Add Zee Business as a Preferred Source
L&T Q4 results largely in line, FY26 guidance missed; what to do with largecap infra stock?
Most brokerages are upbeat about L&T after its Q4 results stood out largely in line with estimates though the company missed its FY26 guidance.
)
L&T Q4 results largely in line, FY26 guidance missed; what to do with largecap stock?
Written By: ZeeBiz WebTeam
Updated: Wed, May 06, 2026
09:59 AM IST
09:59 AM IST
New Delhi, ZeeBiz WebDesk
Mumbai-headquartered engineering and construction major L&T on Tuesday reported largely in-line results for the quarter ended March 31. Brokerages maintained their neutral to positive views on the largecap infrastructure stock after the results, with their latest targets in the range of Rs 3,800-4,885. The company exited FY26 with revenue growth of 12 per cent, missing its earlier guidance by 300 basis points (bps).
Here's how analysts view L&T's latest earnings:
L&T Q4 Results: PAT up 3%, revenue up 11%, EBITDA up 5%, margin down 60 bps
After market hours on Tuesday, L&T reported a 3 per cent rise in consolidated net profit to Rs 6,318 crore for the March quarter, with revenue up 11.3 per cent at Rs 82,762 crore.
TRENDING NOW
The construction major staged a stable operationa performance, with its EBITDA up 5 per cent at Rs 8,610 crore.
Its quarterly margin -- a key measure of profitability -- contracted by 60 basis points to 10.4 per cent.
L&T declared a final dividend of Rs 38 per equity share for FY26.
ALSO READ: L&T Q4 Results: At Rs 5,326 crore, PAT almost in line with estimates; revenue meets mark
L&T guidance
For the current financial year, L&T guided for order inflow and revenue growth of 10-12 per cent.
Under its 'Lakshya 2031' five-year strategy, the company expects its order inflow and revenue to grow at CAGRs of 10-12 per cent and 12-15 per cent, respectively.
Analysts said that the company's performance was a mixed bag versus its FY26 guidance.
The company registered core revenue growth of 12 per cent in FY26 amid delays in domestic water projects and volatility in the Middle East. That growth fell short of its guidance of 15 per cent.
Its core EBITDA margin for the year was at 8.3 per cent, 20 basis points lower than its guidance of 8.5 per cent.
The company's order book marked 28 per cent year-on-year growth, at Rs 7.4 lakh crore, as of March 31.
How brokerages view L&T results
| Brokerage | Rating | Target Price (Rs) | Upside (%) |
| Jefferies | Buy | 4,885 | 20.43 |
| UBS | Neutral | 4,250 | 4.78 |
| HSBC | Hold | 3,800 | -6.31 |
| Goldman Sachs | Buy | 4,370 | 7.74 |
Jefferies maintained its 'buy' call on L&T after the construction behemoth announced its financial results, raising its target by Rs 385 to Rs 4,885. The target implies an upside of 20.4 per cent over Tuesday's closing price.
On the flipside, HSBC cut its target by Rs 100 to Rs 3,800 while maintaining its 'hold' call. The target suggests a 6.3 per cent discount to Tuesday's price.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
L&T Q4 Results: At Rs 5,326 crore, PAT almost in line with estimates; revenue meets mark
L&T Q4 Results Preview: Construction giant seen maintaining double-digit margin—Results on THIS date
L&T shares fall despite 95% projects running — Is Middle East tension the real worry for investors?
Brokerage bets on Larsen & Toubro; stock climbs nearly 3%, more gains coming?
L&T sheds Rs 40,000 cr mcap! Here’s why Rs 2.7 lakh cr order book is spooking investors amid Iran-Israel war
