L&T Finance Limited — Investor Meet, 27-10-2025: Analysts/Institutional Investor Meet/Con. Call Updates

L&T Finance delivered robust Q2FY26. Consolidated PAT climbed 6% YoY to Rs 735 Cr, with retail book crossing Rs 1 Lakh Cr (Rs 1,04,607 Cr). Disbursements hit a record Rs 18,896 Cr, up 25% YoY. Credit costs improved to 2.98% from 3.80% (Q4FY25), targeting 2% medium-term. Project Cyclops is significantly enhancing asset quality, notably reducing Two-Wheeler Net Non-Starters to 0.47%. Gold loan business (Rs 983 Cr disbursement) and digital Personal Loans (up 114% YoY) are strong growth drivers. Management is optimistic about continued risk-calibrated growth and achieving their 2.8-3% RoA target by FY27, foreseeing a strong H2FY26.