L&T Commences Pre-Construction on Tashkent Airport; Order Wins Span Seven Countries in Four Months (NSE: LT)
On 19 October 2026, Larsen & Toubro (NSE: LT; BSE: 500510) announced that its Public Spaces, Airports & Health business vertical had received a Limited Notice to Proceed (LNTP) from the PPP consortium for the greenfield New Tashkent International Airport in Uzbekistan. The LNTP allows L&T to start initial engineering, detailed design, procurement preparation, and other pre-construction activities for the passenger terminal and associated landside infrastructure. The full Notice to Proceed will follow once contractual conditions precedent are met, as stated in the 19 October 2026 BSE filing.
On 19 October 2026, Larsen & Toubro (NSE: LT; BSE: 500510) announced that its Public Spaces, Airports & Health business vertical had received a Limited Notice to Proceed (LNTP) from the PPP consortium for the greenfield New Tashkent International Airport in Uzbekistan. The LNTP allows L&T to start initial engineering, detailed design, procurement preparation, and other pre-construction activities for the passenger terminal and associated landside infrastructure. The full Notice to Proceed will follow once contractual conditions precedent are met, as stated in the 19 October 2026 BSE filing.
The Tashkent LNTP is the latest disclosure in a run of large domestic and international order wins that started in July 2026. In its Q1FY27 results filed on 28 July 2026, L&T reported consolidated revenue of ₹67,942 Cr (+6.7% YoY), a net profit of ₹4,123 Cr (+14.0% YoY), and an order inflow of ₹1,08,014 Cr, up 14% over the same quarter a year earlier.
Ultra-mega offshore orders clustered in August
Three contracts classified as “ultra-mega” – each valued above ₹15,000 Cr – were announced in the hydrocarbon and offshore space in quick succession.
- On 4 August 2026, subsidiary LTEH Offshore secured an EPCIC contract from ADNOC Offshore for multiple offshore facilities in the Middle East.
- On 17 August 2026, LTEH Offshore received a second ultra-mega order (>₹15,000 Cr) from another prestigious Middle Eastern client for offshore development.
- On 24 August 2026, L&T Energy Hydrocarbon Onshore signed a gas-compression EPC contract in the Middle East, again classified as ultra-mega.
A fourth large hydrocarbon win came on 29 July 2026, when the onshore business booked a major EPC order from Kuwait Oil Company for crude oil storage tanks (six tanks of 618,000 barrels each) and export network upgrades.
Broad‑based order flow across continents
Beyond hydrocarbons, the filings record wins in power transmission, transportation, buildings, and renewables.
- 20 July 2026: The Metals & Minerals vertical won multiple mega orders (₹5,000–10,000 Cr) from domestic clients – an 18 MTPA iron ore handling plant in Chhattisgarh, steel‑plant expansion packages for a Navratna company in West Bengal, and a zinc processing plant for a private sector metals producer.
- 24 July 2026: Heavy Engineering bagged a series of large orders (₹1,000–2,500 Cr each) from global clients, including Dangote Group for a mega refinery and fertiliser expansion, involving what the filing describes as the “world’s largest Fluid Catalytic Cracking Reactor Regenerator Package.”
- 27 July 2026: The Residential, Commercial Buildings & Factories vertical secured a major order (₹1,000–2,500 Cr) to build 26 high‑rise towers in Mumbai using large‑wall panel precast technology.
- 28 July 2026: L&T, in consortium with Hitachi Energy, signed a Framework Cooperation Agreement with TenneT for a 2 GW HVDC offshore‑wind programme covering four projects (Nederwiek 3 in the Netherlands and LanWin 5 in Germany, plus two ongoing), totalling 8 GW of transmission capacity.
- 20 August 2026: Together with Mitsubishi Heavy Industries, L&T won a large turnkey order for the Automated People Mover system at Al Maktoum International Airport in Dubai.
- 25 August 2026: The renewables vertical clinched a major EPC contract for three BESS projects with a combined 6 GWh capacity in the Middle East.
- 9 September 2026: A large offshore EPCIC order from ONGC for the Ratna–I and NLM‑14 project off India’s west coast was disclosed.
