Larsen and Toubro · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Cost overruns on competitively priced legacy domestic and international hydrocarbon projects are expected to keep margins soft. These projects are in terminal execution phase and margins will normalize only after completion.
Fund allocation issues for central government-funded water projects have impacted domestic infrastructure revenue growth. Execution momentum calibrated to fund flows; growth would have been 8-9% excluding water impact vs reported 5%.
Eight projects where L&T was L1 bidder were cancelled due to budget constraints; while management expects re-tendering in calendar 2026, scope and timing remain uncertain. Not currently in order book.
Domestic infrastructure prospects pipeline flat YoY at ₹4.02 lakh crore; growth dependent on private sector revival in B&F, minerals & metals, and thermal power. Government capex re-acceleration post-budget is uncertain.
