L&T Finance Limited (LTF)

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L&T Finance Limited (LTF) · mywealthgrid

About

L&T Finance Limited is a Non-Banking Financial Company (NBFC) in India's Financials sector. With market capitalization of ₹76,749 Cr and quarterly revenues ranging from ₹4,300–5,200 Cr, it has delivered a 52.94% return over the past year. The company operates credit and financing services outside the traditional banking regulatory framework.

Face value: ₹10

Market cap

₹66,238 Cr

P/E

20.5×

P/B

2.4×

Dividend yield

2.1%

ROE

11.2%

ROCE

—

Debt / equity

3.93

OPM

61.1%

EPS (TTM)

₹12.9

Book value

₹111.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

D/E ratio listed as 'n/a'; verify actual financial leverage, capital ratios, and compliance with NBFC regulatory requirements
ROE at 11.17% is modest for financial services; verify whether this reflects weak asset growth, capital constraints, or competitive margin pressure
PE of 23.79 elevated following 52% annual run-up (52w low ₹195.75); verify valuation is supported by forward earnings visibility or vulnerable to correction
NBFC sector exposed to credit cycles and regulatory shifts; verify asset quality (NPA trends), funding cost trajectory, and liquidity position

Generated analysis · source review pending

Growth drivers

Revenue grew ₹4,335 Cr (Sep 2025) to ₹5,243 Cr (Jun 2026), a 21% increase; verify whether driven by credit growth, rate pass-through, or asset mix shifts
Net profit increased ₹727–738 Cr (Sep–Dec 2025) to ₹915 Cr (Jun 2026); verify if growth rate is sustainable or benefited from one-time items
Operating margin sustained at 60–62% across all recent quarters; verify whether this level is durable given competitive NBFC landscape or dependent on specific spreads
EPS grew from ₹2.91–2.94 (Sep 2025) to ₹3.57–3.60 (Jun 2026) in nine months; verify if driven by margin expansion, volume growth, or share count changes

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹264.4-2.5%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 61.1%
+Profit CAGR of 24.2% over the last 5 years
+Dividend payout of 42.7% of profit
+High promoter holding of 66% with no pledge

Cons

−Low return on equity of 10.8% (3-yr avg)
−Modest revenue growth of 5.5% a year over the last 5 years
−Heavily leveraged (debt/equity 3.9)
−Weak interest coverage of 1.6×

Research score

Structured signal from quality, growth, valuation and momentum.

