LT

L&T is a direct beneficiary of India’s infrastructure push, with order inflows hitting a record ₹2.6 lakh crore in FY25. Execution momentum in roads, metros, and water projects remains strong. International orders, especially in the Middle East, are also driving growth. Margins remain steady despite cost pressures, reflecting operational efficiency. The company’s balance sheet is comfortable with low leverage. Trading at ~20x FY26 EPS, valuations are not cheap but remain justified given the strong order book visibility. A must-have stock to ride India’s infrastructure growth story.