L&T Finance Ltd.

•

ltfinance.comBSE: 533519NSE: LTF

Market Cap₹ 77,747 Cr.

Current Price

High / Low₹ 339 / 232

Stock P/E23.5

Book Value₹ 114

Price to Book2.17

Dividend Yield0.89 %

ROCE8.6 %

ROE11.7 %

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 92.9% 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 delivered good sales growth of 153.8% CAGR over last 5 years
Latest quarter profit grew 29.0% 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 (55.3% of PBT)
Company has a low return on capital employed of 8.6%
Operating margins have contracted to 49.8% from 64.2%
Thin net interest margin of 0.0%

* 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	1040.00	31.89	647499.25	0.58	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1029.35	21.40	242204.36	1.05	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	CHOLAFIN	1829.00	27.16	156208.67	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
4.	TATACAP	362.95	28.51	154067.52	0.16	16281.80	1464.16	88219.30	1051.00	8.66	75.72
5.	JIOFIN	231.00	73.81	152532.57	0.26	830.25	155.73	2004.47	227.28	2.11	69.71
6.	BAJAJHLDNG	11093.25	13.94	123460.67	1.76	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2820.00	9.95	113214.11	1.06	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	398.80	26.60	109173.43	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	310.20	24.43	77747.06	0.89	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	670.00	28.02	63760.09	0.37	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	674.90	25.77	56068.33	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	SUNDARMFIN	4724.30	23.65	52488.80	0.85	636.19	33.88	2644.13	23.37	9.35	80.61

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	3,158	3,214	3,533	3,670	3,782	4,015	4,095	4,020	4,257	4,333	4,578	4,921	5,213
	1,215	1,343	1,381	1,632	1,491	1,583	1,684	1,587	1,649	1,671	1,812	1,903	4,030
Operating Profit	1,942	1,871	2,152	2,038	2,291	2,432	2,411	2,432	2,608	2,662	2,710	3,017	3,214
OPM %	61.51%	58.21%	60.91%	55.54%	60.57%	60.58%	58.87%	60.51%	61.27%	61.44%	59.19%	61.32%	61.66%
Other Income	154	262	48	6	1	5	8	5	0	0	4	0	31
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	28	27	28	26	27	32	35	39	39	49	56	59	62
	704	781	818	683	913	929	815	798	934	979	983	1,211	1,213
Tax %	25.56%	25.55%	22.33%	20.22%	25.65%	25.85%	23.99%	20.96%	25.65%	25.65%	25.56%	21.82%	26.20%
Net Profit	524	581	636	545	679	689	619	631	694	728	731	947	895
	2	2	3	2	3	3	2	3	3	3	3	4	0

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	278	455	482	475	171	336	12,898	13,574	15,912	18,050	19,045
	24	23	24	37	34	22	7,189	7,245	8,466	9,066	9,416
Operating Profit	254	431	458	438	137	314	5,709	6,330	7,446	8,984	9,629
OPM %	91.42%	94.91%	94.98%	92.13%	80.28%	93.39%	44.26%	46.63%	46.79%	49.77%	50.56%
	37	23	48	47	245	15	2,743	2,152	2,294	2,241	6
Interest	46	162	202	201	193	73	5,822	5,387	6,152	6,915	7,054
Depreciation	0	0	0	0	1	0	106	109	133	204	226
Profit before Tax	245	293	304	284	189	254	2,524	2,987	3,455	4,106	4,386
Tax %	-1.45%	9.10%	12.16%	5.97%	38.53%	14.25%	23.93%	23.45%	24.23%	24.50%	24.73%
Net Profit	249	266	267	267	116	218	1,920	2,286	2,618	3,100	3,302
EPS	0.70	1.44	1.33	1.25	0.53	0.88	7.73	9.19	10.49	12.38	—
Dividend Payout %	96.69%	75.01%	74.84%	67.63%	0.00%	56.70%	25.83%	27.22%	26.21%	22.21%	—

COMPOUNDED SALES GROWTH

10 Years:: 48%
5 Years:: 154%
3 Years:: 12%

COMPOUNDED PROFIT GROWTH

10 Years:: 23%
5 Years:: 93%
3 Years:: 17%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 34%

RETURN ON EQUITY

10 Years:: 7%
5 Years:: 9%
3 Years:: 11%
Last Year:: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	2,233	5,614	5,710	5,659	8,341	8,614	18,698	20,596	22,690	25,260
	974	1,499	2,200	3,461	1,773	105	83,092	77,050	92,352	1,10,256
Trade Payables	0	0	0	0	4	4	804	1,220	1,368	1,767
	1,406	43	107	213	251	227	-888	-847	-641	350
Total Liabilities	6,368	9,152	10,015	11,338	12,839	11,424	1,04,186	1,00,508	1,18,264	1,40,137
	0	0	1	1	1	1	216	208	333	1,002
	5,644	7,840	9,146	10,070	10,070	9,202	14,402	12,375	11,836	10,633
	0	0	0	0	0	0	0	247	117	102
Cash & Bank	2	12	2	3	1,428	171	12,746	4,437	10,460	7,697
	722	1,299	866	1,264	1,341	2,050	76,822	83,241	95,519	1,20,703
Total Assets	6,368	9,152	10,015	11,338	12,839	11,424	1,04,186	1,00,508	1,18,264	1,40,137

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-119	-265	803	94	-127	451	4,197	650	-16,608	-14,237
Cash from Investing	-56	-2,191	-1,306	-1,006	272	-1	-505	859	500	398
Cash from Financing	144	2,474	521	924	1,296	-1,664	-1,659	-7,053	15,441	15,433
	-40	11	-11	0	1,398	-1,257	4,196	-5,544	-668	1,594

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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.

