L&T Finance Ltd (LTF) — share price & stock analysis
Profits are up 29% in two years, the market has pre-paid for the next leg, leaving little room for error.
L&T Finance Ltd (LTF) trades at ₹313 as of 1 July 2026, up 52% over the past year — beating NIFTY 500 for 72 weeks. The machine reads this as steady growth, richly priced: profits are up 29% in two years, the market has pre-paid for the next leg, leaving little room for error. It trades at a P/BV of 2.8× (the 81st percentile of its own range); the price is in Stage 2 — advancing, 62 weeks in; the business cycle reads CYCLICAL / AT PEAK. Fundamentals-momentum score: 100/100 (all improving).
Data as of 1 July 2026 · every number traces to its Screener source column · not investment advice.
- Market cap
- ₹78,347 Cr
- P/BV
- 2.79×
- ROE
- 11.2%
- vs own 10-yr valuation
- 81st pctile
- Book value / share
- ₹112
- EPS (TTM)
- ₹12.0
- 10-yr median P/BV
- 1.8×
- Revenue (FY26)
- ₹17,914 Cr
- Profit after tax (FY26)
- ₹2,983 Cr
- Weinstein stage
- Stage 2 (62 weeks)
- Data as of
- 1 July 2026
Profits breathe with a cycle here — profit drawdowns of ~57% along the way. Swings like that are normal for this business, not news.net_profit
Where the clock stands now: earnings sit at 100% of their historical range, margins are the best ever printed, and the market pays the expensive end of its range (81st percentile). That reads as AT PEAK — everything looks great at once — record earnings, top-of-band margins, a full price. That is exactly when cycles turn, and no one rings a bell.net_profit
4 of the 4 things we track are currently moving the right way — nearly everything is pulling in the same direction.
Where the levels actually stand: ROE 11% — below what a bank must earn to create value; the spread is near its 13-year high. Momentum says which way things are moving; these say where they are.
Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, lending and bad loans count double.
The market has pre-paid for growth that hasn’t arrived yet
Since Apr 2016, the stock is up 370% while earnings per share grew 199%. The difference is re-rating — investors paying more for the same rupee of profit.pricettm_eps
That works until it doesn’t: from here, earnings have to do the lifting, because the multiple has already done its part.
Today’s P/BV of 2.8× means the market is paying up — this is the expensive end of its own 10-year history (81st percentile).pb_ratio
Data: Price, EPS and valuation (sampled — full series in the embedded dataset)
| Period | Price (₹) | EPS (TTM) (₹) | P/BV (×) |
|---|---|---|---|
| Apr 16 | 65.0 | – | 2.1 |
| Jun 16 | 67.8 | 4.0 | 2.2 |
| Aug 16 | 87.2 | 4.1 | 2.6 |
| Oct 16 | 100 | 4.2 | 2.4 |
| Dec 16 | 81.5 | 4.2 | 2.0 |
| Mar 17 | 107 | 4.5 | 2.6 |
| May 17 | 124 | 4.8 | 3.7 |
