Patrol Vessels, Offshore Patrol Vessels and Interceptor Boats.
Focusing on new domains, simplification of acquisition procedures, promoting PPP model, a focus on collaboration and fostering of R&D partnerships between Indian industry and foreign OEMs are some of the key steps taken by government to enhance the capabilities of the domestic defence industry. The Government of India has set an ambitious target for defence exports at Rs. 30,000 crore for FY 2025-26 and Rs. 50,000 crore by 2029. The Government has also set a target for domestic defence production at Rs. 1,60,000 crore for FY 2025-26 and Rs. 3,00,000 crore by FY 2028-29.
Global defence supply chains are under significant strain due to ongoing geopolitical conflicts. The Russia-Ukraine conflict has disrupted critical supply routes, particularly in Eastern Europe, affecting the availability of essential materials and components. Additionally, the USs planned tariff imposition is expected to further strain the supply chain. These actions have increased costs for defence contractors and caused delays in production and maintenance.
L&T has focussed on developing a robust and resilient supply chain over the years with self-reliance and in-house design capabilities as the primary focus areas. The business is also in the process of developing and diversifying its supply chain with an emphasis on indigenisation.
On the space front, the opening of the sector in 2020 and the Indian Space Policy 2023 provide opportunities to the private sector for participation in end-to-end space activities from building launch vehicles and satellites to downstream programmes such as space data collection and dissemination. The business is today involved in manufacturing, assembly and integration of launch vehicles for Indian Space Research Organisation (ISRO) and NewSpace India Limited (NSIL).
Major Achievements
During the year, the business has achieved multiple successes, uniquely reaffirming L&Ts positioning as a ‘Nation-Builder through a series of Make-in-India programmes. These include:
Award of repeat order for K9 Vajra – T for 100 numbers of guns
K9 Vajra-T, 155 mm, 52-calibre tracked self-propelled artillery platform, codeveloped by L&T and Hanwha Aerospace
Award of contract for fleet support ships from Hindustan Shipyard Limited
Award of first supply contract for indigenous designed and developed Next Generation Helo Harnessing & Traversing System (NGHHTS) for 11 numbers of Next Generation Offshore Patrol Vessels (NGOPVs)
Realisation of first Light Tank prototype at L&T Haziras Armoured Systems Complex. Having carried out the design and development of this advanced platform jointly with DRDO, the Light Tank has been realised in 18 months despite global supply chain challenges
Successful realisation of 2 sets of indigenous Water Jet Propulsion System (WJPS) under Technology Development Fund (TDF) Scheme and delivery to Mormugao Port Trust (MPT), Goa for user trials
Breakthrough entry into the traditionally nomination-based Combat Management System (CMS) market and successful realisation of CMS for the Multi-Purpose Vessels in record time
ISROs 100th mission (GSLV F15) successfully launched from Sriharikota, Andhra Pradesh on January 29, 2025, with major contributions from L&T in S139 boosters, solar array deployment mechanism (SADM), honey comb deck, umbilical systems and system integration of launch vehicle and satellite
Empanelment of L&T shipyard as supplier for Royal Australian Navy (RAN) under Defence Maritime Assurance Programme (DMAP) which allows L&T to participate in RAN vessel requirements (except frontline vessels) till August 2029
New benchmarks established by all work centres in terms of accelerated realisation of systems and equipment (serial production category) by deploying Industry 4.0 techniques
Significant Initiatives
R&D and innovation have been the backbone of the PES business since its inception. Various R&D initiatives in the development of armoured systems, air defence guns, combat vehicles, unmanned medium calibre turrets, high precision radars, underwater and aerial targets, adaptive optics, unmanned and autonomous system technologies and deployment of AI-based solutions have been undertaken during the year.
The business has established its proficiency by leveraging Industry 4.0 practices across its operations. Focussed digital initiatives have accelerated productivity and business excellence.
Outlook
The capital acquisition budget for Defence witnessed an increase of ~4.5% y-o-y (~12.5% increase on revised estimates) for FY 2025-26, resulting in an overall budget of Rs.1,80,000 crore. Of this, Rs. 1,49,000 crore is planned to be spent on capital acquisition, termed as the armed forces modernisation budget. The remaining Rs. 31,000 crore is for capital expenditure on R&D and creation of military infrastructure.
L&T has provided critical subsystems for most of Indias space missions
A sum of Rs.1,12,000 crore is earmarked for domestic industry, with about 25% of the domestic share provisioned for domestic private industry. About Rs. 15,000 crore (~13% increase y-o-y) from capital procurement budget has been earmarked for R&D projects to strengthen DRDO in developing new technologies and hand holding of private industry through the development-cum-production partner (DcPP) route. This allocation will further facilitate Ministry of Defences plan to venture into new domains such as cyber and space and emerging technologies such as AI, Machine Learning, Robotics, etc.
The government has budgeted a corpus of Rs. 18,000 crore for the revamped Shipbuilding Financial Assistance Policy (SBFAP 2.0) to optimise cost disadvantages, boost capacity of Indian shipyards and spur domestic shipbuilding production. The intent of SBFAP 2.0 is to provide direct financial subsidies to Indian shipyards.
In a pioneering move poised to reshape Indias innovation landscape, the government in the Union Budget 2025-26 has allocated Rs. 20,000 crore to the Department of Science and Technology (DST) to initiate a private sector-driven R&D fund.
The business is well poised to leverage the governments thrust on Aatmanirbharta and capitalise on opportunities in shipbuilding, artillery equipment, combat engineering equipment, electronic and communication equipment and space technologies in India as well as in the select regional markets.
Manoeuvrable Recoverable Aerial Target (MRAT)
Financial performance of the business
The Precision Engineering & Systems business recorded an order inflow of I 13,326 crore, registering a growth of 28.9% y-o-y, mainly due to receipt of K9 Vajra Tank repeat order. No major international orders were received during the year.
Benefitting from a higher opening order book, the Precision Engineering & Systems business earned revenue of I 6,185 crore during FY 2024-25, higher by 31.8% compared to the previous year. The share of international revenues reduced to 7% from 12% in the previous year due to tapering of execution of export orders.
The operating margin is stable at 15.3%.
IT & TECHNOLOGY SERVICES SEGMENT
The IT & Technology Services segment comprises of:
a) LTIMindtree Limited and its subsidiaries b) L&T Technology Services Limited and its subsidiaries c) L&T Semiconductor Technologies Limited and its subsidiary d) E-commerce / Digital Platforms and Data Centers
Financial performance of the segment
LTIMindtree, Solaris at Hebbal, Bengaluru, Karnataka
The segment recorded revenue of Rs.48,453 crore for the year ended March 31, 2025, registering a growth of 7.9% over the previous year, largely reflective of the headwinds impacting IT&TS spends across the various markets. International revenue continues to be at 91% of the total revenue of the segment. The newly incubated businesses such as E-Commerce platform, Data Center and Semiconductor businesses are yet to meaningfully contribute to the revenues of the segment.
The segments operating margin, at 19.5%, is lower compared to 20.4% in the previous year. The decline is due to cost under recovery.
The funds employed by the segment as on March 31, 2025, at Rs. 37,703 crore, increased by 14.1% compared to March 31, 2024, largely due to the acquisition of stake in E2E Networks Limited and higher cash and cash equivalents on the balance sheet.
LTIMindtree Limited
Overview
LTIMindtree Limited (LTIM) is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation and maximise growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive
LTIMindtree Headquarters, Powai, Mumbai, Maharashtra
differentiation, customer experiences and business outcomes in a converging world. Powered by 84,000+ talented and entrepreneurial professionals across 41 countries, LTIM assists in solving the most complex business challenges and delivers transformation at scale.
Business Verticals
LTIM has a strong presence in the following business verticals:
Travel, Transport, Hospitality, Logistics and Real Estate
LTIM enables the worlds leading companies, from sectors like airline, hotel, restaurant, cruise line, car rental, travel technology, travel management, logistics and real estate, to accelerate their growth and drive operational excellence. LTIM develops modern mobile and web applications that enable digital marketing and sales, provide actionable insights to enhance customer experience, improve employee productivity and modernise legacy infrastructure and applications by leveraging strategic partnerships. With more than two decades of experience in working with marquee brands, LTIM delivers seamless and connected digital experiences for its clients.
Public Services
This vertical enables federal, state and municipal governments to unlock the true potential of technology and digital aids, helping them to transform their service delivery to meet the evolving needs of citizens.
Manufacturing
This vertical is the trusted partner, reimagining the future of manufacturing for over 150 manufacturers globally. LTIM caters to a wide range of manufacturing enterprises across industrial manufacturing, automotive, aerospace, EPC and process manufacturing verticals. It helps global brands to gain a competitive edge by leveraging digital transformation capabilities across the manufacturing value chain, front-end (sales, marketing, commerce and commercial) and back-office functions (procurement, manufacturing and supply chain).
Healthcare
LTIM has delivered transformative consulting services and technology solutions to global healthcare giants including life sciences, pharmaceuticals, medical devices and hospitals. Combining domain expertise with advanced digital, cloud, data and enterprise technology, LTIM brings a unique healthcare platform operations approach to assist clients to adopt processes and technologies quickly and efficiently.
Life Sciences
LTIM is transforming the life sciences industry, by fostering collaboration that enhances healthcare accessibility and affordability while propelling personalised medicine and patient-centric care journeys. LTIMs digital and technology-enabled solutions assist clients to drive precision medicine, achieve early diagnosis, innovate therapeutics and medical devices, across the life sciences spectrum.
Reception Lobby at LTIMindtree, Solaris, at Hebbal, Bengaluru, Karnataka
Energy
LTIM delivers a comprehensive set of next-generation solutions that are designed for the complete energy value chain across upstream, midstream and downstream, oil-field services and renewables segments. LTIM also helps to monitor, track, account and report carbon footprint, and assist in trading carbon credits through holistic emissions management, decarbonisation of operations and expansion into renewables.
Utilities
LTIM has experience in helping electric, gas and water utility firms to reinvent themselves by seamlessly connecting the physical and digital worlds through comprehensive IT/OT capabilities. LTIMs vision is aimed at addressing transformational challenges such as distributed energy resources, grid modernisation, production asset management, T&D network operations, EV infrastructure, customer experience and energy transition.
Retail and Consumer Packaged Goods
LTIM delivers personalised experiences at scale to the worlds largest consumer packaged goods (CPG) companies and brands. LTIM also assists CPG and retail clients to navigate competition and margin pressures, global supply chain disruptions and shifting consumer loyalties. LTIMs 6,500+ global associates drive transformation by designing innovative ‘phygital experiences, modernising legacy applications and infrastructure through cloud adoption and accelerating automation to enhance decision making.
Insurance
LTIM has been the partner of choice for the insurance industry, including 17 Fortune 500 insurers, supporting their digital and data transformation journeys. LTIM offers AI-Smart domain solutions that enable new business models, profitable growth, operational efficiencies and elevated experiences for agents and customers. With a strong ecosystem of partners, including hyperscalers, AI / data cloud platforms and leading insurance SaaS providers, the company has developed pre-built ‘leapfrog solutions to accelerate clients journey towards modern, AI- and data-driven platforms and operations.
Banking and Financial Services
LTIM offers a comprehensive suite of services addressing the unique challenges faced by banks and financial institutions. Collectively called banking and financial services (BFS), the services offered by this vertical include solutions covering management and enhancement of customer experience, digital banking solutions and risk management. LTIM BFS empowers clients to stay ahead in a competitive landscape by leveraging analytics, AI, cloud computing and cybersecurity, which help to drive growth, optimise operations and deliver exceptional value to their customers.
Communications, Media and Entertainment
This vertical works with the worlds leading broadcasters, studios, OTT/streaming companies, publishers, information service providers, education, music, gaming, AdTech, telcos and multiple-system operators. Rapid changes in
LTIMindtrees state-of-the-art campus at Mahape, Navi Mumbai, Maharashtra
| these industries provide an opportunity to unlock multiple opportunities with digital initiatives and AI. LTIM is enabling its clients with product innovation to drive new revenue streams, modernise content supply chains and personalise viewer/audience experiences. LTIMs 5C (Content, Consumer, Commerce, Compliance and Core) framework, coupled with AI-powered platform ‘Mediacube, is helping clients in their transformation initiatives. | Digital Engineering |
| Consulting | |
| Quality Engineering Services | |
| iNXT | |
| iNXT Geospatial Engineering | |
| Platform Operations | |
| Enterprise Automation | |
| Low Code Integration | |
Hi-Tech and Services |
Enterprise Cloud Applications |
| LTIM powers innovation to leading hi-tech and services enterprises across various sub-segments with an AI pivot: | Oracle |
semiconductors, software and platforms, hardware and OEMs, and professional services. LTIM combines domain knowledge, customer experience and digital engineering prowess to deliver next-generation technology solutions and products catering to the industrys needs. LTIMs ‘Operate to Transform framework, built using AI-based automation and IPs, enables it to deliver next-gen IT solutions to clients within this space.
Service Lines
LTIM has offerings across the following service lines:
Data and Analytics
Cloud and Digital Infrastructure
a Cybersecurity
a SAP
a Interactive
a Salesforce
a Enterprise AI
Alliances and Partnerships
LTIMs strong partner ecosystem has enabled it to deliver substantial value for its clients by building and executing joint Go-to-Market strategies. The company partners a diverse set of global tech majors in Data Analytics & GenAI, Cloud & Infrastructure, Interactive, Digital Engineering, Low Code & Integration, Security, and more.
