Buy L&T Finance Holding; target of Rs 118: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on L&T Finance Holding

L&T Finance Holdings (LTFH) saw liability-side-led NIM expansion and trend may continue in the near term. Moreover, with stressed loans well-provided for, and adequate capitalisation (successful rights issue helps) will be a positive trigger for growth. Asset quality improved, GS-3 has reduced to 5.12% (down 7 bps q-o-q); with PCR at 64% (from 69% in Q2). Supportive regulatory environment, improving capex and corporate demand are positive triggers for LTFH, we are sanguine on long-term growth prospects.

Outlook

LTFH is available at 1.3x/1.2x its FY2022E/FY2023E ABVPS; Considering the improving outlook and challenges receding we have upgraded the recommendation to Buy with a revised PT of Rs. 118.

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