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L&T Finance Q4FY26 PAT Rises 27% to ₹807 Cr; Achieves Lakshya 2026 Retail Goals
L&T Finance reported a strong Q4FY26 with PAT growing 27% YoY to ₹807 Cr and a record annual FY26 PAT of ₹2,981 Cr. The company successfully concluded its 'Lakshya 2026' strategy, achieving 98% retailisation of its book and a consolidated RoA of 2.37%. Asset quality improved significantly with Gross Stage 3 assets at 2.40% and Net Stage 3 at 0.80%. Management has now launched 'Lakshya 2031', targeting 20%+ book growth and an ambitious RoA of 3.0% - 3.2%.
Key Highlights
Retail book grew 26% YoY to ₹1,19,508 Cr, now representing 98% of the total loan portfolio.
Q4FY26 RoA and RoE improved to 2.40% and 11.71% respectively, up from 1.04% and 5.54% in FY22.
Retail disbursements for FY26 surged 39% YoY to ₹83,213 Cr, driven by Two-Wheeler and Rural Finance.
Wholesale book reduced by 14% YoY to ₹2,220 Cr as the company nears complete retail transformation.
New Lakshya 2031 targets include maintaining credit costs below 2% and achieving RoE of 16%-18%.
💼 Action for Investors
Investors should take confidence in the management's ability to meet long-term targets as evidenced by the successful completion of Lakshya 2026. The stock remains a strong pick for those seeking exposure to a high-growth, retail-focused NBFC with improving profitability and asset quality.
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L&T Finance Recommends Rs 2.75 Dividend, Plans Rs 1.23 Lakh Cr Fundraise & New Business Entry
L&T Finance (LTF) has announced a comprehensive set of board decisions following its FY26 results, including a final dividend recommendation of Rs. 2.75 per share. The company is seeking to significantly bolster its capital base with a massive fundraising plan of up to Rs. 1,23,500 crores through NCDs and Rs. 6,012 crores via preference shares. Strategically, LTF is diversifying into the digital payments space by entering the pre-paid instruments (wallets and cards) business. Leadership has also been strengthened with the appointment of Sachinn Joshi and Raju Dodti as Whole-time Directors.
Key Highlights
Recommended a final dividend of Rs. 2.75 per equity share (27.5% on face value of Rs. 10) for FY 2025-26.
Approved a massive fundraising limit of Rs. 1,23,500 crores through various Non-Convertible Debentures (NCDs).
Authorized issuance of cumulative compulsorily redeemable non-convertible preference shares up to Rs. 6,012 crores for FY2026-27.
Strategic expansion into pre-paid instruments (wallets/cards) and Third-Party Application Provider (TPAP) business, subject to RBI approval.
Appointed Sachinn Joshi and Raju Dodti as Whole-time Directors for terms of 2 and 3 years respectively.
💼 Action for Investors
Investors should take note of the healthy dividend payout and the company's aggressive growth stance indicated by the large fundraise and entry into digital payment services. Monitor regulatory approvals for the new wallet/card business as it could provide a new stream of fee-based income.
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L&T Finance FY26 PAT Hits Record Rs 3,003 Cr; Board Recommends Rs 2.75 Dividend
L&T Finance reported its highest-ever annual consolidated PAT of Rs. 3,003 Crore for FY26, marking a 14% YoY growth, while Q4FY26 PAT rose 27% to Rs. 807 Crore. The company has successfully completed its 'Lakshya 2026' plan, achieving 98% retailisation of its book with a retail size of Rs. 1,19,508 Crore. Asset quality showed steady improvement with Gross Stage 3 assets declining to 2.88% from 3.29% YoY. Looking ahead, the company launched 'Lakshya 2031' targeting 20%+ book growth and a Return on Equity (RoE) of 16-18%.
Key Highlights
Highest ever annual retail disbursements at Rs. 83,213 Crore, up 39% YoY.
Quarterly Weighted Average Cost of Borrowing (WACB) hit a record low of 7.17%, down 67 bps YoY.
Personal Loans disbursements grew 100% YoY to Rs. 12,220 Crore in FY26.
Net Interest Margin (NIM) + Fees improved sequentially to 10.47% in Q4FY26.
Board recommended a dividend of Rs. 2.75 per equity share for FY26.
