Larsen & Toubro (L&T) has reported a 15.1% YoY growth in consolidated revenue with a stable EBITDA margin of 10.2%. Despite a 10% YoY decrease in order prospects, the management remains optimistic about achieving a ~10% order inflow growth for the year. The company anticipates a slowdown in domestic execution in Q1 due to labor shortages during elections, which is expected to normalize in H2 to achieve a targeted revenue growth of approximately 15% in FY25. L&T's focus on capex-led growth is expected to sustain domestic business momentum. Additionally, the Middle East region continues to invest in infrastructure, energy transition, and oil & gas projects. L&T's opportunity pipeline includes projects in offshore wind in Europe, rail & metro transit, oil to chemicals in the Middle East, as well as green energy, nuclear energy, and hydrogen pump storage projects in India. The company's strategic initiatives aim to capitalize on strong international prospects, healthy domestic pipeline supported by public and private capex, improving profitability in development projects, and penetration into newer sectors like green hydrogen, electrolyzers, and data centers. With a current P/E ratio of 30.8x/23.6x for FY25/26E, L&T is seen as well-positioned for long-term growth. In conclusion, the research report from Prabhudas Lilladher advises a 'Buy' rating for L&T with a revised target price of Rs4,130. The valuation is based on a P/E of 26x FY26E for the core business. Investors are encouraged to seek advice from certified experts before making investment decisions.