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LTF - L&T Finance Ltd

📊 NSE: LTF 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 9:09

📢 Recent Corporate Announcements

L&T Finance to Participate in Morgan Stanley India Financials Tour on March 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Mar 2026, 04:09 PM

L&T Finance Limited (LTF) has scheduled a virtual group meeting with institutional investors and analysts for March 18, 2026. The meeting is part of the Morgan Stanley India Financials Tour. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during the interaction. All discussions will be based on presentations already available on the stock exchange and company websites.

Meeting scheduled for March 18, 2026, with institutional investors.
Participation in the Morgan Stanley India Financials Tour (Group).
The interaction will be conducted via virtual mode.
Company confirms no unpublished price sensitive information (UPSI) will be disclosed.
Disclosures made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 This is a routine investor engagement activity; investors should monitor for any post-event transcripts or updated presentations for insights into management's outlook.

L&T Finance Allots 7,98,240 Equity Shares Under ESOP 2013 Scheme

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Mar 2026, 01:38 PM

L&T Finance Limited has announced the allotment of 7,98,240 equity shares to employees who exercised their options under the L&TFL Employee Stock Option Scheme – 2013. The allotment was approved by the ESOP Allotment Committee on March 04, 2026. These newly issued shares will rank pari-passu with the existing equity shares of the company, making them eligible for future dividends. While this leads to a minor dilution of equity, it is a standard practice for employee retention and compensation.

Allotment of 7,98,240 equity shares following the exercise of employee stock options.
Shares issued under the L&TFL Employee Stock Option Scheme – 2013.
New shares rank pari-passu with existing equity shares in all respects including dividends.
The allotment was approved via a resolution passed by circulation on March 04, 2026.

💡 No action is required as this is a routine administrative allotment with negligible impact on the company's overall valuation or share price.

L&T Finance to Participate in Goldman Sachs Asia Financials Corporate Day on March 4, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Feb 2026, 05:52 PM

L&T Finance Limited (LTF) has scheduled a virtual group meeting with institutional investors and analysts for March 4, 2026. The interaction is part of the Goldman Sachs Asia Financials Corporate Day. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during this session. This is a standard regulatory disclosure aimed at maintaining transparency with the investor community.

Meeting scheduled for March 4, 2026, as part of Goldman Sachs Asia Financials Corporate Day.
The interaction will be conducted in a group format via virtual mode.
Company confirms no unpublished price sensitive information (UPSI) will be disclosed.
Presentations will be based on information already available on the company and exchange websites.

💡 No immediate action is required as this is a routine investor engagement. Investors may review the company's latest investor presentation for insights into their current strategy and performance.

L&T Finance to Exercise Call Option for Rs 50 Crore Perpetual NCDs on March 30, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 24 Feb 2026, 05:07 PM

L&T Finance Limited has announced its decision to exercise a call option for the redemption of Subordinated Perpetual Upper Tier-II Debt (NCDs) amounting to Rs 50 crore. These NCDs, originally issued in 2016 by the now-merged L&T Housing Finance, carry an annual coupon rate of 9.90%. The company received RBI approval for this exercise on February 12, 2026, and has set March 13, 2026, as the record date. The final payment of principal and interest will be executed on March 30, 2026.

Exercise of call option for Rs 50 crore worth of Series U Perpetual NCDs (ISIN: INE476M08055)
Redemption includes the full principal amount plus an annual coupon of 9.90% p.a.
RBI approval for the call option exercise was secured on February 12, 2026
Record date for determining eligible debenture holders is fixed for March 13, 2026
The redemption and final payment are scheduled for March 30, 2026

💡 This is a routine debt management activity and equity investors need not take any specific action. Debt holders should ensure their bank details are updated before the March 13 record date to facilitate smooth redemption.

L&T Finance Announces Internal Transfer of CHRO Nilesh Dange to Parent Company

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 23 Feb 2026, 07:11 PM

L&T Finance Limited has announced the transition of its Chief Human Resources Officer, Mr. Nilesh Dange, effective April 1, 2026. This change is an internal group transfer, as Mr. Dange will be moving to the parent company, Larsen & Toubro Limited, to head HR for one of its business units. The move is part of the group's internal talent mobility strategy and was disclosed under SEBI Regulation 30. Since this is a planned internal transition rather than a resignation, it is expected to be a smooth handover.

