Larsen & Toubro shares are drawing attention ahead of the Union Budget presentation, as the engineering conglomerate's performance serves as a key barometer for India's infrastructure and industrial sectors. The company's significant presence across construction, energy, and technology projects makes its capex plans and order book trends crucial indicators for the sector's growth trajectory.

CFO Projects 10% Capex Growth

Larsen & Toubro's Chief Financial Officer R Shankar Raman is anticipating a 10% increase in capital expenditure outgo in the upcoming budget for FY27. Speaking to PTI, Raman expressed confidence in the government's spending plans, stating: "They will possibly go for a 10 per cent increase...that is what I am anticipating, but that's at a personal level."

No Resource Crowding Concerns

Despite concerns about sagging private capital expenditure growth, Raman dismissed fears of a 'crowding out' of resources due to high government spending. He emphasized that ample liquidity in the system will support such investments, indicating a positive outlook for infrastructure development. Raman highlighted that there is already a jump in the way large infrastructure projects are getting conceived, underlining that 'infrastructure has miles to go'. This perspective suggests continued opportunities for companies like L&T in the infrastructure space.

Budget 2025 Capex Allocation

The Budget 2025 demonstrated continued emphasis on capital spending with significant allocations for infrastructure development:

The government has been increasing the capex target at a slower pace, considering the medium-term fiscal consolidation path of the central government. However, the consistent upward trajectory in capital expenditure allocation reflects the government's commitment to infrastructure development.

Market Focus on Infrastructure Spending

L&T shares will remain in focus due to the company's direct correlation with government capex outlay and capital expenditure trends. The engineering giant's performance often sets the tone for the broader infrastructure sector, making investor attention on budget announcements particularly significant for the stock's movement.

Larsen & Toubro Limited has announced the upload of its Q3/9M FY26 earnings call transcript to its investor website, fulfilling regulatory compliance requirements under SEBI regulations. The company made this disclosure through a formal communication to stock exchanges on February 3, 2026.

Regulatory Compliance and Disclosure

The company has uploaded the transcript of its earnings call held on Wednesday, January 28, 2026, in compliance with Regulation 30 and 46 read with clause 15 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transcript is now available on the company's investor website at investors.larsentoubro.com/Transcripts-Archives.aspx.

Stock Exchange Communication

The disclosure was made to both BSE Limited and National Stock Exchange of India Limited through a formal letter signed by Subramanian Narayan, Company Secretary & Compliance Officer. The communication requested both exchanges to take note of the transcript upload and host the same on their respective websites.

Corporate Information

The communication was issued from Larsen & Toubro's corporate office at L&T House, Ballard Estate, Mumbai, bearing the company's CIN: L99999MH1946PLC004768. The document was digitally signed by the Company Secretary on February 3, 2026, at 10:17:37 +05'30', ensuring authenticity and compliance with digital signature requirements.

The transcript upload follows the company's recent announcement of record-breaking Q3 FY26 performance, providing investors and stakeholders with detailed insights into management commentary and strategic outlook discussed during the earnings call.