MarketFriction

L&T Finance Ltd

NSE LTF · BSE 533519 · Non Banking Financial Company (NBFC)
₹264.35 -0.25%
NSE close2026-10-01
52 week range234.90 - 338.60
Market cap₹67,935 Cr.
P/E21.2
IPO 2011 · +408% since Results 15-10 Nifty 200Nifty 500Nifty Midcap 100Midcap 150 No price band Delivery 44.8%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue3,2143,5343,6703,7844,0194,0984,0234,2604,3364,5784,7715,213
Interest1,3251,3531,3351,3511,4761,5691,6001,6361,6341,7031,7471,970
Expenses1,3311,3751,6191,4821,5751,6761,5811,6401,6621,8001,8901,974
Financing Profit5578067169509688538429841,0401,0751,1341,269
Financing Margin %17%23%20%25%24%21%21%23%24%23%24%24%
Other Income268476058400-25030
Depreciation282928283336414151586063
Profit before tax7978246949229408248069439899921,0741,236
Tax %25%22%20%26%26%24%21%26%26%26%25%26%
Net Profit594639553685697626636701735738809916
EPS in Rs2.402.572.232.752.792.512.552.812.942.953.223.60
Gross NPA %
Net NPA %
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue7,4408,53210,21513,36514,10413,35311,93012,77514,25215,92417,91418,898
Interest4,1334,6355,4586,8827,5527,2305,7655,8125,3876,0076,7347,054
Expenses1,9792,7763,3083,3774,1605,4015,2337,9356,1956,3046,9467,326
Financing Profit1,3281,1201,4493,1052,392722932-9722,6703,6144,2344,518
Financing Margin %18%13%14%23%17%5%8%-8%19%23%24%24%
Other Income82649-43708365942,79247416-265
Depreciation836752508286103111115139210232
Profit before tax1,2531,0791,4463,0522,6801,4721,4231,7093,0293,4913,9984,291
Tax %32%3%12%27%37%36%26%10%24%24%25%
Net Profit8571,0481,2782,2321,7009491,0491,5362,3172,6432,9833,198
EPS in Rs3.974.835.119.066.903.934.336.559.3210.6011.9012.71
Dividend Payout %16%13%16%9%11%0%12%31%27%26%23%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth9%6%12%15%
Compounded Profit Growth13%32%256%20%
Stock Price CAGR12%25%27%9%
Return on Equity9%8%11%11%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1,7201,7531,7561,9961,9992,0052,4692,4742,4802,4892,4952,504
Reserves4,6565,4426,1389,41111,45012,68816,30417,47419,04920,95023,06925,479
Borrowing43,45452,82961,02475,24891,50793,93488,59285,23783,10576,60392,372110,298
Other Liabilities2,9123,7753,5931,1171,0949021,5821,6961,7062,6522,4473,903
Total Liabilities52,74263,79972,51187,772106,050109,529108,947106,880106,339102,694120,384142,184
Fixed Assets1,1841,3131,2301,1511,1271,1001,1385095535196411,308
CWIP174222819396224225364562
Investments2,6493,5636,0125,3018,6415,9798,87211,91714,36612,38511,87610,564
Other Assets48,73658,90165,24281,30196,243102,38798,91294,43391,41589,754107,822130,250
Total Assets52,74263,79972,51187,772106,050109,529108,947106,880106,339102,694120,384142,184
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-6,474-9,213-5,779-15,640-11,6432,1625,4646,0787,490686-16,587-14,189
Cash from Investing Activity2-675-2,1181,549-3,587160-2,025-5,087-1,634849472367
Cash from Financing Activity6,5529,4267,95214,67816,0081,451-2,091-3,023-1,664-7,05015,41915,415
Net Cash Flow81-461555877773,7721,349-2,0324,193-5,515-6971,593
Free Cash Flow-6,572-9,292-5,781-15,614-11,7232,1085,4156,0017,394568-16,777-14,427
CFO/OP-125%-158%-91%-217%-109%30%72%96%178%102%-165%-120%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %13%13%14%13%18%12%4%4%-0%10%11%11%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters66.02%65.90%65.86%66.37%66.29%66.25%66.24%66.16%66.10%66.03%65.99%65.96%
FIIs12.11%10.67%11.04%7.34%6.73%5.30%5.48%6.19%6.40%6.66%7.64%7.71%
DIIs7.02%9.07%8.69%11.64%12.33%12.17%13.28%14.10%14.33%15.33%14.91%14.90%
Public14.85%14.36%14.39%14.66%14.66%16.27%15.01%13.55%13.15%11.99%11.48%11.45%
No. of Shareholders6,95,0236,87,7217,11,5557,39,1807,87,2918,76,8418,46,6827,92,3747,77,4327,75,7287,48,8657,32,902