Mr. Nilesh Dange to step down as CHRO of L&T Finance effective April 1, 2026
Transition is an internal group transfer to parent company Larsen & Toubro Limited
Mr. Dange will take over as Head – Human Resources for a specific business unit at L&T
Disclosure made in compliance with SEBI Listing Regulations on February 23, 2026

💡 This is a routine management transition within the L&T Group and requires no immediate action from investors. Monitor for the announcement of a new CHRO to ensure continuity in the company's human capital strategy.

L&T Finance to Participate in Kotak and IIFL Investor Conferences in February 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Feb 2026, 05:52 PM

L&T Finance Limited (LTF) has announced its participation in two major institutional investor conferences scheduled for late February 2026. The company will attend the Kotak Conference on February 24 and the IIFL Conference on February 26, both held in Mumbai. These meetings will consist of group and one-on-one sessions conducted in-person. The management has clarified that no unpublished price sensitive information (UPSI) will be shared during these interactions, ensuring all discussions remain within the scope of existing public disclosures.

Participation in Kotak Conference scheduled for February 24, 2026, in Mumbai.
Participation in IIFL Conference scheduled for February 26, 2026, in Mumbai.
Meetings will include both group and one-on-one formats with institutional investors.
Company confirms that no unpublished price sensitive information (UPSI) will be disclosed.
Presentations will align with existing materials available on the company and exchange websites.

💡 No immediate action is required as this is a routine regulatory disclosure. Investors should watch for any subsequent analyst notes or research reports that may emerge following these institutional interactions.

L&T Finance to Exercise Call Option for Rs 50 Crore Perpetual NCDs on March 18, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 13 Feb 2026, 05:09 PM

L&T Finance Limited (LTF) has announced its decision to exercise the call option for its Series 'AL' Subordinated Perpetual Tier-I Debt issued in 2016. The company will redeem NCDs totaling Rs 50 crore on March 18, 2026, after receiving necessary approval from the Reserve Bank of India. Debenture holders will receive the principal outstanding along with an annual coupon of 9.50%. The record date for determining eligibility for this payment has been fixed as March 02, 2026.

Exercise of call option for Rs 50 crore worth of Subordinated Perpetual Tier-I Debt (ISIN: INE691I08420)
Redemption and final payment scheduled for March 18, 2026, with a record date of March 02, 2026
The NCDs carry an annual coupon rate of 9.50% p.a.
RBI approval for the call option exercise was granted on February 12, 2026
The instruments were originally issued by L&T Infrastructure Finance Company Limited, now merged into LTF

💡 Debenture holders should ensure their demat and bank account details are updated by the March 02 record date to facilitate smooth redemption. Equity investors should note this as a routine debt management activity indicating healthy liquidity.

L&T Finance to Participate in Axis Institutional Investor Conference on February 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Feb 2026, 06:38 PM

L&T Finance Limited (LTF) has scheduled an institutional investor and analyst meeting for February 12, 2026, in Mumbai. The engagement will take place during the Axis conference and will feature both group and one-on-one meeting formats. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these sessions. This is a standard investor relations activity aimed at discussing the company's publicly available performance and strategy.

Meeting scheduled for February 12, 2026, at the Axis conference in Mumbai.
Interaction format includes both group and one-on-one meetings with institutional investors.
Company confirms no unpublished price sensitive information (UPSI) will be disclosed.
Presentations will be consistent with existing disclosures available on stock exchange websites.
The schedule is subject to change based on exigencies from either the company or investors.

💡 This is a routine disclosure; investors should monitor for any subsequent analyst notes or research reports that may emerge following the conference for qualitative insights.

L&T Finance Schedules Institutional Investor Meetings for February 9-11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Feb 2026, 06:53 PM

L&T Finance Limited (LTF) has announced its participation in two major investor conferences in Mumbai. The company will attend the Nuvama conference on February 9 and 10, 2026, followed by the Axis conference on February 11, 2026. These meetings will involve both group and one-on-one interactions with institutional investors and analysts. LTF has stated that no unpublished price sensitive information will be shared during these sessions, and discussions will align with existing public presentations.

Participation in Nuvama conference scheduled for February 9 and 10, 2026
Participation in Axis conference scheduled for February 11, 2026
Meetings will be conducted in-person in Mumbai as group or one-on-one sessions
Company confirms no unpublished price sensitive information (UPSI) will be shared

💡 No immediate action is required as this is a routine regulatory disclosure. Investors should monitor for any updated investor presentations released on the stock exchange following these meetings.

