L&T's order book is booming. Is the valuation already pricing it in?

Revenue in L&T’s core engineering business—projects, products and manufacturing—rose just 2% year-on-year to ₹46,191 crore in Q1, while Ebitda margin shrank by 20 basis points to 7%. To meet its FY27 guidance of 10-12% revenue growth and a 7.8% Ebitda margin in the core engineering business, project execution will need to gather pace meaningfully over the coming quarters.