LTIM has signed exclusive Strategic Partnership Agreements (SPA) with all three hyperscalers: GCP, Microsoft and AWS. During the year, LTIM invested extensively in building cutting-edge solutions with partners tailored to evolving industry needs, while also differentiating itself by acquiring and retaining over 27 specialisations. LTIM continues to collaborate with partners to create value through execution of joint GTM strategies, co-innovation, co-selling and driving joint demand generation initiatives.
LTIMindtree Global Village, Bengaluru, Karnataka
Business Environment
The global business environment is expected to be uncertain going into FY 2025-26. The full impact of the recent US tariff announcements, on trade flows in general and on businesses in particular, will be difficult to ascertain in the near term. The uncertainties around policies may impact corporate investment and consumer confidence.
Indias economy continues to demonstrate growth momentum and remains one of the fastest growing major economies. Despite global economic headwinds, Indias growth trajectory remains robust, driven by strong domestic demand, sustained public infrastructure investment and a resilient service sector. In FY 2024-25, the Indian IT industrys revenues are expected to reach USD 283 billion (5.1% y-o-y), while exports are projected to be ~USD 224 billion (4.6% y-o-y).
Key Deals Won:
A US-based insurance and retirement corporate has selected LTIM as their partner for development and support in the Life & New Business area. This includes accountability for managing 100+ apps in the new business portfolio.
A US-based non-profit organisation has entrusted LTIM with an Infrastructure & Cybersecurity Managed Services contract. This involves migration of Data Center to Cloud along with implementation and management of security and infrastructure tools.
A large global financial institution has partnered with LTIM to modernise its wealth data platform.
A leading US-based energy utility company has selected LTIM as a long-term strategic partner for Infrastructure & Cloud Managed Services across multiple towers - Enterprise Systems, End User Computing, Offshore Network Operations Centre (NOC) and Off-hours Service Desk.
LTIMindtrees state-of-the-art Delivery Centre in Johannesburg, South Africa
A leading European automobile major has selected LTIM for supporting its end-to-end Enterprise Application Operations through delivery teams across Poland and Germany.
A global manufacturer has selected LTIM to manage its end-to-end IT landscape using LTIMindtrees ‘AI in Operations platform.
A leading global designer and manufacturer of electric domestic appliances has selected LTIM as their anchor partner to deliver Quality Assurance Services.
A major US airline selected LTIM to provide Platform Engineering & Operations Services, leveraging its global delivery footprint in the US, UK, Poland and Australia.
Significant Initiatives
Across internal business functions, LTIM kickstarted the Generative AI transformation initiative and implemented 25+ key use cases that improved employee experience, enhanced functional efficiency and drove employee productivity.
The company has implemented SAP Business Technology Platform (BTP) solutions to significantly reduce manual efforts in key HR processes.
Outlook
The NASSCOM Annual Enterprise CXO Survey 2025 highlights a shift towards AI-driven digital transformation, with organisations increasingly consolidating technology investments into high-impact use cases expected to define the next five years.
LTIM is excited about the expanded possibilities that lie in near to medium-term. With AI at the core of the companys strategy, a commitment to operational excellence and a focus on empowering its people, LTIM is well-positioned to lead the way in the global technology ecosystem.
LTTS Bangalore Office, Karnataka
L&T Technology Services
Overview
L&T Technology Services Limited (LTTS) is a global leader in Engineering Research and Development (ER&D) services. LTTS operates in more than 25 countries, with an annual revenue of over USD 1.25 billion. Being able to design, develop and deliver transformative products and services, LTTS offers bespoke solutions, drives innovation and helps its diverse global clientele achieve their goals. LTTS partners with some of the worlds leading brands across various industries in their pursuit of superior operational efficiency in areas of mobility, sustainability and tech.
Headquartered in India, LTTS has over 24,250 employees spread across 23 global design centres, 30 global sales offices and 108 innovation laboratories as of March 31, 2025. Its global footprint covers more than 25 countries across all key geographies.
The company offers end-to-end consultancy, design, development and testing across product and process life-cycles. LTTS leverages its deep multi-domain expertise across software and digital engineering, embedded systems, engineering analytics and plant engineering to create transformative value propositions for clients globally.
LTTS bridges the gap between engineering and technology to create innovative solutions, turning bold ideas into real-world solutions – from smart, connected devices to next-gen factories that operate more efficiently and sustainably. LTTSs deep domain expertise, combined with a passion for innovation, allows it to deliver results that set new standards for excellence.
LTTS offers its services to customers across three key segments:
Mobility
Sustainability
Tech
Mobility
This segment focusses on innovation across the transportation landscape. Leveraging cutting-edge technical knowledge, unmatched engineering expertise and world-class talent in combination with extensive domain experience, LTTS cross-pollinates ideas and solutions for meeting the evolving market needs of clients. The company develops and delivers innovative products and solutions, tackles complex engineering challenges, redefines consumer experiences and helps improve passenger safety across its focus sub-segments of automotive, aerospace engineering, rail transportation and trucks / off-highway vehicles.
LTTS at Knowledge City Vadodara, Gujarat
Sustainability
LTTS leverages its decades worth of unmatched ER&D excellence and expertise within Discrete Manufacturing and Industrial Products, as well as Process Manufacturing, and achieve IT-OT synergies as well as develop cross-domain insights and skillsets in its global operations. Combined with an ability for rapid adoption, this enables the creation of cutting-edge, scalable and sustainable solutions that have a positive impact on businesses, communities and the environment.
Tech
Amidst rising demand for complex software products across a rapidly expanding, high-performance connected device ecosystem, growing regulatory compliance requirements and accelerated cybersecurity threats, LTTS works with global companies to focus on creating differentiated experiences. Leveraging its unmatched AI expertise (with more than 190 patents filed in AI and GenAI), a demonstrated history of engineering excellence and deep cross-vertical capabilities to deliver tangible outcomes, LTTS enables accelerated product launches and reliable life-cycle management journeys for its clients across hi-tech, medtech, public infrastructure and smart cities, and software and platforms.
Business Environment
The BCG-NASSCOM Engineering Research and Development (ER&D) report expects the global ER&D industry to grow at a 9% CAGR between now and 2030. This momentum is being led by growth in software and allied offerings including Software-Defined Everything (SDx), rise in demand for telecommunications and portfolio expansion in the semiconductor domain.
The automotive sector, for instance, is undergoing a significant shift with a predicted surge in electric vehicle (EV) sales, anticipated to make up 25-30% of the global automotive market by 2030. LTTS is strongly positioned through its expertise in developing next-gen EV platforms, autonomous driving solutions and smart manufacturing systems. Additionally, industries like aerospace and industrials are focusing on digital twin technologies, IoT implementation and automation to streamline operations, i.e. areas where the company has established deep competencies and capabilities.
Macroeconomic challenges such as cost pressures, sustained geopolitical instability and growing localised regulations on data sharing and technology export may continue to pose a challenge. LTTS also faces intense competition as global ER&D spend patterns are fractured and distributed across multiple geographies.
LTTS Mysuru, Karnataka
However, the companys commitment to a sustainability-focused, technology-led approach and sustained investments in AI/ML-driven innovation aligns perfectly with its clients increasing demand for green solutions and digital reinvention.
Major Achievements
Driven by its ‘Go Deeper to Scale strategy, LTTS closed several large deal wins throughout the year, including a marquee USD 80 million net new engagement in the sustainability segment. Further, the list of achievements includes three USD 50 to 80 million, five USD 30 to 50 million and ten USD 15 to 25 million deal wins across segments.
Key Deals Won: Mobility
Multi-year engagement with a Tier 1 European automotive customer to restructure their delivery models and ensure streamlined programme ownership
Enabling control systems, software development and verification & validation for a leading US construction and engineering equipment manufacturer
Providing engineering design services and supporting the automotive customers product development team
Sustainability
Establishing a dedicated Centre of Excellence (CoE) in India to act as a global innovation hub with a focus on digital transformation and comprehensive product life-cycle management (PLM) journey
A multi-year, multi-million-dollar programme with one of the worlds largest energy companies to provide a comprehensive range of Engineering, Procurement and Construction Management (EPCM) services, including Integrated Digital Engineering and Data Governance for Capital Projects
Providing software engineering, embedded design and design services leveraging global delivery models for a leading oilfield services firm
Tech
Selected by a global healthcare technology leader to deploy an engineering team for post-market surveillance covering corrective and preventive actions (CAPA), remediation, complaint handling and QMS projects, besides being named as Global Designate Supplier for engineering and R&D programmes across all business units worldwide
Strategic partner for a global network provider to deliver product integration services for the North American market
Providing global carrier-testing services and verification processes for one of the worlds leading technology majors
Competitive Positioning
During FY 2024-25, LTTS continued to leverage its ‘Go Deeper to Scale strategy for an unmatched competitive edge in the ER&D services domain. The companys robust financial performance and strategic initiatives earned high praise from leading analysts and industry bodies.
LTTS Tear Down Lab
The Everest Group featured LTTS among the Top 3 Global pure-play Engineering Services in Everest Groups Engineering Services Top 50 rankings and rated the company as one of the leaders in the Connected Product Engineering Services PEAK Matrix? Assessment 2024 in Embedded Engineering.
LTTS was recognised as one of the market leaders in the 2024 HFS Horizons Report for IoT Service Providers, excelling in comprehensive strategies, global reach, technology partnerships and transformative solutions.
Zinnov rated LTTS as a Leader in Digital Engineering and ER&D Services 2024 for Overall ER&D, Digital Engineering Services, Medical Devices, Industry 4.0 and Industrial.
As of March 31,2025, LTTS boasted an impressive portfolio of 1,502 patents filed, with 190 patents in AI and GenAI alone. The company launched the NVIDIA AI Experience Zone at its Bengaluru design hub to elevate AI capabilities for clients in mobility and tech, underscoring a continued commitment to innovation and collaborative development. Internal R&D programmes are underway on Agentic AI, an autonomous system aimed at enabling automation, autonomous operations and enhancing decision-making across domains.
Significant Initiatives
The key initiatives launched by LTTS during the year include:
TECHgium?, Indias largest innovation platform for engineering students, now in its 7th edition, with more than 36,765 students participating from 503 engineering institutes across the country
A state-of-the-art CoE campus to bolster engineering support for Airbus aircraft structural simulation activities across its diverse business units in Europe, spanning France, Germany, the UK and Spain
Partnerships with NMICPS TiHAN Foundation, IIT Hyderabad, for fostering industry-academia advancements in the domains of Advanced Driver Assistance Systems (ADAS) and Cellular Vehicle-to-Everything (CV2X) communication
MoU with PST, a wholly owned subsidiary of Union Pacific Railroad, to enhance the safety and efficiency of railroads in India and adjacent markets through world-class simulation technology
Joint digital twin CoE with Altair to accelerate digital transformation and deliver cutting-edge capabilities for clients worldwide, enabling premier solutions for enhanced innovation and efficiency
Indias first integrated state-level Cyber Command and Control Centre at Mahape, in collaboration with the Maharashtra State Cyber Department, as a decisive step towards creating a secure and robust digital environment
Strengthening the decade-long partnership with Siemens across the existing CoE and a new Digital Manufacturing Academy
LTTS Electric Vehicle Lab
Risk Management Framework
The companys risk management approach is strategically placed to function independently in line with best-in-class corporate governance principles and statutory requirements in alignment with globally accepted risk management frameworks.
LTTSs risk management programme is aligned with business strategy and embedded in the normal course of business across the company under the guidance of the Risk Management Committee (RMC) of the Board. The programme enables proactive identification and mitigation of enterprise risks, supporting informed decision-making, sustainable growth and value creation. The Chief Risk Officer oversees risk management programme and is supported by the Enterprise Risk Management (ERM) team.
LTTSs risk management framework includes the following risk categories:
Strategic: Risk events that make it difficult to achieve strategic objectives and goals
Operational: Operational challenges faced by business teams in regular course of business
Financial: Inefficient utilisation of financial resources, currency fluctuations, credit risk, etc.
Compliance: Potential risk of non-compliance with laws and regulations
For the effective functioning of the risk management programme, risk assessments are conducted at various levels, including enterprise, business unit, customer account and project levels. Key risks are presented to the senior management including the CEO, the CFO and the relevant Board Committees such as Audit Committee and Risk Management Committee.
Outlook
LTTS continues to leverage its proven expertise in engineering and digital innovation for driving a robust growth trajectory in the coming year. With ongoing investments in high-potential areas including Agentic AI, LTTS is well-positioned to lead the global ER&D market. The focus continues to remain on key growth segments of mobility, sustainability and tech, powered by its ‘Go Deeper to Scale strategy and the momentum generated by the accelerated emergence of breakthrough technologies. LTTSs acquisition of Intelliswift Inc and its subsidiaries in Q3 FY 2024-25 underscores its commitment to expanding software and digital engineering capabilities. The move not only strengthens its foothold in hyperscaler segments but also marks its entry into service-led sectors such as retail, fintech and healthcare. The integration of this acquisition has already shown results with the creation of a new Software & Platforms segment designed to address the growing demand for innovative software solutions.
With the continued growth in demand for digital transformation initiatives, combined with a growing focus on sustainability and innovation, LTTS is well poised to capitalise on emerging opportunities. Aligned with its commitment towards client-centric innovation and engineering excellence, the company continues to foster technology-driven transformation across industries worldwide.
Semiconductor Experience Centre
L&T Semiconductor Technologies
Overview
L&T Semiconductor Technologies Limited (LTSCT) was incorporated in November 2023. The company is a wholly owned subsidiary of L&T and was formed to spearhead the Groups foray into the semiconductor domain. LTSCT aspires to be the first Indian fabless semiconductor product company with a focus on designing and delivering smart semiconductor devices for the global market. LTSCT has built a high-impact team of more than 350+ professionals located across the globe, focussing on innovation, cutting-edge R&D, world-class operations and sales and marketing. With presence in the US, Europe, Japan, India & Taiwan, this growing talent pool forms the backbone of LTSCTs mission to lead from the front in the global semiconductor landscape.
