L&T Finance Q3 Results Review — Motilal Oswal Reiterates 'Buy' On The Stock, Sees 23% Upside; Here's Why

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Motilal Oswal Report

L&T Finance Ltd. has invested in process automation, security, and customer journeys. This, along with large partnerships in products like personal loan, should lead to stronger and more sustainable retail loan growth.

While there are signs of stress in non-MFI retail segments like two-wheeler, tractors and PL, we expect the stress to subside and be provided for over the next two quarters.

Stress in the microfinance sector is a near-term headwind, which the company will navigate and come out stronger.

We estimate a PAT CAGR of 24% over FY24-27, with consolidated RoA/RoE of 2.8%/~15% in FY27. Reiterate our Buy rating on the stock with a target price of Rs 180 (based on 1.5 times Sep’26E book value per share).

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