Bernstein sees 14.4% upside in L&T, retains outperform rating on execution strength and ROE boost

Bernstein has maintained an outperform rating on Larsen & Toubro (L&T) with a target price of ₹3,891, indicating a potential upside of 14.4% from its current market price of ₹3,402. The brokerage highlights another quarter of strong execution at a group level, where international revenue surpassed domestic earnings, helping L&T achieve a 16.1% return on equity (ROE). Although order inflow declined due to a high base from the prior year’s 72% jump, Bernstein notes that management has retained its guidance. The company’s working capital and execution strengths are expected to offset pressures on margins and order inflow.

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