NSE: LTF · BSE: 533519
L&T FINANCE LIMITED
Lends to individuals, farmers and small businesses across India, with a consolidated loan book of Rs 1,29,634 Cr as of Q1FY27. Retail loans account for roughly 98% of the book and drive nearly all earnings, while a smaller wholesale book is being run down. The retail franchise spans urban finance — personal loans, two-wheelers, consumer durables and home loans — alongside microfinance, gold loans, farmer finance and small business loans. Q1FY27 retail disbursements were Rs 23,852 Cr, up 36% year-on-year, led by urban finance disbursements of Rs 10,760 Cr (+57%) and personal loans of Rs 4,380 Cr (+126%) sourced through digital partners including CRED, Google Pay, PhonePe and Amazon. The gold loan vertical had reached 343 branches with a Rs 3,800 Cr book as of Q1FY27, with roughly 500 new branches planned for FY27. Main cost drivers are the weighted average cost of borrowing, guided at 7.35-7.40% for FY27, and employee expenses of Rs 2,455 Cr (13.7% of revenue in FY26). Asset quality is improving, with credit cost falling to 2.54% in Q1FY27 from 3.43% a year earlier and gross stage 3 at 2.86%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Retail business (83%), Wholesale business (15%), Others (2%), Defocused business (1%). Retail-focused non-banking financial company, credit-cost sensitive
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11,930 | 12,775 | 13,581 | 15,924 | 17,914 |
| EBITDA (ex other income) | 6,685 | 4,825 | 8,046 | 9,610 | 10,925 |
| margin % | 56.0 | 37.8 | 59.2 | 60.3 | 61.0 |
| Owners' profit | 1,070 | 1,623 | 2,326 | 2,644 | 2,992 |
| EPS, as reported (₹) | 4.33 | 6.56 | 9.34 | 10.61 | 11.92 |
| ROE % · ROCE % | 5.2 · — | 7.1 · — | 9.8 · — | 10.3 · — | 10.6 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 6,078 | 7,490 | 673 | (16,587) | (14,189) |
| Capex | (78) | (128) | (119) | (195) | (239) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,019 | 4,098 | 4,023 | 4,260 | 4,336 | 4,578 | 4,771 | 5,243 |
| Profit before tax | 940 | 824 | 806 | 943 | 989 | 992 | 1,074 | 1,236 |
| Net profit | 697 | 626 | 636 | 701 | 735 | 738 | 809 | 916 |
| EPS (₹) | 2.79 | 2.51 | 2.55 | 2.81 | 2.94 | 2.95 | 3.22 | 3.60 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JIO FIN SERVICES LTD | 1,35,496 | 63.7 | 1.01 | — | 1.2 | — | — | 70.7 |
| ADITYA BIRLA CAPITAL LTD. | 97,598 | 22.8 | 2.65 | — | 10.5 | — | 18.8 | 40.8 |
| L&T FINANCE LIMITED ◆ | 61,858 | 19.4 | 2.21 | — | 10.6 | — | 5.5 | 62.3 |
| TATA INVESTMENT CORP LTD | 28,442 | 66.0 | 0.97 | — | 1.5 | — | 19.5 | 92.6 |
| CHOLAMANDALAM FIN HOL LTD | 24,545 | 9.2 | 0.72 | — | 16.2 | — | 23.0 | 58.4 |
| TVS HOLDINGS LIMITED | 23,883 | 12.1 | 1.85 | — | 26.3 | — | 23.4 | 16.4 |
| MAHARASHTRA SCOOTERS LTD | 13,373 | 48.0 | 0.48 | — | 1.1 | — | — | 84.1 |
| JSW HOLDINGS LIMITED | 12,440 | 90.6 | 0.38 | — | 0.4 | — | 14.1 | 84.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.4 | 19.9 | 25 of 51 | 52% |
| P/B | 2.2 | 0.6 | 51 of 63 | 19% |
| ROE | 10.6 | 1.3 | 8 of 65 | 89% |
| EBITDA margin | 62.4 | 61.6 | 31 of 62 | 51% |
| Revenue growth | 23.1 | 13.6 | 25 of 56 | 56% |
| Profit growth | 30.7 | 10.7 | 30 of 66 | 55% |
| Market cap | 61858 | 273 | 3 of 68 | 97% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2FY27 profit rises 33%; Lakshya 2031 targets reiterated | investor communications | medium | — | — |
| 21 Oct 2026 · L&T Finance allots Rs 1,500 crore NCDs at 7.84% coupon | fund raising | medium | — | — |
| 19 Oct 2026 · Analyst and investor meet scheduled in Singapore and Hong Kong | board shareholder meetings | low | — | — |
| 16 Oct 2026 · L&T Finance shares audio recording of Q2FY27 analyst meet | investor communications | medium | — | — |
| 15 Oct 2026 · L&T Finance Q2FY27: Book up 28% YoY at Rs 1.36L Cr, PAT rises 33% | investor communications | medium | — | — |
| 15 Oct 2026 · L&T Finance Q2 FY27 PAT jumps 33% to record Rs 975 Crore | compliance | low | — | — |
| 15 Oct 2026 · L&T Finance Q2 FY26 results: PAT up 32% YoY to Rs 973 cr | results | high | — | — |
| 15 Oct 2026 · L&T Finance Q2 FY27 results: PAT jumps 32 percent to Rs 973 cr | results | high | — | — |
| 12 Oct 2026 · L&T Finance allots Rs 800 crore NCDs via private placement | fund raising | medium | — | — |
| 6 Oct 2026 · Postal ballot results: 4 resolutions passed, 3 director appointments approved | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.