An integrated 3-statement financial model, valuation analysis, and presentation deck for Larsen & Toubro Limited (NSE: LT, BSE: 500510), built entirely from publicly available data — no internal, proprietary, or confidential information was used.
Basis: Audited consolidated financial statements, stock exchange filings, investor relations disclosures, and credit-rating agency reports. See Data Sources below.
| File | Description |
|---|---|
LT_Financial_Model.xlsx |
The core model — 14 linked tabs, 855 formulas, fully editable |
LT_Model_Presentation.pptx |
16-slide presentation deck summarizing the model for stakeholder review |
docs/LT_Model_Report.docx |
7-page summary report |
docs/LT_Model_Detailed_Report.docx |
27-page detailed report with full methodology, assumptions, and validation walkthrough |
- History: FY2015-16 → FY2025-26 (11 years, audited)
- Projections: FY2026-27E → FY2030-31E (5 years)
- Currency: ₹ Crore, consolidated basis
| Metric | FY2025-26A | FY2030-31E (Base Case) |
|---|---|---|
| Revenue from Operations | ₹2,85,874 Cr | ₹5,22,579 Cr |
| EBITDA Margin | 11.5% | 10.7% |
| Owners' PAT | ₹16,084 Cr | ₹31,642 Cr |
| EPS | ₹116.92 | ₹229.96 |
| DCF-Implied Value/Share | — | ₹2,213 (base case) |
The workbook is organized into four functional groups across 14 tabs:
- Foundation — Cover, Assumptions, Historical Trends
- Core Financials — Income Statement, Balance Sheet, Cash Flow Statement, Segment Analysis (fully linked; balance sheet ties to ₹0 across all 11 years)
- Business Context — Order Book & Backlog, Credit Profile
- Valuation & Risk — Ratios Dashboard, DCF Valuation, Relative Valuation, Scenario Analysis, Sensitivity Analysis
Every projected cell is formula-driven from the Assumptions tab — nothing downstream of FY2025-26 actuals is hardcoded.
- L&T Investor Relations — 10-year financial trends
- L&T audited consolidated results (Q4 FY2025-26), filed with BSE/NSE
- L&T 81st Integrated Annual Report & Board's Report, FY2025-26
- ICRA rating rationale — order book composition, working capital metrics
- CRISIL, India Ratings, S&P Global, Fitch — public credit ratings
- Screener.in — peer company financials (Siemens, ABB India, BHEL, Thermax)
- NSE / BSE — shareholding pattern, reference market price
Full source list and validation methodology are in the detailed report.
- Balance Check: Total Assets − Total Equity & Liabilities = ₹0 across all 11 years, including all 5 projected years
- Formula integrity: 855 formulas, 0 errors
- Historical back-testing: Four derived metrics (PBDIT, Capital Employed, Return on Net Worth, Book Value/Share) were reverse-engineered and validated against L&T's own disclosed FY2024-25 figures before being trusted for FY2025-26 — accuracy ranged from 99.97% to exact matches
✅ External investor communication / equity valuation, competitive benchmarking, strategic scenario planning, financial-modeling practice
❌ Internal project-level P&L tracking, debt covenant monitoring, monthly/quarterly variance analysis, board-level capital allocation decisions — these require internal data this project does not have access to by design
This model is built entirely on public data, which means:
- Annual granularity only (no monthly/quarterly tracking)
- No debt maturity ladder (not publicly disclosed)
- Simplified expense structure in projection years (segment-result bridge, not full line-item build-up)
- Order-book geographic/segment mix reflects the most recently available disclosure (~March 2025), not necessarily current composition
- Bear/Bull scenarios are illustrative, author-constructed cases — not company guidance
Full limitations and disclaimers are documented in Section 13 of the detailed report.
This model and its outputs do not constitute investment advice, a fairness opinion, or a substitute for professional equity research. All valuation outputs are illustrative analytical exercises built from public information.