Synopsis: A leading infrastructure and engineering major has landed a large multi-project framework deal in Europe’s offshore wind space, teaming up with a global technology partner to build power transmission infrastructure in the North Sea region.
Offshore wind energy is becoming a major growth area for companies with deep engineering and construction expertise. Framework agreements of this scale are rare and typically span multiple projects executed over several years, giving companies strong revenue visibility. One such large deal has just been announced, strengthening the order book of a company already known for its global infrastructure footprint.
Shares of Larsen & Toubro Limited, with a market capitalization of Rs.5,25,300 Crore, is trading at Rs.3,818.4 i.e. around 0.33% above its previous closing price of Rs.3,806. It trades at a P/E ratio of 27.33.
Framework Deal With TenneT Announced
Larsen & Toubro (L&T) has announced that it has successfully concluded a Framework Cooperation Agreement (FCA) with TenneT, the Dutch-German grid operator, for a 2 GW offshore wind programme. The deal falls under the “Ultra-Mega” order classification, meaning its value exceeds ₹15,000 crore.
L&T has entered this agreement in consortium with Hitachi Energy. The two companies will work together on six projects in principle, along with future opportunities under TenneT’s broader 2 GW HVDC programme. HVDC, or High Voltage Direct Current, is a technology used to transmit electricity over long distances with minimal power loss, useful for carrying renewable energy generated offshore back to land.
Under the scope of work, L&T will handle engineering, procurement, construction and installation (EPC) of the offshore converter platforms, while Hitachi Energy will supply its HVDC Light technology for power conversion and transmission.
Financial Performance
For the quarter ended March 2026, L&T reported consolidated sales of ₹82,762 crore, up from ₹74,392 crore in the same quarter last year. Operating profit for the quarter stood at ₹10,419 crore, with an operating profit margin of 12%. Net profit came in at ₹6,133 crore, translating to an EPS of ₹38.71 for the quarter.
For the full financial year 2025-26, the company posted consolidated sales of ₹285,874 crore and a net profit of ₹18,954 crore, with an annual EPS of ₹116.92. The company’s dividend payout ratio for the year stood at 32%.
Order Book Strength
As of May 2026, L&T’s order book stood at ₹7,40,300 crore, reflecting a 28% year-on-year growth. The TenneT framework agreement adds to this order book and extends the company’s presence in Europe’s renewable energy infrastructure space, adding to its offshore engineering credentials.
About The Company
Larsen & Toubro is a USD 32 billion Indian multinational conglomerate with operations spanning EPC projects, hi-tech manufacturing, products, and services across multiple geographies. The company has sustained leadership across its major business lines for eight decades, backed by a strong focus on technology, engineering depth, and customer-centric execution.
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