Brokerage Gives Bull Call on L&T Shares Mega Hydrocarbon Deal

Spread love

Larsen & Toubro stock outlook strengthens as ICICI Securities turns bullish after ₹10,000-crore BPCL hydrocarbon EPC win

By S JHA

Mumbai, December 25, 2025 — Larsen and Toubro has held steady in the Indian equity markets, as the stock is set to close the year on a positive note. Lately, the construction and highly diversified company has struck positive sentiments in the stock market. ICICI Securities in a research note has sounded bullish note on the stock following a major hydrocarbon deal.

“Larsen & Toubro’s Hydrocarbon Onshore business has secured a major EPC order (worth ₹5,000–₹10,000 crore) from BPCL for setting up India’s largest LLDPE (Linear Low-Density Polyethylene) / HDPE (High-Density Polyethylene) swing unit (2 × 575 KTPA) at Bina, Madhya Pradesh, on a lump-sum turnkey basis,” said the brokerage in a research note.

The L&T stock closed the Wednesday session on a neutral note. The scrip closed at ₹4052, close to its 52-week high of ₹4140.

“The project is part of BPCL’s Bina Refinery & Petrochemicals Expansion, which will raise the refinery capacity from 7.8 MMTPA to 11 MMTPA,” added ICICI Securities.

It also stated that the “order strengthens L&T’s energy segment, which contributed 19% of its consolidated revenue in the first half of FY26, with the company executing end-to-end EPC (engineering, procurement, construction & commissioning) on a lump-sum turnkey basis.” “The order supports L&T’s FY26 order inflow growth projection of 10%,” added the brokerage firm.

With defence scrips back in action, L&T stock is also gaining the limelight for its portfolio of defence goods. Larsen & Toubro is a major Indian MNC engaged in high-tech manufacturing and EPC projects.

“Operating in over 50 countries worldwide, L&T has several international offices, a manufacturing footprint that extends to 8 other countries, and a supply chain that spans the globe,” added the brokerage.

It also noted that the “company’s services include L&T Technology Services, L&T Finance, L&T EduTech, and L&T Semiconductor Services, while its allied businesses include L&T Realty, L&T Rubber Processing Machinery, L&T Valves, and L&T Construction and Mining Machinery.”

(Disclaimer: This article makes no recommendation for buy or sell of shares of any company)