Larsen & Toubro (L&T) share price today
Share price of Larsen & Toubro (L&T) moved higher by 3 per cent to ₹3,990.10 on the BSE in Thursday’s intra-day on value buying following the 9 per cent decline in the past two trading days.
The stock of the civil construction major had ended lower for the last five trading days, and declined 10 per cent during the period, amid West Asia conflict. It has corrected 13 per cent from its all-time high of Rs 4,440 touched on February 24, 2026.
CHECK Stock Market LIVE Updates Brokerages retain ‘Buy’ rating on L&T
India and the Middle East (West Asia) are key markets for the L&T, especially for its Projects and Manufacturing businesses. Out of the international order book of ₹3.57 trillion, around 75 per cent is from the Middle East, L&T said in the Q3 earnings conference call on January 28, 2026.
Motilal Oswal Financial Services has retained ‘Buy’ rating on L&T but cut its two-year forward target price to ₹4,400 from ₹4,600 earlier, as the brokerage firm adjusted its core business valuations to bake in the current volatile scenario for now.
L&T’s core business two-year forward P/E multiple had remained strong at 25x just prior to the recent Middle East conflict on the back of a strong order book, expectations of execution scale-up, non-core business divestments, and the scale-up expected in defense, data centers and real estate.
The brokerage firm in the company update said that they expect these areas to remain strong going forward too. However, in the near term, headwinds persist on international revenue, with the Middle East accounting for nearly 39-40 per cent of total order book as of 9MFY26; and IT subsidiary’s valuations, which are getting impacted by AI-led disruption. “We have limited clarity on how things will unfold in the Middle East over the medium term, but in the near term, it can impact execution as well as margins for certain projects,” analysts said.
Within the Middle East, L&T has diversified its country base, such as Saudi Arabia, Kuwait and Qatar, and has also diversified its project mix across hydrocarbon – onshore as well as offshore, gas-related projects, renewables, and transmission.
Analysts believe that in the near term, execution can be impacted by supply chain disruption, while in the long term; the company has adequate risk management in place for existing contracts. In the medium to long term, whenever oil prices have moved up, overall capex spending has also moved up in the GCC region, where LT has now created a strong position.
According to reports, Jefferies has maintained a ‘buy’ call on L&T stock with a revised target price of ₹4,500 per share against ₹4,715 earlier. The brokerage firm said about 37 per cent of L&T’s order book comes from West Asia, with Saudi Arabia accounting for a lion’s share of more than 75 per cent.
According to Jefferies, a one-month disruption to work in the region could reduce FY26 earnings per share by about 6-8 percent. However, the brokerage expects the stock to recover most of its losses supported by order flow growth, margin stability and the company’s five-year strategy plan expected to be unveiled in May 2026.
Meanwhile, L&T is a strong player in India’s capex spend for infrastructure development and execution of the nation’s strategic projects. The company continues to benefit from robust domestic capex, rising private sector investments, and growing opportunities in defence, green energy, and technology services. With a healthy order book, improving margins, and disciplined capital allocation, the company remains well-positioned to deliver sustainable growth over the medium to long term. =================================== Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.
 "L&T up 3% after 9% fall amid West Asia crisis; brokerages retain 'Buy' call")
