L&T begins early work on over-Rs 15,000-crore Tashkent airport terminal
Larsen & Toubro, which wins and executes large infrastructure such as metros, power plants and airports for governments and companies, has received a limited go-ahead for the New Tashkent International Airport in Uzbekistan and started early design and planning work . The passenger terminal job is classed Ultra-mega, meaning worth over Rs 15,000 crore . The update comes against a backdrop of a record order book, with site construction awaiting the full Notice to Proceed . The filing does not specify when project revenue will be recognised.
Ultra-mega project comes against a record backlog
The Ultra-mega label is L&T's largest size band for orders won . The filing does not give an exact price, so the market only knows the floor of over Rs 15,000 crore . It says the contract was awarded earlier but does not disclose when the order entered L&T's backlog.
Sources: Q2 FY26 — ; Q3 FY26 — ; Q4 FY26 — ; Q1 FY27 — .
| Period | Order inflow (Rs crore) | Order book at end (Rs crore) |
|---|---|---|
| Q2 FY26 | 1,15,800 | 6,67,000 |
| Q3 FY26 | 1,35,600 | 7,33,200 |
| Q4 FY26 | 89,800 | 7,40,300 |
| Q1 FY27 | 1,08,000 | 7,79,000 |
Ordering stayed strong through FY26 into FY27, with the backlog making new highs each quarter . Management called FY26 another year of record inflow aided by multiple Ultra-mega orders across sectors and geographies .
Overseas orders form half the backlog
At end-June 2026, international orders were 52% of the backlog . In Q1 FY27, inflow tilted to the USA and Europe on ultra-mega offshore wind wins, while the backlog stayed anchored in India and the Middle East .
Management pointed to a near-term addressable pipeline of about Rs 15,00,000 crore . For FY27 it had cited a healthy pipeline of about Rs 17,80,000 crore .
Limited clearance starts design, full build awaits final nod
L&T's Public Spaces, Airports and Health business has signed an engineering, procurement and construction contract for the terminal and landside work . The contract was awarded earlier, and the public-private partnership consortium developing the airport has now issued a Limited Notice to Proceed .
Early work covers design and pre-construction
That early work covers initial engineering, detailed design, planning, procurement preparation and other pre-construction activities .
The full Notice to Proceed is expected after agreed contractual conditions are met . Site construction will start only after that .
Terminal scope targets 1.70 crore passengers a year
L&T's scope is the passenger terminal and associated landside facilities for about 1.70 crore passengers a year . It includes site grading, road infrastructure, structural works, architectural finishes, MEP services, utilities and advanced airport systems .
The company called it a greenfield airport planned as one of Central Asia's largest gateways and a pillar of Uzbekistan's transport strategy . It said its airports business has a track record of delivering airports, public spaces and healthcare facilities in India and overseas .
Broader infrastructure segment shows margin pressure
L&T houses Buildings and Factories inside Infrastructure and Utilities, with transportation, heavy civil, minerals, power transmission and water treatment . In Q1 FY27 that group was 41% of inflow, 45% of the book and 32% of revenue . These are figures for the broader segment, not standalone results or margins for Buildings and Factories or the Tashkent project.
Sources: Q2 FY26 — ; Q3 FY26 — ; Q4 FY26 — ; Q1 FY27 — .
| Period | Reported segment | Net revenue (Rs crore) | EBITDA margin |
|---|---|---|---|
| Q2 FY26 | Infrastructure Projects | 31,759 | 6.3% |
| Q3 FY26 | Infrastructure Projects | 33,700 | 6.1% |
| Q4 FY26 | Infrastructure Projects | 39,694 | 8.8% |
| Q1 FY27 | Infrastructure and Utilities | 21,858 | 5.1% |
The FY26 rows use the former Infrastructure Projects reporting basis, while Q1 FY27 uses Infrastructure and Utilities; these rows should not be read as a comparable quarterly series . On the comparable Infrastructure and Utilities basis shown in the July presentation:
| Period | Net revenue (Rs crore) | EBITDA margin |
|---|---|---|
| Q1 FY26 | 22,421 | 5.5% |
| Q1 FY27 | 21,858 | 5.1% |
Source: .
On the former Infrastructure Projects basis, revenue rose from Rs 31,759 crore in Q2 FY26 to Rs 39,694 crore in Q4 FY26 . On the comparable Infrastructure and Utilities basis, Q1 FY27 revenue fell about 2.5% year on year from Rs 22,421 crore to Rs 21,858 crore. Management attributed this decline primarily to the execution phase of the order book .
For the former Infrastructure Projects segment, management attributed the Q4 FY26 margin improvement to favourable job mix . On the comparable Infrastructure and Utilities basis, Q1 FY27 margin fell from 5.5% to 5.1% year on year, reflecting a change in revenue mix and higher expected credit-loss provisions .
Q1 showed slow conversion to sales and profit
Source: .
| Q1 FY26 | Q1 FY27 | |
|---|---|---|
| Revenue (Rs crore) | 63,680 | 67,940 |
| EBITDA margin | 9.9% | 9.0% |
| Reported PAT (Rs crore) | 3,620 | 4,120 |
PAT here is profit after tax. Growth was subdued on execution phasing . Margin was hit by lower execution levels, forex moves in IT units and higher provisions .
Full construction awaits final clearance
Full construction at Tashkent depends on the consortium issuing the Notice to Proceed after the agreed contractual conditions are met. The filing does not detail those conditions or provide a timetable for full construction or revenue recognition . For FY26 to FY31, the plan calls for selective geographical diversification and technology-led execution in projects . The aim is to sustain growth with stable margin in infrastructure, conventional energy and green energy .
Off an FY26 base, the FY31 plan targets compound annual growth of 10-12% in order inflows and 12-15% in revenue, alongside a return-on-equity target of 16-17% .
Near-term demand is framed around broadening private spending in India and global technology and energy transition work . Risks include conflicts, trade uncertainty, currency and commodity volatility and supply-chain friction .
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