---
endpoint: analytics
pattern: Conglomerates
status: done
latency_ms: 195356
conversation_id: 3f7e4e95-f393-4566-9b85-17769a76fceb
citations: 11
created: 2026-05-31 21:27:46Z
---

# Who are the key customers and suppliers of Larsen & Toubro?

# Larsen & Toubro (L&T) — Key Customers and Suppliers

Note on corpus: Internal coverage of L&T in the CLSA archive is rich on customer/order detail but largely silent on inbound supplier relationships (L&T is itself a Tier‑1 EPC contractor, so its commercial exposure is mostly to large end‑clients commissioning projects, with sub‑contractor partners showing up only in joint bids). TFS public-filing chunks under ticker `LT` returned zero hits, so the answer below is sourced from CLSA's L&T-focused notes (Mar–May 2025). Where "suppliers/partners" appear, they are EPC sub‑contractors / consortium partners rather than upstream component vendors.

## Backlog Mix (FY25 vintage) — Indicates Customer Concentration

L&T's order backlog skews to large public-sector and Middle East energy customers. Backlog composition by vertical:

| Vertical | Share of Backlog |
|---|---|
| Infrastructure (incl. transport, B&F) | 40% |
| Hydrocarbons (HC) | 18% |
| Renewables (RE) | 17% |
| Power T&D (PTD) | 12% |
| Defence & Heavy Engineering | 6% |
| Power (thermal) | 2% |
| Other | 5% |

Energy (RE + PTD + HC + Power) collectively accounts for **~49% of backlog** [7].

## Key Customers

### 1. Middle East National Oil & Energy Companies (the single biggest end‑market)

- **QatarEnergy LNG** — Awarded L&T its **largest-ever single contract** (~US$4 bn+) in March 2025 for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4). Scope: engineering, procurement, fabrication, installation, and commissioning of two offshore compression complexes ~80 km off Qatar's northeast coast [1][11]. Order added ~6.6% to L&T's overall backlog and ~25.4% to its hydrocarbon backlog [11]. Booked as Rs370 bn in 4QFY25 [2].
- **Saudi Aramco** — Repeat hydrocarbon customer. CLSA cites large, complex project wins at Aramco doubling L&T's hydrocarbon backlog over FY18‑23, with continued momentum driven by Aramco's gas/LNG ambitions (incl. the US$100bn+ Jafurah unconventional onshore gas project) [3].
- **ADNOC / Masdar (UAE)** — L&T was selected by **Masdar** (Abu Dhabi Future Energy Co., partnering with EWEC) as one of the preferred EPC contractors for the world's first 24/7 solar PV + battery storage gigascale project in Abu Dhabi (~Rs200 bn estimated) [5].
- **ACWA Power (Saudi-headquartered developer)** — Won Rs38 bn order (with Lantania of Spain as JV partner; L&T lead partner) for the Ras Mohaisen Desalination plant in Saudi Arabia, March 2025 [2]. Also EPC contractor for ACWA Power's Samarkand I Solar PV + BESS project in Uzbekistan (Aug 2024) [6].
- **Saudi Electricity / GCC grid operators** — L&T has secured ±500kV HVDC Transmission Links for inter‑regional power exchange in Saudi Arabia; PT&D vertical received 380kV overhead line orders (~130+ route km) serving Riyadh townships [9][2].
- **Unnamed leading railway company in the GCC** — Repeat Rs15 bn order to L&T's Minerals & Metals vertical for freight handling facilities [2].

### 2. Indian Public Sector (PSUs) and Government

- **NTPC Ltd** — L&T Energy CarbonLite secured "Limited Notice to Proceed" (Nov 2024) for 2x800MW Stage‑II Gadarwara (Madhya Pradesh) and 3x800MW Stage‑II Nabinagar (Bihar) thermal plants, **Rs233 bn (~US$3 bn) — its biggest-ever capital-goods order from NTPC**. Scope: design, engineering, manufacturing, supply, erection and commissioning of boilers, turbines, ESPs and balance of plant [4]. Carbon‑lite (thermal) accounts for ~9% of backlog and CLSA expects continued NTPC ordering as India works through its 80GW fossil capacity plan.
- **Indian Ministry of Defence (MoD)** — Defence & Heavy Engineering is ~6% of backlog [7]. CLSA flags defence as a key contributor to FY25's domestic order surprise alongside NTPC.
- **State transmission utilities (India)** — Multiple 765kV and 400kV transmission line orders, including evacuation packages from Jaisalmer/Barmer Renewable Energy Zone in Rajasthan, the UP Renewable Energy Zone, and a 765kV GIS in western India.