💼 Action for Investors
Investors should note the strong execution on retail transformation and the ambitious new 5-year targets which suggest continued margin expansion. The stock remains a strong play in the NBFC sector given its improving asset quality and AI-led operational efficiencies.
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LTF Recommends Rs 2.75 Dividend, Plans Rs 1.23 Lakh Cr Fundraise & New Payment Business
L&T Finance has recommended a final dividend of Rs. 2.75 per share for FY26, reflecting a steady payout to shareholders. The company is strategically diversifying into the digital payments space by seeking regulatory approval for pre-paid instruments like wallets and cards. To fuel future growth, the board has authorized a massive fundraise of up to Rs. 1,23,500 crores through NCDs and an additional Rs. 6,012 crores via preference shares. Leadership has also been strengthened with the appointment of Sachinn Joshi and Raju Dodti as Whole-time Directors.
Key Highlights
Recommended a final dividend of Rs. 2.75 per equity share for the financial year 2025-26
Approved a borrowing limit of up to Rs. 1,23,500 crores through Non-Convertible Debentures (NCDs)
Authorized issuance of non-convertible preference shares up to Rs. 6,012 crores for FY2026-27
Announced entry into pre-paid instruments (wallets/cards) and Third-Party Application Provider business
Appointed Sachinn Joshi and Raju Dodti as Whole-time Directors to the Board
💼 Action for Investors
Investors should benefit from the dividend payout while monitoring the company's transition into the digital payments ecosystem. The large fundraise capacity suggests aggressive growth plans for the upcoming fiscal year.
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L&T Finance Allots NCDs Worth Rs 500 Crore at 7.79% Coupon Rate
L&T Finance Limited has successfully raised Rs 500 crore through the private placement of 50,000 senior, secured, rated, and listed non-convertible debentures (NCDs). The issuance consists of a base size of Rs 150 crore and a green shoe option of Rs 350 crore, which was fully exercised. These NCDs carry a coupon rate of 7.7942% per annum and have a tenor of 1,893 days, maturing on June 27, 2031. This fundraise is part of the company's regular capital management to support its lending operations.
Key Highlights
Allotment of 50,000 NCDs with a face value of Rs 1,00,000 each, aggregating to Rs 500 crore.
Fixed coupon rate of 7.7942% per annum with annual interest payments starting June 2026.
Instrument tenor of 1,893 days with a final maturity and redemption date of June 27, 2031.
Secured by a first-ranking charge on fixed deposits or standard receivables with a 1x cover ratio.
Includes a default penalty clause of an additional 2% per annum interest over the coupon rate.
💼 Action for Investors
This is a routine fundraise for an NBFC like L&T Finance and demonstrates its ability to access debt markets at competitive rates. Investors should monitor the company's deployment of these funds into high-yield retail segments to drive NIM expansion.
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LT Foods Appoints Ritesh Sud as CMO for India & Far East to Drive Brand-Led Growth
LT Foods has appointed Ritesh Sud as Chief Marketing Officer for its India & Far East business to accelerate brand-led growth and premiumization. Mr. Sud brings over 20 years of FMCG experience from major companies like Tata Consumer Products and Perfetti Van Melle, where he managed iconic brands like Tata Tea and Alpenliebe. This appointment aligns with the company's strong financial trajectory, including a FY'25 revenue of Rs. 8,773 crores and a 5-year PAT CAGR of 21%. The move is expected to enhance marketing effectiveness and unlock new growth opportunities in high-growth food categories.
Key Highlights
Ritesh Sud joins as CMO with 20+ years of experience at Tata Consumer Products and Perfetti Van Melle.
LT Foods reported consolidated revenue of approximately Rs. 8,773 crores for FY'25.
The company maintains a strong 5-year Revenue CAGR of 16% and a PAT CAGR of 21%.
Mandate includes driving premiumization and innovation-led go-to-market strategies in India and the Far East.
💼 Action for Investors
This high-profile hire from a top FMCG peer signals a strong focus on brand building and market share expansion. Investors should monitor the execution of new marketing strategies and their impact on the company's premium product margins over the next few quarters.