LTSCT is committed to drive the next-generation technologies in the areas of decarbonisation, digitalisation and technological self-reliance. The company is focused on providing smart, energy-efficient, high-performance systems to address customers specific needs or gaps identified in the market. LTSCT is focussed on delivering differentiated value through intelligent features and system-level innovation. Based on this customer-led approach, LTSCT is organised across four business units, supported by common R&D, operations and other support functions:
Mobility Business – The unit focusses on applications across vehicle safety, vehicle propulsion and in-cabin experience. Each of these applications is planned to be addressed by identified initial products – body and zonal control, on-board charging, intelligent parking, traction control, compute system-on-chip (SoC), battery management, etc.
Industrial Business – This unit addresses diverse applications such as robotics, control systems, HVAC systems, security applications, power tools, and more. The business intends to develop products that find use-cases across a majority of these applications.
Energy Business – This unit addresses applications across power generation, transmission, distribution and energy storage systems. Target applications range across battery management systems, data centers, inverters and converters for solar and wind generation, as well as for UPS and EV chargers. The roadmap products include IGBT and SiC high-power modules, power management ICs, battery management ICs, FET drivers and GaN-based solutions.
Application Solutions Business – This unit focuses on development of IC modules for automotive and industrial applications requiring cellular connectivity, embedded software and software-defined vehicles.
L&T Semiconductor Lab
Business Environment
The global semiconductor market has exhibited significant growth in recent years and is projected to continue this upward trajectory driven by increasing demand across sectors such as AI, automotive and consumer electronics. Forecasts indicate that the market will grow at a CAGR of ~15% during the 2025-2032 period. The Indian semiconductor market is also expected to double by 2030.
Automotive Sector
The automotive industry is undergoing a rapid transformation. Semiconductors play a pivotal role in enabling energy-efficient, intelligent and software-defined mobility. From EV propulsion to smart, software-driven experiences, semiconductors are enabling safer, cleaner and better-connected mobility. With the evolution towards software-defined vehicles, continuous over-the-air (OTA) updates, AI-enabled functions and cloud connectivity, semiconductors are now central to vehicle design and performance. OEMs are investing in power-efficient architectures to extend vehicle range and improve system-level energy usage. This includes the use of advanced semiconductors in traction inverters, charging solutions, battery management and converters.
Energy Sector
The global energy landscape is undergoing a fundamental shift driven by the growing integration of energy sources. Semiconductors are playing a transformative role in enabling this transition, offering performance, efficiency and intelligence. Smart grid development for efficient energy distribution and integration relies heavily on semiconductors for real-time monitoring, communication and controls across generation, transmission and distribution networks. Advanced microcontrollers, communication and power semiconductors are key enablers of functions like load balancing, outage detection and integration of distributed energy resources. The rise of renewable energy demands requires robust and efficient power conversion systems. Semiconductors are critical in solar inverters, wind turbine converters and maximum power point tracking (MPPT) systems. These applications require high efficiency switching, thermal stability and the ability to operate in harsh environments. Additionally, energy storage systems that support renewables rely on battery management ICs, gate drivers and control processors.
Industrial, Electronics and Appliances Sector
The global semiconductor market for industrial applications is poised for strong growth with consumer electronics and appliances continuing to be major demand drivers. In parallel, the rise of Industry 4.0 is accelerating semiconductor demand in the industrial sector.
Semiconductors are becoming critical as white goods transition from basic utilities to intelligent, connected systems requiring integration of sensors, connectivity modules and microcontrollers to enable energy optimisation, predictive maintenance and IoT-based automation. This trend is accelerating demand for analog, power management and connectivity ICs across mid-to high-end appliance categories.
LTSCT Products
Major Achievements
In a little more than a year since its inception, LTSCT has emerged as a prominent player in the industry focused on developing a diverse portfolio of semiconductor products.
Entered into multiple product development agreements with leading customers in key industry segments. Some of the major product development engagements include: BLDC motor controllers being developed for one of Indias top OEMs in air conditioners and fans, powering next-generation energy-efficient appliances Camera SoC designed for one of Indias largest CCTV manufacturer enabling smarter surveillance and security systems USB-C Power Delivery (PD) solutions to be deployed at scale for a leading automotive customer Cellular IoT module development along with leading global computing company
Completed the acquisition of SiliConch Systems, a Bangalore-based semiconductor IP company with a portfolio of 60 patents (thereby enhancing LTSCTs capabilities in terms of engineering expertise and design proficiency)
Established its own state-of-the-art laboratory in Bengaluru, equipped with advanced equipment for development, testing and validation
With focus on next-generation semiconductor innovation fostering breakthroughs in AI/ML, secure-compute and connected systems, LTSCT has entered several strategic partnerships: Collaboration with IBM for R&D aimed at designing advanced processors (partnership focuses on AI-enabled processors for various applications across mobility, industrial and automotive sectors) Partnership with CDAC focusing on creation of ‘Make-in-India solutions, including ICs, SoC designs and ESDM technologies leveraging indigenous processor Tie-up with IIT Gandhinagar to create secure ICs and SoCs for Indias vital technological infrastructures
Outlook
Geopolitical changes can have a significant impact on the semiconductor industry. To mitigate any adverse impact from these changes, countries are pursuing efforts to secure their own chip supply chain. India stands to benefit from this transition as it emerges as a promising destination for semiconductor design, manufacturing and assembly, supported by government initiatives, a growing talent pool and strong demand from the domestic electronics and automotive segments.
LTSCT is well-positioned to leverage this opportunity by offering end-to-end semiconductor engineering solutions, from chip design to system integration, enabling global players to scale faster while meeting regional compliance and innovation goals.
L&T Edutech, building value for learners, academia and industry
E-commerce / Digital Platforms and Data Centers
This sub-segment mainly includes new-age businesses incubated by the Company, namely L&T EduTech, L&T-SuFin and Data Centers. These ventures are a part of L&Ts plan to leverage digital technologies in some of its core domains in order to future-proof them and tap future growth opportunities.
L&T EduTech
L&T EduTech is an EdTech initiative of the Company, providing high-quality hybrid education and skill building assistance for students pursuing higher education as well as for working professionals. This business partners with colleges, universities, corporations, channel partners and government agencies to facilitate skill development in core engineering and IT domains.
L&T EduTech delivers industry-aligned learning and assessment solutions to bridge the skill gap between academia and industry. It leverages the expertise of the Group to provide scalable education and skilling programmes for students, faculty and professionals. L&T EduTech has developed a robust learning management system (LMS), assessment engine, recruitment automation and skill exchange platform. The business offers a wide bouquet of learning and assessment solutions with its learning programmes, assessments and certifications, virtual and hands-on laboratories, industry capstone projects, instructor-led training and industry immersion.
The two major verticals of L&T EduTech are as follows:
College Connect: The vertical focusses to narrow the gap between academic learning and practical industry experience. It offers courses in core engineering, information technology, arts and sciences with industry-specific application-oriented knowledge. Aligning to the National Education Policy (NEP) 2020, College Connect offers multi-disciplinary programmes which can be integrated into the college curriculum to replace/add on to the credits required for degree programmes. The business also organises career guidance sessions, conducts regular faculty development programmes and offers industry immersion programmes to deliver superior learning experiences to both teachers and students.
Workonnect: The vertical offers upskilling and reskilling opportunities for corporate employees via several product packages, including .Net, Java, Data Analytics, Cybersecurity, and more. Along with industry-relevant courses, this vertical also focusses on assessments. Further, the robust auto-proctored assessment platform helps organisations in their recruitment process for new talent as well as in developing the existing workforce.
L&T Edutech, building value for learners, academia and industry
Business Environment
The EdTech market in India, currently worth USD 7.5 billion, is driven by rising aspirations, digital expansion and a shift to online learning. Within the EdTech market, the online higher education segment is expected to reach USD 5 billion by 2025, driven by increased adoption of digital learning platforms. While funding has fluctuated, the sectors potential remains high, with hybrid learning models and emerging technologies like AI enhancing education.
The increasing demand for online learning solutions and the growing adoption of technology in education to enhance accessibility and engagement are the key market drivers fuelling the growth of the EdTech Market.
Major Achievements
Market expansion through partnership with more than 60 colleges and scaling of learner engagement
Reached more than 1,50,000 worldwide learners on Coursera
LearnKonnect launched, with orders for 1,00,000 learners; implementing AI-driven career guidance tools, offering microsite-based course experiences and refining the subscription-based learning model to align with user preferences
More than 10 EV laboratories set up in partner colleges to provide integrated programmes in e-mobility
Entry into Centre Based Test (CBT) assessments for State Council of Educational Research & Training (SCERT), All India Management Association (AIMA), Federal Bank Limited (FBL)
Industry Accelerator programmes successfully deployed in 7 institutions (257 students)
Successfully launched Centre Based Assessment Solution catering to niche assessment requirements of universities and government segments
LMS Platform - AI-powered chatbots for personalised learning support, gamification elements to boost engagement and adaptive learning pathways tailored to individual users
Assessment Platform - Upgrading security for question paper generation, integrating biometric authentication and expanding mobile-friendly assessment capabilities
Outlook
Indias EdTech market is projected to be valued at USD 29 billion at a CAGR of 27% by 2030. Government initiatives like National Education Policy 2020, Pradhan Mantri Kaushal Vikas Yojana (PMKVY) and Digital India are accelerating the adoption of digital education and skilling programmes. The global workforce is shifting towards skill-based hiring, with more employers prioritising skills over degrees.
Demand for AI, data science and cybersecurity courses has surged by 40% y-o-y, reflecting industry hiring trends. Some of these factors provide a positive outlook for the scalability of L&T EduTech in the medium-term.
L&T-SuFin, Indias first online business platform for industrial and construction products, integrated with finance and logistics options
L&T-SuFin
L&T-SuFin is a B2B digital marketplace platform. This platform, launched in March 2022, enables buyers and sellers dealing in industrial and construction goods to connect in an efficient and transparent manner. The platform allows sellers to expand sales reach and buyers to find the right products at an optimal cost and quality. The platform offers a wide product range in industrial supplies and consumables, building and construction materials, electrical and electronics equipment, machinery tools and mechanical equipment, packaging, printing and office supplies, and more.
The estimated domestic B2B e-commerce GMV (gross merchandise value) was USD 20 billion in 2024 and is expected to reach USD 200 billion by 2030. The objective of the platform is to bring about scale and speed in supply chains, procurement processes, trade financing and logistics.
Major features offered by L&T-SuFin include:
Discovery of industrial products and sellers through an efficient digital process
Competitive pricing through RFQ mechanism and online transaction fulfilment
Financing support from partner banks and NBFCs
Logistics support, including free transit insurance
The platform has catalogued more than 7 lakh Stock Keeping Units (SKUs) in 51 categories. Further, the business has onboarded more than 48,000 sellers on the platform and has crossed a GMV of I 5,000 crore, since inception.
The business has taken several new initiatives to catalyse growth and scale up further such as:
Launched L&T-SuFin Seller Suvidha App, a dedicated platform designed to empower businesses, especially MSMEs, by streamlining the selling process
Developed a centralised call centre and virtual relationship manager team to cater to the needs of both buyers and sellers
Monetisation of platform services, via membership fees and premium plans, provided customers with significant value through features such as dedicated microsites and unlimited cataloguing. Additionally, advertising services, both on-platform (ad banners) and off-platform (social media, email, call centre), were implemented to bolster revenue
Received ISO/IEC 27001:2022 certification for Information Security Management System
In FY 2025-26, the business aims to scale its GMV with a focus on retail and institutional segments. An emphasis on white labeling and financing solutions is expected to be margin accretive. The business plans to enhance operational efficiencies and customer experience through various AI Initiatives.
Hyperscale Data Center, Sriperumbudur, Tamil Nadu
Data Center and Cloud Services Business
Overview
The Data Center business of the Company - branded L&T-Cloudfiniti - offers data center, cloud and AI solutions and managed services.
The business operates state-of-the-art, AI-ready, high-density rack data centers with high availability, robust security and energy-efficient designs. The colocation services offer a scalable and secure environment for hosting critical IT infrastructure, ensuring optimal uptime and compliance with industry standards.
The enterprise-grade public cloud platform of L&T delivers scalable, on-demand computing resources with a strong focus on performance, security and cost optimisation. The business supports various workloads - including AI, ML and analytics - with a flexible pricing model.
Business offerings include design and manage private cloud environments tailored to specific business needs. Solutions offered ensure data sovereignty, compliance and enhanced security while offering seamless integration with existing IT infrastructure. Further, the business also provides GPU-based cloud solutions to power AI, deep learning and high-performance computing workloads. The GPU cloud infrastructure is optimised for AI model training and inferencing, big data analytics, graphics rendering, scientific simulations, and more.
Business Environment
Indias data center and cloud market is experiencing rapid growth, driven by digital transformation, rising data consumption, regulatory requirements that necessitate data localisation and government initiatives like Digital India. The increasing adoption of AI, IoT and 5G is fuelling demand for robust cloud and colocation solutions. With hyperscale cloud providers expanding their footprint and local enterprises seeking scalable cloud infrastructure, the industry presents significant growth opportunities. Sustainability and energy efficiency are becoming key focus areas, making green data center strategies more relevant than ever.
The countrys data center capacity is expected to surpass 1,700 MW by 2025, with major investments from hyperscale cloud providers and domestic players. Key enablers for this growth include government incentives including India AI mission, submarine cable expansions and a growing ecosystem of AI and cloud-driven start-ups.
