L&T Finance Limited (LTF.NS) : juste valeur

Thèse ACCE

L&T Finance Limited is a non-bank lender in India that writes retail and rural loans, including two-wheeler and home loans, plus wholesale credit to infrastructure and corporate borrowers, and sells them through a branch-heavy network. Its edge is the funding and underwriting infrastructure built within the Larsen & Toubro group, which gives it access to lower-cost borrowing than many smaller non-bank peers, while India's under-penetrated consumer credit market supports long runway for retail lending. The clearest near-term driver is continued loan book expansion, with revenue growing 31.4% year on year. At a trailing P/E of 17.9 and a forward P/E of 12.9, the market is pricing in meaningful earnings growth, and the 12.3% ROE is the number to test against that growth, since a lender this size needs to convert its expansion into returns. The company is not in any major index, which keeps it off many passive-flow radars and leaves room for it to be re-rated as its profitability catches up with its scale.