L&T Finance Ltd(LTF)

NSE: LTFBSE: 533519

₹ 236.85-2.97%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 59,363 crWebsite: www.ltfinance.comUpdated: 24 Oct 2026

About

L&T Finance Ltd (LTF) is an Indian NBFC offering retail loans across rural, urban, SME and gold finance segments, with a retail loan book estimated at ~Rs 1,34,500 cr at end-Q2 FY27. Retail products made up an estimated 99% of the book in Q2 FY27, and the company reported FY26 revenue of ₹17,913.67 Cr. It serves a customer base of 2.8 Cr+ through 2,840 branches as of FY26 and operates under its Lakshya 2031 strategic plan.^[1][2][3]

Loan book mix

Retail loan book estimated at ~Rs 1,34,500 cr at end-Q2 FY27 vs Rs 1,04,606 cr a year earlier (~29% YoY); retailisation estimated at 99% vs 98% a year earlier.^[1]
Consolidated book reached ₹1,29,634 Cr in Q1 FY27 (+27% YoY); retail book was ₹1,27,535 Cr (+28% YoY).^[4]
FY26 book by product: Rural Business Finance ₹30,805 Cr, Home Loans and LAP ₹30,009 Cr, Farmer Finance ₹16,970 Cr, Personal Loans ₹14,666 Cr, Two-Wheeler ₹14,372 Cr, SME ₹8,507 Cr, Gold ₹2,845 Cr.^[3]
Rural Business Finance book: ₹32,493 Cr in Q1 FY27 (+22% YoY).^[4]
Personal Loans book: ₹16,917 Cr in Q1 FY27 (+80% YoY); Gold Finance book: ₹3,829 Cr in Q1 FY27 (+182% YoY).^[4]
Retailisation reached 98% in Q4 FY26 vs 51% in FY22, with the retail book crossing ₹1 lakh Cr.^[3]
Net loan book rose to ₹1,17,821.03 Cr in FY26 from ₹93,773.06 Cr, mainly from retail growth.^[3]

Products

Retail businesses span Rural Group Loans & Microfinance, Micro LAP, Farm Equipment, Two-Wheeler, Personal Loans, Home Loans & LAP, SME Finance, Gold Finance and Warehouse Receipt Finance (FY26).^[3]
Warehouse Receipt Finance recorded sanctions of ~₹1,700 Cr and disbursals of ~₹800 Cr in FY26.^[3]
SME Finance book scaled to over ₹8,500 Cr in FY26 from ~₹6,500 Cr in FY25.^[3]

Disbursements

Retail disbursements estimated at ~Rs 24,000 cr in Q2 FY27 vs Rs 18,883 cr in Q2 FY26 (~27% YoY).^[1]
Gold Finance disbursements estimated at Rs 3,230 cr in Q2 FY27 vs Rs 983 cr in Q2 FY26.^[1]
Urban Finance disbursements Rs 10,320 cr in Q2 FY27 vs Rs 8,143 cr; SME Finance Rs 1,820 cr vs Rs 1,468 cr.^[1]
Rural Business Finance disbursements Rs 6,350 cr in Q2 FY27 vs Rs 6,316 cr; Farmer Finance Rs 1,640 cr vs Rs 1,654 cr.^[1]
FY26 retail disbursements were ₹83,213 Cr, up 39%; Home Loans and LAP disbursed ₹11,507 Cr, up 20% YoY.^[3]

Key operating metrics

NIM: 8.54% in Q1 FY27; NIMs+Fees: 10.47% (+25 bps YoY).^[4]
Weighted average cost of borrowing: 7.20% in Q1 FY27; full-year FY27 expected in 7.35% - 7.40% range.^[4]
Credit cost 2.54% in Q1 FY27, down 89 bps YoY; Q4 FY27 exit target 2.0% - 2.2%.^[4]
Retail Gross Stage 3: 2.48% in Q1 FY27 (-45 bps YoY); Net Stage 3: 0.90%; Provision Coverage Ratio: 69%.^[4]
CRAR: 17.89% in Q1 FY27; RoA 2.48% (+11 bps YoY); RoE 12.71% (+185 bps YoY).^[4]
RBF collection efficiency restored to 99.8% in Q1 FY27; RBF disbursements ₹6,961 Cr (+24% YoY).^[4]

Distribution and reach

Customer base of 2.8 Cr+ and 2,840 branches as of FY26; workforce 41,301.^[3]
~500 additional Gold Finance branches planned for FY27; 150 - 200 Micro-loan and Micro-LAP branches also planned.^[4]
Sampoorna multi-product branches expanded to 30+ locations in FY26; at least 100 Sampoorna among new gold branches planned in FY27.^[3]
Personal Loans sourced via CRED, GPay, PhonePe and Amazon; embedded finance grew from ₹157 Cr in Q1 FY25 to ₹1,138 Cr in Q2 FY26.^[4]

Technology and AI

Project Cyclops, the in-house AI credit engine, uses over 55 algorithms and handles over 1,400 transactions per second (FY26).^[3]
Cyclops live in Two-Wheeler, Farm, SME and Personal Loans; rollout in Rural Business Finance and Mortgage expected before end of FY27.^[5]
Cyclops Two-Wheeler portfolio: Net Non-Starters 0.2% vs 3.7% pre-Cyclops as of Q1 FY27.^[4]
Project Hercules, an agentic AI cross-sell and service platform, targets Q3 FY27 rollout across ~3 crore customers.^[4]
Project Canyon, an in-house Gold Loan origination system, went live in Q1 FY27.^[4]
Runs an Application Engineering Centre in Bengaluru and an Integrated Tech Operations and Data Centre at Mahape.^[3]

Strategic targets - Lakshya 2031

Targets: book growth 20%+, credit cost below 2%, RoA 3.0-3.2%, RoE 16-18%; FY27 AUM growth over 20%.^[3]
Opex-to-book ratio target: 3.75% - 4% at steady state; FY27 exit RoA target ≥2.8%.^[4]
Portfolio being tilted toward secured products such as Gold and Micro LAP (FY26).^[3]
Carbon neutrality target for Scope 1 and 2 emissions by FY35.^[3]

Recent developments

Company is completely exiting the wholesale business by sell-down; net Security Receipts book fell to ₹4,808 Cr in FY26 from ₹5,862 Cr in FY25.^[3][6]
Obtained first international ratings in FY26; S&P Global later upgraded its rating to BBB.^[3]
Enabling resolutions for preference share issues of up to ₹5,012 cr and ₹1,000 cr to support Lakshya 2031 capital needs (FY26 AR).^[3]
Customer complaints fell 17% to 13,877 in FY26; no regulatory fines or penalties in FY26.^[3]

Market Cap

₹59,363 Cr

High / Low

₹339 / 234

Stock P/E

17.3

Price / Book

2.0

Book Value

₹112

EPS

₹11.9

No. of Shares

250.44 Cr

ROE

11.1%

Debt / Equity

3.93

Sales

₹17,914 Cr

Net Profit

₹2,983 Cr

Promoter holding

65.9%

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L&T Finance Ltd(LTF)

About

Loan book mix

Products

Disbursements

Key operating metrics

Distribution and reach

Technology and AI

Strategic targets - Lakshya 2031

Recent developments

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