L&T announced a profit warning for FY 2026 and pre-released H1 numbers, reflecting continued high diesel prices and gate fees, and low waste volumes. The themes were visible already in Q1. Sales guidance remains unchanged, while adj. EBITA guidance was lowered. Our adj. EBITA estimate was already below the old guidance range and is 6% above the new range mid-point. L&T has taken actions to offset and expects flat EBITA y/y in H2 despite weak H1. L&T will report its Q2 on 6 August.
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