LTF
L&T Finance share price & financials
- Price
- ₹286.5
- Market cap
- ₹76.6k Cr
- Sector
- Financial Services
- Calls analysed
- 6
L&T Finance Ltd Q1 FY27
What went well
- Highest ever quarterly consolidated PAT of ₹902 crores, up 29% YoY.
- Consolidated book crossed ₹1,29,634 crores, reflecting a healthy YoY growth of 27%.
- RoA improved to 2.48%, up 11 bps YoY, and RoE increased to 12.71%, up 185 bps YoY.
What to watch
- NIMs reduced by 24 basis points from 8.78% in Q4 FY26 to 8.54% in Q1 FY27, primarily due to rising debt-equity and higher surplus liquidity.
- Caution exercised in SME and Gold Loans segments due to geopolitical uncertainties (West Asia war) and new RBI guardrails, leading to slower disbursements in April.
What L&T Finance Ltd does
L&T Finance is an RBI-classified Upper Layer NBFC and part of the Larsen & Toubro Group, incorporated in 1994 and headquartered in Mumbai. It is a multi-product retail financier built around three fulcrum products — Rural Group Loans & Micro Finance (JLG), Two-Wheeler Finance and Farm Equipment Finance — alongside Personal Loans, Home Loans & Loan Against Property, SME Loans, Micro Loan Against Property and a Gold Finance business added through acquisition. It earns by originating and servicing retail loans to individuals, farmers, entrepreneurs and small businesses across rural and urban India through a pan-India branch and meeting-centre network, funded by market borrowings. Credit decisioning and portfolio management are increasingly AI-led, using in-house systems such as Cyclops, Nostradamus, Orion and Helios.
Segments
- Rural Group Loans & Micro Finance (JLG)
- Two-Wheeler Finance
- Farm Equipment Finance
- Personal Loans
- Home Loans & Loan Against Property (LAP)
- SME Loans
- Micro Loan Against Property (MLAP)
- Gold Finance
- Customer base
- 2.8 Cr+ customers
- Branch network
- 2,840+ branches across India (2,311 rural, 529 urban)
- JLG/Micro Finance meeting centres
- 2,167 meeting centres
- Dedicated Gold Finance branches
- 330 branches
- Geographic reach
- ~2 lakh villages and 450+ cities & towns
- Core product lines
- 8: Rural Group Loans & Micro Finance (JLG), Two-Wheeler Finance, Farm Equipment Finance, Personal Loans, Home Loans & LAP, SME Loans, MLAP, Gold Finance
Guidance record · Q1 FY27
what the last two calls moved 24 tracked 4 delivered 1 missed 19 open- Project Cyclops Rollout (Farm & SME) delivered said Q1 FY26 Promised: full implementation by Q2FY26 Q1 FY27: Promise previously achieved. No new update.
- Credit Cost missed said Q1 FY26 Promised: trajectory of about 2.3% to 2.5% by Q4 FY26 exit Q1 FY27: Promise previously missed. No new update.
- New Gold Loan Branches revised up said Q4 FY26 Promised: 400+ Q1 FY27: Target revised upwards from '400+' to '~500' new branches for FY27, indicating accelerated expansion plans.
All 24 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 22.4%, net profit up 30.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,019 | 4,098 | 4,023 | 4,260 | 4,336 +8% | 4,578 +12% | 4,771 +19% | 5,213 +22% |
| EBITDA | 2,444 | 2,422 | 2,442 | 2,620 | 2,674 +9% | — | — | — |
| Net profit | 697 | 626 | 636 | 701 | 735 +5% | 738 +18% | 809 +27% | 916 +31% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +32.8% 1Y
1Y: ₹232.72 on 10 Sept 2025 → ₹309.1. High ₹335.6 (6 Jul 2026), low ₹232.72 (10 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- +1.1%
- 13 Jul
- Q4 FY26
- +1.7%
- 5 May
- Q3 FY26
- +1.2%
- 19 Jan
- Q2 FY26
- −0.9%
- 16 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 11.9% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹12.8k Cr | ₹13.6k Cr | ₹15.9k Cr | ₹17.9k Cr |
| Operating profit | ₹7.5k Cr | ₹8.0k Cr | ₹9.6k Cr | — |
| Operating margin | 58.7% | 59.0% | 60.3% | — |
| Interest | ₹5.8k Cr | ₹5.4k Cr | ₹6.0k Cr | ₹6.7k Cr |
| Depreciation | ₹111 Cr | ₹115 Cr | ₹138 Cr | ₹210 Cr |
| Net profit | ₹1.5k Cr | ₹2.3k Cr | ₹2.6k Cr | ₹3.0k Cr |
| Net margin | 12.0% | 17.0% | 16.6% | 16.6% |
| ROE | 0.0% | 10.0% | 11.0% | 11.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2.5k Cr | ₹2.5k Cr | ₹2.5k Cr | ₹2.5k Cr | ₹2.5k Cr | ₹2.5k Cr |
| Reserves | ₹16.3k Cr | ₹17.5k Cr | ₹19.0k Cr | ₹20.9k Cr | ₹23.9k Cr | ₹25.5k Cr |
| Borrowings | ₹88.6k Cr | ₹85.2k Cr | ₹83.1k Cr | ₹76.6k Cr | ₹98.0k Cr | ₹110.3k Cr |
| Other liabilities | ₹1.6k Cr | ₹1.7k Cr | ₹1.7k Cr | ₹2.7k Cr | ₹2.9k Cr | ₹3.9k Cr |
| Total liabilities | ₹108.9k Cr | ₹106.9k Cr | ₹106.3k Cr | ₹102.7k Cr | ₹127.2k Cr | ₹142.2k Cr |
| Fixed assets | ₹1.1k Cr | ₹509 Cr | ₹553 Cr | ₹519 Cr | ₹1.1k Cr | ₹1.3k Cr |
| Capital work in progress | ₹24 Cr | ₹22 Cr | ₹5 Cr | ₹36 Cr | ₹0 Cr | ₹62 Cr |
| Investments | ₹8.9k Cr | ₹11.9k Cr | ₹14.4k Cr | ₹12.4k Cr | ₹11.4k Cr | ₹10.6k Cr |
| Other assets | ₹98.9k Cr | ₹94.4k Cr | ₹91.4k Cr | ₹89.8k Cr | ₹114.7k Cr | ₹130.3k Cr |
| Total assets | ₹108.9k Cr | ₹106.9k Cr | ₹106.3k Cr | ₹102.7k Cr | ₹127.2k Cr | ₹142.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −2.10 pp while FIIs added +1.52 pp. The shareholder count shrank 8% to 7,32,902.
