The record date for the special dividend, if declared, is fixed on 5 November 2020, L&T said.
Shares of L&T rose 0.53% to settle at Rs 941.20 on Friday.
L&T's board will also consider Q2 results on 28 October 2020.
On a consolidated level, L&T reported a 67.3% decline in net profit to Rs 645.07 crore in Q1 June 2020 from Rs 1,972.52 crore in the same period last year. Net sales dropped 28.3% to Rs 21,259.97 crore from Rs 29,635.95 crore.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.