| Jul 17 | 138 | 4.8 | 4.1 |
| Sep 17 | 188 | 5.3 | 5.2 |
| Nov 17 | 174 | 5.6 | 3.9 |
| Jan 18 | 168 | 5.6 | 3.8 |
| Mar 18 | 149 | 5.8 | 3.4 |
| May 18 | 161 | 5.5 | 4.3 |
| Jul 18 | 145 | 6.3 | 3.8 |
| Sep 18 | 130 | 6.3 | 2.8 |
| Nov 18 | 124 | 7.0 | 2.5 |
| Jan 19 | 125 | 8.0 | 2.5 |
| Mar 19 | 142 | 8.0 | 2.8 |
| May 19 | 125 | 9.0 | 2.7 |
| Aug 19 | 88.6 | 9.1 | 1.6 |
| Oct 19 | 75.0 | 9.1 | 1.3 |
| Dec 19 | 105 | 7.5 | 1.9 |
| Feb 20 | 122 | 7.6 | 2.1 |
| Apr 20 | 53.2 | – | 1.0 |
| Jun 20 | 58.5 | – | 1.1 |
| Aug 20 | 59.7 | 5.4 | 1.0 |
| Oct 20 | 56.9 | 5.4 | 0.9 |
| Dec 20 | 84.9 | 5.7 | 1.4 |
| Feb 21 | 99.8 | 4.5 | 1.6 |
| Apr 21 | 89.9 | 4.5 | 1.5 |
| Jun 21 | 95.3 | – | 1.6 |
| Aug 21 | 81.5 | – | 1.1 |
| Oct 21 | 82.0 | 3.5 | 1.1 |
| Dec 21 | 77.7 | 3.5 | 1.0 |
| Mar 22 | 61.5 | 3.4 | 0.8 |
| May 22 | 81.2 | 3.5 | 1.1 |
| Jul 22 | 71.4 | 2.9 | 0.9 |
| Sep 22 | 79.3 | 3.9 | 1.0 |
| Nov 22 | 81.6 | 4.6 | 1.0 |
| Jan 23 | 92.5 | – | 1.1 |
| Mar 23 | 86.1 | – | 1.0 |
| May 23 | 99.7 | – | 1.2 |
| Jul 23 | 129 | 6.7 | 1.5 |
| Sep 23 | 125 | 6.7 | 1.4 |
| Nov 23 | 140 | 7.7 | 1.6 |
| Jan 24 | 167 | 9.1 | 1.9 |
| Mar 24 | 158 | 9.2 | 1.8 |
| May 24 | 153 | 9.3 | 1.8 |
| Aug 24 | 177 | 10.0 | 1.9 |
| Oct 24 | 175 | 9.9 | 1.8 |
| Dec 24 | 149 | 10.3 | 1.5 |
| Feb 25 | 149 | 10.3 | 1.5 |
| Apr 25 | 156 | 10.3 | 1.6 |
| Jun 25 | 186 | 10.6 | 1.8 |
| Aug 25 | 202 | 10.6 | 2.0 |
| Oct 25 | 266 | 10.8 | 2.5 |
| Dec 25 | 300 | 10.8 | 2.9 |
| Feb 26 | 298 | 11.3 | 2.8 |
| Apr 26 | 290 | 12.0 | 2.8 |
| Jun 26 | 276 | 12.0 | 2.5 |
| Jul 26 | 313 | 12.0 | 2.8 |
Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/BV — what the market pays per rupee of book value; the dotted line is its long-run median (1.8×).
An uptrend that has held for 62 weeks
STAGE 2 · ADVANCING · 62 WEEKSEvery stock cycles through the same four seasons — a flat base (stage 1), an advance (2), a top (3), a decline (4). Right now this one is in Stage 2: advancing, 62 weeks in, confirmed.stage
The price sits above its rising 200-day average (₹269 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200
Beating NIFTY 500 for 72 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield
What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200
Data: Weekly price, moving averages and stage (sampled — full series in the embedded dataset)
| Period | Price (₹) | 200-DMA (₹) | 50-DMA (₹) | Stage |
|---|---|---|---|---|
| Mar 16 | 50.8 | 58.0 | 52.3 | 4 |
| Jun 16 | 72.4 | 61.3 | 65.8 | 2 |
| Aug 16 | 87.2 | 68.3 | 78.8 | 2 |
| Nov 16 | 80.5 | 77.4 | 88.9 | 2 |
| Feb 17 | 102 | 81.4 | 89.6 | 2 |
| May 17 | 124 | 95.2 | 113 | 2 |
| Jul 17 | 159 | 112 | 134 | 2 |
| Oct 17 | 191 | 141 | 178 | 2 |
| Jan 18 | 168 | 153 | 167 | 2 |
| Apr 18 | 160 | 153 | 153 | 3 |
