NSE: LT· IndustrialsCore · Aug 26Large cap
Larsen & Toubro
Executor of the capex cycle at a cyclical multiple
- Last close
- ₹3,749.10
- 29 Sept 2026 · reference
- 1D · 1M
- −0.5% · −7.3%
- price-only
- Weight
- 2.4%
- 31 Jul 2026 · Aug rank 16
- Thesis review
- 8 Sep 2026
- Why We Own, p52
Where the price sits
52-week range, house target and street targets
52w low ₹3,34252w high ₹4,418
- Reference close₹3,749
- Antique Stock Broking Limited · BUY₹4,736
- LKP Research · BUY₹4,570
Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.
Investment case and valuation
Approved model, 8 Sep 2026 review
₹3,990
Price (2026-09-07)
31.6x / 28.2x
FY27E / FY28E P/E (Buoyant sheet)
16.9%
FY27E ROE (Buoyant sheet)
31.2x
Trailing P/E
5.0x
Price / book
9%
EPS CAGR FY26–28E
TTM P/E 31.2x on screener (7-Sep-2026); 5-year average P/E not sourced - not verified. EV/EBITDA n.m.; dividend yield 0.9%.
- Model date
- 8 Sep 2026 (prices 7–8 Sep 2026)
- Horizon
- 12 months (bank pages: Sep-2027 roll-forward)
- Audience
- Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
- Reviewer · version
- Investment Committee framework · v1 (book)
Current vs history
Trailing multiples, FY-end
| Ratio | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 24.4x | 25.0x | 21.8x | 11.9x | 17.2x | 28.7x | 29.1x | 39.7x | 31.9x | 30.0x |
| Price to Book | 3.0x | 3.4x | 3.1x | 1.7x | 2.6x | 3.0x | 3.4x | 6.1x | 4.9x | 4.4x |
Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.
UnavailableScenario lab disabled. Needs an approved forward EPS and forward P/E for Larsen & Toubro plus a reference price. Missing inputs are not substituted.