Healthy Competition Between BHEL & Us In The Thermal Space: SN Subrahmanyan, L&T | CNBC TV18

📅 Aug 22, 2025 CNBC-TV18 14 MIN 19813 VIEWS 24 SEGMENTS · 3 SPEAKERS

CNBCT-V18 Exclusive | SN Subrahmanyan of L&T to Latha Venkatesh Healthy competition between BHEL and us in the thermal space May consider listing L&T Realty in FY27/FY28 Have 5 orders from NTPC, 8 orders from Adani for BTG in thermal power plants #larsenandtoubro #larsentoubro #larsenandtoubrosharenews #ntpc #bhel #thermalpower #thermalpowerplant #stockmarket #stockmarketnews #stockmarketupdates #cnbctv18market #cnbctv18exclusive #cnbctv18 #businessnews #businessnewstoday #businessnewsinenglish #sharemarkettoday 🔴CNBC TV18 LIVE TV: https://youtube.com/live/P857H4ej-MQ SUBSCRIBE to our C...

Questions asked in this interview

2:25That seems modest given 25% order and 33% revenue growth in Q1. Would you push up guidance?
3:00Is there doubt with a big base?
5:29Private capex was strong in early 2000s, then slowed due to NPAs. Has it recovered?
7:41Do you believe some orders are coming from the Middle East?
8:32What is the breakup of manufacturing, construction, and services now and in two years?
11:11What does realty contribute now and in five years?
13:50So when will you list it?

Host 0:04 ↗

We have an exclusive conversation with L&T Chairman and Managing Director S. Subrahmanyan, who discusses order activities, global uncertainties, and business momentum in thermal and realty.

S. Subrahmanyan 0:32 ↗

Our order backlog is over 6.25 lakh crores, giving us 2.5 years of work. We are on a firm footing, but geopolitical and logistical issues, like the Red Sea Suez Canal, cause component delays. We remain cautious but positive for India and Middle East.

Lata Wenites 2:25 ↗

You gave guidance of 10% order growth and 15% revenue growth. That seems modest given 25% order and 33% revenue growth in Q1. Would you push up guidance?

S. Subrahmanyan 2:51 ↗

It's good to be modest, under commit and overachieve.

Lata Wenites 3:00 ↗

Will the 10% order growth be more than achieved? Is there doubt with a big base?

S. Subrahmanyan 3:10 ↗

We are also growing. It's like a bucket of water. With a good backlog, we can be selective and negotiate better terms. No panic, it's healthy.

Lata Wenites 4:00 ↗

What about Indian private capex? You mentioned international orders are good. During COVID, government projects helped. Private capex was hardly there.

S. Subrahmanyan 4:45 ↗

Today our book is predominantly capital projects including government, multilateral, and private. Private orders come from cement, steel, electronics, fab companies, and coal-fired power. Good healthy fast-moving orders.

Lata Wenites 5:29 ↗

Private capex was strong in early 2000s, then slowed due to NPAs. Has it recovered?

S. Subrahmanyan 5:48 ↗

It is positive now. We see a good amount of private orders and the trend continues.

Lata Wenites 6:01 ↗

You stunned us with the big Adani order.

S. Subrahmanyan 6:04 ↗

There was also an NTPC order. Both are coal-fired.

12 more exchanges in this transcript

Cite this transcript

APA, MLA, BibTeX

APA

Subrahmanyan, S. (2025, August 22). Healthy Competition Between BHEL & Us In The Thermal Space: SN Subrahmanyan, L&T | CNBC TV18 [Interview transcript]. CNBC-TV18. CEOInterviews.AI. https://ceointerviews.ai/interview/1052244/

MLA

S. Subrahmanyan. "Healthy Competition Between BHEL & Us In The Thermal Space: SN Subrahmanyan, L&T | CNBC TV18." CNBC-TV18, 22 Aug. 2025. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/1052244/.

BibTeX

@misc{subrahmanyan2025_1052244,
  author       = {S. Subrahmanyan},
  title        = {Healthy Competition Between BHEL \& Us In The Thermal Space: SN Subrahmanyan, L\&T | CNBC TV18},
  howpublished = {Interview transcript, CNBC-TV18. CEOInterviews.AI},
  year         = {2025},
  month        = {aug},
  url          = {https://ceointerviews.ai/interview/1052244/},
  note         = {Speaker-attributed transcript with timestamps}
}

▶

Key Quotes (2)

“Our order book today the backlog of orders to be executed is more than 6 lakh 25 30,000 odd crores which means from an EPC point of view we are more than 2 and 1/2 years of work as we look forward and these are fairly fast track orders in the sense many of them have to be done in two and a half years 3 years so as a organization today we seem to be on a firm footing.”

▶ 0:32

“I think it's the competition is healthy between both the organizations their factories are also full so they can They also have to look at their loading and their delivery schedules because some of these orders are from private sector and the delivery is not done. You have penalties and such as the clauses and the contracts. I think they're also balancing their portfolio and we slightly taking adv”

▶ 8:05

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About S. Subrahmanyan

S. Subrahmanyan, Chairman and Managing Director of Larsen & Toubro, has spoken about the company’s digital transformation and operational challenges. In a 2022 fireside chat with Microsoft India’s Anant Maheshwari, he discussed L&T’s use of cloud, data, analytics, and AI to drive efficiency. He expressed reservations about remote work, stating that company culture and value systems are built by working in shared environments and that he believes in-person debate and argument generate the best ideas. Speaking about L&T’s Q3 earnings in January 2021, Subrahmanyan described the company’s highest-ever quarterly order flow of about 73,000 crore rupees, including the country’s largest EPC order for a high-speed corridor. He noted difficulties in attracting skilled labor for physically demanding work, attributing this to a societal preference for less strenuous jobs. He also stated that a concession agreement for a project was complicated and would take years to resolve, and clarified that L&T does not engage in activities related to nuclear materials or explosives, focusing instead on high-end manufacturing and assembly.

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