Meet the ‘Next L&T’: An engineering firm with a Rs 1 lakh crore order book

This small cap engineering stock is transforming from a railway executor into a diversified engineering player with a Rs1-lakh-crore order book. Over half its projects now come from competitive bids, signalling a shift toward private-sector agility. Growth has slowed near term, but visibility and margins should improve as new projects like Vande Bharat roll out. At 60x earnings, investors are already betting on this company as the next L&T.