Larsen & Toubro has taken its first steps on one of the largest international airport contracts in its history, announcing on Monday that its Public Spaces, Airports & Health (PAH) business vertical has commenced initial activities for the New Tashkent International Airport project in Uzbekistan. The company classifies the project as an “ultra-mega” order — a designation it reserves for contracts exceeding ₹15,000 crore — though it did not disclose the precise value of the deal.
The development follows the execution of an engineering, procurement and construction (EPC) contract, previously awarded to the PAH vertical, covering the passenger terminal and associated landside infrastructure of the greenfield airport. L&T has now received a Limited Notice to Proceed (LNTP) from the public-private partnership consortium that is developing the airport, unlocking the first phase of work.
Under the LNTP, the company has begun initial engineering, detailed design, planning, procurement preparation and other pre-construction activities. Full construction has not yet started: L&T expects a full Notice to Proceed once the contractual conditions precedent are satisfied, after which site construction will get underway in earnest.
The scale of the project is formidable. The terminal and landside facilities are being designed to handle around 17 million passengers a year, positioning the airport as a major Central Asian aviation gateway. L&T’s scope spans site grading and roads, structural works, architectural finishes, mechanical, electrical and plumbing (MEP) services, utilities and advanced airport systems — a comprehensive remit that tests the full breadth of its buildings-and-infrastructure capabilities.
Sthaladipti Saha, senior vice-president and head of buildings infrastructure at L&T, described the development as a significant milestone in L&T’s global infrastructure EPC portfolio, underlining the strategic weight the engineering giant attaches to winning large-format international projects.
Investors welcomed the news. L&T shares climbed 1.5 per cent to ₹3,681 — the day’s high — even as the stock remains down about 11 per cent so far this year. The announcement also arrived alongside a notable analyst signal: CNBC TV18 reported that JPMorgan has handed L&T its highest-ever price target of ₹5,060, maintaining an overweight rating on the stock.
The timing sharpens the spotlight on the company’s next quarterly disclosure, with L&T’s second-quarter results for 2026–27 due on October 27. Analysts will be watching for commentary on the order book, international margins and the pace at which overseas mega-projects like Tashkent convert into revenue.
For L&T, the Tashkent airport is more than another addition to the order book. It represents a statement of intent about where the company’s growth is heading: large, complex, international EPC assignments where Indian engineering houses increasingly compete on equal footing with global majors. If the greenfield airport delivers on schedule, it could become a showcase project that unlocks further business across Central Asia’s infrastructure market.
