LTF · Financial Services
L&T Finance Ltd. reported total income of ₹5,484 cr for July to September 2026, +26.5% on the year and +5.2% on the quarter. That is faster than this quarter has grown in recent years (+16.5% on average), so the year-on-year number is not just the season. It is the highest quarterly income in the last 12 quarters on record. Over the last four quarters income comes to ₹20,046 cr, +19.9% on the four before.
Net interest income, interest earned less interest paid, was ₹3,514 cr, +30.1% on the year and +8.4% on the quarter. For a lender this is the core earnings line: it shows whether the loan book and its pricing are growing faster than the cost of funds.
Net profit was ₹973 cr, +32.4% on the year and +6.2% on the quarter, with earnings per share of ₹3.89. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹3,436 cr, +27.4% on the four before.
Of the 84 companies in NBFCs and housing finance that have reported Q2 FY27 so far, L&T Finance Ltd. ranks 28th on profit growth; the sector median is +23.3%.
An NBFC's quarter turns on loan growth, its cost of borrowing and credit costs; profit can rise for a while simply because provisions fall. The quarterly statements do not carry AUM growth, stage 2 and 3 assets, credit cost and the cost of funds; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed, Asset quality (lenders), Net interest margin (lenders). Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
Lenders are read on NIM, asset quality, provision cover and credit cost. Those come from the filing read, which is not in yet for this quarter, so margin, other-income and cash checks are withheld rather than shown on a template built for manufacturers.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total income | ₹3,534 cr | ₹3,670 cr | ₹3,784 cr | ₹4,019 cr | ₹4,098 cr | ₹4,023 cr | ₹4,260 cr | ₹4,336 cr | ₹4,578 cr | ₹4,771 cr | ₹5,213 cr | ₹5,484 cr |
| YoY | — | — | +17% | +25% | +16% | +10% | +13% | +8% | +12% | +19% | +22% | +26% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 20% | 26% | 26% | 24% | 21% | 26% | 26% | 26% | 25% | 26% | 26% |
| Net profit | ₹639 cr | ₹553 cr | ₹685 cr | ₹697 cr | ₹626 cr | ₹636 cr | ₹701 cr | ₹735 cr | ₹738 cr | ₹809 cr | ₹916 cr | ₹973 cr |
| YoY | — | — | +29% | +17% | −2% | +15% | +2% | +5% | +18% | +27% | +31% | +32% |
| EPS | ₹2.57 | ₹2.23 | ₹2.75 | ₹2.79 | ₹2.51 | ₹2.55 | ₹2.81 | ₹2.94 | ₹2.95 | ₹3.22 | ₹3.60 | ₹3.89 |
| Flags | · | · | · | · | · | · | · | · | · | · | · | · |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
L&T Finance Ltd. reported total income of ₹5,484 cr (+26.5% on the year) and net profit of ₹973 cr (+32.4% on the year) for July to September 2026.
None of the 3 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.