### 3. Indian Private Sector Corporates

- **Hindalco (Aditya Birla group)** — Rs40 bn order (Feb 2025) for L&T's Minerals & Metals vertical to set up an 850 KTPA greenfield alumina refinery in Odisha [2].
- **Brigade Group** — Rs38 bn order (Mar 2025) to L&T's Buildings & Factories vertical to construct residential and commercial towers in Hyderabad and Chennai — **the largest residential project ever received by the B&F business from a private customer** [2].
- **Unnamed reputed Indian developer** — Rs18 bn (Mar 2025) for residential towers in Mumbai, Bangalore, and Chennai [2].

### 4. Customer-mix snapshot (4QFY25 announced orders, Rs bn)

| Date | Client | Segment | Rs bn |
|---|---|---|---|
| 26-Mar-25 | QatarEnergy LNG | Hydrocarbon | **370** |
| 12-Nov-24 (LNTP) | NTPC | Thermal Power | **233** (~US$3 bn) |
| 27-Jan-25 | Masdar (UAE) | Renewables | **~200 (est.)** |
| 20-Feb-25 | Hindalco | Metals | 40 |
| 13-Mar-25 | ACWA Power (KSA) | Water/Desalination | 38 |
| 21-Mar-25 | Brigade Group | B&F | 38 |
| 1-Apr-25 | (Indian utility, undisclosed) | Power T&D (765kV GIS) | 38 |
| 3-Mar-25 | (Indian transmission, undisclosed) | Power T&D | 35 |
| 5-Mar-25 | (Indian developer, undisclosed) | B&F | 18 |
| 30-Jan-25 | GCC railway company | Engg. & Construction | 15 |
| **4QFY25 announced total** | | | **~590–649** |

Source: [2] (4QFY25 announced orders table).

## Suppliers / Sub-contractor & Consortium Partners

The CLSA reports surface very limited inbound supplier detail (L&T is itself an EPC contractor with extensive in-house engineering). The named partners and supply-side relationships referenced are:

- **Lantania (Spain)** — JV consortium partner with L&T's Water & Effluent Treatment (WET) Business for the Ras Mohaisen desalination plant in Saudi Arabia (L&T = lead partner) [2].
- **Saipem (Italy)** — Not an L&T supplier but a **direct competitor** on the same QatarEnergy NFPS program: Saipem won COMP3A & COMP3B (~US$4 bn, Sep 2024) before L&T won COMP4 (Mar 2025) [10].
- **Module suppliers (solar PV) — implied negative** — CLSA notes that during the FY21‑24 module-price spike, "many vendors" reneged on contracts with developers, but L&T did NOT — earning its "contractor of choice" reputation in Middle East renewables [8]. The notes do not name L&T's panel/inverter suppliers.
- **NOMAC** — Listed as the O&M company (downstream operator) on the ACWA Samarkand I project where L&T is EPC contractor [6].
- **Subsidiaries that supply L&T's EPC delivery** (intra-group) — L&T Energy Hydrocarbon (LTEH), L&T Energy CarbonLite Solutions, L&T's PT&D vertical, M&M vertical, B&F vertical, WET vertical, Renewables vertical, Minerals & Metals vertical.

The CLSA reports do NOT enumerate L&T's external component/equipment vendor base (e.g., turbines, boilers, cables, steel, switchgear) — that level of supplier disclosure is not in the internal research corpus reviewed. For granular supplier mapping, the user would need L&T's Annual Report supply‑chain disclosures or third-party expert-network channel checks.

