Larsen & Toubro starts Tashkent airport work: INR 4,400 target for Larsen & Toubro stock

Published on 10/19/2026 at 09:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Initial activities began at New Tashkent airport on October 19, 2026. An INR 7.8 trillion order book guides the valuation of Larsen & Toubro stock.

Operating signals and dates

The airport move accompanied an INR 7.4 trillion FY26 order book on October 19, 2026.
Fiscal 2027 first-quarter EBITDA margin was 9.0 percent.
Larsen & Toubro had an INR 5.0 trillion market capitalization as of October 19, 2026.

Larsen & Toubro, INE018A01030, Illustration mit AI erstellt.

Larsen & Toubro (ISIN INE018A01030) began initial activities for the New Tashkent International Airport project on October 19, 2026, as CNBC TV18 reported. In a separate October 7, 2026 update, DSIJ said Motilal Oswal retained a Buy rating and set a target of INR 4,400.

Airport work adds a new order signal

The New Tashkent development gives Larsen & Toubro another international infrastructure reference point. CNBC TV18 reported that the company's public spaces, airport and health vertical received a limited notice to proceed from the consortium developing the Uzbekistan airport.

The airport update arrives alongside a large project base. The company had an order book of INR 7.4 trillion in fiscal year 2026, up 28 percent from the prior year, according to CNBC TV18 on October 19, 2026. International orders accounted for 52 percent of that total.

Three events shape the order book

On July 28, 2026, Motilal Oswal's update cited consolidated revenue of INR 679 billion and profit after tax of INR 41 billion for the first quarter of fiscal 2027, with year-over-year growth of 7 percent and 14 percent, respectively, according to DSIJ. On October 7, 2026, the same research coverage reported a target of INR 4,400 and first-quarter order inflows of INR 873 billion. On October 19, 2026, the Tashkent airport work became the latest dated operating development.

What does the order book mean for margins?

The main counterweight is execution. DSIJ reported that consolidated earnings before interest, taxes, depreciation and amortization fell 3 percent year over year to INR 61 billion in the first quarter of fiscal 2027, while the margin narrowed to 9.0 percent from 9.9 percent. The report attributed pressure to geopolitical disruption, logistics costs and higher expected-credit-loss provisions.

For investors, the combination is clear in the numbers: order inflows and the backlog provide scale, while margin conversion remains the operating test. Motilal Oswal projected core engineering and construction revenue growth of 14 percent a year from fiscal 2026 through fiscal 2029, but also listed project delays and higher working capital as risks.

Next reporting date

The next dated company event is the second-quarter and first-half fiscal 2027 results review scheduled for October 27, 2026, according to Sharpely.

Stock context in India

On the NSE, Larsen & Toubro traded at INR 3,651.20 on October 19, 2026 at 12:53 p.m. IST. The company had an INR 5.0 trillion market capitalization and an INR 3,288.10 to INR 4,440.00 52-week range as of that date.