L&T Wins Large Offshore Order from ONGC for Ratna-I and NLM-14 Projects
Larsen & Toubro (L&T) has secured a large offshore order from Oil and Natural Gas Corporation (ONGC) for the Additional Development of Ratna-I (ADR-I) and NLM-14 projects off India’s west coast.
The order has been won by L&T Energy Hydrocarbon Offshore (LTEH Offshore) and involves engineering, procurement, construction, installation and commissioning (EPCIC) work for multiple offshore facilities. L&T disclosed the development on September 9, 2026.
L&T Wins ₹1,000–₹2,500 Crore Order
L&T has classified the contract as a Large Order.
Under L&T’s order classification framework, a Large Order has a value in the range of ₹1,000 crore to ₹2,500 crore. The company has not disclosed the exact contract value.
For investors, the order is significant because it adds to L&T’s order book and strengthens the company’s position in India’s offshore energy infrastructure segment.
What Does the ONGC Order Include?
The project involves a broad range of offshore engineering and construction activities, including:
- Engineering, procurement, construction, installation and commissioning (EPCIC).
- Three new well-head platforms.
- One riser platform.
- Multiple sections of subsea pipelines.
- Subsea cables.
- Brownfield modifications to existing offshore installations.
- Integration and commissioning of the new facilities.
The projects are located off India’s west coast and are aimed at enhancing production from ONGC’s offshore assets.
Why the ONGC Order Matters for L&T
The contract is strategically important for L&T’s Energy Hydrocarbon Offshore business.
The project combines new offshore infrastructure with modifications to existing operating facilities. This requires specialised engineering, fabrication, installation and commissioning capabilities.
L&T said its offshore business has experience across fixed platforms, subsea pipelines and structures, brownfield upgrades and decommissioning projects.
Management Commentary
Parthasarathi Chatterjee, Senior Vice President and Head of L&T Energy Hydrocarbon Offshore, said the ADR-I and NLM-14 developments represent significant additions to India’s offshore energy infrastructure.
He highlighted that the projects involve both new offshore facilities and brownfield modifications in existing operating fields, requiring careful planning, engineering integration and execution.
According to the company, L&T will leverage its offshore EPCIC experience to execute the developments safely and efficiently while supporting ONGC’s long-term production objectives.
Potential Impact on L&T
The order provides another addition to L&T’s large project pipeline and could support the company’s revenue visibility over the execution period.
The exact impact on earnings cannot be determined from the disclosure because L&T has not provided the precise contract value, execution schedule or expected margin.
However, the contract strengthens L&T’s presence in the offshore oil and gas infrastructure segment and provides additional work for its specialised EPCIC capabilities.
L&T Stock: What Investors Should Watch
Investors tracking L&T shares should monitor:
- Further large and major order wins.
- Growth in the company’s overall order book.
- Execution of the ONGC offshore project.
- Margins in the Energy Hydrocarbon business.
- India’s offshore oil and gas development activity.
- New orders from ONGC and other energy companies.
Investor Takeaway
L&T has secured a ₹1,000–₹2,500 crore classified Large Order from ONGC for the Additional Development of Ratna-I and NLM-14 offshore projects.
The contract includes three well-head platforms, a riser platform, subsea pipelines and cables, along with modifications to existing offshore facilities.
While the exact order value has not been disclosed, the contract is meaningful for L&T’s order inflow and Energy Hydrocarbon Offshore business. Investors should focus on subsequent order-book growth, execution and profitability rather than treating the announcement alone as an immediate earnings trigger.