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Investing.com - JPMorgan has reiterated an Overweight rating on Larsen & Toubro Ltd. (NS:LT) with a price target of INR4,240.00 following the company’s strong quarterly results.
The engineering and construction giant reported Projects and Manufacturing (P&M) order inflows of approximately Rs967 billion in the second quarter of fiscal year 2026, representing 54% year-over-year growth and exceeding JPMorgan’s estimate of Rs700 billion by 40%.
Despite a marginal decline in Infrastructure segment revenue due to extended monsoons and slow water segment revenue in India, the company’s overall P&M revenue and EBITDA grew 10% year-over-year, with P&M margins expanding approximately 20 basis points compared to the same period last year.
Larsen & Toubro ’s consolidated net working capital improved to 10.2% from 12.2% a year ago, while consolidated return on equity reached over 17%. The company’s consolidated revenue, EBITDA, and profit after tax in Q2 FY26 grew 10%, 7%, and 16% year-over-year, respectively.
JPMorgan noted that Larsen & Toubro is expected to exceed its order inflow growth guidance of 10% for FY26, as it is already the lowest bidder in three projects worth US$4.5 billion in Kuwait, with a strong prospective pipeline worth Rs10.4 trillion for the remainder of the fiscal year.
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