Fundamentals

Market Cap₹ 67,935 Cr.
Current Price₹ 271
Stock P/E21.2
Book Value₹ 112
ROCE8.40 %
ROE11.2 %
Dividend Yield1.01 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)15%
Compounded Profit Growth (TTM)20%
Consolidated figures.
Valuation
Market capRs 66,203 Cr
Enterprise valueRs 168,542 Cr
P/E (TTM)20.80x
Price to book2.37x
Price to sales3.50x
EV / EBITDA14.56x
EV / EBIT14.86x
EV / sales8.92x
Earnings yield4.81%
Dividend yield1.04%
P/E, 3-year average17.20x
P/B, 3-year average1.78x
P/E, 5-year average16.56x
P/B, 5-year average1.45x
Profitability
Operating margin (excl. other income)61.23%
Operating margin (incl. other income)61.08%
EBITDA margin61.26%
Pre-tax margin22.71%
Net profit margin16.84%
Net margin, latest quarter17.31%
ROE11.13%
ROCE8.38%
ROA2.27%
ROE, 3-year average10.75%
ROCE, 3-year average8.44%
ROA, 3-year average2.29%
ROE, 5-year average9.12%
ROCE, 5-year average7.85%
ROA, 5-year average1.88%
ROIC (approx.)6.50%
Tax rate25.39%
Other income / net worth-0.09%
Growth
Sales growth (latest year)12.49%
Profit growth (latest year)12.77%
Sales CAGR, 3 years11.93%
Sales CAGR, 5 years6.05%
Profit CAGR, 3 years22.46%
Profit CAGR, 5 years25.15%
Sales growth QoQ9.26%
Profit growth QoQ11.88%
Sales growth YoY (latest quarter)22.38%
Profit growth YoY (latest quarter)28.72%
Per share
EPS (TTM)Rs 12.71
EPS (latest year)Rs 11.90
EPS (latest quarter)Rs 3.60
EPS, 3-year averageRs 10.61
EPS, 5-year averageRs 8.54
Book value per shareRs 111.74
Sales per shareRs 75.46
Cash flow per shareRs -56.66
Free cash flow per shareRs -57.61
Dividend per share (latest year)Rs 2.75
Dividend per share, 3-year averageRs 2.67
Dividend per share, 5-year averageRs 2.10
Dividends
Dividend payout23.10%
Dividend payout, 3-year average25.29%
Dividend payout, 5-year average23.60%
Efficiency
Asset turnover0.13x
Fixed asset turnover13.70x
Debtor days2 days
Debtors turnover174.82x
Leverage
Total debtRs 110,298 Cr
Cash and bankRs 7,959 Cr
Net debtRs 102,339 Cr
Debt to equity3.94x
Net debt / EBITDA8.84x
Interest coverage1.61x
Owners' fund to total sources19.68%
Debt to assets77.57%
Cash flow
Cash from Operating Activity (latest year)Rs -14,189 Cr
Cash from Investing Activity (latest year)Rs 367 Cr
Cash from Financing Activity (latest year)Rs 15,415 Cr
Net Cash Flow (latest year)Rs 1,593 Cr
Free cash flow (latest year)Rs -14,427 Cr
FCFE (approx.: FCF + change in debt)Rs 3,498 Cr
Cash from ops / profit, 5 years-1.57x
Statement figures
Net sales (TTM)Rs 18,898 Cr
Net sales (latest year)Rs 17,914 Cr
Sales (latest quarter)Rs 5,213 Cr
Operating profit excl. other income (latest year)Rs 10,968 Cr
Operating profit (latest quarter)Rs 3,239 Cr
Other income (TTM)Rs 5 Cr
EBITDA (TTM)Rs 11,577 Cr
PBDT (TTM)Rs 4,523 Cr
Profit before tax (TTM)Rs 4,291 Cr
Tax (latest year)Rs 1,015 Cr
Net profit (TTM)Rs 3,183 Cr
Net profit (latest year)Rs 2,981 Cr
Net profit (latest quarter)Rs 902 Cr
Depreciation (TTM)Rs 232 Cr
Depreciation (latest quarter)Rs 63 Cr
Interest (TTM)Rs 7,054 Cr
Cost of goods sold (latest year)Rs 607 Cr
Total expenditure (latest year)Rs 6,946 Cr
Total income (latest year)Rs 17,888 Cr
Share capitalRs 2,504 Cr
ReservesRs 25,479 Cr
Shareholders' fundsRs 27,984 Cr
Total assetsRs 142,184 Cr
Net blockRs 1,308 Cr
Capital work in progressRs 62 Cr
InvestmentsRs 10,564 Cr
ReceivablesRs 102 Cr
Other liabilitiesRs 3,903 Cr
Shares outstanding (crore)250.44
Ownership
Promoter holding65.96% (-0.20 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 20.8 is at the 52th percentile of its own 9.4-year range (median 20.5, low 5.8, high 48.3).
P/B 2.37 is at the 67th percentile (median 1.81).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodLTFNifty 50Difference
1 week-6.3%-2.8% -3.5 pts
1 month-14.5%-6.8% -7.7 pts
3 months-19.2%-7.6% -11.5 pts
6 months+10.1%+0.4% +9.6 pts
1 year+8.3%-9.9% +18.2 pts
2 years+43.3%-13.6% +56.8 pts
3 years+98.6%+14.2% +84.4 pts
5 years+194.9%+27.9% +167.0 pts
179 mutual fund schemes hold about ₹10,132 Cr. Over three months 149 bought more and 23 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Kotak Mid Cap Fund2.86%2,036 +27%
Motilal Oswal Midcap Fund2.40%1,027 +7%
Invesco India Midcap Fund3.97%631 +29%
Mirae Asset Midcap Fund2.05%427 +31%
Mirae Asset Large & Midcap Fund0.88%403 +40%
DSP Midcap Fund1.74%365 +23%
Invesco India Large & Mid Cap Fund2.94%345 +15%
Axis Midcap Fund0.97%334 +51%
Edelweiss Mid Cap Fund1.54%307 +14%
Canara Rob Large and Mid Cap Fund0.93%244 +63%
HDFC Large & Mid Cap Fund0.79%240 +24%
Invesco India Smallcap Fund1.52%239 +9%
Aditya Birla SL Flexi Cap Fund0.77%225 +51%
Tata Mid Cap Fund2.83%177 +65%
Aditya Birla SL ELSS Tax Saver Fund1.15%167 +27%
Mahindra Manulife Mid Cap Fund2.79%151 +32%
Axis Flexi Cap Fund1.03%144 -13%
Axis Flexi Cap Fund1.03%139 -13%
Aditya Birla SL Midcap Fund1.97%137 +157%
Aditya Birla SL Midcap Fund1.97%132 +157%
Nippon India Banking & Financial Services Fund1.49%118 +15%
Canara Rob Mid Cap Fund2.08%109 +45%
Tata Business Cycle Fund3.33%87 +36%
UTI Nifty200 Momentum 30 Index Fund1.00%85 +26%
Invesco India Flexi Cap Fund1.45%83 -2%

