Larsen & Toubro shares: 114% return in 5 yrs, Motilal Oswal sees 19% more upside stock | Target price
Larsen & Toubro shares have fallen 10.6% in 2026 so far, despite delivering 114% returns over five years. Motilal Oswal sees nearly 19% upside, citing order growth, domestic project execution and opportunities across multiple international markets.
Larsen & Toubro share price target: Shares of Larsen & Toubro Limited, have delivered 114% return over the last five years, but the capital goods stock has rarely surged over the last one year. Larsen & Toubro is likely to benefit from strong execution, ramp up in domestic orders, and focused execution, according to Motilal Oswal Financial Services, which sees nearly 19% upside potential in the stock. L&T stock closed nearly 1.2% higher on Friday, however, its share price value has declined 10.6% in 2026 so far.
Larsen & Toubro share price outlook The company is focusing on higher fabrication in India for its projects and is ramping up execution in domestic and large private projects to offset weakness due to the ongoing West Asia crisis, as per Motilal Oswal. “Despite the ongoing crisis in the Middle East, inflows from that region have ramped up sharply for LT, and out of the total announced order inflows of ~INR1.3t so far in 2QFY27, projects worth ~INR775b were announced from the Middle East,” stated the brokerage in its report. L&T’s order inflows have surged sharply over the past few months.
The company has diversified beyond the Middle East too for orders from international geographies such as Europe, Africa, Canada and now targeting North Asia, South Korea, Japan and Taiwan. “With a prospect pipeline of INR15t for 9MFY27 and an order book of INR7.8t as of Jun’26, we expect LT’s core EPC order inflows/revenue to grow at 10%/14% CAGR over FY26-29,” read the MOFSL report. Larsen & Toubro share price target The brokerage gave a ‘Buy’ rating for the stock with a target price of ₹4,400 per share.
“We maintain our SoTP-based TP of INR4,400, based on 25x on Dec’28E earnings for the core business and a 25% holding company discount to subsidiaries.” Larsen & Toubro share price trend The stock closed 2.17% higher at ₹3699.10 per share on BSE on Friday, October 9. Its share price value has declined 5% in six months, 1.86% in one year. But the stock has delivered 6% return in two years, 20% return in three years and 114% return in five years.
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