Highlights

• Leading brokerages including ICICI Securities, Jefferies, and Investec have reaffirmed BUY ratings on Larsen & Toubro (L&T).
• The consensus price target ranges between ₹4,521 and ₹5,000 per share.
• The reaffirmations might follow L&T’s continued success in securing global infrastructure and renewable energy contracts.

Larsen & Toubro Ltd (NSE:LT), one of India’s largest engineering and infrastructure conglomerates, has received a series of BUY ratings from prominent domestic and international brokerages.

Eight leading research houses — ICICI Securities Limited, Investec Bank (UK) PLC, Prabhudas Lilladher Pvt Ltd, Jefferies, Edelweiss Capital Limited, Axis Capital Limited, HDFC Securities Institutional Research, and Batlivala & Karani Securities India Pvt Ltd — have reiterated their BUY recommendations on L&T.

Price targets issued by these institutions range between ₹4,521 and ₹5,000 per share.

Analyst Ratings and Target Prices

Quarterly Performance and Order Book Growth

In the second quarter of FY26, the company’s performance was supported by steady execution and order inflows.

• Order inflows stood at ₹1,158 billion, up 45% year-on-year (YoY).
• The company’s order book expanded 31% YoY to ₹6,670 billion.
• Revenue rose 10% YoY to ₹680 billion, while profit after tax (PAT) increased 16% YoY to ₹39 billion.
• Return on Equity improved 110 basis points YoY to 17.2%, and Net Working Capital as a percentage of revenue stood at 10.2%, down 200 bps YoY.

Major Strategic Wins During the Quarter

L&T achieved several strategic milestones during the quarter, enhancing its presence in both domestic and international markets.

• Renewable Energy: L&T secured a critical role in TenneT’s offshore wind program across the Dutch and German sectors of the North Sea, in collaboration with Hitachi Energy.
• Defence Manufacturing: The company announced a strategic partnership with General Atomics Aeronautical Systems, Inc. (GA-ASI) to manufacture Medium Altitude Long Endurance (MALE) Remotely Piloted Aircraft Systems (RPAS) in India for the armed forces.
• Power Transmission: The Power Transmission & Distribution (PT&D) business won grid infrastructure projects in Saudi Arabia, including a 380 kV substation and over 420 km of transmission links.

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