CITI ON L&T ; BUY | TP ₹4,650

• Q2 FY27 results beat expectations, driven by strong project execution and cash flow performance. • Order inflows remained robust and in line with expectations. • Management reiterated FY27 revenue and order inflow growth guidance of 10–12%. • FY27 core operating margin guidance maintained at 7.8%. • Working capital performance expected to exceed the initial guidance of 10%. • Strong execution, healthy order inflows and improving working capital efficiency support the company's growth outlook. • Citi maintains BUY rating on L&T with a target price of ₹4,650.

LARSEN & TOUBRO LTD.

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