“Bullish on L&T Finance, which is well-positioned for steady improvement in growth and profitability, driven by its transition to a granular, retail-focused, and technology-led franchise. Strong AUM growth visibility, scaling core retail segments, and emerging businesses are expected to drive a ~30% PAT CAGR over FY26-28E, with RoA/RoE reaching 2.6%/15% by FY28E. Price target is 380.”