Rauli has, to our delight, completed the L&T company report regarding the Q4 results on Sunday. 
L&T’s Q4 results and guidance for 2026 were largely in line with our expectations, and we only made minor fine-tuning to our forecasts. In our view, the valuation is attractive for a defensive and steady business (adj. P/E and EV/EBIT approx. 10x). In addition to the low valuation, the expected return is supported in our estimates by earnings growth, dividend yield, and the possibility of L&T becoming an acquisition target. We reiterate our Buy recommendation and target price of EUR 8.8. More information on the “new” L&T can be found in the initiation report published at the turn of the year.