60/100

Business quality: 32
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Shriram Finance LimitedSHRIRAMFINSHRIRAMFIN	₹1,77,811 Cr	₹4,28,503 Cr	₹49,997 Cr	₹36,981 Cr	73.7%	₹11,318 Cr	20.8%	—	16.4%	—
Tata Capital LimitedTATACAPTATACAP	₹1,35,540 Cr	₹3,71,517 Cr	₹32,695 Cr	₹24,219 Cr	73.2%	₹5,404 Cr	15.5%	—	13.3%	—
Cholamandalam Investment And Finance Company LimitedCHOLAFINCHOLAFIN	₹1,33,352 Cr	₹3,45,452 Cr	₹32,663 Cr	₹22,399 Cr	68.2%	₹5,751 Cr	16.8%	—	19.3%	—
Muthoot Finance LimitedMUTHOOTFINMUTHOOTFIN	₹1,08,289 Cr	₹2,60,075 Cr	₹33,431 Cr	₹27,558 Cr	81.4%	₹11,373 Cr	34%	—	30.9%	—
L&T Finance LimitedLTFLTF	₹66,238 Cr	₹1,76,126 Cr	₹18,928 Cr	₹11,603 Cr	61.1%	₹3,226 Cr	16.7%	—	11.2%	—
Sbi Cards And Payment Services LimitedSBICARDSBICARD	₹53,594 Cr	₹97,658 Cr	₹20,063 Cr	₹5,374 Cr	26.7%	₹2,275 Cr	10.9%	—	14.7%	—
Hdb Financial Services LimitedHDBFSHDBFS	₹51,335 Cr	₹1,38,733 Cr	₹16,300 Cr	₹9,318 Cr	57.2%	₹2,176 Cr	13.4%	—	14.7%	—
Sundaram Finance LimitedSUNDARMFINSUNDARMFIN	₹48,838 Cr	₹1,18,475 Cr	₹10,104 Cr	₹7,957 Cr	78.3%	₹2,220 Cr	21%	—	14.7%	—
Piramal Finance LimitedPIRAMALFINPIRAMALFIN	₹45,868 Cr	₹1,25,857 Cr	₹11,852 Cr	₹7,051 Cr	59.5%	₹1,504 Cr	12.7%	—	5.3%	—
Authum Investment & Infrastructure LimitedAIILAIIL	₹45,797 Cr	₹49,133 Cr	₹2,863 Cr	₹2,451 Cr	88.2%	₹3,582 Cr	74%	—	13.1%	—
Mahindra & Mahindra Financial Services LimitedM&MFINM&MFIN	₹44,445 Cr	₹1,72,816 Cr	₹21,733 Cr	₹13,785 Cr	62.5%	₹3,253 Cr	13.6%	—	11.9%	—
Poonawalla Fincorp LimitedPOONAWALLAPOONAWALLA	₹38,161 Cr	₹86,259 Cr	₹7,813 Cr	₹4,291 Cr	52.7%	₹787 Cr	8%	—	5.9%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7,289	8,341	10,021	14,176	13,678	11,930	12,775	13,581	15,924	17,914
Interest	4,124	4,627	5,326	7,514	7,200	5,754	5,797	5,377	5,997	6,720
Expenses	2,011	2,799	3,382	4,273	5,524	5,244	5,263	5,534	6,314	6,961
Financing profit	1,154	914	1,313	2,389	955	932	1,715	2,669	3,613	4,233
Financing margin %	15.8%	11%	13.1%	16.9%	7%	7.8%	13.4%	19.7%	22.7%	23.6%
Other income	182	232	479	373	402	394	527	475	17	3
Depreciation	83	67	52	82	87	103	111	115	139	210
Exceptional items	—	—	—	0	226	0	-2,687	0	0	-29
Profit before tax	1,253	1,079	1,740	2,680	1,495	1,423	1,709	3,029	3,491	3,998
Tax	399	36	275	980	546	374	172	712	848	1,015
Tax %	31.9%	3.4%	15.8%	36.6%	36.5%	26.3%	10.1%	23.5%	24.3%	25.4%
PAT	854	1,042	1,465	1,700	949	1,049	1,536	2,317	2,643	2,983
EPS (₹)	—	—	—	8.5	4.5	4.3	6.6	9.3	10.6	11.9
EPS adjusted (₹)	2.9	3.5	4.8	—	4.1	4.3	6.6	9.4	10.6	12
	—	—	—	10.6%	0%	11.5%	30.5%	26.8%	25.9%	23.1%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	2,967	2,969	3,030	—	2,469	2,474	2,480	2,489	2,495	2,504
Reserves	5,324	6,020	10,554	—	16,304	17,474	19,049	20,950	23,069	25,479
Minority interest	—	—	—	—	197	180	89	90	67	51
	51,616	59,811	71,577	93,894	88,556	85,201	83,043	76,541	92,247	1,09,888
	3,895	3,713	4,069	—	1,446	1,573	1,701	2,649	2,531	4,284
Total equity & liabilities	63,801	72,514	89,231	—	1,08,972	1,06,902	1,06,362	1,02,718	1,20,409	1,42,205
	674	591	486	—	781	153	186	465	525	911
CWIP	22	26	39	—	0	0	5	0	0	—
Investments	3,563	6,012	4,843	5,979	8,872	11,917	14,366	12,385	11,876	10,564
	59,542	65,885	83,862	—	99,319	94,832	91,805	89,868	1,08,009	1,30,731
Total assets	63,801	72,514	89,231	—	1,08,972	1,06,902	1,06,362	1,02,718	1,20,409	1,42,205

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2023 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Retail business	8,683.12	1,860.42	—	60,292.04
Wholesale business	3,947.64	446.81	—	24,905.92
Others*	646.69	2,800.55

