Larsen and Toubro

L&T reported a mixed Q4 FY26 with group revenues growing 11% YoY to ₹828 billion, but P&M margins declined 50bps YoY to 9.4% due to revenue mix and Middle East disruptions. Order inflows were flat at ₹898 billion, while the order book surged 28% YoY to ₹7.40 trillionCurrent ₹7.40 trillion. Reported change: +28% YoY., providing strong visibility. Management guided FY27 revenue and order inflow growth of 10-12%Current reported value: 10-12%. No comparable prior figure is available in the source record., with a softer H1 due to supply chain constraints. The new Lakshya 31 plan targets 12-15% revenue CAGRCurrent reported value: 12-15% revenue CAGR. No comparable prior figure is available in the source record. and 16-17% ROECurrent reported value: 16-17% ROE. No comparable prior figure is available in the source record. over five years, with significant capex in data centers (₹100bn), green hydrogen (₹150bn), and electronics (₹50bn). Key risks include prolonged Middle East conflict impacting execution and margins, and legacy project costs in the energy segment. The company expects normalization post-Q1 FY27.