5 Infra Stocks With Order Books of Up to ₹9 Lakh Cr in Q4 to Keep on Your Radar

Synopsis: Five infra stocks including L&T, Cemindia Projects and a few more showcased strong and diversified order books across EPC, roads, energy, urban infra, and global projects, indicating robust growth visibility and execution strength. 

The Indian EPC and infrastructure sector is witnessing strong growth, driven by government spending, private investment, and a steady pipeline of large-scale projects across roads, energy, and urban development. Companies are benefiting from healthy order inflows and expanding execution capabilities across domestic and international markets.

A key trend is the steady expansion and diversification of order books across segments like transportation, power transmission, oil & gas, and urban infrastructure, improving revenue visibility and supporting long-term growth prospects.

Kalpataru Projects International Ltd

Kalpataru Projects International Ltd is one of the leading engineering and infrastructure companies engaged in power transmission and distribution, buildings and factories, water supply, railways, and oil & gas pipeline projects. The company has a strong domestic as well as international presence and executes large-scale EPC projects across multiple geographies.

With a market capitalisation of Rs. 21,128 cr, the shares of Kalpataru Projects International Ltd closed at Rs. 1237.25 per share, down from its previous close of Rs. 1,257.50 per share. 

The company’s EPC business recorded strong growth between FY22 and FY26, with the total order book increasing from Rs. 32,761 crore in March 2022 to Rs. 65,457 crore in March 2026, reflecting a twofold rise and a 5-year CAGR of 17 percent. FY26 EPC revenue stood at Rs. 26,565 crore, indicating steady execution momentum across infrastructure verticals.

Among key segments, Transmission & Distribution (T&D) remained a major growth driver, with the order book rising from Rs. 11,081 crore to Rs. 28,572 crore, supported by a CAGR of 18 percent. Buildings & Factories (B&F) also reported strong expansion, with the order book growing 2.3 times to Rs. 18,295 crore, while FY26 revenue from the segment reached Rs. 6,958 crore. The Oil & Gas segment delivered one of the strongest growth trajectories, with the order book increasing from Rs. 1,931 crore to Rs. 4,578 crore, registering a CAGR of 31 percent over the period.

Urban Infrastructure posted robust growth as well, with the order book expanding to Rs. 4,143 crore and recording a CAGR of 37 percent, driven by rising opportunities in urban development and infrastructure modernisation. Meanwhile, the Water segment witnessed relatively moderate growth, with the order book increasing from Rs. 6,500 crore to Rs. 7,486 crore between FY22 and FY26. In contrast, the Railways segment remained subdued, with the order book declining slightly from Rs. 2,611 crore in FY22 to Rs. 2,382 crore in FY26, resulting in a negative CAGR of 9 percent.

Larsen & Toubro Ltd

Larsen & Toubro Ltd is one of India’s largest engineering and construction conglomerates with operations spanning infrastructure, heavy engineering, defence, power, and technology services. The company is known for executing large and complex projects and maintains a strong order book across domestic and international markets.

With a market capitalisation of Rs. 5,39,117 cr, the shares of Larsen & Toubro Ltd closed at Rs. 3918.95 per share, up from its previous close of Rs. 3,907.50 per share. 

The company reported total order inflow of approximately Rs. 89,800 crore in Q4 FY26, which remained broadly flat compared to around Rs. 89,600 crore in Q4 FY25. Domestic orders contributed about Rs. 29,800 crore, while international orders accounted for nearly Rs. 60,000 crore during the quarter.

For the full financial year FY26, L&T achieved a record order inflow of around Rs. 4,35,600 crore, registering a growth of 22 percent over the FY25 order inflow of about Rs. 3,56,600 crore. Domestic orders stood at nearly Rs. 1,84,500 crore, while international orders were significantly higher at around Rs. 2,51,100 crore, reflecting strong overseas demand and execution capabilities across global markets. 

As of 31 March 2026, the consolidated order book increased to approximately Rs. 7,40,300 crore from Rs. 5,79,100 crore a year earlier, representing a 28 percent year-on-year growth. International projects constituted around 52 percent of the total order book, demonstrating L&T’s increasing global presence and diversified project portfolio. Segment-wise, Infrastructure remained the largest contributor with a 57 percent share, followed by the Energy segment at 35 percent. Hi-Tech Manufacturing contributed 5 percent, while the remaining 3 percent came from other businesses and services.

Geographically, India contributed 48 percent of the total order book, while the Middle East accounted for 40 percent, highlighting L&T’s strong presence in Gulf-region infrastructure and energy projects. The remaining 12 percent came from the rest of the world, indicating broad international diversification. 

The company also highlighted a strong future opportunity pipeline, with addressable prospects estimated at nearly Rs. 17.8 lakh crore for FY27, reflecting continued growth potential across infrastructure, energy, manufacturing, and services businesses in both domestic and international markets.

Cemindia Projects Ltd

Cemindia Projects Ltd operates in the infrastructure and industrial project segment, offering engineering and project execution services. The company is involved in construction-related activities and caters to industrial and infrastructure development requirements across select sectors. With a market capitalisation of Rs. 15,151 cr, the shares of Cemindia Projects Ltd closed at Rs. 882 per share, down from its previous close of Rs. 898.90 per share. 

