Annual Reports
L&T Integrated Annual Report 2025-26: A Review
Larsen & Toubro's 754-page report contains a first double materiality assessment done by a third party, a value creation model that quantifies inputs and outputs down to tonnes of cement and kilometres of tunnel, and a standalone results table that shows recurring profit, the exceptional item and statutory profit on three adjacent lines. It also contains a 146-page MD&A before the integrated report begins, and a Chairman's message that never mentions the ₹6,843 crore exceptional charge.