L&T to Scale Defence Business Amid India’s Military Modernization Push

India’s growing focus on military modernization and defence self-reliance is opening significant doors for private sector giants, and Larsen & Toubro (L&T) is stepping up to lead. After getting defence orders worth ₹6,185 crore in the last fiscal, the company is now after a bigger opportunity in the government’s defence production and export plan.

The current government wants to make ₹30,000 crore in defence exports this year and ₹50,000 crore by the next one. Domestic production is also slated to nearly double, reaching ₹3 lakh crore by FY29. In alignment, L&T is ramping up its capabilities across a broad spectrum—warships, submarines, artillery guns, armoured vehicles, and missile systems.

Key Highlights:

• L&T to invest ₹200 crore in defence-tech startups to boost innovation.
• Eyes global markets as supply chain shifts create export opportunities.
• Targets 20% share in nuclear energy under India’s ₹20,000 crore mission.

R Shankar Raman, L&T’s President and CFO, affirmed, “It can be as big as you want because it is a question of how much the government is willing.” He added that private sector participation is crucial to meet urgent needs, given the load on state-run defence units.

“When you talk about defence or Navy... you can go the whole length,” Raman emphasized, highlighting L&T’s full-spectrum marine manufacturing capabilities. The company is also leveraging global supply chain disruptions to tap international markets.

Also Read: India Inaugurates BrahMos Missile Factory in Lucknow, Boosting Defense Capabilities

Significantly, L&T is investing ₹200 crore in defence-focused startups. “A lot of startups are in the defence application. We are examining them as to which would help us,” Raman said.

Parallelly, L&T is targeting a 20% share in the nuclear energy market, banking on the government’s ₹20,000 crore push under the Nuclear Energy Mission.