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L&T Finance delivered a strong Q4 FY26 with PAT of ₹87 crore (+27% YoY) and full-year PAT of ₹2,981 crore (+13% YoY, excluding one-time labor code impact). Retail disbursements hit a record ₹24,017 crore (+62% YoY), driving retail AUM to ₹1,19,558 crore (+26% YoY). Credit cost moderated to 2.64% (down 19 bps QoQ) aided by AI underwriting tool Cyclops. NIM plus fees improved to 10.47% (+6 bps QoQ). Management guided for FY27 AUM growth of 20%+ and credit cost of 2-2.2% by Q4 FY27, targeting ROA of 2.8% by exit FY27. The new Lakshya 2031 plan targets 20%+ AUM CAGR, credit cost <2%, and ROA of 3-3.2%. Key risk: West Asia conflict could disrupt fertilizer supply and impact rural portfolio quality.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects sustained momentum with AUM growth exceeding 20% supported by robust consumer demand across urban finance, gold loans, and rural franchise.
- Credit cost expected to trend lower as newer portfolios season and AI underwriting frameworks mature, targeting 2-2.2% by exit Q4 FY27.
- Targeting return on assets of at least 2.8% by the last quarter of FY27, driven by operating leverage and lower credit costs.
- Management expects NIM plus fees to remain stable in the guided range of 10-10.5% for FY27.
Risks flagged
- Geopolitical tensions could disrupt fertilizer supply for the kharif season, potentially affecting agricultural yields and rural loan performance.
- Possibility of El Niño conditions during the monsoon season could impact rural income and loan repayments.
- Analyst raised concern that slowing hiring and wage growth in IT/financial services could impact two-wheeler and personal loan portfolios. Management acknowledged but downplayed near-term risk.
- The ECL model refresh increased stage-1 provision coverage from 0.52% to 0.80%, which could pressure credit cost if portfolio growth accelerates.
Key quotes
- We have concluded FI26 with our highest ever annual profit after tax of rupees 3,03 crores up by 14% year-on-year before a one-time impact of labor code.
- Our portfolio management engine Nostradamus which is in two wheel is already giving us measurable benefits. We're implementing it in personal loans as well.
- We will attempt a book growth CAGR of 20% plus over the Lakshya period. We'll endeavor to drive credit cost down to a level of 2% or less.
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