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LT - Larsen & Toubro

📊 NSE: LT 🏢 Engineering - Turnkey Services 📅 Last Updated: 12/14/2025 9:11

📢 Recent Corporate Announcements

L&T Secures Major Power Transmission Orders Worth ₹5,000-10,000 Crore in India and Middle East

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 25 Feb 2026, 09:43 AM

Larsen & Toubro's Power Transmission & Distribution vertical has bagged multiple EPC orders classified as 'Major,' valued between ₹5,000 crore and ₹10,000 crore. In India, the company will construct two 220 kV Gas Insulated Substations in West Bengal to modernize the industrial belt's grid. Internationally, L&T secured contracts for five substations and over 250 km of transmission lines across three Middle Eastern countries. These wins reinforce L&T's dominant position in the global power infrastructure market and contribute significantly to its order book.

Total order value classified as 'Major,' ranging from ₹5,000 Cr to ₹10,000 Cr
Domestic project involves two 220 kV Gas Insulated Substations in West Bengal's industrial belt
International projects include five substations and >250 KM of transmission lines in the Middle East
Scope includes a 400 kV underground cable system in one of the Middle Eastern projects
Strengthens L&T's PT&D portfolio amidst rising global demand for grid modernization

💡 Investors should view this as a positive development that strengthens the company's revenue visibility and order book. Maintain a long-term positive outlook given L&T's consistent ability to win high-value international infrastructure projects.

L&T Wins Significant Order Worth ₹1,000-2,500 Cr for LIGO India Observatory

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 24 Feb 2026, 10:35 AM

Larsen & Toubro's Heavy Civil Infrastructure and Heavy Engineering verticals have jointly secured a 'Significant' order from the Department of Atomic Energy. The project involves establishing the LIGO India Observatory in Maharashtra, a flagship 'Mega Science' project for gravitational wave detection. The contract value is estimated between ₹1,000 crore and ₹2,500 crore, with a completion timeline of 48 months. This order underscores L&T's expertise in high-precision engineering and ultra-high vacuum infrastructure.

Order value is classified as 'Significant', ranging between ₹1,000 Cr and ₹2,500 Cr.
Project involves EPC of high-precision civil infrastructure and an 8 KM ultra-high vacuum beam tube.
The LIGO India Observatory will be located at Aundha in Maharashtra's Hingoli district.
The project has a strict completion deadline of 48 months.
Collaboration involves international partners like Caltech and MIT along with Indian research bodies.

💡 Investors should view this as a validation of L&T's technical prowess in high-precision engineering and specialized infrastructure. While the order size is moderate relative to L&T's total backlog, it strengthens the company's moat in high-tech scientific projects.

L&T Partners with NVIDIA to Build India's Largest Gigawatt-Scale AI Factory

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 18 Feb 2026, 01:14 PM

Larsen & Toubro (L&T) has announced a strategic partnership with NVIDIA to build sovereign, gigawatt-scale AI factory infrastructure in India. The venture will scale NVIDIA GPU clusters at L&T's Chennai data center to 30 MW and is currently executing a new 40 MW data center in Mumbai. This initiative aims to serve global hyperscalers, cloud providers, and domestic enterprises by providing production-grade AI capacity. The move positions L&T as a critical player in the high-growth AI infrastructure market, leveraging its engineering expertise with NVIDIA's advanced computing stack.

Strategic partnership with NVIDIA to deploy GPUs, CPUs, and networking for sovereign AI infrastructure.
Scaling NVIDIA GPU cluster deployment at Chennai DC up to 30 MW within a 300-acre campus.
Development of a new 40 MW Datacenter in Mumbai currently under execution for AI workloads.
Targeting gigawatt-scale capacity to serve global hyperscalers and India's priority sectors like finance and energy.
Integration of NVIDIA AI Enterprise software stack to enable rapid, secure AI adoption for enterprises.

💡 Investors should view this as a major strategic pivot into high-margin digital infrastructure that complements L&T's core EPC business. Monitor the progress of the Mumbai and Chennai facilities as key milestones for the company's tech-led growth trajectory.

