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.
Disclaimer: This information is for informational purposes only and should not be considered financial advice. Please consult with a financial advisor for any investment decisions.