Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 1 Oct
Source: Bse
L&T Finance Limited (LTF)
Mid CapFinancial Services stocks · Mid cap · NSE
L&T Finance Limited (LTF) is an Upper Layer NBFC, part of the L&T Group, offering diverse financial products and services. It boasts a granular retail franchise with 2,800+ branches, 2.9 Cr+ customers, and a book of over ₹1,29,000 Cr, aiming to be a Risk-first, Tech-first AI-native institution.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result15 Oct, 07:18 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
35BearishSMA20 -13.0% / mo · MACD − · near 52W low
Stock trend: 28
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
LTFD candles · FIT view-12.8%Latest close ₹253.00 on 2026-10-19
Bar
-0.4%
RSI
31
MACD hist
-0.27
52W pos
17%
2026-10-19O ₹254.00H ₹254.80L ₹249.15C ₹253.00Vol 50.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
LTFNifty Financial ServicesNifty 500
- LTF
- -17.3%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -11.7 pp
Chart stats
19 Oct 2026- From 52W high
- -25.3%
- 52W range position
- 17%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.64x
- Avg traded value
- ₹213 Cr
- 20D price channel
- ₹246.5 - ₹312.7
₹338.6
₹234.9 - ₹338.6
₹8.7
Latest completed session
20-session average
40.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST35
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good65
Revenue +26.5% · PAT +32.4% YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model+28.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence62
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Good · 65/100Rev +26% YoY · PAT +32% YoY · operating leverage
Filed 15 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,484.2 Cr | +26.5% | +4.6% |
| EBITDA | ₹3,361.1 Cr | NDF | +2.8% |
| Operating margin | 61.3% | NDF | -106 bps |
| PAT | ₹972.8 Cr | +32.4% | +6.2% |
| PAT margin | 17.7% | +79 bps | +27 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.35
- P/B
- 2.31
- EV/EBITDA
- 755.02
- Market Cap
- 63623.69Cr
Profitability
- ROE
- 11.20%
- ROCE
- 8.40%
- ROA
- 2.25%
- Dividend Y
- 1.06%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 32.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 80.00%
Balance Sheet
- Debt/Equity
- 3.94
- Interest Coverage
- —
- Altman Z
- 0.66
- Book Value
- 112.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- -14189.00 Cr
- EPS TTM
- 13.83
Shareholding
- Promoter Hold
- 65.93%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 23%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3.0-90.6% vs prev
Net Profit
₹ CrLatest: 2,983+12.9% vs prev
Return on Equity
%Latest: 11.7+2.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 31.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~14.9% over last month) — short-term momentum negative.
- RSI(14) at 31 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 25% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
43
RS percentile
Stage 1 Base / Transition
1M return
-19.1%
3M return
-17.3%
6M return
-14.0%
1Y return
-5.7%
RS 1D
+2
RS 20D
-33
Sector rank
#9
Industry rank
#16
Stage evidence
- Price is 12.9% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 110.33+0.69%
RS vs Nifty 500110
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation10/30
Growth20/25
Quality1/20
Balance Sheet0/15
Cash Flow3/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
35
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
35/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 28.3%.
- Growth contributes 20/25 to the score.
- Valuation contributes 10/30 to the score.
Main drags
- Altman Z is 0.7, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
18.4
PB
2.3
EV/EBITDA
755.0
ROE
11.2%
ROCE
8.4%
FCF Yield
—
Debt/Equity
3.9
MoS
+28.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
35
Previous: 35
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+28.3%
Previous: +28.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
27
27
27
27
27
27
27
27
35
35
35
35
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹186.69
-35.5% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹352.67
+28.3% MoS
PEG
0.36
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MOTILALOFS
Mid
Motilal Oswal Financial Services Limited
NBFC / Capital Markets / Insurance
match 159
26
32.4
15.5%
-89%
OVERVALUED
PIRAMALFIN
Small
Piramal Finance Limited
NBFC / Capital Markets / Insurance
match 150
19
24.3
0.9%
+5%
OVERVALUED
NORTHARC
Small
Northern Arc Capital Limited
NBFC / Capital Markets / Insurance
match 144
44
10.7
11.1%
+60%
WATCHLIST
TATACAP
Large
Tata Capital Limited
NBFC / Capital Markets / Insurance
match 141
22
25.1
12.4%
+4%
OVERVALUED
JIOFIN
Large
Jio Financial Services Limited
NBFC / Capital Markets / Insurance
match 141
39
69.8
1.2%
-162%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-11T07:17:53.817Z
Management commentary snapshot
Q1FY27 saw robust retail book growth (+27% YoY, +6% QoQ) and PAT (+29% YoY, +12% QoQ). RoA improved to 2.48% (+11bps YoY, +8bps QoQ) and RoE to 12.71% (+185bps YoY, +100bps QoQ), driven by strong disbursements and stable NIMs+Fees.