L&T to Divest Nabha Power to Torrent Power for Rs 3,660.87 Crore

🟢 POSITIVE ⭐ 8/10

M&A 📅 16 Feb 2026, 11:52 AM

Larsen & Toubro (L&T) has entered into a Securities Purchase Agreement to sell 100% of its stake in Nabha Power Limited (NPL) to Torrent Power for a consideration of Rs 3,660.87 crore. NPL operates a 1,400 MW supercritical thermal power plant in Punjab and contributed 1.73% to L&T's consolidated turnover in FY25. The transaction is part of L&T's strategic plan to exit non-core development projects and focus on its asset-light EPC and manufacturing businesses. The sale is expected to be completed by June 30, 2026, subject to closing adjustments and regulatory approvals.

Divestment of 100% equity in Nabha Power Limited for Rs 3,660.87 crore
Asset includes a 1,400 MW (2 x 700 MW) supercritical coal-fired power plant in Rajpura, Punjab
NPL contributed Rs 4,421.54 crore (1.73%) to L&T's consolidated turnover and 3.64% to net worth in FY25
Strategic exit from development projects to unlock value and strengthen core EPC operations
Transaction expected to close on or before June 30, 2026

💡 Investors should view this as a positive move towards L&T's goal of becoming asset-light and improving return on equity. The cash inflow will further strengthen the balance sheet and allow management to focus on high-growth EPC and hi-tech manufacturing segments.

L&T to Participate in PhillipCapital Investor Conference on February 17, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 06:06 PM

Larsen & Toubro (L&T) has announced its participation in the PhillipCapital Conference scheduled for February 17, 2026, in Mumbai. The meeting is set to begin at 9:00 AM IST and will be conducted in a physical format with a group of investors. The company stated that the presentation used during this meet will be consistent with existing information already available on the stock exchange and company websites. This disclosure is part of the company's routine regulatory compliance under SEBI Listing Regulations.

Meeting scheduled with institutional investors on February 17, 2026, at 9:00 AM IST.
Participation in the PhillipCapital Conference to be held physically in Mumbai.
Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Presentation content will align with previously disclosed public information.
Announcement dated February 10, 2026, providing a one-week advance notice of the event.

💡 No immediate action is required as this is a routine investor engagement. Investors can review existing company presentations on the L&T website to stay updated on the current business outlook.

L&T Incorporates New Subsidiary in Netherlands for Offshore Wind Energy Business

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Feb 2026, 05:15 PM

Larsen & Toubro (L&T) has announced the incorporation of a wholly owned subsidiary, L&T Energy Offshore Wind B.V., based in the Netherlands. The new entity is established with an initial paid-up capital of 1 EURO and is dedicated to the offshore wind energy sector. It will provide turnkey EPCIC services, specializing in offshore HVAC/HVDC substations and Wind Turbine Generator foundations for both fixed and floating structures. This strategic move highlights L&T's commitment to expanding its global footprint in clean and sustainable energy infrastructure.

Incorporated L&T Energy Offshore Wind B.V. as a 100% wholly owned subsidiary in the Netherlands.
The subsidiary will offer turnkey EPCIC services for offshore wind, including HVAC/HVDC substations.
Initial share capital subscription is 1 EURO, with the entity yet to commence business operations.
Focus includes both fixed and floating Wind Turbine Generator (WTG) foundations.
The move aligns with L&T's long-term strategy to grow its renewable and sustainable energy portfolio.

💡 Investors should monitor the subsidiary's ability to secure international offshore wind projects, as this marks a significant entry into a high-growth green energy segment. Maintain a positive outlook on L&T's diversification into sustainable infrastructure.

L&T Wins Significant Road Development Contract in Dubai Worth ₹1,000-2,500 Cr

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Feb 2026, 12:01 PM

Larsen & Toubro's Transportation Infrastructure vertical has secured a 'Significant' contract for Phase-1 of the Latifa Bint Hamdan Street development in Dubai. The order, valued between ₹1,000 crore and ₹2,500 crore, involves widening a major road corridor from two to four lanes in each direction. The project includes the construction of a major structural interchange at Sheikh Mohammed Bin Zayed Road (E311) and is scheduled for completion within 36 months. This win further strengthens L&T's international order book and its established presence in the Middle East infrastructure sector.

