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Non-bank financial company of the Larsen & Toubro group, lending to rural, farm equipment, two-wheeler and micro/small-business borrowers.
Non-bank financial company of the Larsen & Toubro group, lending to rural, farm equipment, two-wheeler and micro/small-business borrowers.
Earns the gap between its borrowing costs and the interest on retail loans, plus fees; being a non-bank, it funds itself from bonds and bank loans rather than deposits. Since about 2021 it has been running down lending to builders and infrastructure to become a mostly retail lender. Parent L&T keeps a controlling stake.
In one line: India's smaller Ally Financial/OneMain Financial.
Moat: narrow (distribution, brand, scale). L&T Group brand trust plus a wide rural branch/agent network built for underserved retail lending segments.
Headquarters: Mumbai, India · Founded: 2008 · Employees: 41,301
Size L&T Finance (LTF.NS) is an India Financials company (Finance/Rental/Leasing) with a market value of $7.36B, the 158th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹277.50 on 6 Nov 2026.
Performance Over six months the shares fell 8.6%, against -10.4% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 17.3% over the last twelve months (peer median +7.4%); the operating margin is 36.2% (peer median 34.5%).
Valuation It trades at 2.38× book value against a peer median of 1.82× (8th most expensive of 21).
Price implies The share price implies a return on equity of about 45.8%; L&T Finance delivers 12.3%, so the price asks more than the business earns today.
Next results Next results expected around 8 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹193B | ₹179B | ₹157B | ₹140B | ₹133B |
| Revenue growth | — | +13% | +12% | +6% | — |
| Gross profit | ₹117B | ₹176B | ₹156B | ₹139B | ₹131B |
| EBITDA | ₹72.5B | ₹139B | ₹121B | ₹103B | ₹76.8B |
| Net income | ₹34.2B | ₹29.8B | ₹26.4B | ₹23.2B | ₹16.2B |
| Free cash flow | n/a | ₹107B | -₹21.9B | ₹78.1B | ₹41.1B |
| Capital expenditure | n/a | ₹2.39B | ₹1.95B | ₹1.19B | ₹1.28B |
| Total debt | ₹1.24T | ₹1.10T | ₹924B | ₹766B | ₹831B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| L&T Finance LTF.NS | $7.36B | -9% | +17% | 12% | 2.38× | 45.8% |
| Bajaj Finance BAJFINANCE.NS | $71.6B | +12% | +19% | 19% | 5.50× | 77.1% |
| Cholamandalam Investment and Finance CHOLAFIN.NS | $16.2B | +6% | +21% | 21% | 4.43× | 67.7% |
| Mahindra & Mahindra Financial Services M&MFIN.NS | $4.12B | -15% | +15% | 14% | 1.41× | 23.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LTF.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.6% | -0.7% | 6th highest of 21 |
| 6-month return | -8.6% | -10.4% | 8th highest of 21 |
| Return on equity | 12.3% | 13.1% | 9th lowest of 21 |
| Price / book | 2.38× | 1.82× | 8th most expensive of 21 |
| Trailing P/E | 20.4× | 14.6× | 7th most expensive of 21 |
| ROE the price implies | 45.8% | 16.8% | most demanding of 21 |
| ROE delivered | 12.3% | 12.6% | 9th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| L&T Finance LTF.NS | India | $7.36B | -9% | +17% | 12% | 2.38× | 45.8% | 12.3% |
| Tokyo Century 8439.T | Japan | $7.50B | +12% | +8% | 12% | 1.01× | 7.7% | 11.6% |
| Piramal Finance PIRAMALFIN.NS | India | $7.17B | +13% | +71% | 7% | 1.58× | 13.0% | 6.5% |
| BOC Aviation 2588.HK | Hong Kong | $7.09B | -3% | -2% | 12% | 1.01× | 6.2% | 11.8% |
| Bajaj Housing Finance BAJAJHFL.NS | India | $7.05B | -9% | +17% | 12% | 2.77× | 41.1% | 12.4% |
| FirstCash FCFS | United States | $7.96B | -18% | +23% | 18% | 3.50× | 19.9% | 18.2% |
| Jiangsu Financial Leasing 600901.SS | China | $6.66B | +12% | +14% | 13% | 1.67× | 5.9% | 13.5% |
| REC RECLTD.NS | India | $8.27B | -18% | -3% | 17% | 0.83× | 15.1% | 17.0% |
| OneMain OMF | United States | $6.42B | 0% | +6% | 23% | 1.90× | 18.5% | 22.7% |
| Ayvens AYV.PA | France | $8.45B | -16% | 0% | 9% | 0.68× | 8.0% | 9.2% |
| SBI Cards & Payment Services SBICARD.NS | India | $5.89B | -10% | +6% | 16% | 3.24× | 40.7% | 16.3% |
| Chailease 5871.TW | Taiwan | $5.74B | -10% | -4% | 12% | 0.97× | 3.8% | 11.5% |
| Element Fleet Management EFN.TO | Canada | $5.61B | -31% | +5% | 11% | 2.06× | 9.2% | 10.6% |
| Credit Acceptance CACC | United States | $5.37B | -1% | +2% | 23% | 3.86× | 38.2% | 22.7% |
| Figure Technology Solutions FIGR | United States | $5.10B | -40% | +66% | 26% | 3.58× | 26.5% | 26.2% |
| Herc HRI | United States | $5.08B | +14% | +19% | 6% | 2.56× | 33.3% | 6.3% |
| Sundaram Finance SUNDARMFIN.NS | India | $4.95B | -11% | +14% | 14% | 2.89× | 35.3% | 14.4% |
| Indian Railway Finance IRFC.NS | India | $11.1B | -25% | +13% | 13% | 1.74× | 28.2% | 12.6% |
| Ally Financial ALLY | United States | $11.5B | -14% | +5% | 10% | 0.88× | 9.8% | 9.9% |
| Power Finance PFC.NS | India | $11.5B | -28% | +4% | 21% | 0.76× | 14.4% | n/a |
| HDB Financial Services HDBFS.NS | India | $4.71B | -24% | +11% | 14% | 2.01× | 30.2% | 14.3% |