Larsen and Toubro (L&T) share price jumped almost 4% in morning trade on the BSE on Wednesday, 29 July, a day after the company reported its June quarter earnings. L&T shares opened at ₹3,900 against their previous close of ₹3,832.75 and jumped 3.8% to an intraday high of ₹3,978.
Shares of the company jumped a day after the company reported a 14% year-on-year (YoY) rise in its consolidated profit for the June quarter of the financial year 2026-27 (Q1FY27).
L&T Q1FY27 results
On 28 July, L&T posted a 14% YoY rise in its Q1FY27 consolidated profit after tax (PAT) to ₹4,123 crore.
The group’s consolidated revenues grew by 7% YoY to ₹67,942 crore, driven by progress across several businesses. International revenues stood at ₹34,393 crore, contributing 51% of the company’s total revenues.
EBITDA declined 3% YoY to ₹6,116 crore, while EBITDA margin shrank to 9% from 9.9% YoY.
L&T said it secured orders worth ₹1,08,014 crore, up 14% for the quarter ended 30 June 2026. The group’s consolidated order book as on 30 June 2026 was at ₹778,954 crore, up 5% over March 2026. International orders constituted 52% of the overall order book.
Meanwhile, the company also announced the merger of L&T Power Development Limited, a wholly-owned subsidiary of the company, with it.
L&T shares: Should investors buy?
Top brokerage firms retained their positive views about the stock after the Q1 results.
Brokerage firm Motilal Oswal Financial Services maintained a ‘buy’ recommendation, with an SoTP-based target price of ₹4,550, valuing core business at 25 times September 28E earnings and 25% holding company discount for subsidiaries.
“We see positives in healthy 14% YoY growth in core E&C (engineering and construction) order inflows, core E&C revenue growth of 3% YoY, and flat margins at 7.6%. NWC (net working capital) at 4.9% of sales and RoE (return on equity) at 16.1% remained strong despite a challenging environment across domestic and international markets,” said Motilal Oswal.
“The prospect pipeline for the remaining nine months of FY27 is strong at ₹15 lakh crore, with ordering activity in the Middle East likely to ramp up from Q2FY27 onward. Despite lower orders from the Middle East region, L&T has diversified its order inflow mix from other geographies, such as Europe and has also seen stable inflows from the domestic private sector, the brokerage firm added.
JM Financial has also maintained a buy call on the stock but trimmed the target price to ₹4,640 from ₹4,700 earlier.
JM Financial said L&T is well placed to deliver 16%+ CAGR in EBITDA over FY26-28, supported by strong momentum in Middle East ordering, pick up in execution in the second half of FY27 onwards and stable core margins.
“Management expects a pick up in Middle East awarding from Q2FY27 onwards and noted that none of the projects has been cancelled. Thus, we view L&T’s order inflow guidance of 10-12% for FY27 as achievable,” JM Financial said.
Technical charts are also flashing positive indicators about the stock at the current juncture.
As per Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, the Larsen & Toubro share price has witnessed a strong rebound after finding support near the ₹3,800–3,850 zone, which also coincides with the 200-day EMA, indicating renewed buying interest at lower levels.
Patel said the stock has reclaimed its 50-day EMA, while the MACD has generated a positive crossover and both RSI and Stochastic are trending higher, suggesting improving momentum.
“As long as the stock sustains above ₹3,850, the overall trend is expected to remain positive. On the upside, immediate resistance is placed at ₹4,050, followed by a stronger hurdle near ₹4,200–4,250. A decisive breakout above ₹4,250 could trigger fresh buying momentum and pave the way towards ₹4,400 in the coming weeks,” said Patel
Vipin Kumar, AVP-Research at Globe Capital Market, underscored that technically, the L&T share price is undergoing a broadening formation, with strong price support around the 3,700–3,720 spot zone—aligning with the gap support left during the 8 April 2026 rally.
“Going forward, we expect the stock to test its recent swing highs near ₹4,270. A decisive close above the ₹4,300 – ₹4,350 resistance zone could trigger a fresh rally into uncharted territory,” said Kumar.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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