L&T Realty Properties Reports ₹1,041 Crore Revenue and ₹339 Crore EBITDA for Full Year FY2025-26

L&T Realty Properties Reports ₹1,041 Crore Revenue in Full-Year FY26

L&T Realty Properties Limited (LTRPL) reported revenue of ₹1,041.26 crores and EBITDA of ₹339.64 crores for the year ended March 31, 2026. These figures mark the first publicly available full-year standalone financial results for the entity, disclosed as part of the regulatory documentation for the transfer and vesting of the Realty Undertaking of L&T to LTRPL on a slump sale basis, with effect from the Appointed Date of April 1, 2026.

The Consolidation Framework

The scheme proposes the transfer and vesting of L&T's Realty Undertaking into L&T Realty Properties on a going-concern slump-sale basis. The undertaking includes assets, liabilities, contracts, and employees pertaining to the realty business. LTRPL, formerly known as L&T Seawoods Limited, is an unlisted wholly-owned subsidiary of L&T incorporated on March 13, 2008.

The boards of both companies approved the scheme on December 8, 2025. Larsen & Toubro convened a meeting of its equity shareholders on August 4, 2026, at 3:00 p.m. (IST) via Video Conferencing to consider and approve the proposed Scheme of Arrangement, pursuant to orders dated June 12, 2026, passed by the National Company Law Tribunal (NCLT), Mumbai Bench.

Transaction Scale and Rationale

The scheme of arrangement involves a slump sale of L&T's Realty Undertaking valued at ₹6,296.63 crores. The consideration involves issuance of 3,93,53,93,685 equity shares of LTRPL at ₹16 per share.

The rationale for the scheme includes empowering LTRPL to operate under a focused management structure with sectoral expertise, enabling it to leverage L&T's brand equity and institutional strengths, and facilitating LTRPL's ability to raise financial resources through equity and debt from investors whose strategies are focused on the realty business. According to L&T, the restructuring is intended to create a focused management structure for the realty business.

Developer Context: L&T Realty's Market Position

Established in 2011, L&T Realty is the real estate arm of Larsen and Toubro and is one of the top real estate developers in India. With an extensive portfolio spanning 6.50 mn. square metres across Residential, Commercial and Retail developments, the company is currently present in Mumbai, Navi Mumbai, NCR, Bengaluru, Hyderabad and Chennai.

Over the last 8 decades, by maintaining the highest standards of professionalism and corporate governance, L&T has been able to build a vast network that spans the globe to enable operations worldwide, addressing critical needs in key sectors of the economy like infrastructure, defence, hydrocarbon, heavy engineering, power, ship building, aerospace, electrical & automation, mining and metallurgy.

Comparative Parent Company Performance

For context on the parent entity's scale, L&T reported revenue of ₹1,53,680.17 crores and EBITDA of ₹19,923.77 crores for FY ended March 31, 2026. The realty business, whilst representing a specialized segment, forms part of the broader engineering and infrastructure conglomerate.

Regulatory Milestones and Next Steps

The NCLT has dispensed with the meetings of secured creditors and unsecured creditors (including unsecured debenture holders) of L&T, directing instead that notices be sent to creditors to make representations within 30 days. Shareholder approval at the August 4, 2026 meeting remains the key pending milestone for the scheme to proceed to completion.