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Anand Rathi Report
With its shift to a retail franchisee ahead of its Lakshya 2026 target, L&T Finance Holdings Ltd. Q4 consolidated (adjusted) net profit jumped ~32% year on year to Rs 5.5 billion, with the share of retail surging 300 basis points q/q to 94%.
We maintain our 'Buy' rating as the L&T Finance moves out of a consolidation phase. On our higher estimates, we value the stock at 1.8 times FY26e book value (earlier 1.6 times) for an expected greater value 2.3% return on assets in FY26.
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