“Amit Anwani of PL Capital maintains a long-term bullish outlook on L&T, driven by its strategic pivot towards new-age businesses like data centers, semiconductors, and green hydrogen, which are expected to deliver 12-15% revenue CAGR over the next five years (FY31). While near-term (Q1/H1 FY27) growth is anticipated to be muted due to geopolitical uncertainties, he expects a recovery in H2 to meet the full-year 10-12% revenue and order inflow guidance. ROE is projected to remain flat around 16-17% due to significant investments in these emerging segments.”