L&T Finance Allots 6.11 Lakh Equity Shares Under ESOP Scheme

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Feb 2026, 06:31 PM

L&T Finance Limited has announced the allotment of 6,10,900 equity shares to employees who exercised their options under the L&TFL Employee Stock Option Scheme – 2013. The allotment was approved by the ESOP Allotment Committee on February 1, 2026, via a circular resolution. These new shares will rank pari-passu with the existing equity shares and will be eligible for any future dividends. This is a routine corporate action that results in a marginal increase in the company's total paid-up equity capital.

Allotment of 6,10,900 equity shares under the Employee Stock Option Scheme – 2013.
Approval received from the ESOP Allotment Committee on February 1, 2026.
New shares rank pari-passu with existing equity shares in all respects.
The allotment is compliant with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 No action is required as this is a routine administrative allotment with negligible equity dilution. Investors should continue to focus on the company's core financial performance and growth metrics.

L&T Finance Q3FY26: Core PAT up 21% YoY to ₹760 Cr; Retail Disbursements surge 49%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 05:31 PM

L&T Finance reported a strong Q3FY26 with core PAT reaching ₹760 crore, driven by record retail disbursements of ₹22,701 crore. The retail book now stands at ₹1,11,990 crore, representing 98% of the total portfolio. Asset quality showed improvement as core credit costs moderated to 2.74% and no macro-prudential provisions were utilized. The company remains on track to achieve its Lakshya 2026 RoA target of 2.8%-3.0% by Q4FY27.

Highest ever quarterly retail disbursements of ₹22,701 Cr, up 49% YoY.
Core PAT grew 21% YoY to ₹760 Cr; Retail book reached ₹1,11,990 Cr (98% of total).
NIM + Fees improved by 19 bps sequentially to 10.41% due to yield focus.
Core credit cost moderated to 2.74%, down 24 bps QoQ, with zero macro-prudential provision usage.
Gold Loan disbursements grew 43% QoQ to ₹1,408 Cr with 64 new branches added.

💡 Investors should maintain a positive outlook as the company successfully transitions to a 98% retail-led model with improving profitability. Key metrics to watch include the trajectory of credit costs toward the 2.0-2.2% target and the impact of AI initiatives on underwriting.

L&T Finance Schedules Investor Meetings in Singapore and Hong Kong (Jan 27-30)

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Jan 2026, 02:50 PM

L&T Finance Limited (LTF) has announced a series of institutional investor and analyst meetings scheduled from January 27 to January 30, 2026. These meetings will be held in-person in Singapore and Hong Kong, involving both group and one-on-one sessions. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during these interactions. This move indicates active engagement with international institutional investors to discuss the company's performance and outlook.

Meetings scheduled between January 27 and January 30, 2026
In-person interactions planned in Singapore and Hong Kong
Format includes both group and one-on-one investor meetings
Company confirms no unpublished price sensitive information will be shared

💡 This is a routine regulatory filing for investor engagement. Investors should monitor the company's website or stock exchange for any updated investor presentations released during this period.

L&T Finance Releases Audio Recording of Q3FY2025-26 Investor and Analyst Meet

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Jan 2026, 06:32 PM

L&T Finance Limited has officially released the audio recording of its investor and analyst conference call held on January 19, 2026. The session focused on the company's financial performance for the third quarter of FY2025-26 and provided updates on its long-term strategy. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all shareholders. Investors can access the full recording on the company's website to understand management's commentary on growth and asset quality.

Audio recording of the Q3FY2025-26 investor meet is now available on the company's website.
The meeting covered financial results and strategic updates for the quarter ending December 31, 2025.
The disclosure is in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The meeting was held on January 19, 2026, following the initial announcement on January 16, 2026.

💡 Investors should review the audio recording for management's outlook on retail loan growth and progress toward their Lakshya 2026 strategic goals.

