Buy Larsen and Toubro: target of Rs 1900: Sharekhan

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

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26 Aug, 2025 12:21

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Sharekhan's research report on Larsen and Toubro

Revenues were marginally lower than expected, while OPM remained broadly in-line for Q1FY20222. Order prospects and order backlog stayed healthy. Management retained FY2022 guidance for order intake, revenues, OPM and working capital levels. Cash reserve remained robust. Divestment of power assets, stake in road entity and restructuring of Hyderabad Metro project is expected to conclude in the current year.

Outlook

We maintain a Buy on Larsen and Toubro (L&T) with a revised PT of Rs. 1900, considering inexpensive valuation for core business and positive business dynamics, barring near-term COVID-led concerns.

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