Cemindia’s diversified portfolio is reflected in its strong remaining order book as of 31 March 2026, which stands at a total value of Rs. 24,545 crore. The largest segment is Maritime Structures, which accounts for Rs. 8,180 crore or 33.3 percent of the total order book, highlighting its strong positioning in marine infrastructure such as ports, jetties, and coastal engineering works. 

The second-largest segment, Urban Infrastructure, MRTS, and Airports, contributes Rs. 5,701 crore or 23.2 percent, reflecting participation in large-scale urban development projects including metro rail systems, airports, and civic infrastructure. Together, these two segments form a significant share of the overall backlog.

Industrial Structures and Buildings contribute Rs. 3,852 crore or 15.7 percent, covering construction for industrial facilities and commercial buildings that support manufacturing and private sector expansion. Highways, Bridges, and Flyovers account for Rs. 3,207 crore or 13.1 percent, ensuring steady exposure to core transport infrastructure such as national highways and urban flyovers.

The remaining segments further enhance diversification. The Data Center segment contributes Rs. 1,738 crore or 7.1 percent, while Hydro, Dams, Tunnels, and Irrigation projects account for Rs. 978 crore or 4.0 percent. Foundation and Specialist Engineering adds Rs. 499 crore or 2.0 percent, and Water and Wastewater projects contribute Rs. 390 crore or 1.6 percent, collectively strengthening exposure to digital infrastructure, water management, energy, and specialised engineering works.

G R Infraprojects Ltd

G R Infraprojects Ltd is an integrated infrastructure development company primarily focused on road and highway construction projects. The company also has presence in railway, power transmission, and metro infrastructure segments, supported by strong EPC execution capabilities. With a market capitalisation of Rs. 9,047 cr, the shares of G R Infraprojects Ltd closed at Rs. 935 per share, down from its previous close of Rs. 936.65 per share. 

As of 31st March 2026, the company has a robust order book valued at approximately Rs. 26,471.5 crore, reflecting strong business visibility and a diversified project portfolio. The order book is largely driven by road projects, which contribute around 69 percent of the total projects, highlighting the company’s strong presence in transportation infrastructure. Other segments include tunnels (7 percent), railway and metro projects (3 percent), transmission (8 percent), telecom/OFC (4 percent), and MMLP projects (1 percent), indicating gradual diversification into multiple infrastructure verticals.

The client-wise distribution of the order book shows significant dependence on government and infrastructure-related agencies. The National Highways Authority of India (NHAI) accounts for the largest share at 62 percent, demonstrating the company’s strong execution capabilities in highway and road development projects. 

Other clients contribute 23 percent collectively, while agencies such as NHIDCL, MMRSCDL, BSNL, and NHPC contribute smaller shares ranging between 1 percent and 5 percent. This diversified client mix reduces concentration risk to some extent while maintaining strong exposure to government-backed infrastructure spending.

From a geographical perspective, the order book is spread across multiple Indian states, ensuring regional diversification. Madhya Pradesh contributes the highest share at 28 percent, followed by Maharashtra at 14 percent, Uttar Pradesh at 9 percent, and Gujarat at 8 percent. Other contributing states include Karnataka, Punjab, Rajasthan, Bihar, Chhattisgarh, Odisha, Telangana, Jammu & Kashmir, Andhra Pradesh, and Kerala with smaller shares. 

Dilip Buildcon Ltd

Dilip Buildcon Ltd is a major infrastructure EPC company engaged in the construction of roads, highways, irrigation systems, mining projects, and urban infrastructure. The company has built a strong presence in transportation infrastructure through large-scale government and public sector projects. With a market capitalisation of Rs. 7,115 cr, the shares of Dilip Buildcon Ltd closed at Rs. 438.05 per share, down from its previous close of Rs. 441.65 per share. 

The company has established a diversified multi-asset infrastructure platform with a total order book of approximately Rs. 28,830 crore, spread across multiple sectors of the infrastructure value chain. Mining forms the largest share of the order book at Rs. 5,832 crore (20 percent), followed by roads & highways at Rs. 5,425 crore (19 percent), renewable energy at Rs. 5,179 crore (18 percent), and irrigation projects at Rs. 4,651 crore (16 percent). This diversified mix highlights the company’s strong presence across transportation, energy, and resource infrastructure while ensuring balanced revenue generation from multiple business verticals.

In addition to its core sectors, the company has built a sizeable portfolio in several specialised infrastructure segments. Power transmission contributes Rs. 1,850 crore (6 percent) to the order book, while tunnel projects account for Rs. 1,689 crore (6 percent) and special bridges & urban developments contribute Rs. 1,646 crore (6 percent). Metro & railway projects add Rs. 1,275 crore (4 percent), supporting urban transportation infrastructure, whereas optical fiber projects contribute Rs. 788 crore (3 percent), reflecting the company’s participation in digital connectivity expansion. Smaller contributions come from water supply projects worth Rs. 371 crore (1 percent) and petroleum & gas projects worth Rs. 124 crore (0.43 percent), while the airport segment currently has no contribution to the order book.

The mining segment is supported by long-term Mining Development Operations (MDOs) extending over the next 25–55 years. However, the current order book includes only three years of mining MDO revenues amounting to Rs. 5,146 crore, comprising Rs. 2,161 crore from DBL Sinnar Coal Mines Private Limited, Rs. 1,352 crore from Pachhwara Coal Mines Private Limited, and Rs. 1,633 crore from DBL Potangi Bauxite Mines Private Limited.

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