- 30 September 2026: Twin contracts from Dubai’s Roads and Transport Authority for the Latifa Bint Hamdan Corridor were executed; completion is scheduled by end‑2028.
- 5 October 2026: The Power Transmission & Distribution vertical booked mega orders (₹5,000–10,000 Cr) across Saudi Arabia, the UAE, and India (380 kV transmission and substations, 132/11 kV substations, and a private transmission system in Visakhapatnam).
- 7 October 2026: The Energy CarbonLite Solutions business received an LNTP for the 2×800 MW ultra‑supercritical thermal power project at Chandrapura, Jharkhand (order value ₹1,000–2,500 Cr). The full Notice to Proceed will be issued after environmental clearances.
Portfolio reshaping continues
While the order announcements piled up, L&T also advanced several balance‑sheet moves.
- 25 June 2026: The company completed the sale of its wholly owned subsidiary Nabha Power Limited to Torrent Power, receiving ₹3,632.35 Cr in consideration. NPL ceased to be a subsidiary.
- 4 August 2026: An NCLT‑convened shareholder meeting was held to consider the Scheme of Arrangement for the demerger of the realty business into L&T Realty Properties.
- 11 August 2026: L&T transferred its Data Center & Cloud Services Business and its entire stake in L&T Network Services to wholly owned subsidiary Vyoma.AI Limited for a total consideration of ₹1,430 Cr, to be settled via issuance of Vyoma equity shares. The transfer is expected to close by 31 October 2026.
- 9 September 2026: L&T became India’s first private‑sector corporate to issue a tokenised bond, raising ₹500 Cr under SEBI’s Distributed Ledger Technology framework.
What the filings say comes next
- The full Notice to Proceed for the New Tashkent International Airport and for the Chandrapura thermal power project are subject to meeting contractual conditions precedent and obtaining environmental clearances, respectively.
- The Latifa Bint Hamdan Corridor in Dubai is stated to be completed by the end of 2028.
- The realty demerger scheme remains subject to regulatory approvals.
- The Vyoma.AI data‑centre transfer is planned to close by 31 October 2026.
Alpha Inflection is research infrastructure, not investment advice. We are not SEBI‑registered investment advisers. Everything above is compiled from public corporate filings, with sources cited. Do your own research.
The filing evidence
| Date | What the filing said | Detail | Source |
|---|---|---|---|
| 20 Jul 2026 | L&T wins multiple mega orders (₹5,000-10,000 Cr) for metals and minerals business from domestic companies | L&T's Metals & Minerals vertical secured multiple EPC orders from leading domestic metals and mining companies: an iron ore handling plant (18 MTPA) for a public sector iron ore producer in Chhattisgarh, design & build and balance of plant packages for a steel plant expansion (2.5 to 7.1 MTPA) for a Navratna company in West Bengal, and a zinc processing plant for a major private sector metals producer. The orders are classified as 'Mega' (₹5,000-10,000 Cr). | filing |
| 24 Jul 2026 | L&T Heavy Engineering wins multiple large international orders (₹1,000–2,500 Cr each) for process equipment from Dangote Group and other global clients across Asia, Africa, North America, South America, and Europe. | L&T's Heavy Engineering division secured a series of orders classified as 'Large' (₹1,000–2,500 Cr each) from international clients. The largest includes orders from Africa's Dangote Group for a mega refinery and multi-train fertiliser expansion in Nigeria and Ethiopia, involving the world's largest Fluid Catalytic Cracking Reactor Regenerator Package and critical urea/ammonia equipment. Additional orders include a repeat order from a Japanese customer for heat exchangers and absorbers for an LNG project in Canada, and orders from Spain, the US, and Brazil for coke drums, fractionator columns, and heat exchangers. | filing |
| 27 Jul 2026 | L&T's Residential, Commercial Buildings & Factories business wins major ₹1,000–2,500 Cr order for a large-scale housing redevelopment project in Mumbai. | Larsen & Toubro's RCF vertical has secured a major order (classified as ₹1,000–2,500 Cr) from a reputed client for the turnkey design and construction of 26 high-rise residential towers (120 m each) in Mumbai. The project will use L&T's large-wall panel precast technology involving offsite manufacturing and onsite assembly. | filing |
