L&T Finance Ltd.

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ltfinance.comBSE: 533519NSE: LTF

Market Cap₹ 77,572 Cr.

Current Price

High / Low₹ 339 / 234

Stock P/E24.4

Book Value₹ 115

Price to Book2.15

Dividend Yield0.89 %

ROCE8.5 %

ROE11.2 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2023 • Retail and Mid Market Finance: 65.9% • Wholesale finance: 30.0% • Other Business: 4.9%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has delivered good profit growth of 32.2% CAGR over last 5 years
Comfortable capital adequacy - CAR of 18.3%
Asset quality is healthy - gross NPA of just 0.0%
Solid return on assets for a lender - ROA of 2.4%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 30.7% YoY, showing strong momentum

CONS

Net NPA is elevated at 1.8% - provisioning cushion is thin
A large part of profit comes from other income (56.7% of PBT)
Company has a low return on capital employed of 8.5%
Operating margins have contracted to 49.6% from 63.1%
Thin net interest margin of 0.0%
Company has delivered a poor sales growth of 6.1% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTYM150MOMNTM50 NIFTY ALPHA 50 NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100

S.No.	Name
1.	BAJFINANCE	1034.20	31.71	643888.19	0.58	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1028.00	21.37	241893.03	1.05	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	CHOLAFIN	1845.00	27.40	157575.18	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
4.	TATACAP	362.80	28.50	154003.85	0.16	16281.80	1464.16	88219.30	1051.00	8.66	75.72
5.	JIOFIN	230.00	73.49	151872.26	0.26	830.25	155.73	2004.47	227.28	2.11	69.71
6.	BAJAJHLDNG	11120.70	13.97	123766.17	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2794.40	9.86	112186.35	1.07	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	398.60	26.59	109118.68	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	309.50	24.37	77571.61	0.89	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	656.05	27.44	62432.55	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	668.65	25.53	55549.10	0.60	785.20	38.31	4937.90	18.71	9.09	57.98
12.	SUNDARMFIN	4714.65	23.60	52381.58	0.85	636.19	33.88	2644.13	23.37	9.35	80.61

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	3,223	3,214	3,534	3,670	3,784	4,019	4,098	4,023	4,260	4,336	4,578	4,771	5,213
	1,270	1,331	1,375	1,619	1,482	1,575	1,676	1,581	1,640	1,662	1,800	1,890	4,007
Operating Profit	1,953	1,882	2,159	2,051	2,302	2,444	2,422	2,442	2,620	2,674	2,721	2,881	3,239
OPM %	60.60%	58.57%	61.10%	55.89%	60.83%	60.82%	59.10%	60.70%	61.50%	61.67%	59.44%	60.39%	62.13%
Other Income	153	268	47	6	0	5	8	4	0	0	3	0	30
Interest	1,364	1,325	1,353	1,335	1,351	1,476	1,569	1,600	1,636	1,634	1,703	1,747	1,970
Depreciation	30	28	29	28	28	33	36	41	41	51	58	60	63
	714	797	824	694	922	940	824	806	943	989	992	1,074	1,236
Tax %	25.65%	25.48%	22.41%	20.32%	25.70%	25.85%	24.06%	21.06%	25.70%	25.68%	25.62%	24.65%	25.91%
Net Profit	0	0	0	0	685	697	626	636	701	735	738	809	916
	2	2	3	2	3	3	3	3	3	3	3	3	0

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	8,341	10,213	12,990	14,106	13,353	11,930	12,775	13,577	15,924	17,914	18,898
	2,801	3,821	4,830	6,088	7,812	9,172	7,250	7,203	8,395	9,031	9,359
Operating Profit	5,540	6,392	8,159	8,018	5,541	2,758	5,525	6,373	7,530	8,883	9,539
OPM %	66.42%	62.59%	62.81%	56.84%	41.50%	23.12%	43.24%	46.94%	47.28%	49.59%	50.48%
	242	582	1,841	2,317	3,044	4,341	-148	2,157	2,253	2,240	5
Interest	4,635	5,476	6,898	7,573	7,238	5,773	5,822	5,387	6,152	6,915	7,054
Depreciation	67	52	50	82	86	103	111	115	139	210	232
Profit before Tax	1,079	1,446	3,052	2,680	1,261	1,223	-557	3,029	3,491	3,998	4,291
Tax %	3.38%	11.64%	26.87%	36.56%	41.47%	30.55%	-30.97%	23.50%	24.28%	25.39%	25.48%
Net Profit	1,042	1,278	2,232	1,700	738	849	-729	2,317	2,643	2,983	3,198
EPS	5.14	6.81	11.10	7.97	4.47	4.32	6.54	9.32	10.60	11.90	—
Dividend Payout %	15.02%	15.91%	8.98%	10.61%	0.00%	11.56%	30.55%	26.82%	25.95%	23.10%	—

