Daily Brief Industrials: Larsen & Toubro , Jain Resource Recycling, Koninklijke Bam Groep Nv and more

• Market Leader with Robust Order Book: Larsen & Toubro is a dominant player in India’s engineering and construction (E&C) sector with a record order book of ₹6.1 lakh crore as of June 2025, providing strong revenue visibility. A significant 46% of this order book is from international markets, particularly the Middle East, indicating successful geographical diversification.
• Diversified Business Model Mitigates Risk: The company operates a well-diversified model across Infrastructure, Energy, Hi-Tech Manufacturing, IT & Technology Services (through LTIMindtree and L&T Technology Services), and Financial Services. This structure allows L&T to capture growth across various economic sectors and mitigate risks associated with the cyclicality of the E&C industry.
• Strategic Focus on High-Growth Areas: L&T is strategically positioning itself for future growth by focusing on high-margin areas like green hydrogen, smart city technology, defense manufacturing, and digital services. The company’s new five-year plan emphasizes deepening its strengths in India and the Middle East while exploring these new, technology-driven opportunities.

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• Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
• The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
• In this note, we take a quick look at the company’s past performance

• In this edition: • BAM Group | Fehmarnbelt tunnel delayed 18 months • Fugro | withdraws financial guidance for 2025