Larsen & Toubro Ltd. share price target

Largest and most diversified infrastructure story is on the move

LT’s annual report of 2025 highlighted its consistent focus on diversifying revenue streams, exploring new opportunities and enhancing return profile.

Management guided for a ~10% order intake growth and ~15% revenue growth with P&M margin of ~8.5% in FY26. Larsen & Toubro (L&T) reported consol. revenue growth of 10.9% YoY, while EBITDA margin improved 24bps YoY to 11.0%. L&T continues to exhibit strong growth prospects across key segments such as Hydrocarbon, Heavy Civil, Transmission & Distribution, and Renewable Energy, both in domestic and international markets. Notably, its recent ultra-mega order from Qatar Energy underscores its growing presence in the Middle East. Furthermore, L&T's...

Larsen & Toubro (L&T) is India’s premier engineering and construction conglomerate, excelling in EPC, manufacturing, and services across diverse industrial and infrastructure segments.

L&T, the engineering conglomerate, by virtue of its leadership and commendable execution track record in the engineering, procurement and construction (EPC) domain is well poised to benefit from the capex upcycle in both public and private sectors.

Healthy order inflows of Rs. 28,000-47,500 crore during Q2FY2025 led by two mega orders from the Middle East, which comprise over 60% of the order intake.

LT’s 1QFY25 results were 3% ahead of our estimates on both revenue and PAT. The company reported 15%/15%/12% YoY growth in revenue/EBITDA/PAT on a consolidated basis.

Consolidated revenue growth was healthy at 15.1% y-o-y at Rs. 55,120 crore for Q1FY2025 led by strong execution in its projects & manufacturing vertical (revenues up 18.1% y-o-y at Rs. 38,624 crore), also aided by a 38% y-o-y.