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Motilal Oswal Report 

Larsen and Toubro Ltd.'s Q3 FY26 results came in slightly below expectations as softer execution in the core engineering and construction business weighed on revenue growth, according to brokerage Motilal Oswal.

Desptie near-term weakness, one of the biggest positives of the quarter was L&T's Rs 1,20,000 crore order inflow, driven by major wins across domestic and international markets. The company's prospect pipeline expanded to Rs 5,90,000 crore, up 7% year‑on‑year, providing robust visibility for future revenue growth.

Motilal Oswal highlighted that L&T continues to strengthen its balance sheet through better net working capital management and retains strong return ratios, even as margins in a few segments remain soft.

In its latest update, Motilal Oswal revised its SoTP-based target price to Rs 4,600 (earlier Rs 4,500), incorporating the company's 9MFY26 performance. 

The valuation is based on 

• 27x two‑year forward earnings for the standalone/core business
• 25% holding‑company discount applied to subsidiaries

However, the target multiple has been trimmed modestly to account for slightly lower growth assumptions in execution and margin recovery.

Motilal Oswal has reiterated its Buy rating, citing strong order momentum, improving balance sheet metrics, and robust project pipeline as key supports for medium‑term growth.

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Nuvama Shares May Rally 38%, Says Motilal Oswal, Despite A Cut In Target Price — Details Inside

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