Larsen & Toubro Ltd has paid an interest amount of ₹31.75 crore on its Non-Convertible Debentures (NCDs) on the due date of June 19, 2026. The payment was made for an issue size of ₹500 crore, with the interest frequency set as yearly. The record date for determining eligibility for the interest payment was June 4, 2026.

The disclosure was made in accordance with Regulation 57 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The confirmation was provided by Subramanian Narayan, Company Secretary & Compliance Officer of Larsen & Toubro .

Details of Interest Payment

The following table outlines the specific details of the interest payment made by the company:

The filing confirmed that there was no change in the frequency of payment and no delays were reported in the disbursement of the interest amount.

JPMorgan has maintained its Overweight rating on Larsen & Toubro while raising its target price to ₹5,060, pointing to the conglomerate's strong strategic execution as the primary driver of the revised outlook. The brokerage's assessment underscores the company's consistent outperformance against its own internal benchmarks under the Lakshya-26 strategic framework.

Strong Execution Under Lakshya-26

Larsen & Toubro's performance under the Lakshya-26 plan has exceeded stated targets across key financial metrics, reinforcing investor confidence in the company's operational discipline. The following table summarises the company's actual performance relative to Lakshya-26 targets as highlighted by JPMorgan:

The order inflow CAGR of 20% represents a significant outperformance against the 14% target, while revenue CAGR of 16% also surpassed the 15% benchmark. ROE rising to 16.6% further reflects improved capital efficiency across the business.

Lakshya-31 Sets Ambitious Forward Targets

Building on the momentum of Lakshya-26, the company's next strategic plan — Lakshya-31 — has outlined fresh medium-term objectives. JPMorgan noted these targets as part of its rationale for maintaining a constructive stance on the stock.

The Lakshya-31 framework signals the company's intent to sustain profitable growth while continuing to improve returns for shareholders.

Key Catalysts and Risk Considerations

Beyond the strategic plan metrics, JPMorgan identified several additional factors supporting its Overweight stance:

• Healthy FY27 guidance provides near-term earnings visibility
• Reduced Strait of Hormuz risk alleviates a previously cited geopolitical concern for the company's international operations
• Upside optionality from the Middle East business and the broader infrastructure capex cycle in India

The brokerage's revised target price of ₹5,060 reflects the combination of strong historical execution, well-defined forward targets under Lakshya-31, and an improving macroeconomic backdrop for infrastructure and engineering companies. The reduction in geopolitical risk exposure, particularly around the Strait of Hormuz, further strengthens the investment case by removing a key overhang on the company's international order book.