Order value classified as 'Significant', ranging from ₹1,000 Cr to ₹2,500 Cr
Project involves widening the road corridor from Emirates Road (E611) to Sheikh Mohammed Bin Zayed Road (E311)
Scope includes a major structural interchange and a new four-lane dual carriageway
Execution timeline for the project is set at 36 months
Strengthens L&T's position in the UAE infrastructure market

💡 Investors should view this as a positive reinforcement of L&T's strong execution capabilities and growing international order book. The stock remains a solid long-term play on the infrastructure theme across India and the Middle East.

L&T Releases Transcript of Q3 / 9M FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 01:54 PM

Larsen & Toubro Limited has officially released the transcript for its Q3 and 9-month FY26 earnings conference call held on January 28, 2026. This document provides a detailed record of management's commentary and responses to analyst queries regarding the company's financial performance and future outlook. Investors can access the full text on the company's investor relations website to understand specific segment performance and order book details. Such transcripts are essential for institutional and retail investors to gauge management's confidence and strategic direction.

Official transcript of the Q3 / 9M FY26 earnings call now available for public review
Earnings call was originally conducted on Wednesday, January 28, 2026
Filing made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Document hosted on L&T's dedicated investor relations portal for transparency

💡 Investors should review the transcript for management's specific commentary on infrastructure order pipelines and margin guidance. It provides more granular detail than the initial earnings release.

L&T Clarifies News on US Nuclear Market Expansion and Existing MoUs

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 29 Jan 2026, 02:20 PM

Larsen & Toubro (L&T) has clarified to the stock exchanges that recent news reports regarding its expansion into the US nuclear market are based on previously disclosed information. The company noted that its MoU with Clean Core Thorium Energy was signed on October 18, 2024, and its MoU with Holtec was signed on November 3, 2025. These developments were discussed during the quarterly earnings call held on January 28, 2026. L&T confirmed there is no new undisclosed information impacting the stock price movement.

Clarified news report titled 'L&T eyes US nuclear market' published on January 29, 2026
MoU with Clean Core Thorium Energy was originally signed on October 18, 2024
MoU with Holtec for design and build solutions was signed on November 3, 2025
Information was previously discussed during the earnings call on January 28, 2026
Company confirmed no other undisclosed information warrants disclosure regarding price movement

💡 Investors should view this as a routine regulatory clarification of existing public information. Focus should remain on the company's Q3 FY26 financial performance and long-term nuclear energy order pipeline.

L&T Releases Audio Recording of Q3/9M FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jan 2026, 11:13 PM

Larsen & Toubro Limited has informed the exchanges that the audio recording of its Q3 and 9-month FY26 earnings conference call is now available. The call was held on January 28, 2026, following the company's financial results announcement. This disclosure is a standard regulatory requirement under SEBI LODR Regulations to ensure all investors have access to management commentary. The recording can be accessed through the company's official investor relations website.

Audio recording of Q3/9M FY26 earnings call made available on January 28, 2026.
The call followed the initial notification sent to exchanges on January 16, 2026.
Filing complies with Regulation 30 and 46 of SEBI (LODR) Regulations, 2015.
Recording is hosted on the L&T investor portal under the Transcripts and Archives section.

💡 Investors should listen to the recording to gain insights into management's outlook on the order pipeline and margin sustainability for the upcoming quarters.

L&T Q3 FY26: Recurring PAT Jumps 31% to ₹44 Bn; Order Book Hits Record ₹7.3 Trillion

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 28 Jan 2026, 06:48 PM

Larsen & Toubro (L&T) delivered a strong operational performance in Q3 FY26, with recurring PAT growing 31% y-o-y to ₹44 billion. While reported PAT fell 4% to ₹32.2 billion due to a one-time ₹11.9 billion provision for new labour codes, the company achieved its highest-ever quarterly order inflow of ₹1,356 billion. The total order book reached a record ₹7,332 billion, providing high revenue visibility. Notably, the company significantly improved its capital efficiency, with Net Working Capital falling to 8.2% of revenue from 12.7% a year ago.