Competitive Positioning
The business has strengthened its position in the data center and cloud market through strategic investments, partnership with AI start-ups, integrating renewable power sources, leveraging its engineering expertise, expanding its digital and technology services and investing in sustainable business practices. The Company benefits from the Groups deep infrastructure experience, allows the business to deliver large-scale, high-quality data center projects.
High-Density, AI-Optimised Racks at L&T-Cloudfinitis Data Center — Built for Performance, Efficiency and Future-Ready Compute Workloads
L&T-Cloudfiniti is also focussed on addressing the growing demands of cloud infrastructure with its partner ecosystem. The integrated solutions offered by the business encompass various services including security and network being expertly managed through its Network Operations Centre (NOC).
Strategic Business Plan
L&T-Cloudfiniti currently operates 14 MW of live data center capacity across two locations: Sriperumbudur, Chennai (Southern Region) and Panvel, Navi Mumbai (Western Region). Capacity of 18 MW data center is in pipeline and is expected to be operational in FY 2025-26.
L&T-Cloudfiniti has also formed a strategic partnership with E2E Networks Limited, a leading Indian hyperscaler focussed on advanced Cloud GPU infrastructure. This collaboration will enhance the businesses capabilities and offerings in the cloud and GPU market.
With the recent AI partnerships, business is now delivering a robust end-to-end AI ecosystem - from infrastructure to services - designed to accelerate real-world impact for enterprises and governments alike.
Outlook
The data center business in India is experiencing significant growth. Mumbai, Chennai, Hyderabad and Bengaluru are emerging as prime locations for data centers due to their robust infrastructure and proximity to undersea cable landing stations and/or high-capacity terrestrial fiber optic networks.
The Government of Indias push for data localisation through the Digital Personal Data Protection Act has accelerated the establishment of data centers. Global players including AWS, Microsoft and Google are investing to comply with local regulations.
There is a strong focus on green data centers, with operators investing in renewable energy sources, primarily solar and wind. The growing demand for AI workloads is leading to denser and power-consuming data centers. The average rack density is anticipated to increase significantly. Overall, the data center industry in India is poised for robust growth, driven by technology advancements, policy support and increasing digitalisation across various sectors.
These factors, coupled with L&Ts strong presence in infrastructure, IT and technology design services, paves way for the business to position itself as a reliable data center service provider with sustainable practices embedded across the entire life-cycle, from build to steady-state operations.
FINANCIAL SERVICES SEGMENT
Overview
L&T Finance Limited (‘LTF) is engaged in the business of providing retail financial services. It is a ‘AAA (Domestic) rated Upper Layer Non-Banking Financial Corporation (NBFC) and is among the top tech-focused diversified retail NBFCs in India.
Founded in 1994, LTF completed three decades of successful operations in FY 2024-25, embodying L&Ts legacy of trust and excellence. LTF has over the years, serviced close to 2.6 crore customers pan-India, in the rural and urban space. The company achieved retailisation of 97% with a retail loan book of over I 95,000 crore diversified across rural and urban products. The companys key businesses are divided into: Rural Business Finance, Farmer Finance, Urban Finance and SME Finance.
Rural Business Finance
Rural Group Loans and Micro Finance business (part of the product profile of Rural Business Finance) has empowered ~1.7 crore women entrepreneurs by providing formal credit access through its deep network of over 2,000 meeting centres (branches) in rural areas and over 14,000 on-field workforce. The lending book stood at I 26,320 crore, a growth of 6% y-o-y.
During the year, there have been several challenging macro and business developments, viz. a prolonged heat wave, severe floods in multiple states, a temporary slowdown of cash flow for rural employment schemes due to general Farm Equipment Finance elections, Microfinance Institutions Networks (MFIN) 1.0 & 2.0 interventions and the Karnataka Microfinance Ordinance, that led to severe disruptions in growth and collections. Even in this environment, LTFs rural group loans and MFI remained resilient, backed by strong credit guardrails and stringent portfolio monitoring norms, translating to superior collection efficiencies vis-?-vis the industry.
Building on its deep rural expertise, LTF has pivoted towards establishing secured loan propositions. It has established a foothold with the Micro Loan Against Property (LAP) product and ventured into gold loans through proposed purchase of a gold loan portfolio from Paul Merchants Finance Pvt. Ltd. (PMFPL). The proposed gold loan product is expected to be a significant cross-sell proposition to the ~1.7 crore Rural Group Loans and Micro Finance customer database. The Micro LAP product is expected to cater to the financing needs of a niche segment of the rural population, largely against self-occupied property.
Going forward, LTF is expected to leverage its strength in the technology and data analytics space as the sector is expected to start picking up momentum towards the second half of FY 2025-26.
Farmer Finance
LTF is one of the leading tractor financiers in the country, financing about 96,000 new tractor units in FY 2024-25. Backed by strong OEM tie-ups, deep dealer partnerships of over 2,400 and the tailwinds of a good monsoon, the Farmer Finance business book crossed the Rs. 15,000 crore
Two-wheeler Loans milestone and grew 10% during the year, ending at Rs. 15,219 crore. The business continued its focus on enhancing customer experience with 100% of onboarding systems being paperless. Digital adoption in collections grew to 61% vs 48% a year ago. With a focus on sharpening credit underwriting, a phase-wise rollout of ‘Project Cyclops was launched in FY 2024-25.
This business will continue to focus on strengthening its positioning and gaining market share while expanding its current offerings through innovative product solutions thereby enhancing customer experience.
Urban Finance
Two-wheeler Finance
The Two-wheeler Finance business in FY 2024-25 moved towards building a prime customer portfolio in the backdrop of a dynamic credit environment despite sectoral headwinds. The companys endeavour to onboard better-quality customers is backed by a deep understanding of the sales channels and OEM partnerships. LTFs sustained technology focus through 100% digital underwriting is being transformed through the introduction of a three-dimensional underwriting engine – Project Cyclops. The project is expected to sharpen credit metrics and create a differentiated approach in next-generation underwriting. Given this backdrop, the company saw a growth of 10% in this business with the book reaching Rs. 12,321 crore in FY 2024-25.
Retail Housing
The Indian mortgage market, comprising home loans and LAP, has been a mixed bag in FY 2024-25. Limited price rises, combined with flexible payment plans and broker incentives, have resulted in a healthy absorption rate. However, rising land prices and regulatory compliances have affected new project launches.
Drawing on the strengths of channel partnerships and an innovative digital customer value proposition, LTF disbursed over Rs. 9,500 crore in FY 2024-25 with the total book crossing the Rs. 20,000 crore milestone. The total book closed at Rs. 24,929 crore, a growth of 27% y-o-y. The home loan and LAP mix was 80 : 20. Further, the company deepened its distribution network to 385 touch-points in FY 2024-25.
With a continuous focus on delivering market leading financing solutions, a reimagined home loan offering proposition – "The Complete Home Loan" – was launched. The company also entered a strategic partnership with PhonePe, with the objective of augmenting its digital sourcing channels.
Personal Loans
The industry experienced a challenging credit cycle due to overleverage in the non-prime segment. Growth was muted for most of FY 2024-25. LTF responded through growth focused on the salaried segment and cross-sell opportunities to its existing two-wheeler customer base. This led to a loan book growth of 34% in FY 2024-25.
Micro Loans
L TF also entered into strategic big-tech partnerships
Amazon Pay, CRED and PhonePe. These partnerships are expected to pick up pace in FY 2025-26, leading to the creation of a significant customer base.
SME Finance
The SME Finance business book achieved a 67% y-o-y growth and closed at I 6,524 crore. The business saw disbursals of over I 5,000 crore in FY 2024-25. The business continues to focus on deepening market penetration through geographical expansion, providing customers with a seamless journeys and expanding sales channels through direct sales teams and call centres that enhance outreach and operational efficiency.
Business Environment
FY 2024-25 was a year characterised by continuing global economic uncertainties amidst accentuated geopolitical conflicts and disruptive tariff announcements from US. On the domestic front, rural India was affected by heat waves and an extended election season that led to a delayed release of grants. Further, the postponement of government spending resulted in a short to medium-term liquidity squeeze. This was balanced by a normal monsoon, record harvests followed by robust rural spending. On the other hand, urban India saw a downturn in the credit cycle. Overall, domestic macro fundamentals continued to remain resilient, as reflected in stable inflation, disciplined fiscal management and strong external balances.
On the back of mixed high frequency growth indicators and supported by moderation in retail inflation, RBI reduced policy repo rate by 50 basis points to 6%, after a gap of almost five years. This was also followed by supportive credit measures by way of a risk-weight reduction on bank lending to NBFCs.
Major Achievements
Strategic tie-ups with large technology partners
In continuing with LTFs commitment to innovation, providing seamless digital experience and fostering partnerships within the lending landscape, LTF entered into partnerships with Amazon Pay, CRED and PhonePe to develop cutting-edge credit solutions. These will aid in better market penetration, new customer acquisition and allow businesses to scale up faster.
Launch of next-generation credit underwriting engine – Project Cyclops
The company launched an omni-channel, omni-customer credit underwriting engine, which is the first-of-its-kind engine in the industry, facilitating thorough underwriting on a three-dimensional axis. The AI-ML-powered underwriting engine facilitates an in-depth assessment of the customers potential integrating bureau, account aggregator and trust signals at scale.
Home Loans
Reimagined home loans offering through ‘The Complete Home Loan product
L&T Finance launched an industry-first ‘The Complete Home Loan proposition providing tailored solutions including home d?cor finance with seamless digital offering and best-in-class customer solution.
R.AI.SE 2024 – Indias first AI in BFSI conference
LTF held the premier R.AI.SE 2024 conference in November 2024 under the theme of ‘Re-imagining Financial Services with AI. R.AI.SE 2024 focused on showcasing real-world applications and use cases of AI in the BFSI space highlighting AIs potential to enhance financial inclusion, customer experience and business growth. The congregation saw widespread participation of 1,400 in-person and over 3,000 joining virtually, with marquee guest speakers / thought leaders from the realm of AI and BFSI participating from across the world.
Significant Initiatives
Gold Loan
The companys entry into the gold loans segment is through the proposed purchase of the gold loans business undertaking of Paul Merchants Finance Pvt. Ltd. (PMFPL). This transaction is on a slump sale basis and is expected to close by Q2 FY 2025-26. The PMFPLs gold business is a natural cross-sell product for LTFs Rural Group Loans and Micro Finance business.
Launch of KAI
The company launched Knowledgeable AI (KAI), an AI-powered virtual home loan advisor, which is a dynamic and interactive solution, providing a responsive as well as a personalised customer experience.
Risk Management
Effective risk management involves a systematic approach to identifying, evaluating and addressing potential as well as existing threats. This process encompasses both qualitative and quantitative analysis, focusing on the establishment and refinement of controls to minimise or prevent adverse outcomes. A comprehensive risk management strategy is central to LTFs operations. The Board-established Risk Management Committee provides oversight for this framework. This framework encompasses the companys defined risk tolerance, established risk limits, real-time risk monitoring tools and early warning systems. Recognising the evolving business environment and the emergence of novel challenges, including digital security, data privacy, reputational concerns and climate-related vulnerabilities, the company is actively developing updated risk management protocols to proactively address these emerging issues.
Micro Loan Against Property
Credit Risk
LTFs business faces considerable credit risk on account of the diverse and complex nature of the retail business, thereby necessitating a robust management system. Credit risk is generally made up of transaction risk or default risk and portfolio risk. Credit risk management is essential to minimise default risk and concentration risk. LTF follows a pragmatic framework for evaluating financing opportunities aligned to the risk-return strategy of the organisation within the applicable regulatory environment.
A structured approach to credit risk management is established in line with the goals / strategy of the organisation, internal and external environment. In an effort to address credit risk structurally, LTF, with the help of cutting-edge technology, is transforming its underwriting architecture through a three-dimensional engine that combines bureau, account aggregator and alternate data. Further, Project Cyclops, the AI-driven digital credit engine, is working towards strengthening credit risk assessment by delivering real-time, data-driven insights. The company also employs sophisticated dashboards that provide real-time trend identification and breach alerts, enabling proactive risk management and immediate response to potential threats. LTF is in the process of developing an advanced portfolio management solution to proactively manage customer cohorts, identify stress signals and take corrective measures to mitigate risks. By analysing behavioural patterns, alternative data sources and macroeconomic factors, the company can make informed decisions on effective customer delinquency management. These measures have contributed to improved asset quality despite challenging market conditions.
Market/Liquidity Risk
A conservative approach is employed to protect LTF from market and liquidity risks. LTF maintains a positive cumulative liquidity gap across all time buckets up to one year. A regularly monitored Contingency Funding Plan (CFP) is in place to address significant disruptions that could impede funding capabilities. A governance structure within the CFP facilitates a crisis management response when needed. The company maintains a positive interest rate sensitivity gap over a one-year horizon, mitigating balance sheet interest rate risk. The Asset Liability Committee (ALCO) of LTF maintains an oversight of all aforesaid matters by way of monthly meetings, and the minutes of the ALCO meetings are presented to the Risk Management Committee (RMC) on a quarterly basis. The above-mentioned processes and governance structure enable LTF to modulate its response to evolving market conditions in a timely and effective manner.