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LT Foods Shareholders Approve Director Re-appointments and MOA Alteration
LT Foods Limited has successfully passed five resolutions via postal ballot, including the re-appointment of key directors and an amendment to the company's Memorandum of Association. While all resolutions were passed with the requisite majority, there was significant institutional dissent regarding the re-appointment of Independent Director Mr. Abhiram Seth, with 89.07% of institutional votes cast against him. Conversely, the appointment of Ms. Rima Gupta and the alteration of the Object Clause received 100% approval. These results ensure leadership continuity while signaling a potential shift in the company's operational scope through the MOA amendment.
Key Highlights
Re-appointment of Mr. Abhiram Seth as Independent Director passed with 78.15% overall majority despite 89.07% institutional opposition.
Appointment of Mr. Ashok Kumar Arora as Whole-time Director approved with 95.20% of total votes in favour.
Alteration of the Object Clause of the Memorandum of Association (MOA) received unanimous 100% approval.
Total voter participation stood at 72.56% of the 34.72 crore outstanding shares.
Ms. Ambika Sharma's re-appointment as Independent Director was secured with 83.11% total votes in favour.
💼 Action for Investors
Investors should monitor the company's future disclosures regarding the MOA object clause change to understand new business directions. The high institutional dissent on specific director re-appointments warrants a closer look at the company's corporate governance practices.
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LT Foods Launches Limited-Edition DAAWAT Saffron Basmati Rice for Luxury Segment
LT Foods has introduced DAAWAT® Saffron Basmati Rice, a first-of-its-kind limited-edition product targeting the ultra-premium luxury segment. This strategic launch aims to strengthen the company's premium portfolio and brand equity by using saffron sourced from Jammu & Kashmir. The company reported a consolidated revenue of approximately Rs. 8,773 crores in FY'25, maintaining a strong 5-year PAT CAGR of 21%. This move aligns with LT Foods' long-term vision of value creation through high-margin, niche product innovations.
Key Highlights
Launch of DAAWAT® Saffron Basmati, a luxury limited-edition rice infused with J&K saffron.
LT Foods reported a consolidated revenue of Rs. 8,773 crores as of FY'25.
The company maintains a consistent 5-year Revenue CAGR of 16% and PAT CAGR of 21%.
Product is exclusively available through an 'expression of interest' model to maintain brand scarcity.
Strategic focus on premiumization to enhance margins and reinforce global brand leadership in 80+ countries.
💼 Action for Investors
Investors should view this as a positive brand-building and margin-expansion move that reinforces LT Foods' dominance in the premium rice category. Maintain a positive outlook as the company continues to successfully execute its premiumization strategy.
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LT Foods Approves Key Board Appointments and Expansion into Lab Testing Services
LT Foods has announced a significant reshuffle and strengthening of its Board, including the re-appointment of two Independent Directors and the addition of a new Independent Director, Ms. Rima Gupta. The company is also seeking shareholder approval to expand its business scope to include testing and research laboratory services for food and agricultural products. Mr. Ashok Kumar Arora, a member of the promoter group, has been appointed as a Whole Time Director for a three-year term. A postal ballot will be conducted to finalize these decisions, with the record date set for March 6, 2026.
Key Highlights
Re-appointment of Mr. Abhiram Seth and Mrs. Ambika Sharma as Independent Directors for 5-year terms starting 2026.
Appointment of Mr. Ashok Kumar Arora as Whole Time Director for 3 years effective April 8, 2026.
Proposed amendment to the Memorandum of Association to include food and chemical testing laboratory services.
Record date for the Postal Ballot and e-voting process is fixed as March 6, 2026.
New Independent Director Ms. Rima Gupta brings nearly 40 years of strategic marketing and brand building experience.
💼 Action for Investors
Investors should view the leadership continuity and the strategic move into laboratory services as positive steps toward business diversification and governance. Monitor the postal ballot results to confirm shareholder approval for these changes.
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LT Foods Approves Key Board Appointments and Expands Business Scope into Lab Research
LT Foods has announced a series of leadership changes, including the re-appointment of two Independent Directors, Abhiram Seth and Ambika Sharma, for second five-year terms. The company also appointed Ms. Rima Gupta as an Independent Director and Mr. Ashok Kumar Arora, a member of the promoter group, as a Whole Time Director for three years. Crucially, the board approved an amendment to the Memorandum of Association to allow the company to establish and run testing and research laboratories for food and agricultural products. These moves signal a focus on leadership continuity and a potential new revenue stream in quality testing and R&D.
