🔍

LTF - L&T Finance Ltd

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

📢 Recent Corporate Announcements

L&T Finance to Exercise Call Option for Rs 15 Crore Perpetual NCDs at 9.60% Coupon

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 29 Apr 2026, 06:55 PM

L&T Finance has announced the exercise of a call option for its Series E Perpetual Debt Instruments totaling Rs 15 crore. These NCDs, originally issued in 2016 with a 9.60% annual coupon, will be fully redeemed on June 03, 2026. The company has received the necessary approval from the Reserve Bank of India to proceed with this redemption. The record date for identifying eligible debenture holders has been set for May 19, 2026.

Exercise of call option for 150 Perpetual NCDs with a face value of Rs 10 lakh each, totaling Rs 15 crore.
Payment includes the outstanding principal and the final annual coupon of 9.60% p.a.
Redemption date is scheduled for June 03, 2026, following RBI approval on April 29, 2026.
Record date for determining payment eligibility is fixed as May 19, 2026.

💡 This is a routine debt management activity with negligible impact on equity valuation. Debt holders should ensure their demat and bank details are updated before the May 19 record date.

L&T Finance Q4FY26 PAT Rises 27% to ₹807 Cr; Achieves Lakshya 2026 Retail Goals

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 24 Apr 2026, 07:18 PM

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%.

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%.

💡 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.

L&T Finance Recommends Rs 2.75 Dividend, Plans Rs 1.23 Lakh Cr Fundraise & New Business Entry

🟢 POSITIVE ⭐ 9/10

BOARD_MEETING 📅 24 Apr 2026, 07:07 PM

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.

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.

💡 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.

L&T Finance FY26 PAT Hits Record Rs 3,003 Cr; Board Recommends Rs 2.75 Dividend

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 24 Apr 2026, 07:03 PM

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%.

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.

💡 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.

LTF Recommends Rs 2.75 Dividend, Plans Rs 1.23 Lakh Cr Fundraise & New Payment Business

🟢 POSITIVE ⭐ 8/10

DIVIDEND 📅 24 Apr 2026, 06:49 PM

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.

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

💡 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.

L&T Finance Allots NCDs Worth Rs 500 Crore at 7.79% Coupon Rate

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 21 Apr 2026, 06:48 PM

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.

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.

💡 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.

L&T Finance to Discuss Q4FY26 and FY26 Financial Results on April 27, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 16 Apr 2026, 07:17 PM

L&T Finance Limited has scheduled a conference call for Monday, April 27, 2026, at 11:00 am IST to discuss its financial performance for Q4FY2025-26 and the full fiscal year 2026. The management will also provide an update on the company's future strategy during this session. This call follows the disclosure of annual and quarterly financial results as per SEBI regulations. Investors can participate via universal dial-in numbers or a pre-registration link provided by the company.

Conference call scheduled for April 27, 2026, at 11:00 am IST to discuss FY26 performance.
Agenda includes a detailed strategy update alongside Q4 and full-year financial results.
Universal dial-in numbers for the call are +91 22 6280 1486 and +91 22 7115 8867.
Audio recordings and transcripts will be made available on the company's website post-event.

💡 Investors should track the actual earnings release prior to the call and listen for management commentary on loan growth and asset quality trends. Pay close attention to the strategy update for shifts in the retail-focused lending mix.

L&T Finance to Close Trading Window from April 1, 2026, for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Mar 2026, 06:34 PM

L&T Finance Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is a standard procedure ahead of the announcement of audited financial results for the quarter and financial year ending March 31, 2026. The window will remain closed for all designated persons and directors until 48 hours after the results are filed with the stock exchanges. The specific date for the Board meeting to approve these results will be communicated in due course.

Trading window closure begins on April 1, 2026, for all designated persons and directors.
The closure pertains to the audited financial results for the quarter and financial year ending March 31, 2026.
The window will reopen 48 hours after the financial results are officially filed with the NSE and BSE.

💡 This is a routine regulatory filing with no impact on company fundamentals. Investors should monitor for the upcoming announcement of the Board meeting date to assess the company's Q4 and FY26 performance.

L&T Finance to Participate in Jefferies Conference on March 25, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Mar 2026, 03:03 PM

L&T Finance Limited has scheduled an in-person meeting with institutional investors and analysts at the Jefferies Conference in Mumbai on March 25, 2026. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during the event. The discussions will be based on existing public presentations already available on the stock exchange and company websites. This is a standard investor relations engagement aimed at maintaining market transparency.

Institutional investor meeting scheduled for March 25, 2026, in Mumbai.
Participation confirmed for the Jefferies Conference in an in-person format.
Company explicitly stated that no unpublished price sensitive information (UPSI) will be disclosed.
Presentations will align with previously disclosed materials on official websites.

💡 This is a routine disclosure; investors should monitor for any post-conference updates or new investor presentations that may provide further clarity on the company's growth trajectory.

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.

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.