- Promoters
- 66.0%
- FIIs
- 7.7%
- DIIs
- 14.9%
- Public
- 11.4%
Since Jun 2025
- Public −2.10 pp
- FIIs +1.52 pp
- DIIs +0.80 pp
How it drifted, 12 quarters
Over this window DIIs went from 7.0% to 14.9% — +7.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 66.0%, FIIs 12.1%, DIIs 7.0%, Public 14.8%.Dec '23: Promoters 65.9%, FIIs 10.7%, DIIs 9.1%, Public 14.4%.Mar '24: Promoters 65.9%, FIIs 11.0%, DIIs 8.7%, Public 14.4%.Jun '24: Promoters 66.4%, FIIs 7.3%, DIIs 11.6%, Public 14.7%.Sep '24: Promoters 66.3%, FIIs 6.7%, DIIs 12.3%, Public 14.7%.Dec '24: Promoters 66.3%, FIIs 5.3%, DIIs 12.2%, Public 16.3%.Mar '25: Promoters 66.2%, FIIs 5.5%, DIIs 13.3%, Public 15.0%.Jun '25: Promoters 66.2%, FIIs 6.2%, DIIs 14.1%, Public 13.6%.Sep '25: Promoters 66.1%, FIIs 6.4%, DIIs 14.3%, Public 13.2%.Dec '25: Promoters 66.0%, FIIs 6.7%, DIIs 15.3%, Public 12.0%.Mar '26: Promoters 66.0%, FIIs 7.6%, DIIs 14.9%, Public 11.5%.Jun '26: Promoters 66.0%, FIIs 7.7%, DIIs 14.9%, Public 11.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Kotak Midcap Fund Mutual fund +0.68 pp 2.58% held
- Invesco India Flexi Cap Fund Mutual fund +0.10 pp 1.74% held
- L&T Infra Investment partners newly disclosed 0.00% held
- Vyoma.AI Limited newly disclosed 0.00% held
- LTN Compute Private Limited newly disclosed 0.00% held
- LTA Data Centres Private Limited newly disclosed 0.00% held
- International Green Scapes Limited newly disclosed 0.00% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of L&T Finance Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Larsen & Toubro Limited | 65.96% | unchanged |
| Kotak Midcap Fund Mutual fund | 2.58% | +0.68 pp |
| Invesco India Flexi Cap Fund Mutual fund | 1.74% | +0.10 pp |
| Motilal Oswal Midcap Fund Mutual fund | 1.40% | −0.28 pp |
| Mirae Asset Large & Midcap Fund Mutual fund | 1.28% | −0.64 pp |
| P. Murphy & Associates Inc | 0.00% | unchanged |
| Raykal Aluminium Company Private Limited | 0.00% | unchanged |
| L&T Mbda Missile Systems Limited | 0.00% | unchanged |
| Lth Milcom Private Limited | 0.00% | unchanged |
| Gh4 India Private Limited | 0.00% | unchanged |
| Hydrocarbon Arabia Limited Company | 0.00% | unchanged |
| Indiran Engineering Projects And Systems Kish (Llc) | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in LTF
Filings to Aug 2026
1 new, 8 added, 2 trimmed, 1 sold out — net +9.97 L shares (+4.9%).
- Held by funds
- ₹679 Cr
- 18 schemes
- Biggest holder
- HDFC Large and Mid Cap Fund
- ₹233 Cr · 0.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹233 Cr | held | Apr '24 |
| Nippon India Banking & Financial Services Fund Nippon India Mutual Fund | ₹118 Cr | held | Jun '25 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹59 Cr | +3.00 L | Jul '25 |
| SBI Quant Fund SBI Mutual Fund | ₹57 Cr | +9.09 L | Jun '26 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹57 Cr | held | Jun '25 |
| Nippon India Aggressive Hybrid Fund Nippon India Mutual Fund | ₹49 Cr | held | Jun '25 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹26 Cr | +0.48 L | Jun '20 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹19 Cr | held | Mar '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
8 added, 2 trimmed — net +9.97 L shares (+4.9%)
- Funds are sitting on
- +42%
- vs est. average cost
- Held by funds
- ₹679 Cr
- 18 schemes · ≈ 0.80% of the company
- Biggest holder
- HDFC Large and Mid Cap Fund
- ₹233 Cr · 0.8% of that fund
- Longest holder
- Nippon India ETF Nifty Midcap 150
- 6y 3m · since Jun '20
Shares held by these funds +324%
Aug '23 2.04 cr shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse L&T Finance Ltd
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