Red flags

F-score 3 of 8
explainWeak cash conversion Cash from operations was -379% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 12% of total assets in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2022-03-23LARSEN & TOUBRO LIMITEDPromotersbuy26,795,716Rs 219.63 CrMarket Purchase
2022-03-23LARSEN & TOUBRO LIMITEDPromotersbuy27,163,508Rs 221.43 CrMarket Purchase
2022-03-21LARSEN & TOUBRO LIMITEDPromotersbuy1,551,964Rs 11.16 CrMarket Purchase
2022-03-21LARSEN & TOUBRO LIMITEDPromotersbuy1,516,799Rs 10.92 CrMarket Purchase
2022-03-17LARSEN & TOUBRO LIMITEDPromotersbuy1,379,101Rs 9.83 CrMarket Purchase
2022-03-17LARSEN & TOUBRO LIMITEDPromotersbuy9,818,259Rs 68.89 CrMarket Purchase
2021-10-20Sunil PrabhuneEmployees/Designated Employeother350,000Rs 2.07 CrESOP
2021-10-20Sunil PrabhuneEmployees/Designated Employeother65,000Rs 0.42 CrESOP
2021-10-20Sunil PrabhuneEmployees/Designated Employeother170,000Rs 1.11 CrESOP
2021-10-20Keshav LoyalkaEmployees/Designated Employeother45,000Rs 0.16 CrESOP
2021-10-20Asheesh GoelEmployees/Designated Employeother33,752Rs 0.03 CrESOP
2021-10-20Asheesh GoelEmployees/Designated Employeother45,000Rs 0.16 CrESOP
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Revenue ₹5,213 Cr +22.4% vs Jun 2025. Net profit ₹916 Cr +30.7%.

