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Anand Rathi Report
Led by initiatives driven by the new MD, Sudipto Roy, L&T Finance Ltd. is closing the gap with Bajaj Finance Ltd. in its technology interface. While the focus continues on the MFI book, L&T Finance is now a diversified financier.
Management has displayed strong underwriting skills and collection processes. It is uniquely placed to deliver both consistent growth and high return on asset, given its deep tech and increasing penetration.
At our target price, the stock would trade at 1.5 times FY27e price/book value (earlier 1.9 times FY26e BV), for a ~2.5% RoA.
Recent stock drops offer attractive entry points in an NBFC with high-calibre management, many legs of growth and 2.5% RoA.
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