L&T closed 0.7% lower at ₹3,877 on Tuesday, a 6% slide from the start of the year.
JPMorgan maintains an overweight rating and lifted its target to ₹5,060, implying a 29.5% upside from the current level. The move comes after a management meeting where the firm underscored steady West Asia execution.
Jefferies and ICICI Direct also priced L&T above ₹5,000, aligning with JPMorgan’s bullish outlook.
During the briefing, L&T said projects in West Asia progressed without major disruptions, and customers largely accepted cost hikes amid the regional conflict.
The company flagged that public infrastructure capex in India should rebound after a consolidation phase, while private corporate capex is gaining traction thanks to large thermal power orders.
L&T’s strategic plan targets entry into data centres, green energy, and electronic manufacturing, aiming to double defence revenues by 2031 while keeping ROE, cash flow and shareholder returns intact.
Valuation sits below 25× P/E, and the brokerage forecasts mid‑teens growth for the core business, positioning L&T as a value play in the infrastructure space.