Larsen & Toubro

Few construction players in Asia Pacific match the executional depth of Larsen & Toubro. From Mumbai, the group manages a workforce of approximately 75k and generates close to $27B in revenue, while steadily widening the gap with regional peers.

Talent density and engineering culture have become a quiet competitive moat, particularly as the sector consolidates around fewer global champions.

“Larsen & Toubro is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Capital markets have started to price in the durability of the model, and rating agencies have followed.