Larsen & Toubro shares erased morning losses on Monday, climbing 0.5% to ₹4,130 after the engineering giant clinched a major rail order valued at up to ₹2,500 crore. The mandate lands directly with its Heavy Civil Infrastructure vertical. Investors bought the dip.
Per an exchange filing submitted on Monday, November 9, Noida Metro Rail Corporation Ltd. awarded L&T the contract for the part design and construction of the Noida Metro Aqua Line Extension Project. The alignment spans a 15.1-kilometre elevated viaduct across two stretches—running from Botanical Garden to Noida Sector-142, and connecting Depot Station to Boraki. The contract also requires the civil engineering firm to build 10 elevated metro stations. Under internal disclosure norms, L&T designates contracts valued between ₹1,000 crore and ₹2,500 crore as "significant."
Civil works are stacking up fast. Earlier in the week, L&T's residential, commercial buildings and factories vertical captured orders valued at up to ₹2,500 crore across three major metropolitan markets. That haul comprises two residential projects in Mumbai and Bengaluru, alongside a major commercial complex in Hyderabad.
New order momentum comes on the heels of the group's second-quarter financial print on October 27. Net profit leaped 32.5% year-on-year, powered by a 16% rise in consolidated revenue to ₹78,750 crore. But operating metrics showed signs of strain. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) barely budged, inching up 0.6% to ₹6,845 crore from ₹6,806.5 crore a year earlier. Operating margin contracted 130 basis points to 8.7% from 10.0%.
| Financial Metric | Q2 Performance | YoY Comparison |
|---|---|---|
| Consolidated Revenue | ₹78,750 crore | +16.0% |
| Net Profit | Not Disclosed (Consolidated) | +32.5% |
| EBITDA | ₹6,845.0 crore | ₹6,806.5 crore (+0.6%) |
| EBITDA Margin | 8.7% | 10.0% (-130 bps) |
On the bourses, L&T has gained ground in seven of the last 10 trading sessions, pushing its 30-day rally to 11.5%. While the stock sits flat on a year-to-date basis, it finished among the top Nifty 50 gainers during the benchmark index's recent 7.5% weekly advance. Institutional attention now pivots to execution timetables along the Aqua Line corridor and whether second-half margins can reclaim the double-digit threshold.