| Jun 18 | 141 | 154 | 153 | 2 |
| Sep 18 | 130 | 155 | 155 | 2 |
| Dec 18 | 137 | 142 | 129 | 4 |
| Mar 19 | 132 | 135 | 124 | 4 |
| May 19 | 125 | 131 | 123 | 4 |
| Aug 19 | 83.6 | 119 | 101 | 4 |
| Nov 19 | 90.8 | 105 | 87.5 | 4 |
| Feb 20 | 122 | 107 | 108 | 2 |
| Apr 20 | 61.0 | 92.4 | 69.4 | 4 |
| Jul 20 | 56.9 | 77.1 | 60.3 | 4 |
| Oct 20 | 56.9 | 69.1 | 58.8 | 4 |
| Jan 21 | 95.9 | 72.4 | 79.7 | 2 |
| Apr 21 | 99.5 | 83.6 | 97.5 | 2 |
| Jun 21 | 95.3 | 87.3 | 93.4 | 2 |
| Sep 21 | 85.5 | 87.1 | 86.4 | 4 |
| Dec 21 | 80.7 | 85.8 | 82.8 | 4 |
| Mar 22 | 61.5 | 80.9 | 73.4 | 4 |
| May 22 | 75.1 | 80.2 | 78.7 | 1 |
| Aug 22 | 75.7 | 77.0 | 74.1 | 4 |
| Nov 22 | 81.6 | 77.8 | 78.8 | 2 |
| Feb 23 | 87.2 | 82.9 | 88.7 | 2 |
| Apr 23 | 92.5 | 85.1 | 87.9 | 2 |
| Jul 23 | 129 | 98.4 | 118 | 2 |
| Oct 23 | 134 | 111 | 128 | 2 |
| Jan 24 | 171 | 128 | 151 | 2 |
| Mar 24 | 158 | 144 | 161 | 2 |
| Jun 24 | 183 | 153 | 165 | 2 |
| Sep 24 | 178 | 162 | 171 | 2 |
| Dec 24 | 149 | 159 | 151 | 4 |
| Feb 25 | 135 | 151 | 142 | 4 |
| May 25 | 175 | 155 | 163 | 2 |
| Aug 25 | 202 | 174 | 197 | 2 |
| Nov 25 | 304 | 207 | 253 | 2 |
| Feb 26 | 279 | 248 | 294 | 2 |
| Apr 26 | 290 | 260 | 277 | 2 |
| Jun 26 | 297 | 267 | 280 | 2 |
| Jul 26 | 313 | 269 | 284 | 2 |
10 of the last 12 years ended with profits higher — quiet, steady compounding
Over 12 years, income went from ₹5,221 Cr to ₹17,914 Cr (about 11% a year), and profit from ₹595 Cr to ₹2,983 Cr.revenuenet_profit
Margins widened 21.4 points along the way — growth with improving economics.revenue−interest_expense
Data: Revenue by year
| Period | Revenue (₹ Cr) |
|---|---|
| FY14 | 5,221 |
| FY15 | 6,456 |
| FY16 | 7,440 |
| FY17 | 8,532 |
| FY18 | 10,215 |
| FY19 | 13,365 |
| FY20 | 14,104 |
| FY21 | 13,353 |
| FY22 | 11,930 |
| FY23 | 12,775 |
| FY24 | 14,252 |
| FY25 | 15,924 |
| FY26 | 17,914 |
Data: Profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| FY14 | 595 |
| FY15 | 855 |
| FY16 | 857 |
| FY17 | 1,048 |
| FY18 | 1,278 |
| FY19 | 2,232 |
| FY20 | 1,700 |
| FY21 | 949 |
| FY22 | 1,049 |
| FY23 | 1,536 |
| FY24 | 2,317 |
| FY25 | 2,643 |
| FY26 | 2,983 |
Data: Spread % by year
| Period | Spread % (%) |
|---|---|
| FY14 | 41.0 |
| FY15 | 44.6 |
| FY16 | 44.4 |
| FY17 | 45.7 |
| FY18 | 46.6 |
| FY19 | 48.5 |
| FY20 | 46.5 |
| FY21 | 45.9 |
| FY22 | 51.7 |
| FY23 | 54.5 |
| FY24 | 62.2 |
| FY25 | 62.3 |
| FY26 | 62.4 |
The loan book is working — interest income grew 19%
Mar 26 income was ₹4,771 Cr, up 19% on a year ago. A bank grows by lending more and charging well — this line is both together.revenue
Data: Quarterly interest + fee income
| Period | Income (₹ Cr) | YoY growth (%) |
|---|---|---|
| Jun 23 | 3,223 | – |
| Sep 23 | 3,214 | – |
| Dec 23 | 3,534 | – |
| Mar 24 | 3,670 | – |
