L&T shares surge 4% after Q1 profit jumps 30% YoY. Should you buy, sell or hold?
Revenue from operations grew 16% YoY to Rs 63,679 crore, beating Street estimates of Rs 62,950 crore.
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EBITDA for the quarter rose 13% YoY to Rs 6,318 crore, while the EBITDA margin came in at 9.9%, slightly lower than 10.2% in the year-ago period.
The company saw strong execution in its Projects & Manufacturing (P&M) segment. International revenue stood at Rs 32,994 crore, contributing 52% of total revenue.
Order inflow during the quarter was robust at Rs 94,453 crore, up 33% YoY, supported by broad-based order momentum. Of this, international orders accounted for Rs 48,675 crore or 52% of the total. L&T's order book stood at Rs 6.13 lakh crore as of June 30, 2025, up 6% from March 2025, with 46% coming from overseas.
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Should you buy, sell, or hold L&T' stock? Here's what brokerages say:
Avendus
Avendus raised its target price to Rs 3,000 (from Rs 2,900 earlier) but maintained a 'Reduce' rating.
The brokerage flagged concerns over sluggish domestic order inflows, which grew just 6% in FY25 and may remain weak in FY26. It also pointed to ongoing headwinds in the IT & Services segments, while noting that international prospects were a bright spot. Lower crude prices may limit order conversion, and given growth concerns beyond FY26, Avendus values L&T's core construction business at 20x forward earnings.
Motilal Oswal
MOFS raised its target price to Rs 4,200 from Rs 4,100 and retained its 'Buy' rating.
The brokerage highlighted a strong Q1 start, with the order book up 25% YoY to Rs 6.1 lakh crore and the prospect pipeline up 63% YoY to Rs 15 lakh crore.
MOFS also cited L&T's push in green and energy transition projects and growth potential in the Middle East. For FY26, L&T management expects 10% order inflow growth and 15% revenue growth. MOFS values L&T at 28x two-year forward P/E, with a 25% holding company discount for its subsidiaries.
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