L&T Finance is a retail-focused NBFC lending across rural and urban India, serving roughly 2.8 crore customers with more than 90% of turnover from retail lending. The Q2 print will speak to whether the NIM plus fee corridor of 10% to 10.5% held against rising funding costs, and how the fast-scaling Gold Finance book and the flat rural microfinance book are reshaping credit costs.
| Results date | October 15, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter total income | Rs. 5,243.31 Cr (Q1 FY27) |
| Previous quarter PAT | Rs. 915.99 Cr (Q1 FY27) |
| Market cap | Rs. 65,467.22 Cr |
| CMP | Rs. 261.2 |
On October 1, 2026, the company announced an October 15, 2026 board meeting to consider unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026.
The Q2 FY27 print tests whether L&T Finance can hold its guided NIM plus fee corridor of 10% to 10.5% as NBFC incremental cost of funds rose 30-50 bps versus February 2026 levels, with the 10-year G-sec at ~7.29% and the repo rate unchanged at 5.25%. The provisional Q2 business update already signalled retail disbursements of ~Rs. 24,000 Cr, up 27% YoY, and a retail loan book of ~Rs. 1,34,500 Cr, up 29% YoY, with retailisation at 99%. Gold Finance disbursements more than tripled YoY to Rs. 3,230 Cr from Rs. 983 Cr, the first full evidence of delivery on management's stated ambition of 10x growth in two years post-April 2026, while Rural Business Finance (Rs. 6,350 Cr) and Farmer Finance (Rs. 1,640 Cr) were held essentially flat, consistent with management's risk-calibrated approach amid microfinance stress. Sector-level collection efficiency is recovering, which supports the guided credit cost range of 2.3%-2.5%, and management has set a combined opex plus credit cost target of 6% by FY27. The call is likely to cover the NIM plus fee bridge, Stage-2 migration and coverage, the gold loan run-rate, and the updated AUM mix.
NIM plus fee corridor and cost of funds: Whether the blended yield on advances held the guided range despite funding cost pressure.
Credit cost and microfinance asset quality: Asset quality update after the flat rural book and earlier low Stage-2 coverage.
Gold Finance ramp-up: First full-quarter evidence on the 10x ambition.
Disbursement mix and retailisation: Provisional Q2 business update figures subject to limited review.
Performance vs guidance tracking: Status of previously stated targets management can be asked about on the call.
Management's credit cost guidance is 2.3%-2.5%, with no target period specified. The provisional Q2 update kept rural disbursements flat — the segment carrying the highest credit risk at 41% of AUM — while sector-level collection efficiency has been recovering.
Management has stated a NIM plus fee corridor of 10% to 10.5% for upcoming quarters, described as open-ended guidance with no specific end date. Movement within the range depends on whether conditions are favourable or unfavourable.
Provisional Q2 FY27 Gold Finance disbursements were Rs. 3,230 Cr, 3.3x the Rs. 983 Cr a year earlier. This tracks management's stated ambition of 10x growth in two years post-April 2026 for Gold Loans.
The provisional Q2 business update showed retail disbursements of ~Rs. 24,000 Cr, up 27% YoY from Rs. 18,883 Cr, and a retail loan book of ~Rs. 1,34,500 Cr, up 29% YoY. Retailisation reached 99%, and these figures are provisional and subject to limited review.
In Q1 FY27, consolidated profit for the period was Rs. 915.99 Cr on total income of Rs. 5,243.31 Cr, with diluted EPS of 3.59. Both total income and profit were higher than in Q4 FY26.