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New segments to drive growth for L&T
Business Standard
|October 02, 2025
The exit of Larsen & Toubro (L&T) from the Hyderabad Metro is a long-term positive for the stock. It could be a bullish trigger, alongside higher international orders, and new opportunities in segments like defence and data centres.
The Telangana state government will reportedly take over the asset at around ₹2,000 crore equity valuation. A state government press note suggests it will take over ₹12,730 crore of the special purpose vehicle’s debt and offer a onetime settlement of ₹2,000 crore for L&T’s equity investment (L&T’s total equity invested was ₹5,900 crore).
The FY25 profit before tax (PBT) loss at the Metro was ₹626 crore (including ₹187 crore in real estate monetisation gains). These losses are 3 per cent of L&T consolidated PBT and 4 per cent of consolidated net profit for FY25. It could lead to 4 percent earnings per share accretion, plus potential income on the ₹2,000 crore in cash.
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