“Maintained an 'add' rating on L&T Finance with a target price of ₹305. The company reported stronger-than-expected non-interest income, driving a 4% beat in PPOP, with NIM+fees stable at 10.47%. Asset quality continued to improve, with retail Stage-2/-3 declining and credit costs moderating, while Stage-3 ECL coverage improved to 69%.”

JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%