Management reports strong Q1FY27 performance, with book growth and profitability metrics (RoA, RoE) showing positive trends and aligning with Lakshya 2031 goals. Credit cost remains above target, but shows sequential improvement. Digital and AI initiatives are key to future delivery.
Current business mix
Book Mix by Geography
Latest issuer-disclosed distribution across 2 reported categories.
Urban61.0%
Rural39.0%
Growth engines
Deep Tech & AI Stack
positiveProprietary AI stack (Cyclops, Nostradamus, Co-pilots) is the operating system for customer lifecycle management, aiming for sustained growth and improved credit.
Retailization Strategy
positiveRetail book increased by 28% YoY to ₹1,27,535 Cr, now comprising 98% of the total book.
Granular Distribution Network
positiveExtensive network with 2,800+ branches, 2.9 Cr+ customer database, and active presence in ~2,00,000 villages and 450+ cities/towns.
Capacity and execution
Private Cloud Build-out
positivePhase 4 (Private Cloud Testing by Developers) is in progress (Jul-Aug '26), with workload migration from Public to Private Cloud planned for Aug-Dec '26.
Gold Finance Branches
positiveActive Gold Finance branches increased to 343 in Q1FY27 from 130 in Q1FY26, driving 182% YoY book growth.
New Villages Activated (Rural Group Loans & MFI)
neutralNew villages activated for Rural Group Loans & MFI increased to 23,467 in Q1FY27 from 24,430 in Q1FY26 (QoQ decline from 28,335 in Q4FY26).
Tailwinds
Digital Adoption
positive100% digital disbursements, 99% eNach penetration (Urban), 97% digital collections (Urban), and 44% digital collections (Rural).
Improved Credit Quality Trends
positiveIndustry-leading delinquency levels reported across Rural Business Finance, Farm Equipment, Two-Wheeler, Home Loans, and LAP segments.
Diversified Liability Mix
positiveProactive Asset Liability Management and diversified liability mix anchored Q1FY27 WACB at 7.20%, supported by 'AAA' domestic ratings.
Risk radar
Credit Cost Above Target
negativeCredit cost of 2.54% in Q1FY27 remains above the Lakshya 2031 goal of <2%, despite sequential improvement.
Execution Risk of AI/Tech Transformation
neutralAmbitious AI-native strategy requires successful implementation and integration of complex proprietary tech stack (Cyclops, Nostradamus, Co-pilots, Canyon).
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing long-term growth and seasonal impacts in financial services, while QoQ comparison highlights sequential momentum in disbursements, asset quality, and profitability.
Sector KPIs management disclosed
Book (AUM)
positiveBook increased by 27% YoY and 6% QoQ to ₹1,29,634 Cr in Q1FY27.
Disbursements
positiveDisbursements grew 36% YoY to ₹23,852 Cr in Q1FY27, though declined 1% QoQ.
NIMs + Fees
neutralNIMs + Fees remained flat QoQ at 10.47% in Q1FY27, up 25bps YoY.
Weighted Average Cost of Borrowing (WACB)
positiveWACB was 7.20% in Q1FY27, down from 7.25% in Q4FY26 and 7.68% in Q1FY26.
Management forward view
Lakshya 2031 Goals
positiveManagement aims for 20%+ book growth, <2% credit cost, 3.0-3.2% RoA, and 16-18% RoE by 2031.
AI as Core Operating Philosophy
positiveAI & Tech at LTF is not a means, it is a core operating philosophy to deliver sustained growth, improved credit, and reduced opex.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Book Growth | 27% YoY | Sustained growth above 20% as per Lakshya 2031 goals. |
| Credit Cost | 2.54% | Further reduction towards the Lakshya 2031 target of <2%. |
| Return on Assets (RoA) | 2.48% | Continued improvement towards the Lakshya 2031 target of 3.0-3.2%. |
| Rural Digital Collections | 44% | Increase in digital collection penetration in rural segments to enhance efficiency. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
62Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 35th percentile of the scored universe and 51st percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
146 docs text-extracted · 38 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
35th percentile
overall median 67 · Financial Services: 51st pctile, median 62 · Mid: 17th pctile, median 76
Evidence depth
Financial-only
146 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 65.9%.
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-14189 Cr.
- ▸Debt/equity is 3.94.
- ▸Altman Z is 0.66.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching L&T Finance Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Allotment 29 Sep - L&T Finance allotted 52 subordinated NCDs aggregating Rs 52 crore on September 29, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - L&T Finance to meet JP Morgan on September 21 and Nuvama on September 28 in Mumbai.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - Please find the enclosed intimation for the captioned subject.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Sep - L&T Finance schedules investor meetings in Mumbai on September 9-11, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Aug - Please find attached the intimation for Analyst/ Investors Meet.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 14 Jul - L&T Finance received ESG score 81.9, Grade A, versus 82.9 previously.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 2 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jun - Intimation for Schedule of Institutional Investors / Analyst Meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.