Models
L&T FINANCE LIMITEDLTFFinance
₹45per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹45implied P/B 0.40× on FY26 book
Against CMP ₹309.10−85.4%close of 2026-09-10
Cost of equity16.85%risk-free + beta × equity risk premium
Book equity, FY26₹112per share · excess returns add ₹(67)
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Excess-return schedule · ₹ crore · book equity earns your ROE; value is book plus the returns above the cost of equity
| ₹ crore | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
| Opening book equity | 28,034 | 30,322 | 32,797 | 35,474 | 38,369 |
| Net income at 10.6% ROE | 2,972 | 3,214 | 3,476 | 3,760 | 4,067 |
| Cost of equity charge at 16.85% | (4,723) | (5,109) | (5,526) | (5,977) | (6,465) |
| Excess return | (1,752) | (1,895) | (2,050) | (2,217) | (2,398) |
| Present value | (1,621) | (1,500) | (1,389) | (1,285) | (1,190) |
| Closing book equity | 30,322 | 32,797 | 35,474 | 38,369 | 41,501 |
| Book equity today | 28,034 |
| PV of 5 years of excess return | (6,985) |
| PV of the terminal excess return, 5% flat | (9,754) |
| add non-operating investments | 0 |
| Equity value | 11,295 |
| ÷ 250.44 crore shares | ₹45 |
ROE is at or below the cost of equity, so every year destroys value against book and the model lands below book value. That is the arithmetic, not a view.
Where the methods land · ₹ per share · the dashed line is the CMP
52-week rangetraded range, a fact not a value
₹232₹339
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | Excess return | ROE 10.6% | — | 16.85% | 5% | ₹45 | (85.4)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.