L&T Finance Q3FY26: Retail Book Grows 21% YoY to ₹1.12 Lakh Cr; PAT Rises 18% to ₹739 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Jan 2026, 07:29 PM

L&T Finance reported a strong Q3FY26 with retailisation reaching 98%, effectively completing its strategic shift ahead of the Lakshya 2026 timeline. The retail book grew 21% YoY to ₹1,11,990 crore, supported by record disbursements in two-wheeler and farmer finance which grew 33% and 12% respectively. While reported PAT stood at ₹739 crore, it included a one-time ₹29 crore impact from the New Labour Code; excluding this, core PAT was ₹760 crore with a healthy RoA of 2.37%. Asset quality remains robust with Net Stage 3 assets at 0.92%, improving from 1.00% in the previous quarter.

Retail disbursements surged 49% YoY to ₹22,701 crore, driven by robust festive demand and Big Tech partnerships.
Consolidated NIMs + Fees improved by 19 bps QoQ to 10.41% due to treasury efficiencies and stable yields.
Core credit cost (before macro provisions) decreased to 2.83% from 3.43% in Q1FY26, showing a downward trajectory.
Net Stage 3 (NS3) assets improved to 0.92% with a healthy Provision Coverage Ratio (PCR) of 72%.
Project Cyclops is now 100% implemented across major segments including Two-Wheeler, Farm, and SME Finance.

💡 Investors should take confidence in the company's successful transition to a 98% retail-led book and its ability to maintain a core RoA above 2.3%. The consistent improvement in credit costs and asset quality makes it a strong pick in the NBFC space.

L&T Finance Q3FY26 Core PAT up 21% YoY to Rs 760 Cr; Retail Disbursements Surge 49%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Jan 2026, 07:01 PM

L&T Finance reported a robust Q3FY26 with core Profit After Tax (PAT) rising 21% YoY to Rs 760 crore, though a one-time Rs 29 crore provision for the New Labour Code brought reported PAT to Rs 739 crore. The company achieved its highest-ever quarterly retail disbursements of Rs 22,701 crore, a significant 49% YoY increase. Asset quality improved sequentially with Gross Stage 3 (GS3) at 3.19% and Net Stage 3 (NS3) at 0.92%. The business is now 98% retail-focused, aligning with its Lakshya 2026 strategic goals.

Core PAT grew 21% YoY to Rs 760 crore, while retail disbursements hit an all-time high of Rs 22,701 crore.
NIMs plus Fees improved by 19 bps QoQ to 10.41%, aided by a record low weighted average cost of borrowing at 7.25%.
Asset quality strengthened with GS3 improving 10 bps QoQ to 3.19% and NS3 improving 8 bps QoQ to 0.92%.
Personal loan disbursements surged 118% YoY to Rs 3,574 crore, while the total retail book reached Rs 1,11,990 crore.
Retailisation of the portfolio reached 98%, with the consolidated loan book growing 20% YoY to Rs 1,14,285 crore.

💡 Investors should take note of the strong execution in retail transformation and margin expansion despite macro headwinds. The stock remains a strong play in the NBFC sector given its improving asset quality and high-growth retail segments like Personal and SME finance.

View All LTF Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total income grew 13.4% YoY to INR 15,930 Cr in FY25 from INR 14,043 Cr in FY24. Retail loans, the primary growth engine, grew 19% YoY in Q1FY26. Within retail, Farmer Finance represents 16% of AUM, Rural Business/Microfinance 29%, and Urban Finance (Two-wheelers, Personal, Home Loans) 45%. Wholesale lending has been intentionally reduced, now comprising only 2% Infrastructure and 3% Real Estate finance as of June 2024.

Geographic Revenue Split

Not disclosed in available documents, though the company maintains a balanced distribution across Rural and Urban markets, leveraging a customer base of ~2.6 crore.

Profitability Margins

Profit After Tax (PAT) for FY25 was INR 2,643 Cr with a Return on Managed Assets (RoMA) of 2.4%, up from INR 2,317 Cr (2.2% RoMA) in FY24 and INR 1,536 Cr (1.4% RoMA) in FY23. This upward trend is driven by the strategic shift toward higher-margin retail assets and the sell-down of legacy wholesale books.

EBITDA Margin

Annualized RoMA stood at 2.3% in Q1FY26. PAT for Q1FY26 was INR 701 Cr, a slight increase from INR 685 Cr in Q1FY25. The stability in RoMA despite industry-wide pressure on unsecured lending reflects strong risk-calibrated growth.

Capital Expenditure

While traditional CAPEX is not applicable, the parent L&T has provided significant capital support, infusing ~INR 1,900 Cr in FY2021 and INR 2,000 Cr in FY2018. LTF maintains a gearing of 3.7x as of June 2025, well below the steady-state ceiling of 7.5x.

