Larsen & Toubro discloses ₹10,300 crore NCD details for H1FY27
- Total outstanding NCD value is ₹10,300 crore as on September 30, 2026
- Largest tranche is ₹4,000 crore with 7.20% coupon maturing in 2035
- Coupon rates range from 6.35% to 8.00% across six series
- No principal repayment occurred during the half year
*this image is generated using AI for illustrative purposes only.
Larsen & Toubro Limited disclosed information regarding its non-convertible debentures (NCDs) for the half year ended September 30, 2026. The total amount of debt securities outstanding stands at ₹10,300 crore, with no reduction in principal during the period.
The disclosure was made pursuant to SEBI Master Circular specifications related to ISINs for debt securities. The company listed six distinct NCD series with varying maturity dates and coupon rates.
Debt security overview
The portfolio comprises instruments maturing between April 2028 and January 2035. The largest single tranche is the ₹4,000 crore issue maturing in 2035, carrying a coupon of 7.20%. All securities pay interest annually and contain no embedded options.
| ISIN | Issuance date | Maturity date | Coupon rate | Amount issued (₹ crore) | Amount outstanding (₹ crore) |
|---|---|---|---|---|---|
| INE018A08BE9 | March 28, 2023 | April 28, 2028 | 7.725% | 2,000 | 2,000 |
| INE018A08BF6 | April 23, 2020 | April 23, 2030 | 8.00% | 1,800 | 1,800 |
| INE018A08BL4 | December 5, 2024 | December 5, 2034 | 7.19% | 1,500 | 1,500 |
| INE018A08BM2 | January 22, 2025 | January 22, 2035 | 7.20% | 4,000 | 4,000 |
| INE018A08BN0 | June 19, 2025 | June 19, 2028 | 6.35% | 500 | 500 |
| INE018A08BO8 | September 9, 2026 | September 9, 2029 | 7.40% | 500 | 500 |
What the numbers show
The weighted average cost of debt across these six tranches is approximately 7.32%. Notably, the most recent issuance in September 2026 carries a 7.40% coupon, which is higher than the 6.35% rate secured in June 2025 for a similar three-year tenor. This suggests a marginal increase in borrowing costs for shorter-duration instruments over the last 15 months.
Historical Stock Returns for Larsen & Toubro
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.16% | -0.71% | -7.07% | -8.46% | -1.68% | +112.35% |
How might the rising short-term borrowing costs, evidenced by the 7.40% coupon on the latest NCD, influence Larsen & Toubro's capital allocation strategy for upcoming infrastructure projects?
Given that no principal reduction occurred during the half-year, what specific refinancing or debt-repayment milestones is L&T targeting to manage its ₹10,300 crore liability profile in the coming fiscal years?
Will the significant concentration of long-term debt maturing in 2034 and 2035 expose L&T to greater interest rate risk if global monetary policies shift toward sustained higher yields?
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