LARSEN & TOUBRO Q2 CONCALL : RECORD ORDER INFLOWS OF ₹1.48 LAKH CR, PAT JUMPS 33%; MANAGEMENT RETAINS 10–12% FY27 GROWTH GUIDANCE & 7.8% PPM EBITDA MARGIN TARGET

• MANAGEMENT RETAINS FY27 ORDER INFLOW GROWTH GUIDANCE OF 10–12%, SUPPORTED BY STRONG HYDROCARBON, INFRASTRUCTURE & INTERNATIONAL PROJECT OPPORTUNITIES • MANAGEMENT MAINTAINS FY27 REVENUE GROWTH GUIDANCE OF 10–12%, BACKED BY A RECORD ORDER BOOK & HEALTHY PROJECT EXECUTION • MANAGEMENT REITERATES FY27 PROJECTS & MANUFACTURING (PPM) EBITDA MARGIN TARGET OF 7.8%, DESPITE INFRASTRUCTURE COST PRESSURES • MANAGEMENT EXPECTS FY27 NET WORKING CAPITAL TO REMAIN BELOW THE EARLIER 10% TARGET, SUPPORTED BY IMPROVED COLLECTIONS & CASH FLOW • MANAGEMENT PLANS APPROXIMATELY $750 MILLION INVESTMENT IN ITS CHENNAI AI FACILITY, DEPLOYING OVER 10,000 NVIDIA B300 GPUs WITH COMMISSIONING TARGETED FOR JANUARY 2027 • MANAGEMENT TARGETS AI DATA CENTER CAPACITY OF OVER 100 MW WITHIN 1.5–2 YEARS, WHILE SEMICONDUCTOR OPERATIONS ARE EXPECTED TO GAIN REVENUE TRACTION OVER THE NEXT 1–2 QUARTERS • Q2 REVENUE GREW 16% YOY TO ₹78,700 CR, WHILE NET PROFIT JUMPED 33% TO ₹5,200 CR • Q2 GROUP EBITDA MARGIN DECLINED TO 8.7% FROM 10% YOY, IMPACTED BY REVENUE MIX CHANGES & PROJECT COST PRESSURES • Q2 ORDER INFLOWS SURGED 28% YOY TO A RECORD ₹1.48 LAKH CR, WHILE TOTAL ORDER BOOK INCREASED 28% TO ₹8.54 LAKH CR • INTERNATIONAL PROJECTS CONTRIBUTED 54% OF TOTAL ORDER BOOK, WITH AN AVERAGE EXECUTION PERIOD OF 33 MONTHS & REMAINING FY27 CORE PROJECT OPPORTUNITIES OF APPROXIMATELY ₹10.3 LAKH CR • ENERGY CONVENTIONAL ORDERS MORE THAN DOUBLED YOY TO ₹78,400 CR, WHILE REVENUE GREW 29% TO ₹17,300 CR & HYDROCARBON EBITDA MARGIN IMPROVED TO 7.5% FROM 6.7% • ENERGY GREEN REVENUE JUMPED 43% YOY TO ₹11,500 CR, BUT ORDER INFLOWS DECLINED 45% DUE TO MIDDLE EAST SOLAR PROJECT DEFERMENTS • INFRASTRUCTURE REVENUE GREW 6% YOY, WHILE EBITDA MARGIN DECLINED TO 5.7% FROM 6.2%, PRIMARILY DUE TO WATER & EFFLUENT TREATMENT PROJECT COST PRESSURES • Q2 OPERATING CASH FLOW EXCLUDING FINANCIAL SERVICES SURGED TO ₹12,800 CR FROM ₹4,800 CR YOY, WHILE NET WORKING CAPITAL IMPROVED TO 1.7% FROM 4.1% IN MARCH 2026 • MANAGEMENT REMAINS POSITIVE ON HYDROCARBON, DEFENCE & AI INFRASTRUCTURE OPPORTUNITIES, BUT MIDDLE EAST LOGISTICS DISRUPTIONS, SOLAR PROJECT DELAYS, INFRASTRUCTURE MARGIN PRESSURES & EXECUTION RISKS REMAIN KEY CONCERNS

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