Activity

Compare
CompanyMcap (Cr)P/EROCE
Bajaj Finance Ltd606,28329.610.9 %
Shriram Finance Ltd228,59820.211.5 %
Tata Capital Ltd140,65425.98.58 %
Cholamandalam Investment & Finance Company Ltd139,03124.29.71 %
Muthoot Finance Ltd109,8749.6615.8 %
SBI Cards & Payment Services Ltd55,29024.310.1 %
HDB Financial Services Ltd52,41519.09.09 %
Sundaram Finance Ltd48,16121.29.44 %
Authum Investment & Infrastructure Ltd46,01122.013.6 %
Mahindra & Mahindra Financial Services Ltd45,03513.58.72 %
Poonawalla Fincorp Ltd39,01149.67.51 %
Manappuram Finance Ltd29,72520.58.25 %
IIFL Finance Ltd25,92912.310.9 %
Capri Global Capital Ltd23,75621.111.7 %
Five-Star Business Finance Ltd14,67913.314.8 %
No bulk or block deals on record.
Ex-dateActionFactor
2026-05-22Dividend - Rs 2.75 Per Share
2025-05-27Dividend - Rs 2.75 Per Share
2024-06-18Dividend - Rs 2.50 Per Share
2023-07-21Dividend - Rs 2 Per Share
2022-07-01Dividend - Rs 0.50 Per Share
2021-07-19 Annual General Meeting
2021-01-21 Rights 17:74@ Premium Rs 55 Per Share
2020-07-20 Annual General Meeting
2020-03-26 Interim Dividend - Rs 0.90 Per Share
2019-07-19 Annual General Meeting/Dividend - Re 1 Per Share
2018-08-20 Annual General Meeting/Dividend- Re 1 Per Share
2017-08-18 Annual General Meeting/Dividend - Re 0.80 Per Share
2016-08-12 Annual General Meeting/ Dividend - Re 0.80/- Per Share
2015-09-01 Annual General Meeting/ Dividend - Re 0.80/- Per Share
2014-07-18Annual General Meeting / Dividend - Re 0.75/- Per Share
2013-07-26Annual Generalmeeting / Dividend Rs.0.75 Per Equity Share
2012-08-03Annual General Meeting
DateTypeWhat it says
2026-10-01ESOPAllotment of 49250 Shares.
2026-09-29AllotmentAllotment of Non-Convertible Debentures on a private placement basis.
2026-09-18Concall / analyst meetSchedule of meet
2026-09-18Credit RatingCredit Rating
2026-09-18AllotmentAllotment of Non Convertible Debentures on September 18, 2026
2026-09-16Concall / analyst meetAnalyst Meet
2026-09-16Concall / analyst meetAnalyst Meet
2026-09-03Shareholder meetingNotice of Postal Ballot
2026-09-02Concall / analyst meetInvestors/Analyst meet.
2026-09-02AllotmentAllotment of Non Convertible Debentures on a private placement basis
2026-09-01General UpdatesIntimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2026-08-28ESOPAllotment of 306752 Shares.
2026-08-22Concall / analyst meetSchedule of Analyst/ Investors meet.
2026-08-20AllotmentAllotment of 23500 Non - Convertible Debentures on August 20, 2026
2026-08-13AllotmentAllotment of Non Convertible Debentures.
2026-08-11Concall / analyst meetSchedule of Investors/Analyst meet.
2026-08-11Credit RatingCredit Rating
2026-08-11General UpdatesAppointment of Whole-time Directors pursuant to approval received from Reserve Bank of India
2026-08-07Concall / analyst meetSchedule of Analyst meet
2026-07-29ESOPAllotment of 385620 Shares.
2026-07-20Concall / analyst meetTranscript
2026-07-14General UpdatesGeneral Updates
2026-07-14Credit Rating- RevisionESG rating- Revision
2026-07-13Concall / analyst meetLink of Recording
2026-07-10Investor PresentationInvestor Presentation
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.89
Max pain (expiry 2026-10-27)280
Largest call open interest at285
Largest put open interest at280
Implied volatility, at the money36.1%
Underlying at snapshot264.35
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-307,257
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-08-09NCLTL&T Finance Limited Vs Cosmas Pharmacls Limited
2021-05-21NCLATSagar Shankar Bait VS L&T Finance Ltd.
2021-04-29NCLTL&T Finance Limited & Catalyst Trusteeship Limited IN Reserve Bank of India Vs Dewan Housing Finance Corporation Limited.
2021-04-12NCLATSagar Shankar Bait VS L&T Finance Ltd.
2021-03-10NCLATSagar Shankar Bait VS L&T Finance Ltd.
2020-09-28NCLTL&T Finance Ltd. Vs IRIS Health Services Ltd.
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03