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Investing.com - JPMorgan has reiterated an Overweight rating on Larsen & Toubro (NSE:LART) Ltd. (NS:LT) (OTC:LTOUF) with a price target of INR4,240.00 following the company’s strong quarterly performance.
The engineering and construction giant reported first-quarter FY26 project and manufacturing order inflows of approximately Rs766 billion, representing 41% year-over-year growth and exceeding JPMorgan’s estimate of Rs572 billion by 34%.
The strong order intake does not include a large order exceeding Rs150 billion announced on July 29, 2025, or a build-operate-transfer green hydrogen plant. The company also secured an order from a domestic independent power producer for boiler turbine generators that could not be announced separately due to lack of customer approval.
L&T’s first-quarter project and manufacturing EBITDA margin held steady at 7.6% year-over-year, with slight compression in Infrastructure and Energy segments attributed to cost pressures in water projects and competitively priced international bids, respectively.
The company maintained its FY26 guidance across all parameters, including project and manufacturing margins of 8.3%-8.5%, while reporting strong cash flows, decade-low working capital, and consolidated return on equity reaching 17%.
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