## Key Takeaways

1. **Customer concentration in Middle East energy is now structural**: hydrocarbon prospects in L&T's FY26 pipeline rose **93% YoY**, with QatarEnergy (now the largest single client by ticket size) and Saudi Aramco anchoring growth [11][1].
2. **India PSU revival is the second engine**: NTPC's Rs233 bn order — L&T's biggest-ever capital-goods order — re‑lit the thermal franchise and signaled FY25's domestic order beat under Modi 3.0 capex [4].
3. **Private-sector India is rising**: Brigade's order is the largest residential contract the B&F vertical has ever taken from a private developer [2].
4. **L&T's customers cluster in 4 buckets**: (i) Middle East NOCs / sovereign energy developers (Qatar, Saudi, UAE), (ii) Indian government / PSUs (NTPC, MoD, state transmission utilities), (iii) Indian corporate names (Hindalco, Brigade, reputed developers), (iv) Other GCC / Central Asia infrastructure clients (ACWA Power in Uzbekistan, GCC rail).
5. **Supplier/partner identification is thin in the internal corpus** — Lantania (Spain) is the only externally-named EPC consortium partner; intra-group supply runs through L&T's own subsidiary verticals (LTEH, CarbonLite, PT&D, WET, B&F, M&M, Renewables).

---

**Sources**
[1] Larsen & Toubro - O-PF (Biggest order ever) — CLSA, 26 Mar 2025 — 607954147LinqAlpha.PDF
[2] Larsen & Toubro - O-PF (Subsidiaries deliver) — CLSA, 7 May 2025 — 607958427LinqAlpha.PDF (4QFY25 announced orders table)
[3] Larsen & Toubro - O-PF (Understanding L&T #28) — CLSA, 28 Mar 2025 — 607954265LinqAlpha.PDF (Aramco gas value chain)
[4] Larsen & Toubro - O-PF (Understanding L&T #28) — CLSA, 28 Mar 2025 — 607954265LinqAlpha.PDF (NTPC LNTP, Rs233 bn)
[5] Larsen & Toubro - O-PF (Understanding L&T #28) — CLSA, 28 Mar 2025 — 607954265LinqAlpha.PDF (Masdar 24/7 solar+BESS)
[6] Larsen & Toubro - O-PF (Understanding L&T #28) — CLSA, 28 Mar 2025 — 607954265LinqAlpha.PDF (ACWA Samarkand Uzbekistan project table)
[7] Larsen & Toubro - O-PF (Understanding L&T #28) — CLSA, 28 Mar 2025 — 607954265LinqAlpha.PDF (Backlog mix table)
[8] Larsen & Toubro - O-PF (Understanding L&T #28) — CLSA, 28 Mar 2025 — 607954265LinqAlpha.PDF (Contractor-of-choice in ME RE)
[9] Larsen & Toubro - O-PF (Understanding L&T #28) — CLSA, 28 Mar 2025 — 607954265LinqAlpha.PDF (Saudi Arabia HVDC links)
[10] Larsen & Toubro - O-PF (Biggest order ever) — CLSA, 26 Mar 2025 — 607954147LinqAlpha.PDF (Saipem NFPS COMP3 comparable)
[11] Larsen & Toubro - O-PF (Biggest order ever) — CLSA, 26 Mar 2025 — 607954147LinqAlpha.PDF (Scope & backlog impact of QatarEnergy LNG award)

## Citations

- [1] **607954147LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607954147LinqAlpha.PDF>
- [2] **607958427LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607958427LinqAlpha.PDF>
- [3] **607954265LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607954265LinqAlpha.PDF>
- [4] **607954265LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607954265LinqAlpha.PDF>
- [5] **607954265LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607954265LinqAlpha.PDF>
- [6] **607954265LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607954265LinqAlpha.PDF>
- [7] **607954265LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607954265LinqAlpha.PDF>
- [8] **607954265LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607954265LinqAlpha.PDF>
- [9] **607954265LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607954265LinqAlpha.PDF>
- [10] **607954147LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607954147LinqAlpha.PDF>
- [11] **607954147LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607954147LinqAlpha.PDF>