| Jun 24 | 3,784 | 17.4 |
| Sep 24 | 4,019 | 25.0 |
| Dec 24 | 4,098 | 16.0 |
| Mar 25 | 4,023 | 9.6 |
| Jun 25 | 4,260 | 12.6 |
| Sep 25 | 4,336 | 7.9 |
| Dec 25 | 4,578 | 11.7 |
| Mar 26 | 4,771 | 18.6 |
Recovering — the spread is off its low, not yet back to where it was
Of every ₹100 of interest the bank earns, ₹37 goes straight out as interest on deposits and borrowings. It keeps ₹63 — up 3 points from a year ago.revenueinterest_expense
Data: Share of interest income kept, quarterly
| Period | Spread kept (%) |
|---|---|
| Jun 23 | 57.7 |
| Sep 23 | 58.8 |
| Dec 23 | 61.7 |
| Mar 24 | 63.6 |
| Jun 24 | 64.3 |
| Sep 24 | 63.3 |
| Dec 24 | 61.7 |
| Mar 25 | 60.2 |
| Jun 25 | 61.6 |
| Sep 25 | 62.3 |
| Dec 25 | 62.8 |
| Mar 26 | 63.4 |
Profit jumped 27% year on year
Mar 26 profit was ₹809 Cr, up 27% on last year — earnings per share of ₹3.22.net_profiteps
Where the growth comes from matters: this year it is the lending engine — net interest income — doing the lifting, not one-off provision releases. That is the more durable kind.revenue
Data: Quarterly profit after tax
| Period | PAT (₹ Cr) | YoY growth (%) |
|---|---|---|
| Jun 23 | 531 | – |
| Sep 23 | 594 | – |
| Dec 23 | 639 | – |
| Mar 24 | 553 | – |
| Jun 24 | 685 | 29.0 |
| Sep 24 | 697 | 17.3 |
| Dec 24 | 626 | -2.0 |
| Mar 25 | 636 | 15.0 |
| Jun 25 | 701 | 2.3 |
| Sep 25 | 735 | 5.5 |
| Dec 25 | 738 | 17.9 |
| Mar 26 | 809 | 27.2 |
The biggest force in the bridge: lending more.
Data: Where the profit change came from (Mar 25 → Mar 26)
| Component | Effect (₹ Cr) |
|---|---|
| PAT Mar 25 | 636 |
| More interest income | +748 |
| Costlier deposits | −147 |
| Running costs & provisions | −309 |
| Fees & other income | −4 |
| Tax | −95 |
| Provisions & everything else | −20 |
| PAT Mar 26 | 809 |
You are paying near the top of its own range
Today you pay ₹2.79 for every ₹1 of book value, against a long-run median of ₹1.80. It has traded cheaper than this only 81% of the time since 2016.pb_ratio
Data: Price-to-book over time (weekly) (sampled — full series in the embedded dataset)
| Period | P/BV (x) |
|---|---|
| Mar 16 | 1.3 |
| May 16 | 2.2 |
| Jul 16 | 2.4 |
| Oct 16 | 2.1 |
| Dec 16 | 1.9 |
| Feb 17 | 2.6 |
| May 17 | 3.7 |
| Jul 17 | 4.2 |
| Sept 17 | 5.2 |
| Dec 17 | 3.5 |
| Feb 18 | 3.4 |
| Apr 18 | 4.1 |
| Jun 18 | 3.7 |
| Sept 18 | 3.4 |
| Nov 18 | 2.5 |
| Jan 19 | 2.5 |
| Apr 19 | 3.0 |
| Jun 19 | 2.4 |
| Aug 19 | 1.5 |
| Nov 19 | 1.6 |
| Jan 20 | 2.0 |
| Mar 20 | 1.0 |
| May 20 | 0.9 |
| Aug 20 | 1.0 |
| Oct 20 | 0.9 |
| Dec 20 | 1.4 |
| Mar 21 | 1.7 |
| May 21 | 1.4 |
| Jul 21 | 1.2 |
| Oct 21 | 1.1 |
| Dec 21 | 1.0 |
| Feb 22 | 0.9 |
| Apr 22 | 1.1 |
| Jul 22 | 0.9 |
| Sept 22 | 1.0 |
| Nov 22 | 1.1 |
| Feb 23 | 1.1 |
| Apr 23 | 1.1 |
| Jun 23 | 1.5 |