Credit Rating & Borrowing

LTF maintains a superior credit profile supported by L&T's 66.2% shareholding. Average borrowing cost was 6.9% in Q1FY25, which is lower than most NBFC peers, providing a competitive advantage in lending spreads.

⚙️ Operational Drivers

Raw Materials

For LTF, 'raw materials' are debt capital. The resource profile as of Q1FY25 consists of: Bank borrowings (56%), NCDs (34%), Commercial Paper (8%), and others (2%).

Import Sources

Not applicable as the company sources capital from domestic and international financial markets.

Key Suppliers

Primary capital providers include domestic banks (providing 56% of funds) and capital market investors for NCDs and CPs.

Capacity Expansion

Current capacity is measured by AUM, which stood at INR 1,02,314 Cr as of June 30, 2025. The retail book reached INR 99,816 Cr (98% of total AUM), expanding from 94% a year prior.

Raw Material Costs

Borrowing costs (interest expense) were 6.9% in FY24 and Q1FY25. This low cost of funds is maintained through L&T's brand name and strategic importance to the parent.

Manufacturing Efficiency

Operational efficiency is tracked via productivity metrics, which increased by 14% in the tractor segment. New tractor disbursements grew by 13% without adding additional manpower.

Logistics & Distribution

Distribution is driven by digital platforms like the PLANET App and a physical presence across rural and urban India. Distribution strength is cited as a key growth engine.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth will be achieved through 'granularization' of the portfolio, focusing on 98% retail assets. Key strategies include the expansion of the Gold Loan business (acquired PMFL's INR 1,350 Cr book), scaling 'Project Cyclops' for automated underwriting, and leveraging a 2.6 Cr customer base for cross-selling via the PLANET App.

Products & Services

Two-wheeler loans, tractor loans, home loans, microfinance (Rural Business Finance), personal loans, loan against property (LAP), SME finance, and gold loans.

Brand Portfolio

L&T Finance (LTF), PLANET App (digital platform).

New Products/Services

Launched Warehouse Receipt Financing (WRF) which saw 55% growth. Also expanding into Gold Loans via the acquisition of Paul Merchants Finance's business in June 2025.

Market Expansion

Acquired 130 branches and ~700 employees from Paul Merchants Finance to rapidly scale the gold loan portfolio in new geographies.

Market Share & Ranking

LTF is a leading retail NBFC with a strong market position in tractor and two-wheeler financing, though specific market share percentages are not provided.

Strategic Alliances

Strategic linkage with parent L&T, which provides brand equity, management oversight, and a line of credit for contingencies.

🌍 External Factors

Industry Trends

The industry is seeing a slowdown in unsecured retail segments. LTF is positioning itself by shifting toward 'risk-resilient' customer segments (Prime and Super Prime) which now make up a significant portion of their onboarding distribution.

Competitive Landscape

Competes with other large NBFCs and private banks. LTF differentiates through its 'tech-first' approach and deep rural distribution.

Competitive Moat

The primary moat is the 'L&T' brand and parentage, which ensures a steady capital supply and lower borrowing costs (6.9%). This is sustainable as long as L&T maintains its 66.2% majority stake and strategic interest.

Macro Economic Sensitivity

Highly sensitive to rural consumption trends, as 45% of the portfolio (Farmer and Rural Business Finance) depends on rural economic health.

Consumer Behavior

Increasing shift toward digital borrowing; LTF's PLANET App and digital integration in sourcing and servicing address this trend.

Geopolitical Risks

Minimal direct impact, but global inflationary pressures could influence domestic interest rates and borrowing costs.

⚖️ Regulatory & Governance

Industry Regulations

Operates under the NBFC-ICC license (received August 2024) and must comply with RBI's scale-based regulations for NBFCs. The company successfully completed a merger of its subsidiaries in Dec 2023 to simplify its regulatory structure.

Environmental Compliance

LTF has committed to carbon neutrality by 2035. In FY25, it avoided ~12,675.67 tCO2e by financing over 64,000 Two-Wheeler EVs.

⚠️ Risk Analysis

Key Uncertainties

Asset quality remains a monitorable risk; Gross Stage 3 (GS-3) assets stood at 3.31% in June 2025. A deterioration in asset quality leading to higher credit costs could impact the 2.4% RoMA.