Order Book reached a record ₹7,332 billion, growing 30% y-o-y with international orders making up 49% of the total.
Recurring PAT rose 31% to ₹44 billion, driven by operational efficiencies and a 10% growth in group revenue to ₹714 billion.
Net Working Capital (NWC) as a percentage of revenue improved by 450 bps to 8.2%, the lowest in several quarters.
Hi-Tech Manufacturing and Energy segments saw robust revenue growth of 34% and 15% respectively.
The company maintains a strong near-term prospect pipeline of approximately ₹5.9 trillion.

💡 Investors should focus on the record-high order book and the significant improvement in working capital management rather than the one-time accounting hit to reported PAT. L&T remains a primary beneficiary of the domestic infrastructure cycle and Middle East energy capex.

Larsen & Toubro Concludes Board Meeting on January 28, 2026

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 28 Jan 2026, 06:44 PM

Larsen & Toubro Limited (L&T) has officially concluded its Board Meeting held on January 28, 2026. The meeting was a full-day session, commencing at 9:30 a.m. and concluding at 6:15 p.m. While this specific filing is a procedural notification of the meeting's conclusion, it typically precedes the release of quarterly financial results or major corporate announcements. Investors should look for the detailed outcome document for specific financial performance data.

Board meeting held on January 28, 2026, has officially concluded.
The session lasted approximately 8 hours and 45 minutes, starting at 9:30 a.m.
The meeting concluded at 6:15 p.m. as per the regulatory filing.
This filing serves as a procedural update to the stock exchanges.

💡 This is a routine administrative update. Investors should monitor subsequent filings for the actual financial results or strategic decisions made during this session.

L&T Q3 FY26: Recurring PAT up 31% to ₹4,406 Cr; Order Book Hits Record ₹7.33 Lakh Cr

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 28 Jan 2026, 05:35 PM

Larsen & Toubro delivered a robust operational performance in Q3 FY26, with recurring Profit After Tax (PAT) rising 31% YoY to ₹4,406 crore. The company secured record quarterly order inflows of ₹135,581 crore, leading to a massive order book of ₹733,161 crore. Although reported consolidated PAT dipped 4% to ₹3,215 crore, this was primarily due to a one-time exceptional provision of ₹1,191 crore for new labor codes. Revenue grew 10% YoY to ₹71,450 crore, driven by strong execution across international and domestic projects.

Record quarterly order inflow of ₹135,581 crore, up 17% YoY.
Consolidated order book reached a milestone of ₹733,161 crore, reflecting 30% YoY growth.
Recurring PAT surged 31% to ₹4,406 crore; reported PAT impacted by ₹1,191 crore one-time labor code provision.
International revenue contributed 54% of total revenue at ₹38,775 crore.
Infrastructure segment margins improved to 6.1%, while Energy segment margins contracted to 5.9% due to cost pressures.

💡 The record order book provides multi-year revenue visibility, making L&T a strong core portfolio holding. Investors should ignore the one-time accounting hit and focus on the 31% recurring profit growth and margin improvement in the core infrastructure business.

L&T Allots 30,657 Equity Shares Under Employee Stock Option Schemes

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Jan 2026, 09:42 AM

Larsen & Toubro Limited (L&T) has allotted 30,657 equity shares to employees who exercised their options under the company's ESOP schemes. The allotment was approved by the Nomination & Remuneration Committee on January 28, 2026. These new shares will rank pari-passu with existing equity shares, meaning they carry the same dividend and voting rights. This is a routine administrative procedure with negligible impact on the overall share capital and earnings per share.

Allotment of 30,657 equity shares to employees upon exercise of ESOP options.
Approved by the Nomination & Remuneration Committee (NRC) on January 28, 2026.
New shares rank pari-passu with existing equity shares in all respects.
The NRC meeting concluded within 30 minutes, from 9:00 a.m. to 9:30 a.m.