Model Risk
Model risk refers to the potential for errors or inaccuracies in the models used for decision-making that can lead to incorrect assessments of risk or value and increase the risk of losses for the company. Model Risk Management in LTF Business Loans is carried out by the Model Risk Management team whose responsibilities include managing a Model Governance Framework containing sets of policies, procedures and controls that are designed to manage the risks associated with the use of models in decision-making processes. To govern the model risk, Board-approved Model Risk Management policy and Model Risk Management Committee have been put in place in FY 2023-24. The objective is to review various model aspects at different stages of the model (development, active use, change and retirement), and to set a high-standard for the model by putting in place a robust risk-dependent review and monitoring framework.
IT Security Risk
The information security team at LTF is responsible for securing business applications from cyber threats by incorporating security features in design of applications, carrying out monthly security assessments on Google Cloud Platform (GCP), cloud and data center, having best-in-class virus and threat protection practices, enabling ethical hacking through external experts, and ensuring round-the-clock security event monitoring of all IT assets. LTF has set up an Information Security Management System (ISMS) for effective management and operation, which is ISO 27001 compliant and certified. To prevent emerging threats, LTF has implemented controls to ensure business continuity and data protection. LTFs digital platform has a 3-tier security architecture with in-built disaster recovery, along with multiple-layer security. This security system protects its IT network, websites and applications, databases and end-user laptops/desktops for data leakage, denial-of-service attacks, ransomware and malware. The company also engages external parties to conduct vulnerability assessments and penetration-testing as well as ensuring robust protection against cyberattacks.
Outlook
Moving into FY 2025-26, it is expected that the Indian economy will continue to be resilient on the back of strong domestic consumption despite continuing global economic volatility. The FY 2025-26 Union Budget has laid the foundation for the increase in disposable income and higher consumer spending through reduction of personal income tax rates. However, the continuation of government spending on development and the emergence of private expenditure towards capacity augmentation is a metric to look out for in FY 2025-26.
RBI is expected to continue its balanced regulatory approach fostering growth while ensuring compliance, maintaining a clear focus on systemic stability. While there was a downtick in the credit cycle in both rural and urban India in FY 2024-25, this is likely to moderate and stabilise over H1 FY 2025-26, while charting a path to growth from H2 FY 2025-26 onwards supported by a lower system-wide leverage.
Personal Loans
Financial performance of the segment
The segments revenue improved by 15.9% y-o-y at I 15,194 crore for FY 2024-25 due to scaling up of retail disbursements. The core strategy for the Financial Services business in the Lakshya 2026 plan revolves around retailisation, dealer penetration through differential offerings, improved customer retention through top ups, geographical expansion and creating strong risk guardrails. Several initiatives have been undertaken over the past couple of years to exit the wholesale exposure, resulting in 97% of its loan book being retail credit as of March 31, 2025.
Disbursements of loans and advances at I 60,305 crore for the year registered a growth of 7% on a y-o-y basis, reflecting higher credit demand in the various retail segments due to resilient domestic economic momentum. Business is following a risk calibrated disbursement strategy in the micro finance sector given the temporary headwinds. The loan book stood at I 97,762 crore as of March 31, 2025, registered a growth of 14% over the previous year, consequent to higher retail disbursements. The net interest margin (NIM), including fee income, marginally declined to 10.6% due to a change in the loan mix.
The Gross Non-Performing Asset (GNPA) ratio is at 3.29% as on March 31, 2025, compared to 3.15% as on March 31, 2024. Similarly, the net NPA ratio is at 0.97% as on March 31, 2025, against 0.79% as on March 31, 2024. The business is well capitalised with Capital Adequacy (including Tier II capital) of 22.27% as on March 31, 2025.
DEVELOPMENT PROJECTS SEGMENT
The Development Projects segment comprises of: a) Hyderabad Metro Rail project, through a wholly owned subsidiary, L&T Metro Rail (Hyderabad) Limited b) Thermal power plant, through Nabha Power Limited, a subsidiary of L&T Power Development Limited The Company, on April 10, 2024, concluded the sale of its entire stake in L&T Infrastructure Development Projects Limited (L&T IDPL), a joint venture, primarily engaged in the development and operation of toll roads and power transmission assets. The stake was sold to Infrastructure Yield Plus II, an infrastructure fund managed by Edelweiss Alternative Asset Advisors Limited.
Financial performance of the segment
Hyderabad Metro Rail system typically sees an average daily ridership of round 4.75 to 5 lakh passengers
The segment recorded revenue of Rs. 5,372 crore for the year ended March 31, 2025, lower by 4.5% over the previous year. The decline in revenue is due to monetisation of a high value commercial property of Hyderabad Metro SPV in the previous year.
The segment reported an operating profit of Rs. 1,070 crore 1,333 crore reported in for FY 2024-25, lower than the FY 2023-24. As mentioned earlier, the decrease is mainly due to the monetisation of a high value commercial property in Hyderabad Metro SPV in the previous year.
The funds employed by the segment as on March 31, 2025, is lower at Rs. 18,063 crore, mainly due to the annual amortisation of intangible assets and sale of commercial property.
L&T Metro Rail (Hyderabad) Limited
Overview
L&T Metro Rail (Hyderabad) Limited (L&TMRHL) is a special purpose vehicle (SPV) created to undertake the business of constructing, operating and maintaining a metro rail system, including transit oriented development (TOD) in Hyderabad on a Design-Build-Finance-Operate-Transfer (DBFOT) basis under a concession agreement signed between the SPV and
Hyderabad Metro extends ~70 km across three lines, easing commuting woes, Telangana the Government of Telangana. The remaining period in the concession is approximately 47 years, with further extensions available as per the conditions set out in the concession agreement signed with the Government of Telangana. The Hyderabad metro rail system consists of three elevated corridors from Miyapur to L. B. Nagar, Jubilee Bus Station to Mahatma Gandhi Bus Station and Nagole to Raidurg, covering a total network of 69.2 km. The metro rail system was commissioned in phases, with the final stretch being commissioned in February 2020.
The concession agreement includes real estate development rights of 18.5 million sq.ft. in the form of TOD, of which 4.74 million sq.ft. has been monetised till March 2025. Further, L&TMRHL has developed and operationalised four retail malls aggregating to 1.20 million sq.ft. of leaseable area. On an ongoing basis, the company continues to pursue opportunities to monetise TOD rights from third party investors.
Business Environment
Hyderabad Metro is the safest, cleanest, fastest and most reliable urban public transport in the city of Hyderabad. Additional benefits like reserved seats for senior citizens and ladies, WhatsApp-complaint services and various promotional schemes have also been introduced to incentivise commuters to shift their transport preferences.
The average daily ridership in FY 2024-25 was 4,44,000 as against 4,42,000 in FY 2023-24. The highest recorded single-day ridership was of 5,63,000 on August 14, 2024.
With a view to enhancing the vibrancy of L&TMRHLs 4 malls, the company has undertaken an upgrade of its visitor conveniences, improvement of ambience and aesthetics viz., wall panelling, public seating, horticulture, entry and exit areas, and more.
Major Achievements
The Fifth Report on Key Performance Indicators (KPI) published by I-Metro - an accredited body created by Ministry of Housing and Urban Affairs - saw L&TMRHL as a top performing metro service on several parameters.
Non-fare revenue generation through innovative measures are being actively pursued.
Advertisement space on project assets offer a revenue potential by way of launching various innovative services, including digital advertisements. Telecom sector services, like optic fiber and tower space leasing, also contribute to non-fare revenue majorly.
Rental income opportunities are also a focus area for L&TMRHL. The business has created 3.74 lakh sq.ft. of retail / commercial space across all 57 stations. Station retail occupancy levels reached 87% with close to 3.24 lakh sq.ft. under trading. The company has also undertaken various initiatives to improve the occupancy in station retail.
Hyderabad Metro Rail Stabling Yard at Uppal Depot, Telangana
With a view to increasing the use of green energy, the business has replaced 12% of its grid power requirements for metro rail operations with captive solar power of 10.0 MWp, since commissioning. Solar panels have been installed over the rooftop of metro stations and in depot areas. Another 2 MWp of solar capacity addition is under progress. Further, the business has also created 155 rainwater harvesting pits at various stations and depots, in which approximately 64 million litres of water get harvested annually.
Significant Initiatives
All 57 stations of Hyderabad Metro Rail are now Indian Green Building Council (IGBC) Platinum-certified making it the first metro in India to have all their stations certified as Platinum-rated.
L&TMRHL is working towards upgrading its ticketing system through the introduction of the open-loop ticketing system (OTS) in FY 2025-26. This will aid digital payments by commuters.
Robust and affordable last-mile connectivity for commuters enhances ridership on the metro system. In this regard, L&TMRHL has added exclusive shuttle services from metro stations to corporate offices and has partnered with the Telangana State Road Transport Corporation (TSRTC) for feeder services.
Periodic overhauling (POH) of trains has been initiated in FY 2024-25. POH of 14 train sets out of 57 have been completed.
The business is exploring additional non-fare revenue opportunities through various measures such as consultancy services to other metros, leasing out of optical fiber networks, letting out spaces for erecting mobile towers, setting up of electric vehicle (EV) charging stations (55 charging points already available), royalty earnings from QR ticketing and OTS partners, and more.
L&TMRHL strongly believes in safety and has put mechanisms in place to achieve this objective. The Automatic Train Protection (ATP) system continuously monitors trains for safe operations. The station equipment, the Computer-Based Interlocking (CBI) and wayside ATP are arranged to ensure safe and uninterrupted train operations. Further, Passenger Emergency Stop Plungers are provided on each platform and in station control rooms to stop a train immediately in case of an emergency.
Outlook
Sustained focus on bringing employees ‘back-to-office by various companies, as well as an increase in the overall workforce, should support increased ridership in FY 2025-26. Implementation of OTS is expected to ease metro travel and thereby enhance passenger experience.
Collaboration with various feeder services for first and last mile connectivity is expected to further strengthen the ridership and fare revenue. To enhance commuter convenience, improving the number of parking areas across the network continues to be a priority along with addition of feeder bays, elevators and escalators.
2x700 MW Supercritical Thermal Power Plant, Rajpura, Punjab
In line with the updated positioning, attracting top-end retail players to the 4 malls, remains a pivot area for FY 2025-26. Leasing activity in the retail industry is constantly evolving. Further, revenue share agreements for an initial period - for retailers to derive confidence - followed by minimum guaranteed rental plus revenue share on stabilisation, are now a common practice.
Retail stores may have a significant component of online sales and billing, especially in areas like food and beverage. This requires the creation of an infrastructure to support the logistics needs for the outlets channel partners. The business recognises the need to be flexible, while tracking new trends and supporting retailers in a manner that is value accretive. The sale of advertisement contracts into sizeable packages and the selection of partners who have the strengths to grow the business and enlarge occupancy, have also resulted in an increase in revenues.
Hyderabad Metro Rail is seen as an environment-friendly, safe, fast and reliable mode of transport. With the proposed Phase-2 expansion of the metro by the Government of Telangana, the reach of metro rail system is expected to improve. This would lead to an increase in the average ridership in the medium to long term.
Nabha Power Limited
Overview
Nabha Power Limited (NPL) owns and operates a 2x700 MW supercritical thermal power plant at Rajpura, Punjab. The sale of power generated is entirely tied up with the states distribution company - Punjab State Power Corporation Limited (PSPCL), under a 25-year power purchase agreement (PPA), which is effective up to 2039.
The plant sources its fuel from the subsidiaries of Coal India Limited, under a 20-year fuel supply agreement (FSA), with a total annual contracted quantity of 52.4 lakh million tonnes (MT). The company has secured approvals to arrange coal from alternate sources to make up for any shortfall in supply of coal. The Bhakra-Nangal distributary is a perennial source of water for the plant, under an allocation from the state government. The plant is operated by an in-house team of experienced operations and maintenance (O&M) professionals.
The plant has been running successfully for over 11 years with an availability of over 85%. The plant has been the most reliable source of power for the state of Punjab and has consistently supported the states requirements with uninterrupted power supply during peak seasons. NPL is also the lowest cost thermal power producer in Punjab.
2x700 MW Supercritical Thermal Power Plant, Rajpura, Punjab
Business Environment
Indias average electricity demand has risen by 5% in FY 2024-25. This growth is primarily attributable to increased economic activity, increase in rural electrification and rise in residential power consumption.
Meanwhile, Punjabs power sector has witnessed a sharp rise in electricity demand, outpacing the national average. Electricity demand in Punjab increased by ~11% from 8,041 MW in FY 2023-24 to 8,951 MW in FY 2024-25, driven by early onset of summer and an increased agricultural load. Despite multiple challenges, NPL was able to source coal from entirely domestic sources ensuring adequate and uninterrupted power supply at an affordable cost to the state of Punjab throughout the year.
Major Achievements
Annual plant availability factor (PAF): ~95% (highest ever for NPL) and ~98% during the critical paddy sowing season
Annual plant load factor (PLF): 82% vs all India thermal average of 69%
Successfully achieved the 3% biomass co-firing compliance target
Robust fuel management with zero reliance on alternate/ imported coal
Outlook
Grid India has projected peak demand to touch around 273 GW in the upcoming summer season. Coal stocks at thermal plants are at an all-time high of 54 MT, ensuring reliable fuel supply to support thermal power generation in meeting the anticipated peak demand.
In FY 2025-26, the peak power demand in Punjab is expected to rise to ~17 GW. As a result, NPL is expected to operate at high PLF while seeking to maintain its position at the top of the merit order among thermal power producers within the state.
NPL expects to commission Flue Gas De-sulphurisation (FGD) systems for both units during FY 2025-26, thereby complying with the new environmental norms, ahead of the mandated deadline. To ensure compliance with Ministry of Environment, Forest and Climate Change biomass co-firing norms, NPL has successfully achieved the 3% co-firing target for FY 2024-25. The biomass co-firing target has been increased to 5% for FY 2025-26.
