Larsen & Toubro has secured a strategic work order from the Corps of Electronics and Mechanical Engineers (EME) of the Indian Army for comprehensive support of indigenous Pinaka Multi-Rocket Launcher Systems. The partnership focuses on overhaul, upgrades, and long-term management of these critical defence systems currently operational with the Army.

Partnership Structure and Implementation

The collaboration establishes a unique model where the 510 Army Base Workshop (ABW) EME will conduct actual overhaul and upgrade operations using its internal expertise, while L&T, as the original equipment manufacturer, will provide essential support services. The engineering giant will supply critical spare parts, deliver technical assistance, and ensure comprehensive quality checks throughout the process.

The implementation will begin with a pilot overhaul program covering the Pinaka Launcher and Battery Command Post, executed jointly by L&T and 510 ABW. Following successful completion of the pilot phase, the Army workshop will handle remaining system upgrades with continued technical support from L&T.

Strategic Significance

This partnership represents a significant step toward enhancing operational readiness and modernisation of Pinaka regiments deployed by the Indian Army. The collaboration model may serve as a template for similar defence system partnerships in the future, directly supporting India's strategic focus on self-reliance in defence manufacturing and maintenance capabilities.

Company Performance and Market Position

L&T operates as a multinational engineering, procurement, and construction company with extensive hi-tech manufacturing and services capabilities across multiple geographies. As of September 30, 2025, the company maintained a substantial order book valued at ₹6.67 lakh crore.

Financial Performance Analysis

The company has demonstrated strong financial growth across key metrics in recent reporting periods.

Year-on-Year Performance:

Quarter-on-Quarter Performance:

Market Valuation

The company maintains a strong market position with a market capitalisation of ₹5,66,093 crores. Current share price levels reflect investor confidence, trading at approximately ₹4,043, representing just a 3.60% discount from the 52-week high of ₹4,195. The stock trades at a P/E ratio of 35.30, compared to the industry average P/E of 18.40.

Larsen & Toubro has been awarded a supply order by the Corps of Electronics and Mechanical Engineers (EME) of the Indian Army for the overhaul, upgrade and obsolescence management of the indigenous Pinaka Multi-Rocket Launcher Systems. This partnership represents a groundbreaking public-private collaboration in defense sustenance and lifecycle support.

Contract Details and Scope

The comprehensive partnership encompasses several critical areas:

Implementation Strategy

The programme focuses on managing outdated components, upgrading critical sub-systems and providing sustained technical support to Army Base Workshops. Under this initiative, 510 Army Base Workshop (ABW) EME will undertake overhaul and upgrade of critical electronics and systems, utilizing extensive domain knowledge inherent in Army Base Workshop.

L&T, as the Original Equipment Manufacturer, will supply critical spares and support modernization of sub-systems, enabling a shift from conventional maintenance practices to a structured, lifecycle-based sustenance and upgrade framework.

Phased Execution Plan

The implementation follows a structured approach:

Strategic Significance

This unique partnership between a domestic private OEM and the Indian Army represents a significant step for product lifecycle support of Made-in-India artillery systems. The collaboration aims to enhance long-term operational availability and modernization of Pinaka regiments currently in service.

The model is expected to serve as a blueprint for similar lifecycle management and upgrade programmes across other defense platforms, strengthening India's self-reliant defense ecosystem. This approach aligns with the Aatmanirbhar Bharat vision by leveraging indigenous design, manufacturing and systems integration capabilities.