L&T Starts Work on New Tashkent Airport Project

The short version

• L&T has started early engineering and planning work for a major airport project in Uzbekistan.
• The company received a limited notice to proceed after securing an engineering and construction contract.
• L&T shares rose 1.5% to Rs 3,681, while its September quarter results are scheduled for October 27, 2026.

Larsen and Toubro (L&T) has begun preliminary work on the New Tashkent International Airport project in Uzbekistan after receiving a limited notice to proceed from the consortium developing the facility. The work covers engineering, detailed design, planning and preparation for procurement ahead of full construction.

The project involves a new airport terminal and related infrastructure on the landside of the airport. L&T's public spaces, airport and health business vertical received the limited notice after the engineering, procurement and construction contract had been awarded to the company earlier.

L&T shares moved to the day's high following the announcement and traded 1.5% higher at Rs 3,681. The stock has fallen 11% so far in 2026. Investors are also awaiting the company's second quarter results, scheduled for October 27, 2026.

What the limited notice to proceed means

A limited notice to proceed, or LNTP, allows a contractor to start specified activities before the entire project receives approval to proceed. For L&T, this covers preparatory work needed before construction can begin at the New Tashkent International Airport site.

The company has started engineering work, detailed design, project planning and procurement preparation. These activities help prepare the project for its construction phase, but the limited notice does not mean that the full construction programme has started.

Full project execution depends on the consortium issuing a notice to proceed for the entire scope. That approval is expected after the agreed contractual conditions are met. L&T has said construction at the site will begin after the full notice is issued.

The distinction matters because preliminary work and full construction represent different stages of a project. The latest update confirms that initial activities have started, while the timing of the complete construction phase remains linked to the contractual conditions.

New Tashkent airport project details

The airport is being developed through a public private partnership consortium. L&T's engineering, procurement and construction contract covers the passenger terminal and associated landside infrastructure for the greenfield airport.

A greenfield airport is built on a new site rather than developed solely by expanding an existing airport. The project is intended to support passenger movement, cargo handling and logistics traffic in Uzbekistan.

Particulars	Details
Company	Larsen and Toubro
Project	New Tashkent International Airport
Country	Uzbekistan
L&T business vertical	Public spaces, airport and health
Contract type	Engineering, procurement and construction
Current stage	Initial engineering and pre construction activities
Next stage	Full notice to proceed, followed by construction

L&T describes orders worth more than Rs 15,000 crore as "ultra mega". However, the supplied announcement does not disclose the contract value of the New Tashkent International Airport project. The classification therefore explains L&T's terminology, but it should not be treated as a confirmed value for this specific contract.

Why Uzbekistan is developing the airport

The New Tashkent International Airport is part of Uzbekistan's long term transport infrastructure strategy. The planned facility is intended to become one of Central Asia's largest aviation gateways, serving passenger traffic as well as cargo and logistics operations.

Airport infrastructure can support the movement of people and goods across borders. For Uzbekistan, the project is intended to expand aviation capacity and improve regional connectivity. Its planned role extends beyond passenger travel to freight and logistics activity.

L&T's work on the terminal and landside infrastructure places the company within a large infrastructure development outside India. The project also adds to its international engineering and construction portfolio.

Sthaladipti Saha, senior vice president and head of buildings infrastructure at L&T, said the project was an important development for the company's global infrastructure engineering, procurement and construction portfolio. Saha also linked the airport to Uzbekistan's plans to become a leading aviation hub.

The eventual contribution to L&T's business will depend on the contractual scope, execution schedule and progress of construction. The announcement does not provide project revenue recognition details or a completion date.

L&T share price and JPMorgan target

L&T shares traded at Rs 3,681, up 1.5% on the day, after the airport project update. Despite the daily gain, the stock remained down 11% for the year so far.

JPMorgan maintained its "Overweight" rating on L&T and set a target price of Rs 5,060 per share. This was described as the highest target price received by the stock. The target is the brokerage's assessment, not a guaranteed future market price.

Stock detail	Figure
Share price after the update	Rs 3,681
Daily movement	Up 1.5%
Movement so far in 2026	Down 11%
JPMorgan target price	Rs 5,060
JPMorgan rating	Overweight

The airport announcement and the brokerage view are separate developments. The project update concerns L&T's execution activity, while the target price reflects JPMorgan's assessment of the stock. The available information does not establish that the share price movement was caused entirely by the airport project.

Readers following infrastructure stocks can also compare developments across the sector. For example, KEC International's Rs 1,030 crore order update covers another engineering and infrastructure company, while KEC International's Rs 1,754 crore order win provides another example of how new contracts feature in stock market coverage.

What investors should watch

The next major scheduled event for L&T is its second quarter financial results on October 27, 2026. The results will provide an opportunity to assess the company's reported financial performance alongside its project developments.

For the airport contract, the immediate development to monitor is the consortium's issuance of the full notice to proceed. That step is subject to the agreed contractual conditions and is expected to precede construction at the site.

The following developments are relevant to tracking the project and the stock:

• The consortium's approval for the entire project scope.
• The start of construction at the New Tashkent International Airport site.
• L&T's quarterly financial results scheduled for October 27, 2026.
• Changes in the share price and subsequent brokerage assessments.

The announcement confirms that preliminary work has begun, but it does not specify the airport's completion date, the total contract value or the expected revenue contribution to L&T. Those details remain important for understanding the project's financial impact as execution advances.

Frequently asked questions

What is L&T doing at the New Tashkent International Airport?

L&T has started initial engineering, detailed design, planning and procurement preparation for the New Tashkent International Airport in Uzbekistan. The work began after the company received a limited notice to proceed from the developing consortium.

Has construction started at the New Tashkent International Airport?

Full construction has not been confirmed as started. L&T is carrying out preliminary activities, and construction is expected to begin after the consortium issues the full notice to proceed and the agreed contractual conditions are met.

What is the value of L&T's New Tashkent airport contract?

The available announcement does not specify the contract value. L&T classifies orders above Rs 15,000 crore as ultra mega, but that threshold does not establish the value of this particular airport project.

What is the latest L&T share price in this update?

L&T shares traded at Rs 3,681, up 1.5% on the day following the project announcement. The stock was down 11% so far in 2026 at the time of the update.

What target price has JPMorgan set for L&T shares?

JPMorgan has maintained its Overweight rating and set a target price of Rs 5,060 per share. This is a brokerage assessment rather than a guaranteed future price.

When will L&T announce its second quarter results?

L&T is scheduled to report its second quarter results on October 27, 2026. The announcement will provide updated financial information for investors following the airport project development.