Nomura has reiterated a buy rating on L&T, with a target price of ₹4,100, projecting an upside potential of 20.5% from the current price of ₹3,402. The brokerage highlights that L&T’s order inflow for Q2 beat estimates by 43%, supporting FY25 order growth guidance. Core margins stood at 7.6% in H1 FY25, a 20-basis-point increase year-over-year. Nomura believes the retained core EBITDA margin guidance of 8.25% for FY25 could have further upside, as L&T demonstrated strong risk-reward dynamics by surpassing market expectations in the latest quarter.
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