💡 No action is required as this is a routine corporate event. The dilution caused by this allotment is minimal relative to L&T's total outstanding shares.

L&T Secures Major Order Worth ₹5,000-10,000 Cr for Riyadh Metro Extension

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 28 Jan 2026, 09:24 AM

Larsen & Toubro's Heavy Civil Infrastructure vertical has secured a 'Major' contract from the Royal Commission of Riyadh City for the extension of the Riyadh Metro in Saudi Arabia. The project is valued between ₹5,000 crore and ₹10,000 crore and is part of an ultra-mega project won by an international consortium. The scope includes the design and turnkey construction of an 8.4 km metro line featuring both elevated and underground sections along with five stations. This win further strengthens L&T's robust international order book and its footprint in the Middle East infrastructure market.

Contract value classified as 'Major', ranging between ₹5,000 crore and ₹10,000 crore.
Project involves the design and construction of 8.4 km of the Riyadh Metro Red Line extension.
Scope includes five new stations and a mix of elevated and underground track sections.
L&T is part of a global consortium including Webuild S.p.A, Nesma & Partners, Alstom, and IDOM.
The order reinforces L&T's position as a leading global player in mass transit systems.

💡 Investors should take this as a positive sign of L&T's continued ability to win high-value international contracts, providing strong revenue visibility. The stock remains a solid long-term play in the infrastructure and EPC space.

View All LT Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Group revenue grew 10% YoY to INR 68,000 Cr (Rs 680 Bn) in Q2 FY26. Segment growth: Energy Projects grew 48% (INR 13,082 Cr), Hi-Tech Manufacturing grew 33% (INR 2,754 Cr), IT & Technology Services grew 13% (INR 13,274 Cr), and Financial Services grew 9% (INR 4,166 Cr). Infrastructure Projects revenue was subdued/flat at INR 31,759 Cr, while Others (Realty/CE) declined 14% to INR 1,420 Cr.

Geographic Revenue Split

International revenue contributed 56% (INR 38,080 Cr) of total revenue in Q2 FY26, up from 52% in Q2 FY25. Domestic revenue contributed 44% (INR 29,920 Cr). For H1 FY26, international revenue was 54% of the total.

Profitability Margins

Group EBITDA margin was 10.0% in Q2 FY26, down 30 bps from 10.3% YoY. Net Profit (PAT) grew 16% YoY to INR 3,900 Cr (Rs 39 Bn). Return on Equity (ROE) improved 110 bps to 17.2% on a trailing 12-month basis.

EBITDA Margin

Group EBITDA margin is 10.0%. Segment EBITDA margins: Hi-Tech Manufacturing 14.7% (up 190 bps), Infrastructure 6.3% (up 30 bps), IT & TS 20.2% (down 80 bps), and Energy Projects 7.3% (down 160 bps). The Projects & Manufacturing (P&M) portfolio margin improved to 7.8% from 7.6% YoY.

Capital Expenditure

Net investment in fixed assets (including intangibles and investment property) for H1 FY26 was INR 2,430 Cr (Rs 24.3 Bn), a significant increase from INR 1,410 Cr in H1 FY25.

Credit Rating & Borrowing

L&T secured a USD 700 million sustainability-linked facility from a commercial bank. Group finance costs decreased 14% YoY to INR 760 Cr (Rs 7.6 Bn) in Q2 FY26 due to lower rates and average borrowing levels at the Parent company.

⚙️ Operational Drivers

Raw Materials

Manufacturing, Construction and Operating (MCO) expenses represent 64.1% of revenue (INR 43,590 Cr). Staff costs represent 19.1% of revenue (INR 12,990 Cr). Specific materials include steel, cement, and specialized components for EPC and Hi-Tech Manufacturing.

Import Sources

Not specifically disclosed, but 49% of the order book is international, primarily sourced for projects in the Middle East and India.

Key Suppliers

Not disclosed in available documents; however, key clients include National Oil Companies (NOCs) in the Middle East.