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	66.3%	69.9%	59.6%	56%	58.8%	59.3%	60.4%	61.1%
EBIT margin %	65.7%	69.3%	59%	55.2%	57.9%	58.4%	59.5%	60%
PAT margin %	14.6%	12%	6.9%	8.8%	12%	17.1%	16.6%	16.7%
Working capital
Receivable days	5	—	1	0	—	—	—	—
Inventory days	—	—	0	0	0	0	0	0
Payable days	—	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—	—
Leverage
Current ratio	0.87	—	—	—	—	—	—	—
Debt to EBITDA	10.78	9.48	10.86	12.74	11.05	9.51	9.6	10.03
Debt to equity	5.27	—	4.72	4.27	3.86	3.27	3.61	3.93
Interest coverage	1.3	1.4	1.2	1.2	1.4	1.6	1.6	1.6
Asset turnover	0.11	—	0.13	0.11	0.12	0.13	0.13	0.13
Return ratios
Return on assets %	1.6%	—	0.9%	1%	1.4%	2.3%	2.2%	2.1%
Return on capital employed %	11.9%	—	—	—	—	—	—	—
Return on equity %	10.8%	—	5.1%	5.3%	7.1%	9.9%	10.3%	10.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.02%	65.9%	65.86%	66.37%	66.29%	66.25%	66.24%	66.16%	66.1%	66.03%	65.99%	65.96%
	12.12%	10.67%	11.05%	7.33%	6.73%	5.3%	5.48%	6.19%	6.41%	6.66%	7.63%	7.71%
	7.02%	9.08%	8.7%	11.64%	12.33%	12.17%	13.29%	14.11%	14.32%	15.33%	14.9%	14.9%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	14.84%	14.35%	14.39%	14.66%	14.65%	16.28%	14.99%	13.54%	13.17%	11.98%	11.48%	11.43%
No. of shareholders	—	—	—	—	—	—	—	—	7,77,432	7,75,728	7,48,865	7,32,902

Promoter holding down 0.06 percentage points since Sep 2023.

60 deals · 21 Feb 2022 – 27 Feb 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
27 Feb 2026	BNP PARIBAS FINANCIAL MARKETS	Bulk	NSE	Sell	2,14,58,875	₹283.91	₹609.24 Cr
27 Feb 2026	BNP PARIBAS FINANCIAL MARKETS	Bulk	NSE	Buy	1,090	₹285.94	₹0.03 Cr
13 Nov 2025	GOLDMAN SACHS BANK EUROPE SE	Block	BSE	Sell	4,41,932	₹294.90	₹13.03 Cr
13 Nov 2025	BNP PARIBAS FINANCIAL MARKETS	Block	BSE	Buy	4,41,932	₹294.90	₹13.03 Cr
13 Jun 2024	BNP PARIBAS FINANCIAL MARKETS	Bulk	BSE	Sell	5,78,69,992	₹170.60	₹987.26 Cr
13 Jun 2024	MORGAN STANLEY ASIA SINGAPORE PTE	Bulk	BSE	Buy	3,13,29,540	₹170.60	₹534.48 Cr
13 Jun 2024	MORGAN STANLEY ASIA SINGAPORE PTE	Block	BSE	Buy	2,00,26,502	₹170.60	₹341.65 Cr
13 Jun 2024	BC ASIA GROWTH INVESTMENTS	Bulk	BSE	Sell	2,00,26,502	₹170.60	₹341.65 Cr
13 Jun 2024	BC ASIA GROWTH INVESTMENTS	Block	BSE	Sell	2,00,26,502	₹170.60	₹341.65 Cr
13 Jun 2024	BNP PARIBAS FINANCIAL MARKETS	Block	BSE	Sell	1,37,50,998	₹170.60	₹234.59 Cr

1–10 of 60

1 / 6

Mr. Sekharipuram Narayanan SubrahmanyanNon-Executive - Non Independent Director-Chairperson
Mr. Amresh KumarChief Risk Officer
Mr. Sudipta RoyExecutive Director-CEO-MD
Mr. Ramamurthi Shankar RamanNon-Executive - Non Independent Director
Ms. Rajani Rajiv GupteNon-Executive - Independent Director
Mr. R. SeetharamanNon-Executive - Independent Director
Ms. Nishi VasudevaNon-Executive - Independent Director
Mr. Dhananjaya TambeNon-Executive - Independent Director
Mr. Prashant KumarNon - Executive Independent Director
Ms. Apurva RathodCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹265.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹267.0	-6.3	-2.3%	₹267.0	24,768	+28	4,259	2250
23 Nov 2026	₹266.4	-6.6	-2.4%	₹266.4	653	+41	121	2250
29 Dec 2026	₹266.0	-9.2	-3.3%	₹269.2	13	+13	14	2250

