Overview

Detailed Summary

L&T Finance Limited, a subsidiary of Larsen & Toubro, operates as a financial holding company offering a range of financial services, including rural, housing, and wholesale finance.
The company achieved its highest-ever quarterly core PAT of ₹ 760 Cr in Q3FY26, reflecting a significant YoY growth of 21%, driven by strong retail disbursements and strategic operational enhancements.
Project Cyclops has been successfully implemented in multiple finance segments, positioning L&T Finance to reduce credit costs and improve portfolio quality through advanced AI-driven underwriting processes.
L&T Finance's focus on expanding its gold loan branch network is set to bolster its market presence, anticipating over 330 branches by the end of FY26, underpinning its capacity expansion strategy.
The company's strategic application of AI in operations through Projects Nostradamus and Helios highlights its commitment to advanced digital infrastructure, aimed at enhancing underwriting and portfolio management.

Sector: Finance
Industry: NBFC-Others
Market Cap: 67,822 Cr
Volatility: High Risk
P/E Ratio: 24.2
Industry P/E: 27.5
PEG Ratio: 1.2
P/B Ratio: 2.6
52W High: 329.40
52W Low: 136.95

Sales CAGR

1Y: 11.74%
3Y: 261.84%
5Y: 101.80%
10Y: 52.89%

Profit CAGR

1Y: 14.08%
3Y: 128.93%
5Y: 57.89%
10Y: 23.99%

ROE

TTM: 10.24%
3Y: 9.31%
5Y: 7.85%
10Y: 9.36%

ROCE

TTM: 8.04%
3Y: 9.21%
5Y: 9.18%
10Y: 10.08%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SBICARD	726.25	69,110 Cr	33.06	4.67	0.34	12.97	8.88	2.99
LTF	270.90	67,822 Cr	24.20	2.57	1.01	10.24	8.04	2.21
PIRAMALFIN	1788.60	40,544 Cr	-1944.13	1.48	0.00	2.91	6.46	1.07
AIIL	430.00	36,474 Cr	10.05	2.24	0.03	24.66	18.84	18.10
POONAWALLA	425.15	34,556 Cr	97.70	3.50	0.00	2.21	5.04	0.74
TATAINVEST	625.15	31,630 Cr	115.32	0.99	0.43	1.11	1.23	1.14
IIFL	475.45	20,341 Cr	15.88	1.57	0.00	6.62	8.57	1.90

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	3,214	3,534	3,672	3,784	4,019	4,098	4,023	4,260	4,336	4,578
Expenses	1,331	1,375	1,621	1,482	1,575	1,676	1,581	1,640	1,662	1,800
Interest	1,325	1,353	1,335	1,351	1,476	1,569	1,600	1,636	1,634	1,703
Financing Profit	557	806	716	950	968	853	842	984	1,040	1,075
Financing Margin %	17.35	22.81	19.50	25.12	24.09	20.81	20.94	23.10	23.98	23.48
Other Income	268	47	5.55	0.21	4.68	7.55	4.30	0.03	0.04	-25
Depreciation	28	29	28	28	33	36	41	41	51	58
Profit Before Tax	797	824	694	922	940	824	806	943	989	992
Tax %	25.48	22.41	20.32	25.70	25.85	24.06	21.06	25.70	25.68	25.62
Net Profit	594	639	553	685	697	626	636	701	735	738
EPS in Rs	2.37	2.55	2.21	2.73	2.77	2.49	2.53	2.79	2.93	2.94
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	8,341	10,364	13,057	14,104	13,353	11,930	12,775	13,581	15,924	16,399
Expenses	2,799	3,471	3,407	4,201	5,419	5,244	5,263	5,534	6,314	6,472
Interest	4,627	5,449	6,860	7,514	7,213	5,754	5,797	5,377	5,997	6,281
Financing Profit	914	1,444	2,790	2,389	721	932	1,715	2,669	3,613	3,647
Financing Margin %	10.96	13.93	21.37	16.94	5.40	7.81	13.43	19.65	22.69	22.24
Other Income	232	54	312	373	400	394	527	475	17	17
Depreciation	67	52	50	82	86	103	111	115	139	151
Profit Before Tax	1,079	1,446	3,052	2,680	1,036	1,223	2,131	3,029	3,491	3,512
Tax %	3.38	11.64	26.87	36.56	50.51	30.55	8.09	23.50	24.28	24.29
Net Profit	1,042	1,278	2,232	1,700	738	849	-729	2,317	2,643	2,659
EPS in Rs	3.63	5.07	8.85	6.78	3.87	4.28	6.48	9.24	10.52	11.19
Dividend Payout %	15.56	14.68	9.01	11.29	0.00	11.57	30.58	26.88	26.02	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1,753	1,756	1,996	1,999	2,005	2,469	2,474	2,480	2,489	2,495
Reserves	5,442	6,138	9,411	11,450	12,688	16,304	17,474	19,049	20,950	23,069
Borrowings	43,727	54,994	75,248	91,507	93,894	88,556	85,201	83,043	76,541	92,247
Other Liabilities	12,879	9,625	1,122	1,100	958	1,643	1,753	1,790	2,738	2,598
Total Liabilities	63,801	72,514	87,777	1,06,055	1,09,545	1,08,972	1,06,902	1,06,362	1,02,718	1,20,409
Fixed Assets	1,313	1,230	756	760	789	811	185	533	519	641
CWIP	22	28	19	39	62	24	22	4.81	36	45
Investments	0.00	0.00	5,301	8,641	5,979	8,872	11,917	14,366	12,385	11,876
Other Assets	62,466	71,256	81,701	96,616	1,02,714	99,265	94,779	91,458	89,778	1,07,847
Total Assets	63,801	72,514	87,777	1,06,055	1,09,545	1,08,972	1,06,902	1,06,362	1,02,718	1,20,409

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-9,213	-5,779	-15,640	-11,643	2,162	5,464	6,078	6,718	673	-16,587
Cash from Investing Activity	-675	-2,118	1,549	-3,587	160	-2,024	-5,087	-862	849	471
Cash from Financing Activity	9,426	7,952	14,678	16,008	1,451	-2,091	-3,023	-1,664	-7,037	15,419
Net Cash Flow	-461	55	587	777	3,772	1,349	-2,032	4,193	-5,515	-697

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	66.11%	66.10%	66.02%	65.90%	65.86%	66.37%	66.29%	66.25%	66.24%	66.16%	66.10%	66.03%
FIIs	11.35%	13.89%	12.12%	10.67%	11.05%	7.33%	6.73%	5.30%	5.48%	6.19%	6.41%	6.66%
DIIs	6.58%	5.29%	7.02%	9.08%	8.70%	11.64%	12.33%	12.17%	13.29%	14.11%	14.32%	15.33%
Public	15.96%	14.72%	14.85%	14.36%	14.40%	14.65%	14.65%	16.27%	15.00%	13.54%	13.17%	11.98%
Total Shareholders	7,08,237	6,63,769	6,95,023	6,87,721	7,11,555	7,39,180	7,87,291	8,76,841	8,46,682	7,92,374	7,77,432	7,75,728

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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