Company Update : L&T Finance by Motilal Oswal Financial Services Ltd
Retail loans grew ~17% YoY; healthy disbursement growth of ~25% YoY
Wholesale loans could have potentially declined to ~INR22b.
* 2QFY26 retail disbursements grew ~25% YoY/8% QoQ to INR189b (PQ: INR175b).
* Rural Business disbursements grew 16% YoY. Farmer Finance disbursements declined 7% YoY, Urban Finance disbursements grew 30% YoY, and SME disbursements grew ~17% YoY.
* Gold loan disbursements stood at INR9.8b in 2QFY26.
* Retail loan book grew 17% YoY and 5% QoQ to INR1.04t.
* Retail Loan mix was stable QoQ at ~98% and well ahead of the company’s Lakshya FY26 retail mix target of over 80%. This implies that the wholesale book could have declined to ~INR22b.
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