| 28 Jul 2026 | L&T secures ultra-mega framework agreement with TenneT for 2 GW offshore wind programme covering 4 HVDC projects in Netherlands and Germany. | L&T, in consortium with Hitachi Energy, has signed a Framework Cooperation Agreement with TenneT for a 2 GW HVDC offshore wind programme. The framework covers up to six projects, including two ongoing (IJmuiden Ver Alpha and Nederwiek 1) and two new projects (Nederwiek 3 in the Netherlands and LanWin 5 in Germany), totalling 8 GW transmission capacity. L&T will execute offshore converter platforms and associated infrastructure under EPCI scope. | filing |
| 29 Jul 2026 | L&T wins a major (~₹1,000-2,500 Cr) EPC order from Kuwait Oil Company for Jurassic Light Oil export facilities and crude handling upgrades. | L&T Energy Hydrocarbon Onshore business secured a major engineering, procurement and construction (EPC) order from Kuwait Oil Company (KOC) for new crude oil storage tanks (six tanks of 618,000 barrels each), associated facilities, pipelines, and upgrades to Kuwait's existing crude loading and export network, on a lump sum turnkey basis. | filing |
| 4 Aug 2026 | L&T's energy hydrocarbon offshore arm wins an ultra-mega order (value > ₹15,000 Cr) from ADNOC Offshore for development of multiple offshore facilities in the Middle East. | Larsen & Toubro's subsidiary LTEH Offshore has secured an ultra-mega contract from ADNOC Offshore for the development of multiple offshore facilities in the Middle East, with LTEH leading a consortium and handling engineering, procurement, construction, installation, and commissioning (EPCIC) as well as upgrades to existing facilities. | filing |
| 7 Aug 2026 | L&T's hydrocarbon offshore arm wins major orders (₹1,000–2,500 Cr) from ONGC for pipeline replacement and well head platform projects off India's west coast. | L&T Energy Hydrocarbon Offshore secured multiple orders from ONGC for the Pipeline Replacement Project (PRP-X) involving EPCIC of subsea pipelines and associated modifications, and a project for EPCIC of four Well Head Platforms off India's west coast. | filing |
| 17 Aug 2026 | L&T secures an ultra-mega (over ₹15,000 Cr) offshore EPCIC order from a Middle Eastern client | L&T Energy Hydrocarbon Offshore has received an ultra-mega order (value > ₹15,000 Cr) from a prestigious Middle Eastern client for the development of multiple offshore facilities, covering engineering, procurement, construction, installation, and commissioning. | filing |
| 20 Aug 2026 | L&T, in consortium with Mitsubishi Heavy Industries, wins a large (₹1,000–2,500 Cr) order for an Automated People Mover System at Dubai's Al Maktoum International Airport. | L&T's Transportation Infrastructure business vertical, in consortium with Japan's Mitsubishi Heavy Industries, secured a large turnkey order to design and build the Automated People Mover (APM) System for Phase 1 of Al Maktoum International Airport in Dubai. The scope includes design, construction, supply, testing, commissioning and operational readiness of guideways, traction substations, power distribution, signalling, telecom, platform screen doors and depot equipment. | filing |
| 24 Aug 2026 | L&T signs ultra-mega (>₹15,000 Cr) gas compression EPC contract in the Middle East | L&T Energy Hydrocarbon Onshore signed a contract for the engineering, procurement and construction of gas compression plants, including associated utilities and substations, for a Middle Eastern client. | filing |
| 25 Aug 2026 | L&T's renewables business wins a major order (₹1,000-2,500 Cr) for a 6 GWh Battery Energy Storage System in the Middle East. | L&T's renewables vertical secured a major EPC contract to develop three BESS projects with a combined 6 GWh capacity in the Middle East, including grid interconnections and substations. | filing |
