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Arpit Goel

21st Apr 2025 · SEBI-Registered Analyst

LT
A Company with an Order Book Bigger Than Many Nations' GDPs

LT
is a leading Indian multinational in EPC (Engineering, Procurement, and Construction), operating across infrastructure, hydrocarbons, power, defence, heavy engineering, IT services, and finance. With a strong presence in India and globally (notably the Middle East, Europe, and the USA), L&T is known for executing complex, high-impact projects. ----Core Business Segments 1. Infrastructure (51%) – Roads, buildings, power, water, and civil works. 2. Hydrocarbon (13%) – EPC services for oil & gas. 3. Power (3%) – Thermal power solutions. 4. Defence (7%) – Defence systems, aerospace, and shipbuilding. 5. Heavy Engineering (2%) – Custom equipment for refineries and power plants. 6. Others (4%) – Realty, mining, valves, aviation. ----Order Book Record ₹5.64 trillion as of Q3 FY25, up 20% YoY. ----Key Growth Drivers 1. Government Infra Push – Strong post-election CAPEX pipeline. 2. Energy Transition – Green hydrogen capacity won under PLI. 3. Digital Expansion – Big IT deal wins via LTIMindtree and LTTS acquisition. 4. Global Demand – Strong infra growth in GCC countries. 5. Finance Revamp – 97% retailization of L&T Finance portfolio. ----Conclusion L&T remains a bellwether in India’s infrastructure and engineering space, backed by a robust and diversified portfolio across sectors and geographies. With record-high order inflows, expanding capabilities in green energy and digital solutions, and sustained government focus on capital expenditure, the company is well-positioned for long-term growth. Strategic divestments, platform launches, and tech acquisitions further strengthen its ability to adapt to evolving market dynamics while maintaining financial discipline and growth momentum.

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