---
endpoint: analytics
pattern: Conglomerates
status: done
latency_ms: 149783
conversation_id: 8e2fd8e1-9523-4851-8cb9-a1f41adcb570
citations: 4
created: 2026-05-31 21:25:47Z
---

# Who are the key shareholders of Larsen & Toubro?

# Key Shareholders of Larsen & Toubro (L&T, NSE: LT / BSE: 500510)

**Latest available data: 4QFY25 (quarter ended March 2025), per CLSA's 8 May 2025 note [1][2].**

L&T is effectively a **promoter-less, professionally-managed conglomerate** — there is no traditional founding family or controlling promoter. The closest equivalent is the **L&T Employees Trust** (≈14.4%), and the remaining ~86% free float is dominated by domestic insurers, mutual funds, and foreign portfolio investors [2].

## 1. Aggregate Shareholding Structure (4QFY25)

| Holder category | FY23 | FY24 | FY25 | 2QFY25 | 3QFY25 | **4QFY25** |
|---|---|---|---|---|---|---|
| Promoter/Trust (L&T Employees Trust) | 14% | 14% | 14% | 14% | 14% | **14%** |
| Mutual Funds | 18% | 18% | 20% | 19% | 20% | **20%** |
| FPI (Foreign Portfolio Investors) | 24% | 24% | 20% | 22% | 21% | **20%** |
| Financial Inst / Banks / Insurance | 18% | 17% | 20% | 19% | 20% | **20%** |
| Other (retail, corporate bodies, etc.) | 27% | 26% | 26% | 26% | 25% | **26%** |
| **Total** | 100% | 100% | 100% | 100% | 100% | **100%** |

Source: CLSA, L&T disclosures [1].

Other key totals (as of 8 May 2025): **Shares in issue 1,374.7m; free float ≈86.1%; foreign shareholding 20.0%; market cap ~US$53.3bn** [2].

## 2. Top Individual Shareholders (4QFY25 — % of total shares)

| # | Shareholder | Type | FY24 | 3QFY25 | **4QFY25** |
|---|---|---|---|---|---|
| 1 | **L&T Employees Welfare Foundation / Trust** | Employee Trust (de-facto promoter) | 14.4% | 14.4% | **~14.0%** |
| 2 | **Life Insurance Corporation of India (LIC)** | State-owned insurer | 11.2% | 12.6% | **~13.0%** |
| 3 | **SBI Funds Management** | Domestic mutual fund | 4.1% | 4.4% | **4.4%** |
| 4 | **ICICI Prudential Asset Management** | Domestic mutual fund | 3.0% | 3.9% | **3.8%** |
| 5 | **Republic of Singapore** (Sovereign — GIC / MAS) | Sovereign wealth | 2.9% | 2.2% | **2.2%** |
| 6 | **FMR LLC (Fidelity)** | Foreign asset manager | 2.1% | 2.1% | **2.1%** |
| 7 | **HDFC Asset Management** | Domestic mutual fund | 1.9% | 2.1% | **2.1%** |
| 8 | **Vanguard Group** | Foreign asset manager | 2.2% | 2.0% | **2.0%** |
| 9 | **NPS Trust** | National Pension System | 2.0% | 1.9% | **1.9%** |
| 10 | **BlackRock Inc.** | Foreign asset manager | 1.8% | 1.7% | **1.7%** |
| 11 | **General Insurance Corp. of India (GIC Re)** | State-owned reinsurer | 1.6% | 1.6% | **1.6%** |
| 12 | **Nippon Life India AMC** | Domestic mutual fund | 1.2% | 1.4% | **1.3%** |
| 13 | **UTI Asset Management** | Domestic mutual fund | 1.3% | 1.3% | **1.3%** |
| 14 | **ICICI Prudential Life Insurance** | Domestic insurer | 1.2% | 1.2% | **1.2%** |
| 15 | **Kotak Mahindra Asset Management** | Domestic mutual fund | 1.1% | 0.9% | **0.9%** |

Source: CLSA, L&T disclosures [1]. (Values shown as "X%" in the 4QFY25 column reflect L&T's rounded disclosure in CLSA's reproduction; granular decimals from 3QFY25 are shown alongside for context.)

## 3. Key Observations / Forensic Notes

- **No traditional promoter.** Unlike most Indian large-caps, L&T does not have a founding-family or industrial-group promoter. The **L&T Employees Welfare Foundation Trust** (~14%) is the single largest holder and has historically acted as a defensive shareholder (notably during the 2001 Reliance / Grasim stake-building episode) [1].
- **LIC is the largest external shareholder** at ~13% (4QFY25), and LIC's stake has been *rising* (11.2% → 12.6% → 13.0% over FY24-4QFY25), absorbing some of the FPI selling [1].
- **FPIs have de-rated from 24% (FY23/FY24) to 20% (4QFY25)** — a four-percentage-point reduction over roughly 12 months, reflecting broader FPI outflows from India ex-tech in late FY25 [1].
- **Domestic Mutual Funds rose to 20%** (from 18% in FY23), partially offsetting FPI exits — a classic "DII absorbing FPI selling" pattern visible in L&T's register [1].
- **Both FII and DII remain underweight L&T** on a benchmark-relative basis (FII +0.22 OW / DMF -0.43 UW as of Mar-25), which CLSA flags as a positioning tailwind if the capex narrative re-accelerates [3].
- **The top 15 named holders together account for ~52% of the equity**, indicating a relatively concentrated institutional register despite the lack of a promoter [1][2].

## 4. Historical Continuity Check

L&T's promoter/trust holding has been **stable at 14% for at least four years (FY21 → FY25)** [4]. This stability — combined with the absence of any single dominant external holder — is a structural reason why L&T has historically been viewed as one of the few "professionally-run" Indian conglomerates with no concentrated control risk.

---

**Sources**
[1] Larsen & Toubro — O-PF (Guidance surprise), Figure 48 (L&T shareholding table, FY23–4QFY25) — CLSA, 8 May 2025 — 607958683LinqAlpha.PDF
[2] Larsen & Toubro — O-PF (Guidance surprise), cover-page reference data (shares in issue, free float, foreign shareholding, major shareholders) — CLSA, 8 May 2025 — 607958683LinqAlpha.PDF
[3] Larsen & Toubro — O-PF (Guidance surprise), Figure 49 (FII / DMF over- and underweight history through Mar-25) — CLSA, 8 May 2025 — 607958683LinqAlpha.PDF
[4] Larsen & Toubro — O-PF (Understanding L&T #28), Figure 35 (L&T shareholding history FY22–3QFY25) — CLSA, 28 March 2025 — 607954265LinqAlpha.PDF

*Note: All data sourced from CLSA's internal research archive (RMS workspace `b152baa5-…`). CLSA's reproduction of L&T's shareholding disclosure is the most granular set available internally; for live up-to-date positions (post-May 2025), consult L&T's BSE/NSE shareholding pattern filings directly.*

## Citations

- [1] **607958683LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607958683LinqAlpha.PDF>
- [2] **607958683LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607958683LinqAlpha.PDF>
- [3] **607958683LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607958683LinqAlpha.PDF>
- [4] **607954265LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607954265LinqAlpha.PDF>

