Okay, toh hua kya hai? Middle East mein tensions badh rahi hain aur iski wajah se Strait of Hormuz jaise important shipping routes band se ho gaye hain. Socho, L&T ka 75% international business toh wahi Middle East se aata hai, aur Saudi Arabia akela FY25 revenue ka 24% contribute karta hai.
Is crisis ki wajah se China aur Europe se aane wala material ruk gaya hai. Iska matlab L&T ke projects pe asar padega aur India ki energy imports bhi risk mein aa gayi hain, kyunki 60-70% business gas wahi se aati hai. Yahi wajah hai ki L&T ka stock pichle mahine 18-20% gir gaya, jabki overall market toh sirf 9.3% gira hai.
Company bol rahi hai ki 95% sites normal chal rahe hain, par investors ko future ki chinta khaaye ja rahi hai. Unhe dar hai ki agar ye conflict lamba chala toh projects ruk sakte hain, cancellations ho sakti hain, aur fixed-price contracts mein profit margins ghat sakte hain. Aur haan, Company ne February tak ₹1.44 trillion ke potential future costs bhi bataye hain.
Is valuation ko dekho toh L&T ka P/E ratio 24.90x se 34.4x ke beech hai, jo ki Indian construction industry ke average 15.4x se kaafi zyada hai. Is wajah se bhi stock pe pressure hai.
Par L&T ne future ke liye plan bana liya hai. Wo ab green energy, jaise hydrogen aur renewables projects pe focus kar rahe hain. Plus, India mein government infrastructure pe kharcha kar rahi hai, toh domestic business stable hai. Unka overall order book bhi mazboot hai.