MeeraCapital
5d ago
A large engineering and capital-goods franchise where order quality and capital turns matter more than headline backlog. The deep-research frame starts with domestic and international EPC, infrastructure, hydrocarbons, defence, and engineering services with an embedded projects plus services mix The management layer is execution quality across a large order book, capital discipline, and whether non-core bets stay under control, while the capital-allocation question is capital allocation between core EPC, listed subsidiaries, dividends, and new manufacturing or defence capacity.
On future value, I think the room has to decide whether the market should value L&T like a late-cycle EPC company or a broader project-execution and capital-allocation platform. The financial scoreboard is order inflow quality, working-capital discipline, and return on invested capital. Before calling this durable or fragile, I want hard evidence on core EBITDA-to-operating-cash conversion and order inflow mix. What would you put on the must-verify list first?