Key Highlights
Re-appointment of two Independent Directors for 5-year terms ending in 2031
Appointment of Ashok Kumar Arora as Whole Time Director for a 3-year term effective April 8, 2026
Addition of Ms. Rima Gupta to the board, bringing 40 years of marketing and brand strategy expertise
Amendment of MOA to include testing, research, and analysis services for food, chemicals, and agri-products
Postal ballot cut-off date set for March 6, 2026, to seek shareholder approval for these changes
💼 Action for Investors
Investors should take confidence in the leadership stability and the addition of high-caliber marketing expertise to the board. The expansion into laboratory and research services suggests a strategic move toward vertical integration and quality control which could enhance brand trust and margins.
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LT Foods Appoints New Directors and Expands into Food Testing & Research Services
LT Foods has announced significant leadership updates, including the re-appointment of two Independent Directors and the addition of Ms. Rima Gupta to the board for five-year terms. Mr. Ashok Kumar Arora, a promoter group member, has been appointed as a Whole Time Director for three years. Most notably, the company is diversifying its business by amending its Memorandum of Association to include the operation of testing and research laboratories for food and agricultural products. These changes are subject to shareholder approval, with the voting eligibility cut-off set for March 6, 2026.
Key Highlights
Re-appointment of Abhiram Seth and Ambika Sharma as Independent Directors for 5-year terms.
Appointment of Ms. Rima Gupta as Independent Director for 5 years effective April 8, 2026.
Appointment of Promoter Group member Ashok Kumar Arora as Whole Time Director for 3 years.
Strategic MoA amendment to enter the testing, research, and analysis laboratory sector for food items.
Postal ballot process initiated with a cut-off date of March 6, 2026, for shareholder voting.
💼 Action for Investors
The move into laboratory services indicates a strategic diversification that could enhance quality control and create new revenue streams. Investors should monitor future CAPEX announcements related to these research facilities.
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CRISIL Upgrades LT Foods Long-Term Rating to 'AA/Stable' on Strong Growth and Low Leverage
CRISIL has upgraded LT Foods' long-term credit rating to 'AA/Stable' from 'AA-/Positive', citing a sustained improvement in business risk and market leadership. The company reported a 9M FY26 revenue of Rs 8,039 crore and expects to close the full fiscal year between Rs 10,500-11,000 crore. Financial metrics remain strong with a projected Debt/EBITDA ratio of 0.6-0.7x and interest coverage of 10-11 times. The upgrade is supported by healthy brand recall for Daawat and Royal, alongside successful geographic diversification across 80 countries.
Key Highlights
Long-term rating upgraded to 'CRISIL AA/Stable' for Rs 880 crore bank facilities.
9M FY26 revenue rose to Rs 8,039 crore from Rs 6,453 crore in the previous year.
Projected FY26 Debt to EBITDA ratio of 0.6-0.7x indicates very low leverage and strong financial health.
Expected annual net cash accruals of Rs 800-900 crore to comfortably cover debt obligations and working capital.
Successfully acquired the remaining 49% stake in Golden Star Trading Inc, making it a wholly-owned subsidiary.
💼 Action for Investors
The rating upgrade confirms LT Foods' improving financial resilience and efficient capital management. Long-term investors can remain positive as the company scales its branded business while maintaining a conservative debt profile.
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LT Foods: US DoC Reduces CVD Rate on Organic Soybean Meal to 75.48% from 340.27%
The US Department of Commerce (US DoC) has issued a final order significantly reducing the Countervailing Duty (CVD) rate for LT Foods' subsidiary, Ecopure Specialities Limited. The duty rate on organic soybean meal exports has been slashed from a provisional 340.27% to a final 75.48%. This adjustment follows an administrative review of sales totaling Rs. 50 crore for the 2023 calendar year. While the duty remains substantial, the massive reduction from the initial 'adverse facts' assessment provides significant relief for the company's US export operations.
Key Highlights
Final CVD rate reduced to 75.48% from a provisional high of 340.27%
Impacts Ecopure Specialities Limited, a step-down subsidiary of LT Foods
Relates to organic soybean meal sales of Rs. 50 crore during Jan-Dec 2023
The US DoC moved away from the extreme 'adverse facts available' (AFA) methodology in the final determination
💼 Action for Investors
Investors should welcome this reduction as it significantly lowers the potential liability and improves the viability of the organic segment, though the 75% duty still warrants monitoring for margin impact.
