L&Tup 26% from March low, nears pre-West Asia conflict price

Larsen & Toubro (L&T) share price

Share price of Larsen & Toubro (L&T) rose 2 per cent to ₹4,149.55 on the BSE in Thursday’s intra-day trade, extending its Wednesday’s 3 per cent rally on easing geopolitical tensions.

With past two days’ up move, the stock price of the civil construction major has bounced back 26 per cent from its previous month low of ₹3,288.65 touched on March 23, 2026. L&T now trades close to its pre-war conflict price of ₹4,280.55 as of February 27, 2026. It hit a record high of ₹4,440 on February 24, 2026.

At 10:13 AM on Thursday, L&T was quoting 1.6 per cent higher at ₹4,139.30 as compared to 0.35 per cent rise in the BSE Sensex.

What’s driving L&T share price?

On March 21, 2026, L&T reported in a media interaction that 95 per cent of its 100+ project sites in West Asia remain operational despite ongoing geopolitical tensions, with only 5 per cent temporarily paused near conflict zones. The region contributes 33 per cent of revenue and 37 per cent of the ₹7.33 trillion order backlog, with ~₹3.46 trillion order inflows in 9MFY26, of which one-third was from West Asia. While operations, billing, and order inflows remain stable, the company flagged logistics disruptions and rising input/insurance costs as near-term concerns. The management commentary reduces uncertainty and boosts positive sentiment.

Meanwhile, L&T dispatched its 7th 700 MWe steam generator to Nuclear Power Corporation of India (NPCIL), marking a key milestone in India’s fast-track nuclear expansion programme. This reinforces L&T’s leadership in nuclear manufacturing and supports India’s long-term energy security and nuclear capacity growth ambitions.

“The development is incrementally positive as it aligns with India’s long-term nuclear capacity expansion, providing multi-year order visibility and margin accretive opportunities. Overall, it supports L&T’s positioning as a key beneficiary of the energy transition and domestic manufacturing push,” ICICI Securities said in a note.

In another development, India plans to invite bids within 3–6 months for a 220 MWe Bharat Small Modular Reactor (BSMR-200), with an estimated cost of ₹5,960 crore (₹30 crore/MW) and a construction timeline of 60-72 months. The project, developed by BARC and NPCIL, is part of the ₹20,000 crore Nuclear Energy Mission, targeting at least 5 SMRs by 2033 and contributing to India’s 100 GW nuclear capacity goal by 2047.

The ₹30 crore/MW cost highlights the high-value, technology-intensive nature of nuclear projects, offering strong revenue visibility for equipment and EPC players. Companies such as Larsen & Toubro and Bharat Heavy Electricals are well positioned to benefit across heavy engineering, reactor components, and EPC execution, ICICI Securities said in a note.

JM Financial Institutional Securities view on L&T

The West Asia crisis impacts L&T’s near-term prospects given its significant exposure to the region as well as the possibility of a shortage of key raw materials, even in India. That said, the long-term outlook for the Middle East business remains robust with no news of project cancellations or payment delays.

After a successful Project Lakshya (FY26), goals to be set for FY31E assume significance. Analysts at JM Financial Institutional Securities expect L&T to increase thrust in areas such as defence (precision engineering), thermal power EPC (Energy) and realty, alongside new-age areas such as semiconductor design and potentially data centres (limited).

Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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