| Sept 23 | 1.5 |
| Nov 23 | 1.6 |
| Jan 24 | 1.9 |
| Mar 24 | 1.8 |
| Jun 24 | 1.8 |
| Aug 24 | 1.7 |
| Oct 24 | 1.4 |
| Jan 25 | 1.5 |
| Mar 25 | 1.4 |
| May 25 | 1.7 |
| Aug 25 | 2.0 |
| Oct 25 | 2.4 |
| Dec 25 | 2.9 |
| Feb 26 | 2.7 |
| May 26 | 3.0 |
| Jun 26 | 2.6 |
| Jul 26 | 2.8 |
Institutions sold for years — and have been buying back since
Promoters hold 66.0%, essentially unchanged. Foreign funds own 7.6%, domestic funds 14.9%.promoters_pctfiis_pctdiis_pct
Foreign funds tell the real story: they sold from 13.9% down to 5.3% (Dec 24), and have been buying back since — now 7.6%. A completed round trip like that usually means the doubts got answered.fiis_pct
Data: Who holds the shares, quarterly
| Period | Promoters (%) | Foreign funds (%) | Domestic funds (%) |
|---|---|---|---|
| Jun 23 | 66.1 | 13.9 | 5.3 |
| Sep 23 | 66.0 | 12.1 | 7.0 |
| Dec 23 | 65.9 | 10.7 | 9.1 |
| Mar 24 | 65.9 | 11.0 | 8.7 |
| Jun 24 | 66.4 | 7.3 | 11.6 |
| Sep 24 | 66.3 | 6.7 | 12.3 |
| Dec 24 | 66.3 | 5.3 | 12.2 |
| Mar 25 | 66.2 | 5.5 | 13.3 |
| Jun 25 | 66.2 | 6.2 | 14.1 |
| Sep 25 | 66.1 | 6.4 | 14.3 |
| Dec 25 | 66.0 | 6.7 | 15.3 |
| Mar 26 | 66.0 | 7.6 | 14.9 |
- Promoters are not selling. Their stake has moved 0.4 points or less in 8 quarters — it sits at 66.0%.promoters_pct
A good business — the question is the price
The numbers are genuinely mixed, and the price already assumes the good news continues.
Best thing in the data: profit rising (₹636 Cr → ₹809 Cr).net_profit
Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.
Straight answers from the data
What does L&T Finance Ltd do?
L&T Finance Ltd. is a NBFC, offering a range of financial products and services. [1] Company has filed requisite application for necessary registration as Systemically Important Non- Deposit Accepting Core Investment Company (NBFC-CIC)[2]. It is listed in the Conglomerate Backed NBFC sector with a market capitalisation of ₹78,347 Cr.
What is L&T Finance Ltd's share price?
As of 1 July 2026, L&T Finance Ltd trades at ₹313, up 52% over the past year, with a market capitalisation of ₹78,347 Cr. Beating NIFTY 500 for 72 weeks. Prices are weekly closes from Screener data; this page refreshes with each weekly update.
What is L&T Finance Ltd's share price target?
Sector Alpha does not publish broker-style price targets. Our discounted-cash-flow model estimates L&T Finance Ltd's intrinsic value at ₹45.0 per share under base assumptions (bear ₹45.0, bull ₹119), against the current price of ₹313 — a 83% premium to model value. The current price already implies roughly 16% annual earnings growth. These are model estimates, not forecasts — treat them as one input alongside the valuation history below, not as a target.
Is L&T Finance Ltd stock overvalued or undervalued?
