Goldman Sachs has maintained a ‘Buy’ rating on engineering and infrastructure heavyweight Larsen & Toubro (L&T) with a target price of ₹3,640, expressing optimism ahead of the company’s Q4FY25 earnings. According to Goldman’s preview, L&T is expected to report strong revenue growth of 17% year-on-year, driven primarily by an 18% rise in core revenue, as execution in the international order book continues to accelerate.
Goldman also anticipates that order inflows will rise by 11% year-on-year in Q4, exceeding the company’s own guidance, with core orders contributing significantly. However, while Q4 core EBITDA margins are projected to improve 30 basis points YoY, Goldman estimates that overall core margins for FY25 may remain flat.
The key focus area for investors and analysts will be the company’s margin guidance for FY26. If L&T can demonstrate greater margin discipline alongside a healthy order pipeline, it may be poised for further upside as India’s infrastructure cycle gains pace.
