Missing analyst estimates by a wide margin , construction and engineering major Larsen & Toubro (L&T) posted a 4.3% decline in net profit in the third quarter of FY26 at Rs 3,215 crore compared with Rs 3,359 crore in the year-ago period. Analysts estimated a profit of Rs 4,494 crore. The profit came down because of an exceptional item of Rs 1,191 crore pertaining to provisions for gratuity liability of its workforce under the new labour codes. Without the exceptional item, PAT was at Rs 4,400 crore – a 31% year-on-year (y-o-y) growth – the company said.