# Nomura said that L&T is trading at 32 times and 26 times its estimated financial year 2027 and 2028 core earnings, implying lesser comfort on valuations due to near-term uncertainties and limited visibility on improving Return on Equity (RoE)

*fintech · news · 2026-05-06 · CNBC TV18*

## Key points

- Nomura downgraded L&T to 'neutral' and cut its target price to ₹3,940 from ₹4,510.
- Nomura reduced FY27 and FY28 core EPS estimates for L&T by 8% after updated guidance.
- L&T's FY27 sales/EBITDA margin guidance is flat at 10% to 12%, below expectations.
- Execution risks from the West Asia crisis and cost headwinds could impact L&T's international operations.

**Companies:** Larsen & Toubro
**Countries:** India, Japan, United Kingdom

[Read the full story on CNBC TV18](https://www.cnbctv18.com/market/larsen-and-toubro-lt-share-price-downgrade-targets-cut-q4-results-fy27-guidance-orders-margins-valuations-ws-e-19899591.htm)

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