L&T Share Price Target 2026, 2027, 2028, 2029, 2030
- Market Cap
- ₹5.58 lakh Cr
- Book Value
- ₹793.9
- Stock P/E
- 31.7
- Dividend Yield
- 0.94%
- ROE
- 15.9%
- ROCE
- 14.6%
- PEG Ratio
- 9.37
- EV/EBITDA
- 15.4
Fundamentals from Screener.in, as of 9 Aug 2026. Live price via Yahoo Finance.
L&T share price today
Larsen & Toubro (NSE: LT) is the closest listed proxy for Indian and Middle Eastern capital expenditure. It builds transport systems, power infrastructure, factories, hydrocarbon projects and defence equipment, while its listed subsidiaries add technology and financial-services exposure.
The attraction is visibility: once an order enters the book, it can support revenue for years. The danger is confusing the value of an order with the profit eventually earned from it. At 31.7 times earnings, L&T is priced for execution, not merely announcements.
The order book is enormous. Margins decide its value.
L&T ended FY26 with a consolidated order book of about ₹7.40 lakh crore, up nearly 28% year on year, according to its integrated report. More than half was international, reducing dependence on one capex cycle but adding currency, geopolitics and overseas-execution risk.
An order book is future revenue, not future cash. Fixed-price contracts can lose margin when labour, materials or timelines move. Customer advances help; delayed certification and receivables hurt. The thesis works when order inflow, execution and working-capital release all move together.
Latest quarterly results: 12–13% is the real margin band
| Consolidated, ₹ crore | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 63,679 | 67,984 | 71,450 | 82,762 | 67,942 |
| Operating profit | 8,024 | 8,513 | 9,190 | 10,419 | 8,149 |
| Operating margin | 13% | 13% | 13% | 13% | 12% |
| Interest cost | 2,488 | 2,470 | 2,399 | 2,488 | 2,571 |
| Net profit | 4,318 | 4,678 | 3,825 | 6,133 | 4,988 |
March is seasonally the largest execution quarter, so the sequential revenue decline in June is not by itself a warning. The more important observation is that operating margin has remained near 12–13% despite rapid growth. A one-point change matters greatly at this revenue scale, which is why the target scenarios do not assume a dramatic margin expansion.
Annual trend: execution is converting backlog into sales
| Consolidated, ₹ crore | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|
| Revenue | 1,83,341 | 2,21,113 | 2,55,734 | 2,85,874 | 2,90,137 |
| Operating profit | 27,166 | 28,758 | 34,427 | 35,411 | 36,272 |
| Operating margin | 15% | 13% | 13% | 12% | 12% |
| Interest cost | 9,445 | 9,512 | 9,925 | 10,056 | 9,928 |
| Net profit | 12,531 | 15,547 | 17,673 | 18,954 | 19,624 |
| EPS | ₹74.50 | ₹95.00 | ₹109.35 | ₹116.92 | ₹120.59 |
Revenue grew 56% between FY23 and FY26, while profit increased about 51%. Execution is real, but operating margin has moved down from 15% to 12%. The business is winning and delivering more work without earning more on each rupee of sales. The base case therefore rests on volume, working-capital discipline and stable margin—not heroic pricing.
Balance sheet and cash conversion
| Consolidated, ₹ crore | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Borrowings | 1,25,508 | 1,20,650 | 1,16,322 | 1,32,409 | 1,25,497 |
| Investments | 39,395 | 44,798 | 45,648 | 54,805 | 68,377 |
| Cash from operations | 19,164 | 22,777 | 18,266 | 9,151 | 16,741 |
| Free cash flow | 16,124 | 18,984 | 14,056 | 5,611 | 12,272 |
| Cash conversion, CFO/OP | 97% | 103% | 82% | 43% | 64% |
FY26 cash generation recovered from a weak FY25, but operating cash flow still converted only 64% of operating profit. That gap is the clearest financial test of order quality. Borrowings ended FY26 close to their FY22 level, while investments increased, so the balance sheet is not deteriorating; receivables and project working capital remain the variables to watch.
Shareholding pattern
| Holder | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Foreign institutions | 19.33% | 19.48% | 20.06% | 18.78% | 19.13% |
| Domestic institutions | 43.48% | 43.34% | 42.99% | 43.32% | 43.01% |
| Public | 36.95% | 36.92% | 36.69% | 37.64% | 37.60% |
L&T has no promoter block, and ownership across institutions has been broadly stable. That removes promoter-pledge risk but makes governance and capital allocation especially important: every acquisition, divestment and subsidiary stake decision should be judged on the return delivered to all shareholders.
The numbers
| Metric | Current snapshot |
|---|---|
| Market capitalisation | ₹5.58 lakh Cr |
| P/E · EV/EBITDA | 31.7 · 15.4 |
| ROE · ROCE | 15.9% · 14.6% |
| Operating margin | 12.5% |
| Debt/equity | 1.15 |
| Sales CAGR (5 years) | 16.0% |
| Profit CAGR (3 years) | 17.4% |
| Dividend yield | 0.94% |
| EPS (TTM) | ₹128.06 |
| 52-week range | ₹3,440 – ₹4,440 |
The five-year profit CAGR is distorted by the pandemic period; the three-year rate better reflects the current execution cycle. Debt also needs context because consolidation includes financial businesses, but group leverage and project working capital still deserve close attention.
L&T share price target 2026 to 2030
EPS base ₹128.06. Bear: order conversion slows and margins disappoint — 7% growth at 22×. Base: the record backlog converts with steady margins — 13% at 29×. Bull: domestic and Gulf capex stay strong while execution improves — 17% at 36×.
The five-digit bull target is deliberately not the central case. It requires both sustained high-teens earnings growth and a premium multiple four years from now; missing either assumption changes the outcome sharply.
What would change our mind
Core project margins. Revenue growth with falling margins destroys the value of a large backlog.
Working capital and operating cash flow. Accounting profit should eventually arrive as cash, not remain with customers.
Order-book quality. Watch the customer, funding source and geography, not only the headline rupee amount.
Should you buy at the current price?
The business is positioned for the capex cycle; the valuation already recognises much of it. The signed-in panel shows our rating and preferred entry range.
FAQ
What is the L&T share price target for 2030? We publish three scenarios for each year to 2030. The full table appears after sign-in so readers see the assumptions alongside the numbers.
Why is L&T’s order book important? It provides multi-year revenue visibility. It does not guarantee profit because cost overruns, delays and working capital can change project economics.
Is L&T only an India infrastructure stock? No. International projects, especially in the Middle East, now form a large part of its orders, and listed subsidiaries broaden the group.
What is the biggest valuation risk? A capex slowdown or margin miss while the stock still carries a premium P/E.
Related research
This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.