Larsen & Toubro surges nearly 2%, shares hit fresh record high; here is why

Shares of the country's largest infrastructure developer - Larsen & Toubro - surged as much as 1.95% to hit a fresh record high of ₹4,074.60 on the National Stock Exchange (NSE) on Wednesday, November 26. On the BSE, Larsen & Toubro shares rose as much as 2% to hit an all-time high of ₹4,075.55 amid higher than usual trading volumes on the BSE.

As many as 1.83 lakh shares changed hands on the BSE compared with an average of 91,000 shares traded daily in the past two weeks. On the NSE as many as 14.81 lakh shares changed hands. With today's surge in Larsen & Toubro shares, its market capitalisation surged to ₹5.6 lakh crore.

Larsen & Toubro shares were on track to snap their three-day losing streak as markets staged a strong bounce back on Wednesday at the start of December series.

Last week, Larsen & Toubro informed exchanges that Indian Army has signed a contract for the procurement of BvS10 Sindhu vehicles from Larsen & Toubro Limited (L&T), who teamed with BAE Systems on the programme.

Under the contract, L&T will indigenously produce the BvS10 Sindhu at its Armoured Systems Complex in Hazira with technical and design support from BAE Systems Hägglunds, the original manufacturer of the BvS10 platform. The contract also includes a comprehensive integrated logistics support package for initial deployment, maintenance, and life-cycle sustainment, the Mumbai-based company said.

The BvS10 Sindhu is an upgraded variant of the proven BvS10 articulated all-terrain vehicle with adaptations tailored specifically for India’s terrain and climate, including high altitude, desert, marshland, and amphibious environments.

Larsen & Toubro Q2 earnings

Larsen and Toubro reported a 15.6% increase in its consolidated net profit at ₹3,926 crore for the quarter ending September 30 of the financial year 2025-26. The infrastructure major had seen a profit of ₹3,395 crore in the same quarter of the previous fiscal year.

Its revenue from operations for the quarter under review was at ₹67,984 crore, marking a growth of 10.4% from ₹61,555 crore reported in the fourth quarter of FY25.

For Q2 FY26, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 7% year-on-year (YoY) to ₹6,807 crore as against ₹6,362 crore in Q4 FY24. Its margin was almost flat at 10.1% in contrast to 10.3%.

Larsen & Toubro secured orders worth ₹210,237 crore, registering YoY growth of 39% for the half-year ended September 30, 2025. On a quarterly basis, orders worth ₹115,784 crore were received at the Group level during the quarter ended September 30, 2025. The company registered a YoY growth of 45%, aided by a strong order momentum across a broad spectrum of businesses.

As of 2:20 pm, Larsen & Toubro shares traded 1.45% higher at ₹4,055, outperforming the NIFTY50 index which was up 1.2%.