L&T Share Price Today Jumps 2% Despite Drop in Q3 Result; What’s Fuelling The Rally? Check Target Price

L&T Share Price Today: Shares of Engineering and construction major Larsen & Toubro (L&T) surged on Thursday, January 29, despite reporting a slight decline in its third-quarter profit for the financial year 2025-26. The company had reported a 4,3% year-on-year decline in its net profit.

L&T shares were trading 2.52% higher at Rs 3889 per share on BSE with a market capitalisation of Rs 5,35,004.67 crore at 10:45 am. The stock had touched an intraday high of Rs 3935.10 per share and an intraday low of Rs 3850 per share.

L&T Share Price Recommendation

L&T reported a weaker-than-expected Q3 profit due to poor execution for the core E&C business; the revenue growth for the core business also remained muted, noted Motilal Oswal in its report released on Thursday, January 29. However, order inflows remained strong at Rs 1.2 trillion driven by large order wins in domestic and international markets. Motilal Oswal gave a 'Buy' rating for the stock.

L&T Share Price Target

Motilal Oswal gave a 'Buy' rating for L&T shares with a target price of Rs 4,600 per share, indicating an upside of 21%. ". We maintain BUY with a revised two-year forward TP of INR4,600 (INR4,500 earlier). Our SOTP revision takes into account the revised valuations of subsidiaries," noted Motilal Oswal in its report.

While the brokerage maintained a 'BUY' rating for L&T share price, it highlighted slowdown in order inflows, delays in completion of mega projects, and jump in commodity prices as key risks for the stock.

L&T Q3 Result Recap

Larsen & Toubro reported mixed Q3FY26 numbers, with record orders but softer profitability. Consolidated net profit attributable to owners slipped 4.3% year-on-year to Rs 3,215 crore, compared with Rs 3,359 crore a year earlier. In contrast, revenue from operations rose 10% to Rs 71,450 crore from Rs 64,668 crore.

Order wins stayed strong in the December quarter. L&T booked fresh orders worth Rs 135,581 crore in Q3FY26, a 17% rise over the same quarter last year. The order inflow covered multiple regions and sectors such as thermal power, hydrocarbons, renewable infrastructure, transmission and distribution, and roads and runways.

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