Business · Markets · 1 day ago
Motilal Oswal sees 19% upside for Larsen & Toubro shares
Larsen & Toubro is an Indian engineering and construction company whose shares have fallen 10.6% so far in 2026.
The stock has still returned 114% over the past five years.
Motilal Oswal Financial Services rates the shares Buy and set a target price of ₹4,400, about 19% above the Friday close of ₹3,699.10.
The firm expects L&T to benefit from stronger order growth and work on domestic projects.
It says the company has won orders in the Middle East and is seeking business in Europe, Africa, Canada, South Korea, Japan and Taiwan.
L&T is also increasing fabrication in India and ramping up work on domestic and large private projects amid the West Asia crisis.
Motilal Oswal expects the company’s core engineering and construction orders and revenue to grow through 2029; the stated target is the brokerage’s forecast, not a guaranteed share price.
Motilal Oswal Financial Services gave Larsen & Toubro a Buy rating and a target price of ₹4,400 per share.
The brokerage sees nearly 19% upside, citing order growth, domestic project execution and opportunities in international markets.
Larsen & Toubro shares had fallen 10.6% in 2026 so far, despite returning 114% over five years.
The company is increasing fabrication in India and ramping up execution on domestic and large private projects.
Motilal Oswal said the company’s order inflows from the Middle East had risen despite the ongoing regional crisis.
- Who
- Larsen & Toubro and Motilal Oswal Financial Services.
- What
- Motilal Oswal gave Larsen & Toubro a Buy rating and a ₹4,400 target price, seeing nearly 19% upside.
- When
- The article was published on October 10, 2026; the share-price figures were reported as of Friday, October 9.
- Where
- Larsen & Toubro shares were reported on the BSE; the company is pursuing projects in India and international markets.
- Why
- The brokerage cited order growth, domestic project execution and opportunities across international markets.
This story does not have two clearly opposing sides.
Despite the ongoing crisis in the Middle East, inflows from that region have ramped up sharply for LT, and out of the total announced order inflows of ~INR1.3t so far in 2QFY27, projects worth ~INR775b were announced from the Middle East
With a prospect pipeline of INR15t for 9MFY27 and an order book of INR7.8t as of Jun’26, we expect LT’s core EPC order inflows/revenue to grow at 10%/14% CAGR over FY26-29
Larsen & Toubro shares delivered a 114% return.
Larsen & Toubro shares had declined 10.6%.
Larsen & Toubro’s order book stood at INR7.8 trillion.
Announced order inflows totaled about INR1.3 trillion, including projects worth about INR775 billion from the Middle East.
Larsen & Toubro shares closed 2.17% higher at ₹3,699.10 on the BSE.
- Brokerage
- Motilal Oswal Financial Services
- Rating
- Buy
- Target price
- ₹4,400 per share
- Implied upside
- Nearly 19%
- Order book
- INR7.8 trillion as of June 2026
- Five-year share return
- 114%
Sources
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