Engineering & Infrastructure

Larsen & Toubro

What beginners should know: L&T is India’s large engineering conglomerate (infrastructure, defence, digital infra) — often included as a long-term infrastructure play. Latest (Nov-2025): L&T rebranded its data-centre arm to Vyoma, signaling a stronger push into digital infrastructure; management emphasized digitisation and sustainability as growth levers. Tip: For infra stocks, order book quality and margin mix (engineering vs services) are key. Risk: Project execution delays and working-capital cycles can hurt cash flows.