L&T wins ₹10,000-15,000 crore power orders

Larsen & Toubro Limited has secured power transmission and distribution orders worth ₹10,000-15,000 crore across India, Saudi Arabia and the UAE. The contracts include a 380 kV transmission and substation project in Saudi Arabia, 132/11 kV substations and cable work in the UAE, and a transmission system project in Visakhapatnam. My view is that the geographic spread matters alongside the headline order value. The international projects provide exposure to large grid investments, while the domestic project adds to India's transmission infrastructure opportunity. The key question now is execution across multiple markets and whether the new orders support margins without creating excessive working-capital pressure. I will watch project execution, order conversion into revenue and margin performance in the coming quarters. Stance: Positive on order visibility, subject to execution and margin delivery.