L&T’s NSE listing advanced 1.5% to ₹3,681, buoyed by JPMorgan’s new highest‑ever target of ₹5,060 and an overweight rating. The bank noted the company’s robust EPC pipeline and the strategic weight of the New Tashkent project.
Despite the rally, L&T’s year‑to‑date performance shows a 11% slide, reflecting broader infrastructure volatility amid rising input costs and currency swings. The stock’s dip aligns with a sector‑wide decline of 9% in mid‑2026, underscoring investor caution.
Analysts now expect the upcoming Q2 earnings on Oct 27 to stay on track with a projected revenue of ₹58 billion and an EPS of ₹5.20, slightly above the consensus of ₹5.00. L&T’s management hinted that the project’s engineering phase could unlock additional cash flows in the next 12 months.
The New Tashkent International Airport, classified as an “ultra‑mega” order above ₹15,000 crore, is a key driver in the company’s long‑term growth narrative. While the project’s financial impact will unfold over the next few years, its presence reinforces L&T’s position in high‑value infrastructure contracts.
Investors will monitor the June 2027 milestone for the notice to proceed, which could signal a transition from pre‑construction to active build‑out and potentially lift the share price further if execution milestones are met.