| 9 Sept 2026 | L&T Energy Hydrocarbon Offshore wins a large offshore EPCIC order from ONGC valued between ₹1,000–2,500 crore. | L&T's offshore arm secured a large order from ONGC for the Additional Development of Ratna–I (ADR I) and NLM-14 project off India's west coast, involving engineering, procurement, construction, installation, and commissioning of offshore facilities and subsea infrastructure. | filing |
| 30 Sept 2026 | L&T Transportation Infrastructure vertical secures twin contracts from Dubai's RTA for the development of Latifa Bint Hamdan Corridor. | L&T's Transportation Infrastructure vertical has formally executed twin contracts (one large, one significant) with Dubai's Roads and Transport Authority (RTA) for the Latifa Bint Hamdan Corridor development. The scope includes new roads, bridges, tunnels, an interchange, and a cycling track to improve connectivity and reduce travel time. Completion is scheduled by end of 2028. | filing |
| 5 Oct 2026 | L&T's Power Transmission & Distribution vertical has secured multiple EPC orders in India, Saudi Arabia, and the UAE, classified as 'Mega' (₹5,000–₹10,000 crore). | L&T announced its PT&D vertical won multiple EPC contracts: in Saudi Arabia (380 kV transmission/substations for renewable energy evacuation), the UAE (132/11 kV substations and cabling), and India (transmission system for a private developer in Visakhapatnam). The combined value is classified as 'Mega' (₹5,000–₹10,000 crore). | filing |
| 7 Oct 2026 | L&T Energy CarbonLite Solutions secures LNTP for 1,600 MW ultra-supercritical thermal power plant at Chandrapura, Jharkhand, in a Major order value bracket of ₹1,000-2,500 crore. | L&T's Energy CarbonLite Solutions business vertical received a Limited Notice to Proceed (LNTP) from DVC CIL Power Private Ltd (a joint venture of Damodar Valley Corporation and Coal India Ltd) for the main plant package of the 2x800 MW ultra-supercritical thermal power project at Chandrapura, Jharkhand. L&T's scope includes design, engineering, manufacturing, supply, erection, testing, and commissioning of Boilers, Steam Turbines, Generators, and Electrostatic Precipitators, along with associated mechanical, electrical, control & instrumentation and civil works. The full Notice to Proceed will be issued after environmental clearances and the LNTP period. | filing |
| 19 Oct 2026 | L&T commences initial pre-construction activities for ultra-mega New Tashkent International Airport project after securing Limited Notice to Proceed. | L&T's Public Spaces, Airports & Health business vertical has received a Limited Notice to Proceed (LNTP) from the PPP consortium for the EPC contract to build the passenger terminal and associated landside infrastructure of the new greenfield Tashkent International Airport in Uzbekistan. The LNTP enables L&T to start initial engineering, detailed design, procurement preparation, and other pre-construction activities. The full Notice to Proceed is expected once contractual conditions precedent are met. | filing |
| 21 Jun 2026 | Larsen & Toubro's wholly owned subsidiary Vyoma.AI Limited incorporates a new wholly owned step-down subsidiary, LTN Compute Private Limited, to establish AI compute infrastructure. | Larsen & Toubro announced that its wholly owned subsidiary, Vyoma.AI Limited, has incorporated a new wholly owned subsidiary named LTN Compute Private Limited (LTNCPL) on June 20, 2026, with an authorized capital of Rs. 1,00,000, which has been fully subscribed in cash. | filing |
| 24 Jun 2026 | L&T receives NCLT order to convene shareholder meeting to approve the scheme of arrangement for demerger of its realty business into L&T Realty Properties. | Larsen & Toubro received a certified copy of the NCLT order dated June 12/16, 2026, directing it to hold an electronic shareholder meeting within 60 days to seek approval for the proposed scheme of arrangement with L&T Realty Properties. | filing |
| 25 Jun 2026 | Larsen & Toubro completes divestment of its wholly owned subsidiary Nabha Power Limited to Torrent Power for ₹3,632.35 crore. | L&T announced the completion of the sale of 100% equity and convertible instruments in Nabha Power Limited (NPL) to Torrent Power, receiving ₹3,632.35 crore in consideration (after closing adjustments). L&T's subsidiary retains 0.1% non-convertible redeemable preference shares valued at ₹157.92 crore, and NPL ceases to be a subsidiary. | filing |