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 6%
3 Years:: 12%

COMPOUNDED PROFIT GROWTH

10 Years:: 13%
5 Years:: 25%
3 Years:: 22%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 32%

RETURN ON EQUITY

10 Years:: 10%
5 Years:: 7%
3 Years:: 11%
Last Year:: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,756	1,996	1,999	2,005	2,469	2,474	2,480	2,489	2,495	2,504
Minority Interest	119	223	222	220	197	180	89	90	67	50
	6,016	9,347	11,328	12,506	16,104	17,291	18,908	20,840	22,960	25,410
	60,736	75,418	91,699	94,012	88,615	85,244	83,111	77,071	92,372	1,10,278
Trade Payables	73	164	120	65	372	433	806	1,222	1,372	1,770
	3,072	-1,218	-1,090	-732	-421	-164	-893	-851	-639	370
Total Liabilities	71,771	85,931	1,04,278	1,08,076	1,07,336	1,05,458	1,04,501	1,00,861	1,18,626	1,40,383
	1,230	756	760	789	811	185	533	519	641	1,308
Capital Work in Progress	26	0	0	0	0	0	0	0	0	0
	6,012	5,301	8,641	5,979	8,872	11,917	14,366	12,385	11,876	10,564
	0	0	0	0	0	0	0	247	117	102
Cash & Bank	594	1,065	1,844	7,796	8,397	7,970	12,749	4,469	10,465	7,704
	63,909	78,809	93,033	93,511	89,257	85,386	76,853	83,240	95,527	1,20,705
Total Assets	71,771	85,931	1,04,278	1,08,076	1,07,336	1,05,458	1,04,501	1,00,861	1,18,626	1,40,383

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,173	3,694	4,520	5,218	5,226	4,637	4,614	7,932	-1,991	10,965
Cash from Investing	-2,118	1,549	-3,587	160	-2,024	-5,084	-335	849	472	367
Cash from Financing	7,952	14,678	16,008	1,451	-2,091	-3,023	-1,664	-7,050	15,419	15,415
	55	587	777	3,772	1,349	-2,028	4,720	-5,515	-697	1,593

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.29	66.25	66.24	66.16	66.10	66.03	65.99	65.96
	6.73	5.30	5.48	6.19	6.40	6.66	7.63	7.71
	12.33	12.17	13.28	14.10	14.33	15.33	14.91	14.90
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	14.65	16.27	15.00	13.54	13.17	11.98	11.48	11.44

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-04

Copy of Newspaper Publication

2026-09-04 - L&T Finance Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-03

Shareholders meeting

2026-09-03 - L&T Finance Limited has informed the Exchange regarding Notice of Postal Ballot

2026-09-02

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-02 - L&T Finance Limited has informed the Exchange about Investors/Analyst meet.

2026-09-02

Allotment of Securities

2026-09-02 - L&T Finance Limited has informed the Exchange regarding allotment of Non Convertible Debentures on a private placement basis

2026-09-01

General Updates

2026-09-01 - L&T Finance Limited has informed the Exchange regarding intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

2026-08-28

ESOP/ESOS/ESPS

2026-08-28 - L&T Finance Limited has informed the Exchange regarding Allotment of 306752 Shares.

2026-08-22

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-22 - L&T Finance Limited has informed the Exchange about Schedule of Analyst/ Investors meet.

2026-08-20

Allotment of Securities

2026-08-20 - L&T Finance Limited has informed the Exchange regarding allotment of 23500 Non - Convertible Debentures on August 20, 2026

2026-08-13

Allotment of Securities

2026-08-13 - L&T Finance Limited has informed the Exchange regarding allotment of Non Convertible Debentures.