Larsen & Toubro Limited engages in engineering, construction, and manufacturing operations worldwide. The Infrastructure segment engineers and constructs building and factories, transportation infrastructure, heavy civil infrastructure, power transmission and distribution, water and effluent treatment, and metallurgical and material handling systems. The Hydrocarbon segment provides engineering, procurement, and construction solutions for the oil and gas industry. The Power segment offers turnkey solutions for coal-based and gas-based thermal power plants, including power generation equipment with associated systems and balance-of-plant packages. The Heavy Engineering segment manufactures and supplies custom designed, engineered critical equipment and systems to the fertilizer, refinery, petrochemical, chemical, oil and gas, and thermal and nuclear power industries. The Defence Engineering segment designs, develops, produces, and supports equipment, systems, and platforms for the defense and aerospace sectors. This segment also designs, constructs, and repairs/refits defense vessels. The Others segment engages in the realty, smart world, and communication businesses, including military communications; marketing and servicing of construction and mining machinery and parts; and manufacturing and sale of rubber processing machinery. This segment also operates digital platforms, such as SuFin for B2B e-commerce; and EduTech for higher education and professional skilling. The company was founded in 1938 and is headquartered in Mumbai, India.

BUILD UP FREE CASH	2023-03-31 (A)	2024-03-31 (A)	2025-03-31 (A)	2026-03-31 (E)	2027-03-31 (E)	2028-03-31 (E)	2029-03-31 (E)	2030-03-31 (E)
Revenue	1,861,940.4	2,251,889.9	2,598,063.1	2,955,858	3,422,497.9	3,914,476.1	3,914,476.1	3,914,476.1
Revenue % Chg.	17.3%	20.9%	15.4%
EBIT	202,368.8	239,034.7	264,160.9	269,767.7	322,269.2	374,715.5	374,715.5	374,715.5
EBIT Margin	10.9%	10.6%	10.2%
Tax Rate	26.6%	24.3%	25.5%
NOPAT	148,605.9	181,066.9	196,760.5	201,138.8	240,971.4	280,402.5	280,402.5	280,402.5
NOPAT Margin	8%	8%	7.6%	6.8%	7%	7.2%	7.2%	7.2%
D&A	33,842	34,437.8	38,756.1	43,327.8	46,618.4	49,970.1	49,970.1	49,970.1
D&A / Revenue	1.8%	1.5%	1.5%
Capex	-41,437.9	-45,165.3	-44,188.3	-50,309.6	-52,863.4	-55,457.3	-55,457.3	-55,457.3
Capex / Revenue	-2.2%	-2%	-1.7%
Chg. NWC	53,791.4	-13,850.8	-120,639.5	-23,346.5	-27,032.2	-30,918.1	-30,918.1	-30,918.1
Chg. NWC / Revenue	2.9%	-0.6%	-4.6%
Unlevered FCF (UFCF)	194,801.4	156,488.6	70,688.8	170,810.5	207,694.2	243,997.2	243,997.2	243,997.2
UFCF % Chg.	14.4%	-19.7%	-54.8%	141.6%	21.6%	17.5%	—	—
PV of UFCF	—	—	—	152,553.1	165,667.7	173,822.1	155,242.9	138,649.5
Sum of PV of UFCF	—	—	—	152,553.1	318,220.8	492,042.9	647,285.8	785,935.3

Cost of Debt
Tax Rate
After Tax Cost of Debt	2%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	12%
Total Debt	1,324,089.2
Market Cap	492,635,224.5
Total Capital	493,959,313.7
Debt Weighting	0.3%
Equity Weighting	99.7%
WACC	12%

Exit Multiple EV/FCF
Terminal Value	572,851,018.1
PV of Terminal Value	290,724,694.7
Cumulative PV of UFCF	785,935.3
Net Debt	708,775.3
Equity Value	290,801,854.7
Shares Outstanding	1,375.4
Implied Share Price	211,431.6
Current Share Price	4,042.2
Implied Upside / (Downside)	5,130.6%