New Delhi, July 29 -- Engineering giant Larsen & Toubro (L&T) had already warned investors to expect a soft first half of FY27 as supply-chain disruptions stemming from the West Asia conflict weighed on project execution. Against that backdrop, weak April-June quarter (Q1FY27) results were hardly a surprise. The stock nevertheless rose about 3% on Wednesday, buoyed by management's assurance that the Q1 shortfall can be recovered over the rest of the year as project execution accelerates.

Revenue in L&T's core engineering business-projects, products and manufacturing-rose just 2% year-on-year to Rs.46,191 crore in Q1, while Ebitda margin shrank by 20 basis points to 7%. To meet its FY27 guidance of 10-12% revenue growth and a 7.8% Ebitda ...