Toh asal mein hua kya hai? L&T ke Chief Financial Officer, R Shankar Raman ne ek bada hint diya hai. Unko lagta hai ki FY27 mein government apna capital expenditure (capex) lagbhag 10% tak badha sakti hai. Yeh koi choti baat nahi hai, kyunki infrastructure par kharcha badhne ka matlab hai L&T jaise bade players ke liye bade projects aayenge.
Ab iska stock par kya asar ho raha hai? L&T ka share price January 30, 2026 ko lagbhag ₹3,932 par close hua tha. Market is budget announcement ka wait kar raha hai. Aur haan, company ne recently apna Q3 FY26 ka result bhi nikala tha. Profit thoda kam dikha, kyunki naye labor laws ke liye kuch provisions the, lekin revenue mast badha aur order book bhi record bana gaya. Toh ek taraf results aa rahe hain, doosri taraf budget ka hype hai.
Government bhi infra par poora zor laga rahi hai. FY27 ke liye central government ka capex ₹12 lakh crore se zyada ho sakta hai, jo pichle saal se lagbhag 10% zyada hai. Kuch analysts toh 14% tak ka jump, matlab ₹13.1 trillion tak ka kharcha expect kar rahe hain! Pichle saal bhi FY25-26 mein effective capex ₹15.48 lakh crore tha. Is infra boom mein L&T ka order book toh December 31, 2025 tak ₹7.33 lakh crore se bhi upar hai, matlab next 3 saal tak kaam chalta rahega! India mein infrastructure sector ka market size bhi ₹5.31 lakh crore tak pahunchne wala hai 2025 tak. Competition mein Tata Projects aur Adani Energy bhi hain, par L&T ka diversified business is demand ko capture karne ke liye perfect position mein hai.
Aage kya? Analysts ka kehna hai ki L&T abhi bhi 'Buy' hai. Kuch targets toh ₹4,552 tak ke de rahe hain. Revenue bhi 2027 tak 21% badhne ka chance hai. Abhi company ka P/E ratio around 32.8x (LTM) hai aur market cap lagbhag ₹5.40 lakh crore hai. Yeh numbers iski earnings outlook aur zabardast order book ke hisaab se kaafi attractive lag rahe hain.