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L&T Finance (LTF) investor relations material
L&T Finance Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary16 Oct, 2025
Executive summary
Achieved consolidated PAT of INR 735 crores for Q2FY26, up 6% year-on-year, with retail book surpassing INR 1 lakh crore and retailisation reaching 98% of the overall book.
Highest ever quarterly disbursement at INR 18,896 crores, up 25% year-on-year, led by strong performance across all business lines.
Technology initiatives like Cyclops (AI underwriting) and Nostradamus (AI portfolio management) are showing early positive impact on credit costs and portfolio quality.
S&P upgraded international rating to BBB stable, enhancing access to global capital markets.
Macro-prudential provisions utilized to stabilize credit costs amid adverse cycles, with remaining provisions at INR 125 crore.
Financial highlights
Consolidated NIM plus fee stable at 10.22% quarter-on-quarter, down 64 bps year-on-year; Net Interest Margin at 8.42%.
Retail book at INR 104,607 crores, up 18% year-on-year and 5% quarter-on-quarter; consolidated book at INR 107,096 crores, up 15% year-on-year.
Interest income grew 9% year-on-year to INR 3,852 crores; total income up 8% year-on-year to INR 2,692 crores.
ROA at 2.41%, down 19 bps year-on-year, up 4 bps quarter-on-quarter; ROE at 11.33%, down 31 bps year-on-year, up 47 bps quarter-on-quarter.
Credit cost before macro prudential provisions reduced from 3.8% to 2.98% between Q4 FY25 and Q2 FY26.
Outlook and guidance
Targeting AUM growth of 20–25% for the full year, with risk-calibrated approach.
Credit cost expected to trend towards 2% over the medium term as technology initiatives scale up.
ROA guidance of 2.8–3% by exit FY27, excluding any SR recoveries.
OpEx plus credit cost expected to decline from 7% to 6% by FY27 as investments normalize.
Expectation of normalized credit cost in H2FY26 as macro headwinds subside.
PMFL gold loan acquisition: strategic impact?
NCD security cover: asset valuation basis?
COVID-19 resolution framework: asset quality trends?
Cyclops' full credit cost reduction potential?
NIM+fee trajectory beyond 10-10.5% range?
Strategy for rebuilding macro-prudential provisions.
Drivers for 2% credit cost target?
Future portfolio mix and yield strategy?
Scaling tech initiatives: Cyclops & Nostradamus
Partial view of Summaries dataset, powered by Quartr API
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Next L&T Finance earnings date
Investor Day 20256 Nov, 2025
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Investor Day 20256 Nov, 2025
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Frequently asked questions
L&T Finance Limited is an India-based non-banking financial company (NBFC) that provides a range of financial products and services. The company operates in segments such as rural finance, housing finance, infrastructure finance, and investment management. Its offerings include farm equipment loans, two-wheeler loans, home loans, real estate financing, and project finance. L&T Finance serves retail, corporate, and institutional clients across urban and rural markets in India. The company is headquartered in Mumbai, India, and its shares are listed on the BSE.
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