The areas of focus for NPL during FY 2025-26 are compliance with HSE (health, safety and environment) norms, maximising plant availability, improving plant efficiency - especially during part-load conditions, commissioning of FGD, ensuring fuel adequacy and pursuing multiple digitalisation initiatives to improve operational efficiency.
OTHERS SEGMENT
The ‘Others segment comprises of:
a. Realty Business
b. Industrial Machinery, Products and Others comprising of Construction & Mining Equipment, Rubber Processing Machinery and Industrial Valves
c. Smart World & Communication (residual portion)
Financial performance of the segment
Elara Celestia, Bellary Road, Bengaluru, Karnataka
Revenue for the segment registered a decline of 8.0% to Rs. 7,816 crore in FY 2024-25 due to lower handover of residential units to customer of Realty business.
The operating margin for FY 2024-25 improved to 29.2% from 21.2% for the previous year, on the back of improved margin in the Realty business.
Consequent to the launch of new projects in Realty business, the funds employed by the segment as on March 31, 2025, at Rs. 8,663 crore, have increased by 8.6% over the previous year.
Realty Business
Overview
L&T Realty is positioned amongst the top real estate developers in India, with a development potential of 70 million sq.ft. across residential, commercial and retail segments in Mumbai, Navi Mumbai, Bengaluru, Delhi-NCR and Chennai. The business model includes development of own land, partnership with land/development right owners, and the sale and leasing of commercial spaces.
The Gateway, Sewri, Mumbai, Maharashtra
Residential Segment:
Ongoing Projects
Elara Celestia, Bengaluru
Elara Celestia is a premium development situated adjacent to Raintree Boulevard, Hebbal. Spread over a land parcel of 13 acres, its exquisite architectural design with nearly 70% open space makes it a much sought-after residential complex. The main attractions of the project are the views to the open greens of Gandhi Krishi Vigyana Kendra, a roof-top club house and an infinity pool. Once completed, the project will house around six hundred plus families.
Avinya Enclave, Chennai
The project is part of a 40 acre mixed-use development parcel and is located across the L&T campus at Manapakkam. With exceptional amenities, the best retail outlets, commercial hubs and social infrastructure in proximity, the residences are crafted to grant a timeless living experience in every sense.
Island Cove, Mumbai
Island Cove, Mahims first gated community, has been conceptualised to offer comfort and easy access to Mumbais major landmarks. Incorporating the finest lifestyle amenities, this property is poised to emerge as a desirable destination for home buyers aspiring for an improved quality of life.
The Gateway, Mumbai
‘The Gateway at Sewri, Mumbai is an architectural masterpiece that soars more than two hundred metres. Positioned for those seeking an exclusive and luxurious experience, this property is located close to Indias longest sea bridge - Atal Setu in Sewri and promises residents unparalleled connectivity and convenience.
Elixir Reserve, Mumbai
Surrounded by a forest, a lake and a hillock, Elixir Reserve is a premium residential development in Powai that is enveloped in a picturesque setting. This project is replete with state-of-the-art amenities, including an international standard school within its premises as well as commercial offices and retail space within proximity.
Rejuve 360, Mumbai
The residential complex is focused on the theme of rejuvenation of mind, body and soul. Located in Mulund West, the project has sustained its position among premium developments in the micro-market.
77 Crossroads, Mumbai
77 Crossroads is a gated community situated on the Eastern Express Highway in Ghatkopar – a location that provides easy access to every corner of the city. The project has functional residences with unmatched comforts and conveniences with more than 20 thoughtfully designed amenities.
L&T Innovation Campus, Powai, Mumbai, Maharashtra
Veridian @ Emerald Isle, Mumbai
Offering spacious and elegant homes and a host of amenities amidst 3 acres of central greens, this residential complex is the perfect destination for those who wish to live life to the fullest. Hailed as Powais finest gated community, the development is home to more than 2,000 families.
West Square & West Manor, Navi Mumbai
West Square & West Manor are aspirational addresses in Navi Mumbai. The projects offer exceptional amenities and a promise of privacy. These developments are only a few footsteps away from Seawoods Station, Seawoods Grand Central Offices, Seawoods Grand Central Mall and offer ultra-premium amenities.
Evara Heights, Thane
An epitome of modern architecture and high-rise living, Evara Heights offers thoughtfully designed residences with modern features and premium amenities. The project launched during the year is in the heart of Thane, next to Viviana mall.
Commercial Segment:
Seawoods Grand Central, Navi Mumbai
The Seawoods Grand Central offers 1.7 million sq.ft. of Grade A commercial office development along with 1.2 million sq.ft. of a state-of-the-art mall. It is one of the most successful transit-oriented developments in the country.
Innovation Campus Powai, Mumbai
Innovation Campus is in the heart of Powai and offers approximately 2 million sq.ft. of Grade A office space across LEED Platinum-rated towers, designed with a strong focus on sustainability, wellness and operational efficiency. With cutting-edge infrastructure, efficient floor plates and modern amenities, Innovation Campus is poised to become a preferred destination for IT/ITeS, fintech and innovation-driven enterprises.
Technology Park, Bengaluru
Located in the rapidly growing micro-market of Hebbal, the project has a scope of development of around 1.8 million sq.ft. of IT/ITeS office space. Tech Park-1 (Phase 1) office space, having an area of 1.2 million sq.ft., has been completed and fully leased. Construction for Phase 2 with around 6.5 lakh sq.ft. is slated to begin by the end of this year.
L&T Innovation Campus, Chennai
The 6.5 million sq.ft. L&T Innovation Campus is a mixed-use development project spread across 40 acres and is located at Manapakkam, Chennai (IT Hub). Phase 1 development comprised of two towers, ‘Ananda I and ‘Ananda II, with a built-up area of 1.2 million sq.ft. and was completed in March 2024. These towers have now been fully leased out. The campus has the perfect last mile connectivity with the upcoming metro station right within proximity. The development offers the convenience of ‘Walk to Work with premium residences within the campus.
Evara Heights, Thane, Maharashtra
Other Commercial Developments:
Developed the only LEED gold-rated building in Faridabad, Haryana serving several marquee clients.
New Growth Opportunities
L&T Realty has expanded its footprint with new project acquisitions totalling more than 20 million sq.ft. for premium residential projects in Mumbai and Bengaluru and 1.6 million sq.ft. commercial office space at Bengaluru and Pune in FY 2024-25. With a robust pipeline and strategic partnerships, the company is well-positioned to accelerate portfolio and location expansion to capitalise on high-demand markets.
Business Environment
The Indian real estate markets continue to be resilient with residential sales in the top six cities – which command ~80% market share – showing a solid 14% y-o-y growth in 2024, despite high interest rates and increasing property prices. Premium segment demand, across the top six cities, surged 27% while prices rose 12%.
The Indian office sector witnessed its highest ever leasing activity in 2024, with gross absorption touching ~79 million sq.ft., registering a 16% y-o-y growth. Indias position as the leading hub for Global Capability Centres (GCC) has continued to spur demand, while institutional capital from family offices and ultra-high-net-worth individuals (UHNIs) continues to accelerate acquisitions in the commercial real estate segment.
Indias importance as a global hub for engineering, R&D, IT and professional services has been growing rapidly. This has led to the formation of GCCs by multinational enterprises. GCCs leased 29 million sq.ft. of space, which is ~37% of total leasing activity. The cities of Bangalore, Hyderabad and Pune led the charge, collectively contributing 74% of the GCC leasing footprint in 2024. Demand for GCC space is expected to continue in the medium-term.
Major Achievements
Launched new residential projects: Elara Celestia at Bengaluru Evara Height at Thane, Mumbai Seawoods Residences new phase at Navi Mumbai
Handed over more than 1,000 residential units during the year at the Raintree Boulevard, Bengaluru and Emerald Isle, Powai East, Mumbai
Delivered 1 million sq.ft. commercial office space at Chennai campus and commenced another 1 million sq.ft. of new development in Chennai
The company has received multiple prestigious awards for its excellence across residential and commercial segments of the real estate market. Notable accolades include Workforce Innovation Summit & Award, Realty+ Conclave & Excellence Awards, Great Indian Real Estate Leaders Summit & Awards, Golden Brick Awards, Dubai, ET Now & The Times Group, CNBC-AWAAZ Real Estate Awards, Times Real Estate Conclave & Awards Komatsu PC2000 Super Long Reach - Hydraulic Excavator
Outlook
The growth trajectory of the residential real estate segment in FY 2025-26 is likely to continue on the back of stable mortgage rates and a lower level of residential inventories. The luxury and ultra-luxury segments continue to be strong contributors, fuelled by urban expansion and shifting buyer preferences.
Indias commercial real estate market is on an expansionary trajectory, attracting record capital inflows, with the real estate sector leading qualified institutional placement (QIP) fund-raising. Institutional-grade assets in data centers, industrial parks and flex spaces are witnessing exponential demand growth, reinforcing the sectors strong risk-adjusted returns. With improving absorption ratio across key metros, Indias real estate sector remains a high-conviction investment avenue in FY 2025-26.
Looking ahead, the Indian office market is poised to maintain its growth momentum in the near term, underpinned by:
Strong interest in established metros: Bangalore, Mumbai and Delhi-NCR continue to be anchor markets, offering deep talent pools, infrastructure maturity and global connectivity.
Rise of strategic alternatives: Cities like Chennai, Hyderabad and Pune are gaining traction due to favourable policy environments, cost advantages and occupier preference for portfolio diversification beyond gateway markets.
Komatsu PC205 Hydraulic Excavator - Earth Master
Premiumisation of office spaces: The evolving dynamics of hybrid work models, employee-centric design and wellness-oriented environments are pushing both developers and occupiers towards: green and energy-efficient buildings (USGBC/IGBC/LEED/ Net Zero-ready) enhanced experience through hospitality-grade amenities, including concierge services, breakout lounges, wellness zones and tech-integrated facility management L&T Realty is uniquely poised to capitalise on these sectoral tailwinds and emerge as a leading player delivering value and sustained outperformance.
Construction Equipment and Others
Overview
The Construction Equipment and Others (CE&O) business comprises of Construction and Mining Machinery (CMM) division which is engaged in the manufacturing and marketing of construction and mining equipment, and Rubber Processing Machinery (RPM) division which manufactures equipment for the tyre industry. The CMM division comprises of Construction and Mining Equipment business unit (CMB) within L&T and L&T Construction Equipment Limited (LTCEL), a wholly owned subsidiary of L&T.
L&T 2490 HD Pneumatic Tyred Roller
The CMB division is engaged in the business of distribution and after-sales support of hydraulic excavators and dump trucks manufactured by Komatsu India Private Limited (KIPL), and other mining and construction equipment manufactured by Komatsu worldwide. It also handles the distribution and after-sales support for other mining equipment, viz. surface miners, crushing solutions and apron feeders manufactured by L&Ts Minerals & Metals business in Odisha.
LTCEL provides solutions to the construction industry through mechanisation and automation, leveraging its expertise in hydraulics, mechanical, electrical and electronics engineering. Its facility at Doddaballapura near Bengaluru, in Karnataka, manufactures hydraulic power packs, cylinders, pumps, motors, and other components. During the year, LTCEL divested its assets related to the manufacturing of road machinery and material handling equipment to Infra Bazaar Tech Private Limited (IBTPL). The CMM division continues to manage the business of distribution and after-sales support for the range of equipment, now manufactured by IBTPL.
The RPM business, located in Kancheepuram near Chennai, manufactures rubber processing machines and tyre automation systems for the global tyre industry. It has supplied equipment to tyre majors in over 46 countries. With over five decades of expertise, the division also supports customers with ‘build to print products and customised machinery.
The Product Development Centre (PDC), a part of CMB business based in Coimbatore, with its highly skilled design team, supports engineering and product development for both CMM and RPM divisions. PDC plays a key role in designing customised equipment for various industries.
Business Environment
Construction and Mining Machinery Business
Investments in the construction and mining sectors continued to drive demand for the CMM business. However, an extended monsoon and constrained government capex spending during H1 FY 2024-25 resulted in subdued growth in road and highway construction. Consequently, the demand for construction equipment, such as road machinery, wheel loaders and hydraulic excavators, remained subdued during the year.
The demand for mining equipment is largely dependent on expansion plans in coal and other allied sectors. In FY 2024-25, coal production surpassed the significant milestone of one billion tonne, registered a growth of 5%, while iron ore and cement production registered a growth of ~4% over the previous year.
The CMM business has continued to offer cost-effective, performance-driven and sustainable value propositions, backed by robust after-sales support, round-the-clock service at mining sites, application engineering expertise, continuous improvement tools and deep customer engagement.
Passenger Car Hydraulic Tyre Curing Press
Rubber Processing Machinery Business
The demand for tyre-making machinery is directly linked with the fortunes of the automobile, agriculture and mining sectors. Though global vehicle sales are projected to grow at 2.7% in 2025, rising input prices and policy uncertainties may constrain demand. In addition, ongoing trade tensions may further dampen overall market sentiment and result in the deferrals of capex in the tyre industry.
As per ICRA, Indias domestic commercial vehicle industry is projected to grow 3–5% in FY 2025–26. Continued government support for electric vehicle (EV) adoption is expected to drive market expansion.
