Looking beyond the obvious: Gulf wars have made L&T bigger. Will this one too? But there is a variable that did not exist before

To understand what a Gulf war means for L&T, you first need to understand how much of L&T is the Gulf. This is not a sidebar to the domestic business. It is, by some measures, the single-largest concentration of executable work anywhere in the company. Saudi Arabia, where L&T was named the top contractor by project awards in 2023, is the epicentre. The transformation from niche exporter to the Gulf’s largest Indian EPC contractor happened gradually, then suddenly, across three distinct disruption cycles.