JEFFERIES ON L&T ; BUY | TP CUT TO ₹4,700 FROM ₹5,000

• Jefferies expects L&T's outperformance to continue, supported by a strong order book and execution. • Q2 FY27 EBITDA missed expectations by 5%. • H1 FY27 order inflows grew 22% YoY, significantly ahead of the company's annual growth guidance of 10–12%. • Management maintained FY27 revenue growth guidance of 10–12% YoY. • FY27 Engineering & Construction (E&C) margin guidance remains unchanged. • Strong order book and healthy execution provide visibility for sustained growth. • Jefferies retains BUY rating despite cutting its target price by 6%, expecting continued outperformance.

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