Builds high-rise towers, offices, airports, hospitals and factories through its Buildings & Factories business; also develops property through L&T Realty
Price
₹3,872
snapshot 30 Oct 2026
Strengths
Strongest balance sheet and execution record in Indian construction
Wins the largest and most complex building contracts
Risks
Buildings is a small part of a much larger infrastructure, energy and defence group - not separately disclosed here
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Builds the structure (and often finishes and MEP) for developers and institutions under fixed-price or item-rate contracts, billing monthly against completed work.
Why it matters
Construction is where bookings turn into cost: a contractor's order book shows how much developer and government building work is actually under way.
Where the value pool sits
A fragmented, working-capital-heavy business with ~8-12% EBITDA margins. Profitability depends on escalation clauses, timely client payments and execution speed; scale players like L&T win the most complex jobs.
Key drivers
Developer launches turning into construction
Government buildings - hospitals, institutions, housing schemes
Data centres, factories and commercial towers
Potential bottlenecks
Skilled labour shortages
Client payment delays stretch working capital
Fixed-price contracts exposed to cement, steel and labour inflation