Major Achievements
Construction and Mining Machinery Business
achieved the milestone sale of 50,000th Komatsu machine in India – a testament to quality, reliability and durability and trusted after-sales support
first distributor in Asia to receive Komatsus Level-3 Gold Rebuild Certification for its service and training centres in recognition of adherence to Komatsus global standards
first time in India, a Komatsu HD785 (100-tonne dump truck) surpassed 73,000 operating hours, while a Komatsu PC2000 hydraulic excavator crossed 75,000 hours — both machines still in operation
launched the new Komatsu 3-tonne excavator PC35MR, marking entry into the mini excavator segment
Truck & Bus Hydraulic Tyre Curing Press
Rubber Processing Machinery Business
developed and exported specialty tyre building machine for off-the-road (OTR), port handling application
developed and supplied a new-sized Hydraulic Tyre Curing Press for specialised light truck applications for a leading Indian tyre manufacturer
developed and supplied a Compressed Air-Free Tyre Curing Press for a leading European tyre manufacturer
developed and supplied an OTR lube spray machine integrated with a robotic system for green tyre painting applications
L&T Construction Equipment Limited
developed customised Trenching and Pipe Laying Equipment that integrate trenching, cable/hose feeding and trench closing operations into a single unit
manufactured and supplied CAM (Cement Asphalt Mortar) injection car and asphalt storage tanks for the flagship Mumbai–Ahmedabad High-Speed Rail Project
Significant Initiatives
launch of LNG retrofit kits, a solution designed to convert traditional diesel engines into dual-fuel engines, in CMM business launched smart construction machine equipped with ICT tools to enhance operational efficiency, productivity and fuel savings in CMM business
in line with its sustainability initiatives, the RPM business has successfully developed Electric Curing Presses
Off-Road Tyre Building Machine
Outlook
Construction and Mining Machinery Business
Various government initiatives like the National Infrastructure Pipeline, Bharatmala and Sagarmala have created a strong demand for infrastructure machinery. The governments focus on developing world-class infrastructure, from logistics hubs to smart cities, is expected to propel the industry into its next phase of growth. The transition to CEV-V standards will increase the demand for energy-efficient equipment.
The Union Budget for FY 2025-26 has proposed an investment of I 11.21 lakh crore in infrastructure, with about I 2.72 lakh crore outlay for roads & highways construction and I 2.52 lakh crore for railways. The continued focus on the development of rural infrastructure through programmes such as the Jal Jeevan Mission, PM Awas Yojana and PM Gram Sadak Yojana is expected to boost demand for small- to mid-sized construction equipment. Construction activity is expected to gain momentum in the coming year, leading to an estimated 5–6% growth in the construction equipment market.
Infrastructure development will also drive demand in the cement and metal sectors, leading to sustained demand for mining machines like excavators, dump trucks and dozers. Further, with increased targets for the domestic production of coal and iron ore, demand for heavy earth moving machinery (HEMM) is likely to sustain in the near term.
For the Spare Parts and Services segment, the business plans to capture a higher market share by providing long-term service contracts to its customers. In this regard, various initiatives have been undertaken to improve the sale of genuine spare parts.
Rubber Processing Machinery Business
The global automotive tyre industry is projected to reach USD 256 billion in 2025, registering a growth of 5.9% y-o-y and is expected to expand further at a CAGR of 6.3% from 2025 to 2035, reaching USD 472 billion by 2035. The Asia-Pacific market, led by India, is forecast to achieve a 6.4% CAGR in unit growth through 2028.
Globally, tyre industries operate at around 70% capacity. With the US Governments renewed emphasis on local manufacturing, tyre companies in the United States are expected to resume investments. However, due to the imposition of tariffs on tyre manufacturing machinery, major US tyre companies may look to adopt a more cautious approach in the near term.
Demand in the Indian market remains steady. Passenger Car Radial (PCR) and Truck Bus Radial (TBR) tyres will continue to be the key focus areas for the major tyre manufacturers. However, utilisation of off-highway tyres (OHT) remains relatively low, and no significant investments are anticipated in this segment for FY 2025-26.
Large-size steam-jacketed Triple Offset Butterfly Valve supplied to a refinery expansion project
L&T Valves Limited
Overview
L&T Valves Limited (LTVL), a wholly owned subsidiary of L&T, is a leader in flow control solutions with a global customer base. The business leverages sixty plus years of manufacturing excellence to serve key sectors such as oil & gas, defence, nuclear & aerospace, power, petrochemicals, chemicals, water and pharmaceuticals across the globe. LTVL manufactures a wide range of products such as Gate, Globe, Check, Ball, Butterfly, Double Block Bleed Valves and provides automation solutions. The portfolio includes products monogrammed API600, API594, API6D, API609 & API603, valves with CE, ATEX and safety integrity level (SIL) certifications, as well as IoT-ready digital solutions. With a large installed base in place, LTVL runs a global after-market business to support its customers in valve repair and rectification services, on-site training, project management consulting and maintenance contracts.
The business has manufacturing centres with state-of-the-art facilities in Kancheepuram (Tamil Nadu) and in Al Jubail (Saudi Arabia) through a wholly owned subsidiary. The business has its own internal engineering department and an R&D centre, staffed with a technically empowered team. LTVLs products have an established record of safety, reliability and quality across industry segments.
Business Environment
Relatively stable crude oil prices, easing of inflation pressures and increased investments in the oil & gas sector have led to a higher demand for industrial valves in FY 2024-25. The shift towards clean energy sources like Liquefied Natural Gas (LNG) created additional demand for valves that are used in its transportation, storage and regasification.
During the year, the business witnessed challenges in terms of shorter lead time requirement from customers. Stringent environmental and safety regulations also posed challenges for manufacturers to meet the compliance standards. The market for industrial valves is characterised by significant fragmentation. An increased focus by customers on faster deliveries and lower costs ensures that the market environment continues to remain highly competitive.
However, given the geographical spread of its demand base, channel and product expansion strategies, the business has established a good reputation in the industry.
Major Product Developments
The business has successfully developed and supplied complex engineering products to meet customers requirements:
first globe valve with Inconel 625 cladded internals
hydraulic drain valve operated under sea and actuated from 6 metres above sea level
exotic grade material valves for Bio Refinery and PTA plants
Buried Service Trunnion Mounted Ball Valve supplied to a cross-country crude pipeline
Outlook
The business closely monitors key demand indicators such as crude oil prices, capacity additions across industries, client leverage and liquidity, project capex spends, GDP trends and environmental regulations in relevant geographies.
Geopolitical events, political instability or a change in international relations can significantly impact crude oil prices. The impact of tariff wars may result in reduced economic activity which can lead to a decline in demand for oil & gas as industries and consumers cut back on energy consumption.
Worlds largest Bellow-sealed Gate Valve supplied for Benzene service in a refinery
The domestic market is expected to be relatively shielded from the impacts of tariff wars. Fleet mode projects, along with initiatives aimed at promoting the use of Small Modular Reactor (SMR) and Bharat Small Reactors (BSR) may provide opportunities for business expansion. The domestic market is also seeing investments in the thermal power sector.
Within the given business environment, initiatives focusing on product and geographical expansion, supply chain resilience, digitalisation, operational excellence and a strengthened after-market team, is expected to build a strong business whilst delivering customer satisfaction.
INFORMATION TECHNOLOGY
Empowering Growth Through Technology Innovation
At L&T, the Information Technology (IT) function has made strategic investments in information technology and infrastructural improvements throughout the year, reflecting the Companys dedication to operational excellence and preparedness for the future. These efforts strengthen governance, enhance efficiency and position L&T for sustainable growth.
The following outlines the key initiatives undertaken by L&T in FY 2024-25 - categorised for clarity - and reflect the commitment to digital transformation in alignment with industry best practices:
1. Digital Transformation and Automation
Plans are in place to deploy over 100 AI solutions by FY 2025-26, boosting productivity and operational efficiency. To this end, L&T Cognitive Services (L&T CS) has been deployed to leverage AI-powered applications like SmartCompose and Notes AI, using Machine Learning and Generative AI. A Generative AI platform was also launched to drive innovation and enhance business processes across operations.
2. Compliance and Governance
The IT function successfully completed the ISO 27001:2022 external audit, reinforcing the Companys commitment to robust information security management systems. In addition, a real-time stock and news monitoring portal was implemented to comply with SEBI regulations. The New Application for Reporting of Accurate Disclosure of Activities (NARADA) tracks share price movements and news, providing alerts to the Corporate Secretarial team for timely analysis and regulatory compliance, ensuring transparency and safeguarding investor trust.
3. Cybersecurity
The Company continues to invest in state-of-the-art security technologies to prevent cyberattacks.
T o enhance cybersecurity measures, all key businesses were onboarded to a Central Cyber Security Operations Centre (C-SOC) providing a unified view of security incidents and enabling seamless mitigation across the group.
Enhanced cybersecurity awareness through employee training programmes were conducted through the year.
4. Sustainability and ESG Initiatives
A Microsoft Azure-hosted platform, L&T-EARTH, implemented to capture sustainability metrics (energy, emissions, water, waste) across all locations. It supports regulatory reporting, decision-making and internal benchmarking, reinforcing L&Ts ESG commitments. These initiatives reflect L&Ts strategic focus on leveraging technology, ensuring compliance and driving sustainability. By aligning with global standards and adopting cutting-edge solutions, the Company aims to deliver value to stakeholders while maintaining leadership in the industry.
Outlook and Strategic Investments
Looking ahead, the Group IT function will sustain its momentum in driving innovation and value creation. Key priorities for FY 2025-26 include:
Scaling the L&T One Approach: Enhancing One Identity, One Network, One Data, One Asset and One Unified Portal to support growth
Advancing Industry 5.0: Expanding human-machine collaboration and sustainable IT solutions to align with L&Ts sustainability goals
Scaling AI Innovation: Further developing the Enterprise Platform and AI-driven solutions for sustainability and customer-centricity
Embedding ESG Excellence: Developing a group-wide ESG Platform to track environmental, social and governance metrics
Enhancing Cyber Resilience: Investing in quantum-resistant encryption and AI-driven threat intelligence
HUMAN RESOURCES
At L&T, Human Capital is recognised as one of the most vital enablers of long-term, sustainable value creation. The Companys workforce is a dynamic, evolving ecosystem of individuals who bring passion, purpose, technical brilliance and leadership to everything they do.
With a multi-generational talent pool spread across geographies, business verticals and disciplines, L&T thrives on the strength of its people — men and women, who challenge the ordinary, solve complex problems and deliver outcomes that shape Indias infrastructure, manufacturing and technological progress.
The Companys Human Capital approach is built on five foundational pillars:
Capability building at scale
Culture of continuous learning and innovation
Fairness and inclusiveness
Performance with purpose
Well-being as a strategic enabler These pillars are aligned with the Companys long-term strategic blueprint, Lakshya 2026, and ensure that human capital development remains an integral part of business success and stakeholder value creation.
Acquiring Talent & Consolidating the Employer Brand
L&Ts Young Professional Talent Acquisition team recruited and onboarded over 2,600 young engineering professionals (GETs/PGETs) across various businesses within the L&T Group. GETs and PGETs were recruited primarily through campus processes held across the country. Over the past three years, the total number of women hires in the GET/PGET recruitment process was more than 30% of the total intake. More than 1,600 young professionals were also recruited during the year comprising MBA Graduates, Chartered Accountants, Cost Accountants, Diploma Engineers, and other trainees.
Beyond recruitment, the Group focused on reinventing the Employer Brand through campus engagements, strategic sponsorships at various engineering institutes, social media activation, and other initiatives. Through leadership talks and industry-academia connects, L&Ts leadership shared inspiring narratives about shaping Indias infrastructure. These initiatives continue to reinforce L&Ts position as an employer of choice by engaging with top talent across premier engineering institutes.
CreaTech, the flagship case study competition for engineers, plays a key role in expanding campus interaction by offering students real-world problem-solving experiences that mirror industry challenges. During the year, the Company relaunched OutThink – a business case study competition, which recorded more than 6,500 registrations from 34 premier B-schools across the country.
Managing Talent and Succession
L&Ts Performance Management System (PMS), the foundation of the Companys meritocratic culture, ensures that talent is differentiated, recognised and rewarded effectively. The PMS is also integrated with the Career Development and Succession Planning Modules to facilitate seamless succession planning. The Company has a robust process for identifying and nurturing high-potential employees through Development Centres (DCs), designed to assess and groom future business leaders, and a Technology Leadership Programme (TLP), focused on employees in specialised technical domains such as engineering design, construction methods, plant and machinery, precast and formwork. In FY 2024-25, over 1,500 employees were assessed through DCs, and Individual Development Plans (IDPs) were prepared to map their personalised growth journeys.
Talent Review:
To enhance visibility and support critical talent from across business units, the Company further strengthened the ‘Talent Review Process for all employees. Led by the Talent Council, this re-structured approach involves quality discussions and a user-friendly Talent Review software module. A digital tool has been developed to capture the requisite data on critical talent and help track progress of interventions.
Special Initiatives for Workers:
The Companys Infrastructure segment has initiated a worker cash incentive scheme to improve retention of workers at project sites. The scheme pays out a cash incentive to workers who stay for more than 90 days at a project site. During the year, more than 25,000 workers availed of the scheme.
The Group Performance Assistance Scheme, a performance-based earning model has been initiated by the Heavy Engineering business. The scheme is designed to encourage enhanced worker performance by linking it to the prospect of increased incentive-based compensation. It has played a vital role in increasing efficiency, reducing delays and ensuring safe working conditions.
Learning & Leadership Development
At L&T, Learning & Development is deeply embedded in the Companys ethos, driving both individual and organisational growth. The Company has built a legacy of nurturing talent from within. Leveraging cutting-edge AI tools and innovative digital platforms, L&T provides employees with continuous learning opportunities, ensuring that they are equipped with the latest skills.