News

Recent coverage and analyst commentary for LTF

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L&T Finance Ltd.

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Free 5nance Account

Name

BAJFINANCE

1040.00

31.89

647499.25

0.58

6080.60

27.60

23165.45

20.37

10.87

70.70

SHRIRAMFIN

1029.35

21.40

242204.36

1.05

3452.77

59.90

13400.43

17.46

11.49

74.63

CHOLAFIN

1829.00

27.16

156208.67

0.11

1656.22

45.56

8856.29

21.89

9.70

70.07

TATACAP

362.95

28.51

154067.52

0.16

16281.80

1464.16

88219.30

1051.00

8.66

75.72

JIOFIN

231.00

73.81

152532.57

0.26

830.25

155.73

2004.47

227.28

2.11

69.71

BAJAJHLDNG

11093.25

13.94

123460.67

1.76

2708.08

-92.27

394.33

23.34

14.81

684.72

MUTHOOTFIN

2820.00

9.95

113214.11

1.06

2824.84

43.08

8671.60

36.25

15.87

83.76

ABCAPITAL

398.80

26.60

109173.43

0.00

1223.85

43.85

12179.54

137.84

8.82

41.91

LTF

310.20

24.43

77747.06

0.89

915.99

30.70

5212.92

22.38

8.54

62.13

SBICARD

670.00

28.02

63760.09

0.37

664.44

19.51

5040.55

7.60

11.75

29.83

HDBFS

674.90

25.77

56068.33

0.59

785.20

38.31

4937.90

18.71

9.09

57.98

SUNDARMFIN

4724.30

23.65

52488.80

0.85

636.19

33.88

2644.13

23.37

9.35

80.61

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

3,158

3,214

3,533

3,670

3,782

4,015

4,095

4,020

4,257

4,333

4,578

4,921

5,213

1,215

1,343

1,381

1,632

1,491

1,583

1,684

1,587

1,649

1,671

1,812

1,903

4,030

Operating Profit

1,942

1,871

2,152

2,038

2,291

2,432

2,411

2,432

2,608

2,662

2,710

3,017

3,214

OPM %

61.51%

58.21%

60.91%

55.54%

60.57%

60.58%

58.87%

60.51%

61.27%

61.44%

59.19%

61.32%

61.66%

Other Income

154

262

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

704

781

818

683

913

929

815

798

934

979

983

1,211

1,213

Tax %

25.56%

25.55%

22.33%

20.22%

25.65%

25.85%

23.99%

20.96%

25.65%

25.56%

21.82%

26.20%

Net Profit

524

581

636

545

679

689

619

631

694

728

731

947

895

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

278

455

482

475

171

336

12,898

13,574

15,912

18,050

19,045

7,189

7,245

8,466

9,066

9,416

Operating Profit

254

431

458

438

137

314

5,709

6,330

7,446

8,984

9,629

OPM %

91.42%

94.91%

94.98%

92.13%

80.28%

93.39%

44.26%

46.63%

46.79%

49.77%

50.56%

245

2,743

2,152

2,294

2,241

Interest

162

202

201

193

5,822

5,387

6,152

6,915

7,054

Depreciation

106

109

133

204

226

Profit before Tax

245

293

304

284

189

254

2,524

2,987

3,455

4,106

4,386

Tax %

-1.45%

9.10%

12.16%

5.97%

38.53%

14.25%

23.93%

23.45%

24.23%

24.50%

24.73%

Net Profit

249

266

267

116

218

1,920

2,286

2,618

3,100

3,302

EPS

0.70

1.44

1.33

1.25

0.53

0.88

7.73

9.19

10.49

12.38

—

Dividend Payout %

96.69%

75.01%

74.84%

67.63%

0.00%

56.70%

25.83%

27.22%

26.21%

22.21%

—

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

2,233

5,614

5,710

5,659

8,341

8,614

18,698

20,596

22,690

25,260

974

1,499

2,200

3,461

1,773

105

83,092

77,050

92,352

1,10,256

Trade Payables

804

1,220

1,368

1,767

1,406

107

213

251

227

-888

-847

-641

350

Total Liabilities

6,368

9,152

10,015

11,338

12,839

11,424

1,04,186

1,00,508

1,18,264

1,40,137

216

208

333

1,002

5,644

7,840

9,146

10,070

9,202

14,402

12,375

11,836

10,633

247

117

102

Cash & Bank

1,428

171

12,746

4,437

10,460

7,697

722

1,299

866

1,264

1,341

2,050

76,822

83,241

95,519

1,20,703

Total Assets

6,368

9,152

10,015

11,338

12,839

11,424

1,04,186

1,00,508

1,18,264

1,40,137

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-119

-265

803

-127

451

4,197

650

-16,608

-14,237

Cash from Investing

-56

-2,191

-1,306

-1,006

272

-1

-505

859

500

398

Cash from Financing

144

2,474

521

924

1,296

-1,664

-1,659

-7,053

15,441

15,433

-40

-11

1,398

-1,257

4,196

-5,544

-668

1,594

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

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

14.65

16.27

15.00

13.54

13.17

11.98

11.48

11.44

L&T Finance Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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L&T Finance Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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