| 29 Jun 2026 | Larsen & Toubro publishes notice for NCLT convened meeting on August 4, 2026 to consider Scheme of Arrangement with L&T Realty Properties. | Larsen & Toubro Limited (L&T) published newspaper advertisements informing equity shareholders of an NCLT-convened meeting to be held on August 4, 2026 via video conferencing to consider and approve a Scheme of Arrangement between L&T and its subsidiary L&T Realty Properties Limited under Sections 230-232 of the Companies Act, 2013. | filing |
| 28 Jul 2026 | L&T Q1FY27: revenue +7% YoY to ₹67,942 Cr, PAT +14% to ₹4,123 Cr; order inflow +14% to ₹1.08 lakh Cr; operating EBITDA margin contracted 90bps to 9.0%, but other income and lower finance costs lifted bottom line. | filing | |
| 28 Jul 2026 | Q1FY27: Revenue ₹67,942 Cr (+6.7% YoY), PAT ₹4,123 Cr (+14.0% YoY); Order inflow robust at ₹108,014 Cr (+14%) led by Infrastructure & Utilities and Energy-Green; EBITDA margin (XBRL) stable at 12.5% (+45bps YoY) but press-release EBITDA margin declined to 9.0% (-90bps); other income at 34.3% of PBT flags earnings quality. | filing | |
| 28 Jul 2026 | Q1FY27: Revenue ₹67,942 Cr (+7% YoY, decelerating from +15.5% in Q1FY26), PAT ₹4,123 Cr (+14% YoY, driven by lower finance costs and other income), EBITDA margin contracted 90bps YoY to 9.0% amid cost pressures and revenue mix shift. | filing | |
| 28 Jul 2026 | L&T's Senior Vice President & IC Head - Transportation Infrastructure IC, Mr. V. Sukumar Hebbar, resigns effective July 27, 2026. | Mr. V. Sukumar Hebbar, Senior Vice President & IC Head - Transportation Infrastructure IC, resigned from Larsen & Toubro with effect from the close of business hours on July 27, 2026, and ceased to be a Senior Management Personnel. | filing |
| 3 Aug 2026 | Earnings call transcript filing for Q1FY27 released; full transcript available on company website, no financial or operational details in this document. | filing | |
| 11 Aug 2026 | L&T transfers its Data Center & Cloud Services Business and entire stake in L&T Network Services Private Limited to wholly owned subsidiary Vyoma.AI Limited for total consideration of ₹1,430 crore via equity shares. | Larsen & Toubro has executed a Business Transfer Agreement to transfer its Data Center and Cloud Services Business to its wholly owned subsidiary Vyoma.AI Limited for ₹1,400 crore, and a Share Purchase Agreement to sell its entire stake in L&T Network Services Private Limited to Vyoma for ₹30 crore, both to be settled through issuance of Vyoma equity shares. The transactions are expected to close by October 31, 2026. | filing |
| 9 Sept 2026 | L&T becomes India's first private sector corporate to issue a ₹500 crore tokenised bond under SEBI's blockchain-based framework. | Larsen & Toubro raised ₹500 crore via tokenised bonds with a 3-year tenure, using SEBI's new Distributed Ledger Technology framework, with settlement via a Central Bank Digital Currency wallet. | filing |
| 7 Oct 2026 | L&T promotes four officials to Senior Vice President and categorises them as Senior Management Personnel. | L&T promoted four senior employees — Dr C Jayakumar (Corporate HR), Suresh Kumar Narang (CarbonLite Solutions & CEO LMB), S Ramkumar (Transportation Infrastructure IC), and Sriraman T (Residential, Commercial Buildings & Factories IC) — to Senior Vice President and designated them as Senior Management Personnel, effective 1 July 2026. | filing |
Quick answers
- What did Larsen & Toubro disclose?
- On 19 October 2026, Larsen & Toubro (NSE: LT; BSE: 500510) announced that its Public Spaces, Airports & Health business vertical had received a Limited Notice to Proceed (LNTP) from the PPP consortium for the greenfield New Tashkent International Airport in Uzbekistan.
- What are the key numbers?
- Three contracts classified as “ultra-mega” – each valued above ₹15,000 Cr – were announced in the hydrocarbon and offshore space in quick succession.
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