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On Friday, CLSA analysts maintained an Outperform (2) rating on Larsen & Toubro (NSE:LART) Ltd. (LT:IN) (OTC: LTOUF), with a steady price target of INR4,151.00. The firm’s analysts highlighted the company’s significant role in the global energy sector, spanning the entire energy value chain, which includes renewables, green electrons to green molecules, gas, and thermal power. This expansive reach is expected to drive robust growth from an already high base.
Larsen & Toubro’s growth is attributed to its wide-ranging competencies, a focus on undertaking large and complex projects, and a strategic emphasis on ’greening’ its Engineering, Procurement, and Construction (EPC) portfolio. Analysts predict that energy could account for over 50% of the company’s backlog by the fiscal year 2025, potentially attracting the attention of India and global energy-focused funds. This interest is anticipated despite Larsen & Toubro not being listed on their benchmark indices.
The analysts also noted that Larsen & Toubro has achieved the right mix of relatively higher-margin gas/LNG orders with the relatively lower-margin and variable renewable contracts. This balance is expected to support the company’s blended margins. CLSA views Larsen & Toubro as offering relative value among Indian industrial companies, trading at a 17-194% discount on FY26 PE compared to its competitors, which could make it an attractive proposition for investors.
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