Global engines fuel L&T order growth

A surge in international business, particularly from the Middle East, helped India's largest engineering and infrastructure company Larsen & Toubro (L&T) grow its order book at a compounded annual rate of over 15% between FY21 and FY25, even as growth in domestic orders chugged along at a slower pace.

- Nehal Chaliawala

The company believes that growth in international business will once again outpace domestic business expansion in FY26.

It sees a business prospect pipeline of ₹12 trillion from international markets compared to ₹7 trillion from the domestic market during the year. This includes upcoming contracts that the company has identified for bidding.

Larsen & Toubro usually wins 20-25% of the contracts it bids for.

For context, at the beginning of FY25, it had indicated international prospects of about ₹5.4 trillion and domestic prospects of ₹6.7 trillion.

"I think there is a momentum in the international market at the moment. We think the momentum will continue," said R. Shankar Raman, president, whole-time director and chief financial officer of L&T.

"We do think FY26 will also have certain tilt towards international orders," he said during a post-earnings media call.

"There is a massive international opportunity that the company is capitalising on.