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LT Foods Subsidiary Sees US CVD Rate Reduced to 75.48% from 340.27%
The US Department of Commerce has issued a final order significantly reducing the countervailing duty (CVD) on organic soybean meal exports by LT Foods' subsidiary, Ecopure Specialities Limited. The duty rate has been revised to 75.48%, down from the provisional rate of 340.27% previously imposed under the 'adverse facts available' methodology. This administrative review covers the period from January 1, 2023, to December 31, 2023, involving sales worth Rs. 50 crore. This reduction provides substantial relief to the company's export operations and financial liability in the US market.
Key Highlights
US Department of Commerce reduces CVD rate to 75.48% from 340.27%
Final order pertains to organic soybean meal exports by subsidiary Ecopure Specialities
The review period covers sales of Rs. 50 crore for the 2023 calendar year
Significant reduction from the previous provisional rate provides financial relief
💼 Action for Investors
Investors should view this as a positive regulatory development that mitigates a major cost risk for the subsidiary. Monitor how the remaining 75.48% duty affects the competitiveness of organic soybean meal exports to the US.
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LT Foods Faces ₹32.41 Crore GST Demand After Appellate Order Reversal
LT Foods has received an adverse appellate order from the Commissioner of CGST (Appeals-II), Delhi, which reverses a previous favorable ruling from January 2025. The new order confirms a GST demand of ₹32.41 crore, along with applicable interest and penalties, regarding alleged wrongful tax exemptions on rice sold in plain packaging. While the company intends to challenge this decision at the GST Appellate Tribunal, the confirmation of this liability represents a regulatory hurdle. The management currently believes they have strong grounds for appeal and do not foresee an immediate material impact on operations.
Key Highlights
Appellate authority reversed a previous order that had dropped a GST demand of ₹32.41 crore
The demand is confirmed under Section 74 of the CGST Act, 2017, including interest and penalties
Dispute pertains to GST exemptions claimed on rice supplies made in plain packaging
LT Foods plans to contest the order before the appropriate GST Appellate Tribunal
The company received the formal order on February 4, 2026, and disclosed it on February 24, 2026
💼 Action for Investors
Investors should monitor the upcoming appeal at the GST Appellate Tribunal as a final adverse ruling would impact the company's bottom line by over ₹32 crore plus interest. No immediate panic is necessary as the company is pursuing further legal remedies.
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LT Foods Incorporates Wholly Owned Subsidiary LTF Global Investments L.L.C. in Dubai
LT Foods Limited has successfully completed the incorporation of a new wholly owned subsidiary in Dubai, UAE, named LTF Global Investments L.L.C. The entity was officially licensed on February 19, 2026, under License No. 1601550. This development follows the company's initial announcement made on January 21, 2026, regarding its intent to expand its global footprint. The establishment of this Dubai-based hub is expected to facilitate international investments and streamline global operations for the rice and food products major.
Key Highlights
Incorporation of 100% wholly owned subsidiary LTF Global Investments L.L.C. in Dubai, UAE.
Official license (No. 1601550) granted on February 19, 2026.
Follow-up to the strategic board decision previously communicated on January 21, 2026.
Strategic move to enhance the company's global investment structure and Middle Eastern presence.
💼 Action for Investors
Investors should monitor for further updates on the specific business activities and capital deployment plans for this new subsidiary. This expansion reinforces the company's global growth strategy and could lead to improved operational efficiencies in international markets.
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LT Foods Q3 FY26: Revenue Up 23% to ₹2,812 Cr; U.S. Tariffs and Crop Yields in Focus
LT Foods reported record quarterly revenue of ₹2,812 crores, a 23% YoY increase, though normalized growth excluding U.S. tariffs and the Golden Star acquisition was 8%. EBITDA for 9M FY26 rose 20% to ₹936 crores, while margins slightly compressed by 30 bps to 11.6% due to brand investments. The company is currently managing a 50% U.S. import tariff by passing costs to consumers, though management noted a slight slowdown in mainstream U.S. demand in January. Additionally, the proposed acquisition of Hungary-based Global Green Group was rejected by the Hungarian government.
