The Conviction And The Caution

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L&T Finance: Q2 FY27 Profit Up 32% on Stage 3 Improvement

Results reported 15 October 2026 | NBFC, retail finance | Quarter ended 30 September 2026

The Quick Take

L&T Finance’s Q2 FY27 profit rose about 32% year on year to around Rs 970 cr. Two sources differ slightly on the exact figure (Rs 968 cr and Rs 972.76 cr), so verify against the BSE filing before relying on it. Revenue from operations rose 26.5% to Rs 5,484 cr.

Q2 FY27 snapshot (Rs crore)

MetricQ2 FY27Comparison
Net profit~970 (sources differ)Q2 FY26: 734.88
Revenue from operations5,484.16Q2 FY26: 4,335.75
NII3,187.36+32.6% (source ambiguous)
GNPA / NNPA (Stage 3)2.53% / 0.85%Q2 FY26 GNPA: 3.29%

Balance sheet

Debt-to-equity 4.21; security cover on secured listed debt 1.06x; secured NCDs outstanding Rs 26,619 cr.

Business mix

Disbursements to rural and farmer finance were down 33% from Q1 FY27 because of monsoon uncertainty in July and August. The company shifted toward secured gold loans and SME finance. No numeric guidance was found.

Risks

  • Rural and farmer slowdown; monsoon dependence.
  • Leverage at 4.21x debt-to-equity.
  • Margin sustainability.

Setup

Neutral. Earnings and asset quality are strong year on year. Rural softness and the unverified PAT and NIM details are open items.

This is educational analysis, not personalized investment advice. Do your own research before investing.

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