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Anand Rathi Report
With its shift to a retail franchise ahead of its Lakshya 2026 target, L&T Finance Holdings Ltd.’s Q1 consolidated net profit surged ~29.2% YoY to Rs 6.85 billion.
We maintain our Buy rating as the shift to retail is paying consistent dividends. On higher estimates, we value the stock at 1.9 times FY26E book value (earlier 1.8 times FY26E) for an expected 2.5%+ return on asset in FY26.
Risks: Higher slippages, less-than-anticipated loan growth.
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