MUMBAI, May 7 -- Larsen and Toubro Ltd has set itself ambitious goals in a new five-year plan called Lakshya 31, which, if achieved, could double its revenue, ensure diversification into new segments like green hydrogen, electronics and semiconductor manufacturing, and create a listed real estate business.

The plan also outlines operating green hydrogen and ammonia plants, which at least one analyst flagged as less margin accretive, hurting the company's overall return on investment.

L&T achieved the revenue and order inflow growth aims it set in its previous five-year plan called Lakshya 26, while missing the return on equity (RoE) goal. Its performance on its five-year plan stands in stark contrast to companies that fail to meet even ...