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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)
Nomura downgraded L&T to 'neutral' and cut its target price to ₹3,940 from ₹4,510.
KEY POINTS
- 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
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