Whalesbook
Kya Hai Poori Kahani? (The Big Picture)
Okay, toh L&T ka stock na, ekdum raftaar pakad raha hai! Paison ki baat karein toh company ₹6 Trillion (matlab 6 lakh crore rupees!) market cap ke level ko touch karne waali hai. Pichhle ek mahine mein hi share 10% bhaga hai. Iske peeche ka ek bada reason hai Nabha Power Ltd. ko Torrent Power ko ₹3,660.87 crore mein bechne ka deal. L&T ki strategy hai ki jo assets se zyada kaam nahi ho raha, unse nikal lo aur woh paisa apne core EPC aur engineering business mein lagao jahan returns better milte hain. ICICI Securities jaise analysts bhi keh rahe hain ki yeh move L&T ke liye bahut faydemand hai. Jabki Nabha Power ne FY25 mein company ke turnover ka sirf 1.73% aur net worth ka 3.64% contribute kiya tha, ab woh capital dusri jagah use hoga. Current share price around ₹4,232 hai, aur market cap ₹5.83 trillion ke aas-paas hai.
Order Book Aur Infra Boom Ka Fayda (Order Book & Infra Boost)
Future ki baat karein toh L&T ka order book ekdum solid hai, ₹7.33 trillion tak pahunch gaya hai, jo pichhle saal se 30% zyada hai! Aur mazedaar baat yeh hai ki iska 49% international orders se aa raha hai, especially Middle East se. Upcoming projects ke liye bhi pipeline ₹5.9 trillion ki hai. Yeh sab India ke infra development ke bade plans ki wajah se ho raha hai. Government ne Budget 2026-27 mein infra ke liye record USD 133.1 billion alag rakhe hain, aur high-speed rail corridors jaise projects se L&T ko bahut kaam milega. Indian infra sector 2026 tak ₹95–105 trillion ka ho jayega, jo 8–10% ke rate se badhega. Is boom ka fayda uthane ke liye L&T ekdum ready hai. Q3 FY26 mein toh order inflows record ₹1.35 lakh crore ke the! Analysts toh expect kar rahe hain ki FY25-FY28 mein revenue 15.6% aur profits 19.9% CAGR se badhenge.
Thoda Caution Bhi Zaroori Hai (A Note of Caution)
Abhi sab kuch accha lag raha hai, par kuch cheezein dhyan mein rakhni hongi. L&T ka P/E ratio abhi 30-35x chal raha hai, jo pehle ke comparison mein thoda high hai. Company par debt bhi hai, debt-to-equity ratio 1.33 hai March 2025 tak. Execution bhi ek bada factor hai; Q3 FY26 mein net profit 4% kam hua tha ek one-time provision ki wajah se. Aur haan, contingent liabilities bhi ₹1,44,688.17 crore ki hain. Kuch analysts ne toh valuation ko lekar rating ko 'Hold' bhi kiya hai.
Aage Kya? Analyst Kya Bol Rahe Hain? (Future Outlook & Analyst Views)
Overall, most experts L&T par positive hain aur 'Buy' rating de rahe hain. Wall Street analysts ka average target ₹4,715.04 hai, aur kuch toh ₹5,281.5 tak bhi jaa sakta hai. ICICI Securities ne target ₹5,030 aur Motilal Oswal ne ₹4,600 set kiya hai. Jefferies ne toh L&T ko 2026 ke liye top 5 industrial stocks mein bhi rakha hai. Government ka infra focus aur L&T ki strong position ek accha combo hai. Ab bas yeh dekhna hai ki company apne bade order book ko kaise profit mein convert karti hai aur apne loans aur liabilities ko kaise manage karti hai.