L&T shares slide 4% after This autumn revenue dip. Why Jefferies, Goldman Sachs are nonetheless bullish
For This autumn FY26, consolidated income stood at Rs 82,762 crore, registering an 11% year-on-year enhance. Worldwide income got here in at Rs 43,747 crore, contributing 53% to whole quarterly income. Working efficiency remained steady, with EBITDA rising 5% year-on-year to Rs 8,610 crore, supported by execution in core engineering companies and higher contribution from providers.
In the course of the quarter, L&T recorded consolidated order inflows of Rs 89,772 crore, pushed by key wins in business buildings, roads, city transport, transmission, and hydrocarbon segments. Worldwide orders stood at Rs 59,994 crore, accounting for 67% of whole inflows. The corporate’s consolidated order e-book reached a report Rs 7,40,327 crore as of March 2026, marking a 28% enhance from a yr in the past. Abroad tasks make up 52% of the entire order e-book.
L&T share worth: Must you purchase, promote or maintain?
Jefferies has reiterated a Purchase ranking on Larsen & Toubro share, elevating the goal worth to Rs 4,885 from Rs 4,500, an upside of 20%.The brokerage stated This autumn EBITDA missed estimates by 5%, largely as a consequence of decrease E&C revenues impacted by the US-Iran-Israel battle. It famous that L&T has unveiled its Lakshya 2031 technique after surpassing its Lakshya 2026 targets on income and order influx CAGR. The corporate has guided for 10–12% CAGR so as inflows and 12–15% CAGR in income by way of 2031, supported by a deliberate $2 billion funding in information centres, electronics and semiconductors.
CLSA has an Outperform ranking on the inventory with a goal worth of Rs 4,842. It stated L&T exceeded expectations on two of its 4 key steerage metrics in This autumn, specifically new orders and dealing capital, whereas execution and margins have been under estimates as a consequence of challenges within the Center East and India infrastructure segments. The brokerage highlighted new orders as the most important constructive, rising 22% year-on-year, pushed by large-ticket world vitality, infrastructure and home non-public capex tasks.
Goldman Sachs has reiterated its Purchase ranking with a L&T goal worth of Rs 4,370, an upside of over 7%. The brokerage famous that administration has guided for 10–12% progress in orders and income for FY27. Nevertheless, core margins got here in under estimates as a consequence of value pressures from legacy tasks. Regardless of this, Goldman Sachs stays constructive on the corporate’s prospects, citing alternatives in defence, inexperienced hydrogen and information centres, whereas additionally noting that order influx momentum has stayed robust in a difficult surroundings. The corporate has additionally outlined its long-term technique roadmap, Lakshya 31.
HSBC has maintained a Maintain ranking on L&T, chopping the goal worth to Rs 3,800. The brokerage stated This autumn order inflows and income remained robust with restricted affect from the Center East battle, whereas the Lakshya 2031 roadmap factors to continued progress on a excessive base. Nevertheless, it cautioned that sustaining robust order influx progress within the present geopolitical surroundings could possibly be difficult, and flagged that new investments could weigh on return on fairness.
(Disclaimer: Suggestions, options, views and opinions given by the specialists are their very own. These don’t signify the views of The Financial Instances)
