Larsen & Toubro (L&T) is India’s largest engineering and construction conglomerate, with diversified operations spanning infrastructure, hydrocarbon, power, defence, IT, and financial services. Headquartered in Mumbai and led by CEO S.N. Subrahmanyan, L&T has played a pivotal role in building India’s critical infrastructure—from metro rails and airports to nuclear power plants and smart cities. As of January 2026, the company is riding strong tailwinds from government capex, global order inflows, and strategic focus on high-margin sectors like defence and renewables. This article provides a data-driven outlook on the Larsen & Toubro share price target 2026–2030.
Larsen & Toubro: Company Overview
- Founded: 1938
- Managing Director: Mr S.N. Subrahmanyan
- NSE Symbol: LT
- Key Segments: Infrastructure (45%), Hydrocarbon (18%), Defence (12%), IT & Engineering Services (15%), Others (10%)
- Market Position: India’s #1 EPC (Engineering, Procurement, Construction) player; among the top 3 global players in select segments
L&T maintains a robust order book of over ₹5.2 lakh crore as of Q3 FY26, with strong domestic and international traction. Its subsidiary, L&T Technology Services (LTTS), and L&T Infotech (now merged into LTIMindtree), contribute steady cash flows from the IT sector.
Larsen & Toubro: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹3,870 |
| Market Capitalization | ₹5,30,410.23 Cr |
| No. of Shares Outstanding | 137.56 Cr |
| 52-Week High / Low | ₹3,964 / ₹3,175 |
| P/E Ratio (TTM) | 91.10 |
| P/B Ratio | 7.81 |
| EPS (TTM) | ₹42.33 |
| Book Value (TTM) | ₹493.79 |
| ROE | 15.97% |
| ROCE | 17.91% |
| Dividend Yield | 0.88% |
| Face Value | ₹2 |
| Cash | ₹4,346.61 Cr |
| Debt | ₹21,934.88 Cr |
| Sales Growth (YoY) | 12.89% |
| Profit Growth (YoY) | 16.50% |
| Promoter Holding | 0% |
Larsen & Toubro Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹4,050 – ₹4,450 |
| 2027 | ₹4,300 – ₹4,800 |
| 2028 | ₹4,550 – ₹5,200 |
| 2029 | ₹4,800 – ₹5,650 |
| 2030 | ₹5,050 – ₹6,100 |
Larsen & Toubro Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹4,050 | ₹4,450 |
L&T reported 16.50% YoY profit growth in FY2025, supported by strong execution in infrastructure and defence. However, its P/E of 91.1x is significantly elevated—well above its 5-year average (~35x)—reflecting high expectations from India’s infrastructure boom and global order wins. A 2026 target range of ₹4,050–₹4,450 assumes continued order inflows and margin stability, but limited multiple expansion.
Larsen & Toubro Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹4,300 | ₹4,800 |
If L&T sustains 15–18% earnings growth and benefits from PLI schemes, defence modernisation, and green energy projects, investor confidence will remain strong. Assuming EPS reaches ₹46–₹49 by FY27 and P/E moderates to 85–88x, the 2027 target range of ₹4,300–₹4,800 is justified.
Larsen & Toubro Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹4,550 | ₹5,200 |
By 2028, benefits from asset monetisation (e.g., road tolls, data centres) and higher EPC margins should reflect in cash flows. With a ROCE of 17.91%—above the cost of capital—the company efficiently deploys capital. A P/E of 88–90x on projected EPS of ₹49–₹53 supports the ₹4,550–₹5,200 band.
Larsen & Toubro Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹4,800 | ₹5,650 |
Long-term tailwinds include India’s $1.3 trillion National Infrastructure Pipeline, global EPC demand, and L&T’s leadership in nuclear and metro projects. If competition doesn’t erode pricing, EPS could reach ₹52–₹56 by FY29. At a P/E of 88–92x, the 2029 target is ₹4,800–₹5,650.
Larsen & Toubro Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹5,050 | ₹6,100 |
Over a five-year horizon, L&T remains a cornerstone of India’s capex cycle. A terminal P/E of 90–95x on FY30 EPS (~₹53–₹64) justifies the ₹5,050–₹6,100 range. Upside depends on execution quality and geopolitical opportunities; downside is limited by order book visibility.
Larsen & Toubro: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Domestic Institutional Investors (DII) | 43.62% |
| Public & Retail | 36.93% |
| Foreign Institutional Investors (FII) | 19.45% |
| Promoters | 0% |
High institutional ownership (63.07%) ensures liquidity and analyst coverage. The absence of promoters reflects its widely held public structure.
Larsen & Toubro: Strengths vs Risks
Strengths:
- Unmatched scale in Indian EPC and infrastructure
- Strong order book (₹5.2+ lakh Cr) with 70%+ domestic share
- Leadership in high-growth sectors: defence, renewables, metros
- Consistent dividend payer (34%+ payout ratio)
Risks:
- Extremely high P/E (91x) leaves little room for execution delays
- Working capital intensity can strain cash flows in large projects
- Global EPC carries forex and sovereign risk
- Debt of ₹21,935 Cr requires careful monitoring
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Moderate to High |
| Ideal Time Horizon | 5+ years |
| Volatility | Lower than market average (large-cap liquidity) |
| Dividend/Income Potential | Low (0.88% yield) but consistent |
| Best For | Core portfolio holding for investors betting on India’s infrastructure story |
FAQs
What is the target price of the L&T share in 2026?
Based on fundamentals and sector trends, the L&T share price target for 2026 is ₹4,050–₹4,450.
Is L&T issuing bonus shares?
No. L&T has not issued bonus shares since listing. It focuses on dividends and buybacks instead.
Is L&T share good to buy?
Only for long-term portfolios seeking exposure to India’s infrastructure boom. Avoid if you seek low-valuation or high-dividend stocks. The current P/E of 91x demands flawless execution.
What is the price of L&T today?
As of January 13, 2026, L&T shares trade at ₹3,870 on the NSE.
Is L&T good for the long term?
Yes. L&T is well-positioned to benefit from India’s multi-decade infrastructure push, defence indigenisation, and global EPC opportunities. Long-term investors should hold through cycles.
Final Verdict
Larsen & Toubro remains India’s infrastructure backbone. While its valuation is stretched, the earnings visibility from its order book and strategic positioning in high-growth sectors justify a premium.
Our Larsen & Toubro share price target 2026–2030 (₹4,050 to ₹6,100) reflects steady earnings growth, moderate multiple sustainability, and sustained investor confidence. It won’t deliver explosive gains, but offers reliable compounding for those betting on India’s physical transformation.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – L&T Consolidated Page (FY2025 + TTM)
- Finology Ticker – LT Financials & Analysis
- Groww.in – Larsen & Toubro Stock Profile
- L&T Investor Presentation (Q3 FY26, Jan 2026)
- Ministry of Finance – National Infrastructure Pipeline Report