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 15 fund houses

Held by these funds

6.36%

of the company's equity

All mutual funds

11.56%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

95 schemes · 15 fund houses

		Shares
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	6.34 Cr	2,035.53	2.86%	2.531%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3.2 Cr	1,027.2	2.4%	1.277%	-8 L
Mid Cap Fund	DSP Mutual Fund	1.14 Cr	365.17	1.74%	0.454%	-0
Midcap Fund	Axis Mutual Fund	1.07 Cr	343.88	0.97%	0.428%	-0
MID CAP FUND	Tata Mutual Fund	55 L	176.55	2.83%	0.219%	+15 L
Flexi Cap Fund	Axis Mutual Fund	44.7 L	143.5	1.03%	0.178%	-17.96 L
BANKING & FINANCIAL SERVICES FUND	Nippon India Mutual Fund	36.69 L	117.78	1.49%	0.146%	-0
BUSINESS CYCLE FUND	Tata Mutual Fund	27.01 L	86.69	3.33%	0.108%	+1.06 L

1–8 of 95

1 / 12

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

35 announcementsExport CSV

1 Oct 2026, 8:08 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

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Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	66.3%	69.9%	59.6%	56%	58.8%	59.3%	60.4%	61.1%
EBIT margin %	65.7%	69.3%	59%	55.2%	57.9%	58.4%	59.5%	60%
PAT margin %	14.6%	12%	6.9%	8.8%	12%	17.1%	16.6%	16.7%
Working capital
Receivable days	5	—	1	0	—	—	—	—
Inventory days	—	—	0	0	0	0	0	0
Payable days	—	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—	—
Leverage
Current ratio	0.87	—	—	—	—	—	—	—
Debt to EBITDA	10.78	9.48	10.86	12.74	11.05	9.51	9.6	10.03
Debt to equity	5.27	—	4.72	4.27	3.86	3.27	3.61	3.93
Interest coverage	1.3	1.4	1.2	1.2	1.4	1.6	1.6	1.6
Asset turnover	0.11	—	0.13	0.11	0.12	0.13	0.13	0.13
Return ratios
Return on assets %	1.6%	—	0.9%	1%	1.4%	2.3%	2.2%	2.1%
Return on capital employed %	11.9%	—	—	—	—	—	—	—
Return on equity %	10.8%	—	5.1%	5.3%	7.1%	9.9%	10.3%	10.7%

26

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	230	₹0.7	16	+16	16
0	0	0	₹0.0	235	₹1.0	334	+127	184
0	0	0	₹0.0	240	₹1.7	185	+44	120
0	0	0	₹0.0	245	₹2.4	166	+52	100
2	+2	2	₹20.4	250	₹3.5	1,234	+458	1,991
9	+9	13	₹16.6	255	₹5.0	142	+61	161
62	+16	81	₹13.6	260	₹6.8	1,609	+177	580
189	+153	338	₹10.6	265	₹8.9	1,012	+124	1,671

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
1 Oct 2026, 8:08 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
1 Oct 2026, 6:54 pm	Board Meeting	Board Meeting Intimation for Approval Of Unaudited Financial Results For Quarter Ended September 30, 2026	PDF
29 Sept 2026, 6:44 pm	Company Update Allotment of Equity Shares	Announcement under Regulation 30 (LODR)-Allotment	PDF
28 Sept 2026, 5:34 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
18 Sept 2026, 6:33 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
18 Sept 2026, 4:24 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
18 Sept 2026, 4:11 pm	Company Update Allotment of Equity Shares	Announcement under Regulation 30 (LODR)-Allotment	PDF
16 Sept 2026, 5:44 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-9,213	-5,779	-15,640	-11,643	2,162	5,464	6,078	7,490	673	-16,587	-14,189
	-675	-2,118	1,549	-3,587	160	-2,024	-5,084	-1,107	849	471	367
	9,426	7,952	14,678	16,008	1,451	-2,091	-3,026	-2,191	-7,037	15,419	15,415
Net cash flow	—	—	587	777	3,772	1,349	-2,032	4,193	-5,515	-697	1,593
Free cash flow	-9,120	—	-15,723	-11,735	2,082	5,412	6,001	7,363	555	-16,782	-14,429
CFO / Operating profit %	-174.6%	-104.3%	-235.6%	—	21.8%	67%	90.9%	99.7%	8.4%	-172.6%	-129.6%

L&T Finance Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Credit ratings

Investor Presentation and earnings call

13

1

26

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Defocused business · revenue

L&T Finance Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends13

Board meetings1

Option chain26

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Defocused business · revenue

3

3

13

1

26