Domestic brokerages remained largely bullish, backed by acceleration in international execution and order wins. | Photo Credit: REUTERS/FRANCIS MASCARENHAS
It recorded a 15.64 per cent increase in its consolidated net profit to ₹3,926 crore for the quarter ended September 30, 2025, and a revenue growth of 10.44 per cent to ₹67,983 crore.
The group’s consolidated order book stood at ₹6,67,047 crore, marking a 15 per cent increase compared to March 2025. International orders accounted for 49 per cent of the total order book.
Market reaction: Brokerages including Goldman Sachs, Nuvama & Motilal lift target prices
The immediate market reaction was positive, with the stock scaling new highs on strong earnings momentum. Brokerages reiterated favourable ratings on the stock.
Morgan Stanley maintained an overweight stance with a target price of ₹4,090, while Goldman Sachs held a neutral rating with a revised target of ₹3,740, indicating a more measured outlook.
Domestic brokerages remained largely bullish, backed by acceleration in international execution and order wins. PL Capital retained buy call at an higher target price of ₹4,766 (from ₹4,144 earlier).
According to the brokerage, L&T is well-placed to benefit in the long-run owing to strong international prospects led by Middle East, healthy domestic pipeline on the back of public-driven capex and uptick in private capex, liquidation of loss-making development project, and penetration in newer areas such as green energy, electrolyzers, semiconductors, data centres and EMS.
Nuvama Institutional Equities raised its target to ₹4,680 from ₹4,200, citing a robust order-pipeline of about ₹10.4 trillion expected in the second half of the year.
Motilal Oswal retained a buy call and lifted its target to ₹4,500, expecting a 16 per cent revenue CAGR for the core engineering and construction business, EBITDA to grow at a CAGR of 18 per cent and PAT at 22 per cent. The brokerage tweaked its estimates to factor in H1 performance for the core business as well as the IT companies.
At 10.51 am, the stock traded with a 1.51 per cent gain at ₹4,017.90 on the NSE, hitting a 52-week high of ₹4,062.60 in early trade. The stock ended at ₹3,958.10 on Wednesday.
Published on October 30, 2025