Key Highlights
9M FY26 revenue reached ₹8,085 crores (+24% YoY) with EBITDA of ₹936 crores (+20% YoY).
U.S. import tariffs have escalated to 50%, which the company has largely passed on to end consumers.
The Hungarian Ministry of National Economy rejected the acquisition of Global Green Group due to identified national risks.
Basmati crop yields for 2025 are lower than earlier projections, leading to a higher price environment for paddy.
India business grew 10% YoY, with the Daawat brand expanding household reach to 58.11 lakh homes.
💼 Action for Investors
Investors should closely monitor Q4 volume trends in the U.S. to see if the 50% tariff pass-through leads to significant demand destruction. While revenue growth remains strong, the rising paddy prices and the failed European acquisition warrant a cautious outlook on near-term margin expansion.
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LT Foods Withdraws Global Green Group Acquisition After Hungarian Regulatory Rejection
LT Foods Limited has officially withdrawn its proposed acquisition of the Global Green Group after the Ministry of National Economy, Hungary, rejected the deal on January 28, 2026. The acquisition, which was first approved in May 2025, involved Global Green Europe Kft., Greenhouse AGRAR Kft., and Global Green International (UK) Limited. The Hungarian authorities cited national economic and sectoral risks as the primary reasons for the rejection. Consequently, the company will no longer proceed with this specific international expansion transaction.
Key Highlights
Proposed acquisition of Global Green Group entities in Hungary and the UK has been terminated.
Rejection issued by the Ministry of National Economy, Hungary, on January 28, 2026.
Grounds for rejection include identified national economic and sectoral risks in Hungary.
The transaction had been under process since the initial announcement on May 15, 2025.
LT Foods will not take the transaction forward, impacting its inorganic growth strategy in the European region.
💼 Action for Investors
Investors should monitor the company's alternative plans for capital allocation and international expansion following this regulatory setback. While the rejection is a hurdle for inorganic growth, it avoids the 'sectoral risks' identified by the Hungarian government.
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LT Foods Withdraws Global Green Group Acquisition Following Hungarian Regulatory Rejection
LT Foods Limited has announced the withdrawal of its proposed acquisition of the Global Green Group after the deal was blocked by international regulators. The Ministry of National Economy, Hungary, rejected the acquisition on January 28, 2025, citing national economic and sectoral risks. The transaction, which was initially approved in May 2025, would have included Global Green Europe Kft., Greenhouse AGRAR Kft., and Global Green International (UK) Limited. Consequently, the company will no longer proceed with this specific inorganic expansion strategy.
Key Highlights
Proposed acquisition of Global Green Group entities in Hungary and the UK has been officially withdrawn.
Rejection issued by the Hungarian Ministry of National Economy on January 28, 2025.
Regulatory grounds for rejection included identified national economic and sectoral risks.
The deal termination follows a process that was active since the initial announcement on May 15, 2025.
💼 Action for Investors
Investors should monitor management's commentary on alternative growth plans and the reallocation of capital previously intended for this acquisition. The failure to close this deal may lead to a short-term negative sentiment regarding the company's European expansion pace.
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LT Foods Withdraws Global Green Group Acquisition Following Hungarian Regulatory Rejection
LT Foods Limited has announced the termination of its proposed acquisition of the Global Green Group after the Ministry of National Economy, Hungary, rejected the deal. The acquisition, which was initiated in May 2025, included Global Green Europe Kft., Greenhouse AGRAR Kft., and Global Green International (UK) Limited. The Hungarian government cited national economic and sectoral risks as the primary reasons for the rejection on January 28, 2026. Consequently, the company has withdrawn the transaction and will not proceed with the expansion into these specific entities.
Key Highlights
Proposed acquisition of three Global Green Group entities has been officially withdrawn.
The Ministry of National Economy, Hungary, rejected the transaction on January 28, 2026.
Rejection was based on identified national economic and sectoral risks within Hungary.
The deal involved entities across Hungary and the United Kingdom, first proposed in May 2025.
💼 Action for Investors
Investors should monitor management's next steps regarding capital allocation and whether they seek alternative targets for European expansion. The cancellation may lead to a short-term adjustment in growth expectations previously tied to this acquisition.