'Buy' L&T Shares Maintains Motilal Oswal, Says Execution Momentum To Remain Strong

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Motilal Oswal Report

Our recent meeting with Larsen and Toubro Ltd. reinforces our thesis that execution growth will remain strong for the company over the next few years, driven by a strong order book.

The company is selectively eyeing projects from domestic markets and expects international ordering to keep supporting growth. Though lower oil prices can impact decision-making in international projects in the near term, L&T’s focus on gas, renewable and maintenance capex of existing oil fields will keep driving the inflows.

L&T is also focusing on next phase of Lakshya for FY26-31 and while remaining focused on EPC, company is focusing on growing these four new businesses which were seeded during Lakshya 2026 – real estate, semiconductor, green energy and data centre and will grow these in future.

We maintain our estimates for L&T and reiterate our Buy rating with an SoTP-based target price of Rs 4,300, valuing core E&C at 28x Sep’27E EPS.

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