Larsen & Toubro shares gained nearly 2% to touch an intraday high of ₹4,020.20 on Wednesday, September 9, after the infrastructure major secured a large order from Oil & Natural Gas Corporation (ONGC). The stock was trading at ₹3,999.10 apiece on the National Stock Exchange at 9:26 AM, gaining 1% from the previous session. According to NSE data, as of September 9, 2026, L&T has a total market capitalisation of ₹5.50 lakh crore. Over the past four decades, the company's subsidiary LTEH Offshore has executed a wide range of projects, including fixed platforms, subsea pipelines and structures, brownfield upgrades, and decommissioning assignments.
Larsen & Toubro has secured a significant offshore engineering contract from Oil & Natural Gas Corporation (ONGC) for the Additional Development of Ratna-I (ADR I) and NLM-14 project off India's west coast. According to company reports, the contract value ranges between ₹2,500 crore to ₹5,000 crore based on project classification standards. The order was secured by subsidiary L&T Energy Hydrocarbon Offshore (LTEH Offshore), demonstrating the company's continued strength in the energy sector through its specialized offshore capabilities. As per CNBC TV18, this contract falls within L&T's classification of "large" orders, which range from ₹2,500 crore to ₹5,000 crore.
The project encompasses a comprehensive engineering, procurement, construction, installation and commissioning (EPCIC) scope involving three new well-head platforms, one riser platform, multiple segments of subsea pipelines and cables, and brownfield modifications to existing offshore installations. As reported by Business Standard, this project is strategically aimed at enhancing production capabilities and supporting the continued development of ONGC's offshore assets in the region. According to Parthasarathi Chatterjee, Senior Vice President & Head—L&T Energy Hydrocarbon Offshore, the developments are significant additions to India's offshore energy infrastructure and demonstrate continued investment in enhancing production from established offshore assets. "Drawing on our extensive offshore EPCIC experience, we look forward to delivering these developments safely and efficiently, while supporting ONGC's long-term production objectives," Chatterjee stated.
The contract award represents a significant addition to L&T's offshore portfolio, demonstrating the company's continued strength in the energy sector. According to the company's project classification, this order falls within the large contract category, highlighting the substantial scale and complexity of the engineering work involved in the offshore development project. LTEH Offshore provides integrated EPCIC solutions for the offshore oil and gas industry, drawing on extensive offshore EPCIC experience, in-house engineering capabilities, fabrication facilities, and a dedicated fleet of marine vessels. The company has delivered shallow-water and deep-water offshore developments across global markets, with Chatterjee noting that these projects combine new offshore facilities with brownfield modifications in existing operating fields, calling for careful planning, engineering integration and precise execution.
The contract win comes as L&T reported mixed Q1 FY27 financial results, with consolidated net profit increasing 14% year-on-year to ₹4,123 crore for the quarter ended June 30, 2026, compared to ₹3,617.19 crore in the corresponding period of the previous fiscal year. The company recorded consolidated revenue from operations of ₹67,942 crore, marking a 7% YoY jump from ₹63,679 crore in Q1 FY26. Operating profit (EBITDA) declined 3% YoY to ₹6,116 crore, with EBITDA margin contracting by 90 basis points to 9% from 9.9% in the June FY26 quarter. L&T shares are currently trading at ₹3,973.65 on the BSE, gaining 0.34% following the contract announcement, despite being down 4% year-to-date in 2026.
