What Is Lakshya 31? Inside L&T's Plan to Double Revenue by 2031

India’s largest engineering company, Larsen & Toubro (L&T), has launched Lakshya 31, a ₹43,000–45,000 crore investment plan to nearly double its revenue to ₹5.8 trillion by FY31. The strategy targets sectors like green hydrogen, clean energy, semiconductors, and industrial automation, with a compounded annual growth rate (CAGR) of 12-15% in revenue and 10-12% in order inflows. The largest allocation, ₹15,000 crore, is for green hydrogen and clean energy projects, reflecting global decarbonization trends. Additional investments include ₹3,000 crore for semiconductors and ₹5,000 crore for industrial electronics and automation, focusing on robotics and advanced manufacturing systems. L&T also plans ₹5,000 crore to modernize hydrocarbon fabrication yards and ₹4,400 crore for its real estate segment, including a separately listed entity to improve profitability. The company exceeded its previous Lakshya 26 targets, achieving ₹2.86 trillion in FY26 revenue—above the ₹2.7 trillion goal—though return on equity (RoE) fell slightly below projections. Brokerage firm JM Financial praised the plan, calling semiconductor and data center investments strategic for long-term growth. The firm maintained a "BUY" rating on L&T stock, citing strong order inflows and sectoral opportunities. Lakshya 31 builds on L&T’s track record, with FY26 order inflows of ₹4.4 trillion surpassing the ₹3.4 trillion target. The company’s total orderbook now stands at ₹7.4 trillion, supporting its revenue growth ambitions. Analysts note potential challenges, including lower margins in green hydrogen projects, but the plan underscores L&T’s focus on high-growth sectors and operational efficiency.