The flagship Seven-Step Leadership Development and Ascent – an integrated leadership competency development programme -- continues to strengthen the leadership bench, ensuring a seamless transition into future leadership roles. L&Ts Management Development Programmes (MDPs) strengthen functional management skills and build a sustainable competitive advantage. Conducted in partnership with XLRI, IIM-B, IIM-C and other premier B-schools, the MDPs train over 800 employees annually through a structured learning approach. For executive and supervisory levels, the Company runs Executive Development Programmes (EDPs) and Supervisory Development Programmes (SDPs) in collaboration with SIBM and NMIMS. The People Leadership Excellence Framework introduced in 2023-24 has become the cornerstone for developing leadership excellence through several initiatives. This framework articulates the journey and attributes of a people leader through five dimensions – Personal Excellence, People Relations Excellence, People Performance Excellence, People Development Excellence and People Leadership Excellence.
Long-Term Education Programmes
Investing in long-term education programmes is a strategic approach to develop young talent within L&T and meet the personal aspirations of employees who are in the early stages of their career. Some of the notable programmes are Build India Scholarship with IIT Madras, IIT Delhi, NIT Trichy and NIT Surathkal. In FY 2024-25, the Company collaborated with NICMAR to offer co-branded M. Tech Programmes in Construction Technology & Management and Infrastructure Project Management. The programmes will be rolled out in their Pune campus in FY 2025-26.
The Company conducts skilling programmes for workmen in the construction industry. During the year, more than 10,000 candidates were skilled and trained by Construction Skills Training Institute (CSTI). The training involves a 90-day modular training programme which, upon successful completion, enables a candidate to gain employment opportunities in the construction industry. In addition, over 4,000 candidates were placed under National Apprenticeship Promotion Scheme (NAPS).
Upskilling and re-skilling of workers is also done by giving ‘site-based training and ‘on-the job-training. Over 25,000 candidates have benefited through these schemes.
ATL Varsity
L&Ts virtual learning platform, ATLVarsity, offers a host of self-paced learning courses and modules in areas pertaining to technical, functional and behavioural areas. The ATLVarsity, in addition to its own hosted content, offers curated content from other learning platforms such as Coursera, Skillsoft and Coach Vani. Expanding beyond content creation, ATLVarsity leverages GenAI for skill assessments and benchmarking, providing employees with personalised feedback and learning experiences.
HR Digitalisation & AI Enablement
The Company has launched a new AI-enabled chatbot, "HEERA Plus" - an AI-powered employee assistant designed to transform employee query resolution and serve as a self-service platform for all HR related queries, at 3 personas - employee connect, HR connect and Leadership connect. The Company launched a state-of-the-art Learning Management System (LMS) as a part of the SAP Success Factors suit, marking a significant step in enhancing employee training and development programmes. This cloud-based LMS provides a personalised and meaningful learning experience, prioritising compliance and continuous growth.
Another key Gen AI-driven innovation is CAISY, a Conversational AI Simulator designed as a scenario-based, personalised coaching tool for managers, enabling them to practise difficult conversations and enhance their communication skills. CAISY offers over 70 scenarios across three distinct personas — defensive, aggressive and dismissive — providing a realistic and immersive environment for skill development.
Additionally, L&T has launched a new digital library through the Percipio platform, providing employees with access to over 15,000 books and articles. This extensive digital library supports continuous learning and professional development by offering resources from various fields and disciplines. The Company added AI-based 270-degree report as part of the People Leadership Excellence Feedback Instrument giving people managers a comprehensive overview on their competencies, strengths and blind spots. It also helps in framing customised development plans for people leaders. Another achievement in HR digitalisation is the launch of an attrition prediction module - Retain Pulse.AI - an in-house platform developed by HR and the COE – Advanced Analytics, designed to predict employee attrition using workforce data such as demographics, attendance, training and performance.
Diversity, Equity & Inclusion (DEI)
Fostering diversity and inclusion at workplace continues to be a key priority for the organisation, with a focus on hiring diverse talent and creating an equitable environment where all employees feel included. This year the focus has been to strengthen initiatives based on the four pillars of the DEI Charter – Induct, Engage, Develop and Enable.
During the year, the Company hired ‘People with Disability (PwD) candidates in technical roles. A workshop was organised to ensure support from stakeholders and an accessibility assessment was carried out for the office campus.
The WINSPIRE programme is designed to focus on addressing the developmental needs of women at various stages of their careers that covers participants in their early-career to mid-career stages, with each programme customised for the respective cohorts. 765 women employees have undergone the WINSPIRE series of Leadership Development Programmes since its launch.
The Company emphasises on building an enabling environment for women in general and working mothers in particular. The existing policies such as flexibility for new mothers, traveling with infant and caretaker, ergonomic chairs, wellness rooms, creche facilities, hybrid working post-maternity, and the newly introduced menstrual leave, have been well accepted.
Employee Experience & Engagement
As part of ensuring an enhanced onboarding experience, the Company conducts Pulse Engage surveys on the HEERA platform in a conversational mode at critical milestones (7 days, 30 days, 60 days and 180 days) for new joiners. Over 8,000 laterals and 2,800 campus joiners in FY 2024-25 responded to Pulse Surveys.
With over 140 podcasts covering various themes like Leadership Series#, Health & Wellness#, L&T Cares#, and employees childrens achievements in Academics & Sports, L&T Radio has become a vital cog in engagement and employee connect.
From 1,500 participants in its inaugural season to over 5,200 participants in FY 2024-25, the QuizWiz initiative has cemented itself as a knowledge-driven competitive event, emblematic of L&Ts values and its emphasis on continuous learning.
The ART Beats programme which brings out the artists in the employees, has inspired camaraderie and artistic innovation among employees.
Internal HR Excellence Initiatives – Over the years, L&T has benchmarked its internal people processes. This year, the Company organised the 13th edition of its HR Excellence Model (HREM) awards where applications were assessed by 30 CII-certified assessors. The initiatives taken by HR teams across businesses were recognised as part of the Annual HR Awards programme.
Health & Well-being
The organisation has curated various initiatives to support the mental health and overall well-being of employees. To increase awareness of holistic well-being among employees, the Company conducted a pilot survey based on the Four Pillars Wellness Framework – physical, social, emotional and financial.
The Company organised various programmes covering – health awareness sessions, diagnostic/screening camps/ workshops and training programmes.
The Company offers mental health counselling services both internally and through external counselling service providers that ensure that employees have confidential access to counselling, mental health resources and support for both personal and workplace challenges.
The MHFA (Mental Health First Aiders) campaign was launched in December 2024, inviting nominations from employees across India. 50 participants were chosen to take part in this initiative which aims to equip employees with the skills to identify mental health challenges, support individuals in need and provide guidance on accessing professional help.
Larsen Memorial Run
This run is organised every year as an ode to the co-founder. From the first edition in 2013, the number of participants has increased every year with more employees actively participating along with family and friends.
The second edition of the Atal Setu L&T Marathon took place on February 16, 2025. Besides being a platform for fitness enthusiasts, the run is also a celebration of the L&T Spirit.
Outlook & Strategic Priorities
As the Company expands into new businesses and geographies, its commitment to talent development has deepened. The focus is to ensure that the workforce is equipped with the skills, expertise and leadership acumen needed for sustainable growth. The Company actively invests in continuous learning and targeted upskilling programmes along with leadership development initiatives that align with evolving industry dynamics.
The Company upholds an unwavering commitment to human rights, fostering a workplace anchored in integrity, fairness and inclusivity. By embedding ethical principles across the workforce, the Company creates an environment where employees thrive, collaborate and contribute meaningfully.
AWARDS AND ACCOLADES
During the year, multiple projects across multiple businesses received awards for Environment, Health and Safety from RoSPA (The Royal Society for the Prevention of Accidents), the British Safety Council, the National Safety Council of India (NSCI), and many other reputed organisations. L&Ts businesses have also won many awards and accolades. Some noteworthy awards and accolades are mentioned below:
Human Resources
Great Place to Work? Certified, FY 2024-25
Recognised by ET HR World Future Skills Awards 2024 with Silver Award in the category of Best Use of AI/AR/VR in Learning & Upskilling.
‘Best use of AI in Learning & Upskilling 2024 in programme of the year category by Skillsoft
Recognised as Top 100 Best Companies for Women in India by AVTAR & Seramount, 2024
Gold Award at SHRM HR Excellence Awards 2024 for ‘Excellence in Developing Emerging Leaders
Best Employer List in India by Randstad 2024 (Top 10) and 2nd in energy and infrastructure sector
Forbes Worlds Best Employer 2024
Recognized at the ET Human Capital Awards (ETHCA) 2025 - Gold Award in the category of ‘Excellence in AI for Learning & Development
Corporate Social Responsibility (CSR)
‘L&T Heavy Engineering, Hazira was declared the Winner of the ‘Golden Peacock Award for Corporate Social Responsibility for the year 2024 for its community development initiatives
Larsen & Toubro Ltd. (Heavy Engineering division) has been honoured with the "India CSR Investment in Sustainability Award" at the India Climate Samman 2025 by Carbon Markets Association of India (CMAI)
L&T was honoured with the 1st Prize for ‘Unnati, an Integrated Community Development Programme undertaken at Devgaon Cluster of Aurangabad District in Maharashtra by AIMA (All India Management Association)
L&T was honoured for Excellence in Community-driven Sustainability Impact by Indian Chambers of Commerce (ICC), Annual Sustainability Symposium and Excellence Award
Buildings & Factories
Received the Outstanding Concrete Award for HAD Chandigarh – 3D Printing from the Indian Concrete Institute (ICI) and the Outstanding Concrete Structure Award for IIT Hyderabad Phase 2 from ACCE BIAL T2 received ICI Award for Outstanding Concrete Structure (Infrastructure) 2024 and DIAL Ph3A project received ICI Award for Outstanding Concrete Structure (Buildings) 2024 and Construction Times Award for Best Airport Project 2024
Transportation Infrastructure
Received the Build India Infra award for Meerut-Aligarh-Ghaziabad Road Project under Sustainability category
Delhi International Airport Phase 3A works has been recognised as the Best Airport Project of the Year 2024 by Construction Times Magazine
EPC World Awards – MAHSR C6 Project team accorded the award for "Outstanding Contribution to Innovative Urban Transportation" category
Water & Effluent Treatment
IMC Ramkrishna Bajaj National Quality Award (IMC RBNQA) for performance excellence
Middle East Economic Digest (MEED) Project Awards – Ad Dakhiliyah WSP - National Winner - ater Transmission Project - Oman
Multiple EEF Global Awards in various categories
Hydrocarbon
Certificate of Appreciation Awarded by Society of Petroleum Engineers (SPE)
Won ‘Platinum Award by ICC (Indian Chambers of Commerce) in National OHS Award 2024
Group QHSE Won the coveted Gold Award for Carbon Neutrality Initiatives for the time at OHSSAI Global Conclave & Annual Awards 2025, IIM Mumbai
Precision Engineering & Systems
‘Gold Award at National Level - Quality Sustainability Award 2024 by Indian Society for Quality
FICCI Platinum Award 2024 at National level – ‘Excellence in Quality Systems in Large Companies category
Five ‘Gold Awards for six sigma, Kaizen and VSM at Quality Circle Forum of India (QCFI) Coimbatore Chapter
SIDM champion award under export substitution for Fire Control System of Anti Submarine Warfare weapons
Received the esteemed Skoch Order of Merit Certificate for Smart Automation - The RPA Path to Digital Agility, recognising our excellence in process automation
L&T Technology Services
Recognised as a Great Place to Work™ in the United States for the first time ever, and as a Great Place to Work™ in Poland for the second time in a row
Acknowledged as the Most Innovative Company of the Year 2024 – 25 by ET Now
Featured among the Top 3 Global pure-play Engineering Services in Everest Groups Engineering Services Top 50 ranking
Rated as Market Leaders in the 2024 HFS Horizons Report for IoT Service Providers, excelling in comprehensive strategies, global reach, technology partnerships, and transformative solutions
Recognised as one of the Top 25 Companies Excelling in Women in STEM, 2024, by CII
Rated as a "Leader" in Digital Engineering and ER&D Services 2024 for Overall ER&D, Digital Engineering Services, Medical Devices, Industry 4.0 and Industrial by Zinnov
Recognised by Financial Express FuTech Awards 2024 for Best AR/VR Breakthrough and Best Use of Predictive/ Prescriptive Analytics
Nabha Power
Central Board of Irrigation & Power (CBIP) Award 2024 for Best Performing Thermal Power Station
Won Best National Power-Gen Plant of the Year (Coal) from Council for Enviro Excellence (CEE) at 2nd National Power-Gen Leadership Awards, 2024
Won Excellent Energy Efficient Unit from CII at National Award for Excellence in Energy Management, 2024
Twin awards from CII at the National Energy Efficiency Circle Competition Winner of Innovations in Energy Efficiency Winner of Effective Implementation of ISO 50001 (Energy Management)
Twin awards from the Council for Enviro Excellence (CEE) Winner of Sustainable Performance in IPP (Coal) – Above 500 MW Category Winner of Sustainable Performance in IPP – Fly Ash Utilisation Plant of the Year (Private Sector)
Construction Equipment
Received Construction Infrastructure Architect World award for: Best Company in Earth Moving Equipment Best Product in Small & Mid-Category Komatsu PC81 Best OEM for Skill India Campaign in Partnership with IESC
Valves
"Star Performer Award" for outstanding export performance from EEPC India
"Gold" position in Environment & Safety in 9th Annual HSE Excellence & ESG global awards from OHSSAI
First Indian Valve manufacturer certified with ISO 19443:2018
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016, BSE Enlistment Number (RA): 5016
ARN NO : 47791 (AMFI Registered Mutual Fund & Specialized Investment Fund Distributor), PFRDA Reg. No. PoP 20092018
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
