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Larsen & Toubro’s Energy Hydrocarbon Offshore business has secured a large-sized order

ICICIdirect Research 10 Sep 2026 DISCLAIMER

News: Larsen & Toubro’s Energy Hydrocarbon Offshore business has secured a large-sized order of ₹2,500–5,000 crore from ONGC for the Additional Development of Ratna-I (ADR-I) and NLM-14 projects off India’s west coast. The scope includes EPCIC of three well-head platforms, one riser platform, multiple subsea pipeline and cable segments, and brownfield modifications to existing offshore installations. The project is aimed at enhancing production from ONGC’s established offshore assets.

View: The order strengthens L&T’s offshore hydrocarbon order pipeline and provides meaningful revenue visibility, with the brownfield scope offering opportunities for additional work across ONGC’s ageing offshore assets. The win also reinforces L&T’s positioning in complex offshore EPCIC projects, where its integrated engineering, fabrication and marine-vessel capabilities can support execution of larger domestic offshore developments. Continued offshore investment by ONGC remains a key growth driver for the business.

Impact: Positive

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