# Nuvama Institutional Equities has downgraded Larsen & Toubro Ltd (L&T) to ‘Hold’ The stock has almost rebounded to pre-conflict levels, even as supply challenges are likely to persist into the June quarter.

*business · news · 2026-04-14 · Business Today*

## Key points

- Nuvama downgraded L&T to 'Hold' as the stock nears pre-conflict levels despite ongoing risks.
- A prolonged Strait of Hormuz closure could increase L&T's logistics costs and cause raw material shortages.
- Nuvama revised L&T's target price to Rs 4,400 from Rs 4,850, citing persistent supply challenges.
- L&T's Q1FY27 faces key risks from potential inventory depletion and possible labour shortages if conflict escalates.
- Nuvama highlights L&T's record order book and possible new opportunities from West Asia reconstruction.

**Companies:** Larsen & Toubro Ltd
**Countries:** India, Iran

[Read the full story on Business Today](https://www.businesstoday.in/markets/stocks/story/lt-shares-rebounded-to-pre-conflict-levels-buy-sell-or-hold-target-price-525588-2026-04-14)

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