Largecap Stock in Focus After Securing Order Worth Up to ₹15,000 Cr from JSW Steel

Synopsis: A blue-chip engineering giant lands its biggest-ever metals sector contract from one of India’s largest steelmakers, fuelling a multi-site capacity push worth billions.

India’s steel ambitions just got a major engineering push. A storied EPC conglomerate has bagged the single largest order in its metals division’s history, tasked with building blast furnaces and steel melt shops across two states as its client races toward a 50-million-tonne production target by 2031.

With a market cap of Rs. 5,40,630 Crore, the shares of Larsen & Toubro Ltd. are trading at a price of Rs. 3,940 per share i.e. 3.13% down from its previous closing price of Rs. 4,074. It currently trades at P/E of 31.6.

Mega Win, Mega Stakes

Larsen & Toubro’s Minerals & Metals (M&M) business vertical has secured its largest-ever domestic metals sector order, awarded by JSW Steel. Classified as “Mega” under L&T’s internal order sizing framework, the contract is valued between ₹10,000 crore and ₹15,000 crore – a landmark for the division and one of the bigger single wins in India’s infrastructure EPC space. 

This adds to L&T’s recent order momentum  its Energy Hydrocarbon Onshore division separately bagged a Large-category contract from Bharat Coal Gasification and Chemicals Ltd for a Coal-to-Ammonia-Nitrate project in Odisha, valued between ₹2,500 crore and ₹5,000 crore.

The scope of the JSW mandate is sweeping. L&T’s M&M vertical has been entrusted with comprehensive engineering, procurement, and installation of critical process facilities, including Blast Furnaces and Steel Melt Shops, across multiple brownfield and greenfield expansion sites. Work will be spread primarily across JSW Steel’s plants in Ballari, Karnataka, and Paradip, Odisha.

The contract is directly tied to JSW Steel’s stated capacity ambitions. The steelmaker is targeting a jump in crude steel processing capacity from 35 MTPA to over 50 MTPA by 2031 – an addition of more than 15 million tonnes that will require significant capital investment across its production network. L&T’s M&M vertical will play a central role in building the core infrastructure to make that happen.

The two companies have a partnership stretching over three decades, with L&T having executed several complex metallurgical projects for JSW during that period. D K Sen, Advisor to CMD for Development Projects and Minerals & Metals at L&T, said the win marks a defining moment for the business. He noted that the orders reflect not just engineering credentials but also the trust placed in L&T to deliver assets of national significance, as India accelerates its push to become a global steel powerhouse.

About the Company and Key Financials

Larsen & Toubro (L&T) is a leading Indian multinational engaged in engineering, construction, manufacturing, and technology services. The company operates across infrastructure, energy, defence, and IT sectors, executing large-scale projects globally. Known for its strong order book and execution capabilities, L&T benefits from India’s infrastructure push and private capex revival. Its focus on digital transformation, green energy, and asset-light strategy through subsidiaries like IT and finance arms continues to drive long-term growth and shareholder value. 

L&T delivered a strong FY26, with quarterly revenue touching ₹82,762 crore – up 11.25% year-on-year – while quarterly EBITDA stood at ₹10,419 crore, supported by a steady 13% margin. Quarterly net profit held firm at ₹6,133 crore, as full-year net profit climbed to ₹18,954 crore. The company closed the year with a record order book of ₹7,40,300 crore and a 15% ROCE, reflecting strong execution momentum across its businesses.

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