L&T Finance Ltd trades at a P/BV of 2.8× — the 81st percentile of its own 10.2-year trading range (median 1.8×), which is near the top of its own historical range. The market has pre-paid for growth that hasn’t arrived yet. Since Apr 2016, the stock is up 370% while earnings per share grew 199%. The difference is re-rating — investors paying more for the same rupee of profit.
What did L&T Finance Ltd report in its latest quarterly results?
In its most recent reported quarter (Q4 FY26, quarter ended March 2026): Mar 26 income was ₹4,771 Cr, up 19% on a year ago. A bank grows by lending more and charging well — this line is both together. Mar 26 profit was ₹809 Cr, up 27% on last year — earnings per share of ₹3.22. Figures are from Screener-scraped quarterly filings; the page updates when the next quarter is filed.
Is L&T Finance Ltd growing?
The loan book is working — interest income grew 19%. Mar 26 income was ₹4,771 Cr, up 19% on a year ago. A bank grows by lending more and charging well — this line is both together.
Are L&T Finance Ltd's profits growing?
Profit jumped 27% year on year. Mar 26 profit was ₹809 Cr, up 27% on last year — earnings per share of ₹3.22.
How much of its interest income does L&T Finance Ltd keep?
Recovering — the spread is off its low, not yet back to where it was. Of every ₹100 of interest the bank earns, ₹37 goes straight out as interest on deposits and borrowings. It keeps ₹63 — up 3 points from a year ago.
What is L&T Finance Ltd's long-term growth record?
Revenue grew from ₹5,221 Cr in FY14 to ₹17,914 Cr in FY26 — a 10.8% compound annual growth rate over 12 years. Profit after tax compounded at 14.4% over the same period (₹595 Cr → ₹2,983 Cr).
Is L&T Finance Ltd stock in an uptrend?
An uptrend that has held for 62 weeks. L&T Finance Ltd is in Stage 2 — advancing, 62 weeks in (confirmed). Stages follow Stan Weinstein's four-phase read of weekly price against the 200-day average: basing (1), advancing (2), topping (3), declining (4).
Why is L&T Finance Ltd stock rising?
The price is up 52% over the past year, in a confirmed Stage 2 uptrend (62 weeks), and has beaten NIFTY 500 for 72 weeks. Since 2016, the price is up 370% while earnings per share moved 199%.
Is L&T Finance Ltd beating the NIFTY 500?
Yes — beating NIFTY 500 for 72 weeks, as of 1 July 2026. Relative strength is measured weekly against the NIFTY 500 (Mansfield RS): a positive reading means the stock has outperformed the index over the trailing window, week after week.
Where is L&T Finance Ltd in its business cycle?
The data reads L&T Finance Ltd as a cyclical business currently in its at peak phase — earnings at an all-time high for this company, valuation at the 81st percentile. Profits breathe with a cycle here — profit drawdowns of ~57% along the way. Swings like that are normal for this business, not news.
Who owns L&T Finance Ltd — what is the promoter holding?
Promoters hold 66.0%, essentially unchanged. Foreign funds own 7.6%, domestic funds 14.9%. Foreign funds tell the real story: they sold from 13.9% down to 5.3% (Dec 24), and have been buying back since — now 7.6%. A completed round trip like that usually means the doubts got answered. Shareholding is from Screener's quarterly filings data.
What is the bull case for L&T Finance Ltd?
Profits are up 29% in two years, the market has pre-paid for the next leg, leaving little room for error. Best thing in the data: profit rising (₹636 Cr → ₹809 Cr). The loan book is working — interest income grew 19%.
What is the bear case for L&T Finance Ltd — what could break the story?
Two quarters of profit reversing would kill this story. This falsification condition is stated up front so the thesis can be checked against incoming quarters, not defended after the fact.
Is L&T Finance Ltd a stock worth studying right now?
Sector Alpha does not publish buy or sell recommendations — this is a research read, not advice. What the data says: a good business — the question is the price. The numbers are genuinely mixed, and the price already assumes the good news continues. Across the 7-model scorecard the composite research signal is on watch at 52% confidence. This is machine-written research compiled from Screener data — every number traces to its source — and it is not investment advice. Do your own diligence.