L&T Realty: Eyeing a Public Listing? What You Need to Know
L&T Realty, the real estate arm of the $23 billion Larsen and Toubro, is considering a public listing. The company's chairman, S N Subrahmanyan, hints at the possibility but emphasizes the need for sustainable and predictable revenue. Here's what we know so far.
Lt RealtyReal EstatePublic ListingLarsen And ToubroRaymond RealtyReal Estate MumbaiAug 22, 2025
When asked about the possibility of listing L&T's green business, Subrahmanyan was cautious. “Too early. We must think about the sustainability of the business, the environment in which the business operates, the kind of people that you have there, all that goes into consideration before you list, and the kind of fund infusion that is required as often as possible. L&T Green is nowhere near all that.”
Established in 2011, L&T Realty is one of the leading real estate developers in India. The company has an extensive portfolio spanning 6.50 million square metres (i.e., 70 million sq ft) across residential, commercial, and retail developments. L&T Realty is currently present in major cities such as Mumbai, Navi Mumbai, NCR, Bengaluru, Hyderabad, and Chennai.
It's worth noting that shares of Raymond Realty, the demerged realty arm of Raymond Ltd, made their debut on the bourses on July 1, 2025. The stock on the NSE debuted at ₹1,000 against the discovered price of ₹1,039.30. However, the scrip faced pressure after listing and was last seen trading at ₹985 apiece on the NSE.
Raymond Realty has plans to launch six residential projects this fiscal year in the Mumbai Metropolitan Region (MMR) with an estimated revenue potential of about ₹14,000 crore. This move is part of the company's strategy to expand its property business amid strong demand. The demerger is expected to position Raymond Realty to pursue its growth trajectory as an independent pure-play real estate business.
In an interview with PTI, Raymond Realty's CEO, Harmohan Sahni, highlighted that the company has a substantial land bank in the MMR, which will be crucial for its expansion plans.
On a related note, Larsen & Toubro (L&T) recently sold 19.75 lakh units of TVS Infrastructure Trust for ₹20 crore through an open market transaction. The units were offloaded at an average price of ₹101.26 per unit. Meanwhile, Allanzers Fin Net Pvt Ltd bought an equal number of units of TVS Infrastructure Trust at the same price, as per the bulk deal data on the NSE. The units of TVS Infrastructure Trust fell 1.45% to close at ₹101.26 per unit on the exchange.
L&T also reported its Q1 FY26 results, marking a net profit of ₹3,617 crore, a 30% increase from ₹2,786 crore in the same period last year. The company's revenue from operations advanced 15% to ₹63,679 crore in Q1 from ₹55,120 crore in the year-ago period. L&T reported stable operational performance, with its earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumping 12.5% to ₹6,318 crore from ₹5,615 crore in the corresponding period last year. However, its operating profit margin slipped 30 basis points to 9.92% from 10.2% in the year-ago period.
In the first quarter of the current financial year, Larsen & Toubro received orders worth ₹94,453 crore at the group level.
Frequently Asked Questions
What is L&T Realty?
L&T Realty is the real estate arm of the $23 billion Larsen and Toubro, established in 2011. It is one of the leading real estate developers in India with a portfolio spanning 6.50 million square metres across residential, commercial, and retail developments.
Is L&T Realty planning to go public?
L&T Realty is considering a public listing, as per L&T chairman S N Subrahmanyan. However, the timing is not yet determined, and the company is focusing on achieving sustainable and predictable revenue.
What is the current status of L&T's green business?
L&T's green business is not yet ready for a public listing, according to S N Subrahmanyan. The company is still evaluating the sustainability and operational environment of the green business.
What is Raymond Realty's recent performance?
Raymond Realty's shares debuted on the NSE at ₹1,000 and were last seen trading at ₹985. The company plans to launch six residential projects in the Mumbai Metropolitan Region with an estimated revenue potential of about ₹14,000 crore.
What were L&T's Q1 FY26 results?
L&T reported a net profit of ₹3,617 crore in Q1 FY26, a 30% increase from the previous year. The company's revenue from operations grew 15% to ₹63,679 crore, and it received orders worth ₹94,453 crore at the group level.
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