L&T Q2 Review: Shares Can Zoom 26% Says ICICI Securities On Strong Order Inflow, Execution

L&T’s order inflow continues to beat consensus expectations. It secured Rs 1 trillion (+54% YoY) worth of orders in its core businesses in Q2 and Rs 1.7 trillion (+48% YoY) in H1 FY26..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Larsen and Toubro Ltd.’s current order book, at Rs 6.7 trillion (2.5x trailing twelve months ex-services sales), provides strong execution visibility. Moreover, order potential pipeline remains strong at Rs 10.4 trillion for the remainder of FY26 (vs Rs 8.1 trillion YoY). We value the company on an SoTP basis. Given the business moat in terms of execution capabilities, we assign a target multiple of 30 times FY28E P/E to standalone business. We arrive at an SoTP-based revised target price of Rs 5,000/share, where the core business is valued at Rs 3,394/share. The balance is other listed subsidiaries. We have valued its listed subsidiaries as per their market capitalisation and adjusted the same for the shares held by L&T in the aforementioned subsidiaries. We maintain Buy with a revised target price of Rs 5,000/share (roll over to FY28E). We value the stock at 30x FY28E core PAT of ~Rs 153 billion. .Key risks: Slowdown in hydrocarbon capital expenditure due to any fluctuation in crude oil prices; and higher-than-expected materialisation of manpower availability crisis..Click on the attachment to read the full report:.L&T Q2 Review: Bags Multiple Target Price Hikes On Strong Order Flow, Confident Management Guidance.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

L&T Q2 Review: Shares Can Zoom 26% Says ICICI Securities On Strong Order Inflow, Execution

L&T Q2 Review: ICICI Securities maintains 'Buy' on the stock, hikes target price.

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