New Delhi, May 6 -- Industry bellwether Larsen & Toubro (L&T) didn't go unscathed from geopolitical tensions despite strong order inflows and a robust backlog. The management estimates the company lost almost Rs.5,000 crore of revenue in the March quarter (Q4FY26). This, along with higher input costs, meant the expected improvement in operating margins did not materialize.

L&T's core project & manufacturing (P&M) Ebitda margin of 8.3% in FY26 missed the target of 8.5%. P&M FY26 revenue growth of 12% missed the 15% guidance, hurt by delays in domestic water projects and slower international progress amid the West Asia war.

Order inflow was L&T's strong suit, growing 22% in FY26 versus the 10% target, aided by ultra-mega contracts across ...