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JPMorgan Sets Highest Target for L&T Shares, Projecting Nearly 30% Upside
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CNBC TV18•22-09-2026, 15:54
JPMorgan Sets Highest Target for L&T Shares, Projecting Nearly 30% Upside
- •JPMorgan has given Larsen & Toubro Ltd. its highest price target on the street, maintaining an "overweight" rating with a target price of ₹5,060 per share, indicating a potential upside of 29.5%.
- •L&T management confirmed that project execution in West Asia continues without major disruptions, with customers accommodating cost increases due to regional conflicts.
- •The company expects public capital expenditure in India to increase post-consolidation, while private corporate capex has gained traction, driven by significant thermal power segment orders.
- •L&T's strategic plan includes venturing into data centers, green energy, and electronic manufacturing, aiming to double defense revenues by 2031 while prioritizing return on equity and shareholder returns.
- •Despite the West Asia conflict being an overhang, JPMorgan notes L&T is positioned for mid-teens growth with healthy return on equity, and its valuation at less than 25 times P/E is considered attractive.
Key Questions Answered
JPMorgan maintained an overweight rating on Larsen and Toubro Ltd. with a target price of ₹5,060 per share, marking the highest target on the street and indicating an upside of nearly 30% from current levels.
L&T reported that project execution in West Asia continues without major disruptions, and customers are generally accommodating cost increases caused by regional conflicts.
Under its strategic plan extending to 2031, L&T aims to double its defense revenues, enter new areas such as data centers, green energy, and electronic manufacturing, and position its business for mid-teens growth with healthy return on equity.
