L&T Q4 Results Review: Motilal Oswal Maintains 'Buy' On Healthy Outlook, But Cuts Target Price — Here's Why

With a reduction in estimates and valuation for IT subsidiaries, Motilal Oswal's target price is revised to Rs 3,950.

Motilal Oswal Financial Services

09 May 2025, 09:02 AM IST i

<div class="paragraphs"><p>Larsen & Toubro’s prospect pipeline for FY26 stands at Rs 19 trillion, up 57% YoY, due to a significant increase in infrastructure and energy segment prospects.  (Source: crelease)</p></div>

Larsen & Toubro’s prospect pipeline for FY26 stands at Rs 19 trillion, up 57% YoY, due to a significant increase in infrastructure and energy segment prospects. (Source: crelease)

For Q4, consolidated revenue/Ebitda/PAT stood at Rs744 billion/Rs 82 billion/Rs 51 billion, which grew 11%/13%/19%. Consolidated revenue was 7% below estimate, while consolidated PAT was 6% above brokerage's estimate, mainly led by higher-than expected margins. FY25 consolidated PAT was also ahead of our estimate. For the core E&C business, FY25 order inflows came in much above our estimate at Rs 2.89 trillion, up 20% YoY.