Capacity Expansion

The Order Book expanded 31% YoY to INR 667,041 Cr (Rs 6.67 trillion) as of September 2025, providing strong revenue visibility. Precision Engineering prospects are valued at INR 25,100 Cr.

Raw Material Costs

MCO expenses grew 10% YoY to INR 43,590 Cr, strictly in line with activity levels. Procurement strategies focus on managing international project execution and cost overruns in domestic hydrocarbon projects.

Manufacturing Efficiency

Operational efficiencies aided margin improvement in Heavy Engineering. Precision Engineering margins (PES) were lower due to a larger share of early-stage jobs and development project costs.

Logistics & Distribution

Not disclosed as a specific percentage of revenue; however, SG&A expenses (INR 2,900 Cr) were reflective of increased operations and forex variations.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth will be driven by a ramp-up in execution during H2 FY26, which is seasonally busier for Infrastructure. The strategy includes securing 'ultra-mega' hydrocarbon opportunities in the Middle East, capitalizing on a INR 10.4 trillion prospect pipeline, and achieving 98% retailization in the Financial Services loan book. Newly incubated businesses in Semiconductor design, Data Centers, and Digital Platforms are also expected to scale.

Products & Services

EPC projects for Infrastructure and Energy, Hydrocarbon plants, Precision Engineering systems, Heavy Engineering equipment, Residential and Commercial Realty units, and Retail Financial Loans.

Brand Portfolio

L&T, LTIMindtree, LTTS, L&T Finance, Nabha Power, CarbonLite Solutions.

New Products/Services

CarbonLite Solutions (CLS) for sustainable energy, Semiconductor design, Data Centers, and Digital Platforms. CLS revenue growth is reflective of a higher order book.

Market Expansion

Expansion is focused on the Middle East for Hydrocarbon projects and the Indian private sector for high-tech manufacturing facilities (Semiconductor fabs, Solar PV plants).

Market Share & Ranking

Not disclosed as a specific percentage, but the company is pursuing 'ultra-mega' opportunities, indicating a dominant market position in EPC.

Strategic Alliances

In-principle understanding with the Government of Telangana for the takeover of debt and equity of L&T Metro Rail Hyderabad SPV. JV/Associates PAT share was a loss of INR 10 Cr in Q2 FY26.

🌍 External Factors

Industry Trends

The industry is shifting toward sustainable energy (CarbonLite) and private sector demand for high-tech infrastructure (Data Centers, fabs). L&T is positioning for this via its 'Lakshya 2026' plan and new business incubations.

Competitive Landscape

Faces domestic and international competition in EPC. Energy segment margins are currently impacted by 'competitively priced' projects nearing completion.

Competitive Moat

Moat is sustained by a massive INR 6.67 trillion order book, a robust risk management system, and cost leadership through capital efficiency (10.2% NWC/Sales). Diversification across P&M and Services provides a hedge against sector-specific cycles.

Macro Economic Sensitivity

Sensitive to Indian GDP growth, fiscal deficits, and economic growth in target export countries. Interest rate prevailing in the economy affects fiscal costs.

Consumer Behavior

Shift toward retail loans in the Financial Services segment, achieving 98% retailization ahead of 2026 targets.

Geopolitical Risks

High exposure to the Middle East (49% of order book). Geopolitics are interrogated internally to manage risk exposure.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to government policies, fiscal deficits, and investment regulations in India and international target countries.

Environmental Compliance

Sustainability-linked facility of USD 700 million is tied to KPIs for GHG emission intensity and freshwater withdrawal.

Taxation Policy Impact

Tax expense for Q2 FY26 was INR 1,650 Cr (Rs 16.5 Bn), representing a 14% increase YoY.

Legal Contingencies

A litigation-related provision in respect of Nabha Power impacted the Development Projects segment margin in Q2 FY26. Total JV/Associate PAT share was INR -10 Cr.

⚠️ Risk Analysis

Key Uncertainties

3% of the total order book is classified as slow-moving. Cost overruns in Energy projects nearing completion are expected to persist in the near term.