Interim report
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January 16, 2026 National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051. BSE Limited Corporate Relations Department, 1st Floor, New Trading Ring, P. J. Towers, Dalal Street, Mumbai - 400 001. Symbol: LTF Security Code No.: 533519 Kind Attn: Head – Listing Department / Dept of Corporate Communications Sub: Outcome of the Board Meeting Dear Sir / Madam, Pursuant to Regulations 30, 33, 51, 52 and 54 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) and other applicable regulations / circulars, if any, we hereby inform the exchanges that the Board of Directors (“Board”) of the Company at its Meeting held on January 16, 2026 has, inter alia approved the unaudited financial results (consolidated and standalone) of the Company for the quarter and nine months ended December 31 , 202 5. The following documents are enclosed: • Unaudited financial results (consolidated and standalone) for the quarter and nine months ended December 31 , 202 5 along with Limited Review Report of Statutory Auditors in accordance with Regulation 33 and 52 of the Listing Regulations; • Certificate issued by the Statutory Auditors in accordance with Regulation 54 of the Listing Regulations; • The statement indicating no deviation or variation in utilization of issue proceeds of non-convertible securities of the Company, duly reviewed by the Audit Committee of the Company, in accordance with Regulation 52 (7 and 7A) of the Listing Regulations. Further, in accordance with Regulations 47(1) and 52(8) of the Listing Regulations, the Company would be publishing the unaudited consolidated financial results for the quarter and nine months ended December 31, 2025 in the newspapers. The Board Meeting commenced at 2:48 p.m. and concluded at 6:35 p.m. We request you to take the aforesaid on records. Thanking you, Yours faithfully, For L&T Finance Limited (formerly known as L&T Finance Holdings Limited) Apurva Rathod Company Secretary and Compliance Officer Encl: As above
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Brahmayya & Co., Chartered Accountants T R Chadha & Co LLP Chartered Accountants 607, 6th Floor K.P. Aurum, Marol Marashi Rd, Marol, Andheri East, E 2001-02, 20th Floor, Lotus Corporate Park Off Western Express Highway Ram Mandir Station Road Goregaon East, Mumbai - 400 063 Tel.: 022-49669000 Mumbai - 400059 Tel.: 080 -2227 4551 Independent Auditor's Review Report on Unaudited Consolidated Quarterly Financial Results of L& T Finance Limited for the quarter and nine months ended December 31, 2025, pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) . To The Board of Directors L& T Finance Limited (formerly known as L& T Finance Holdings Limited) INTRODUCTION 1. We have reviewed the accompa nying statem ent of unaudited consolidated financial results of L& T Finance Limited ("the Parent" or "the Company") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter and nine months ended December 31, 2025 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's Management and approved by the Board of Directors of the Parent, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard ("Ind AS") 34 "Interim Financial Reporting" specified in section 133 of the Companies Act, 2013, as amended read wit h relevant rules issued thereunder and the circulars, guidelines and direction s issued by Reserve Bank of India ("RBI") from time to time applicable to NBFC ("RBI guidelines") and other accounting principles generally accepte d in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. SCOPE OF REVIEW 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ("SRE") 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free from material misstatement. A review of interim financial formation is limited primarily to making inquiries of the Company personnel and analytical rocedures applied to financial data and thus provides less assurance than an audit. We have ot performed an audit and :J;1°"'~!mi~.:...;i~~1.1... do not express an audit opinion. Limited Review I L& T Finance Limite Page 1 of 3
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Brahmayya & Co., Chartered Accountants T R Chadha & Co LLP Chartered Accountants We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the following entities: Serial No. Name of the Entity Relationship 1 L& T Finance Limited Parent (formerly known as L& T Finance Holdings Limited) 2 L&T Financial Consultants Limited Subsidiary 3 L& T Infra Investment Partners Trustee Private Limited Subsidiary 4 L& T Infra Investment Partners Advisory Private Subsidiary Limited 5 L& T Infra Investment Partners Subsidiary CONCLUSION 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 and 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement , prepared in accordance with the applicable Ind AS and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by Reserve Bank of India in respect of income recognition, asset classification, provisioning and other related matters. OTHER MATTERS 6. The accompanying Statement includes the unaudited financial results , in respect of: Three subsidiaries , which have not been reviewed by us, whose unaudited financial results reflect total revenues of Rs. 39.37 Crores, total net profit after tax of Rs. 21.07 Crores, and total comprehensive income of Rs. 21.08 Crores for the quarter and nine months ended December 31, 2025, as considered in the Statement which have been reviewed by other auditors. The reports on the unaudited financial results of these entities have been furnished to us by the management and our conclusion on the Consolidated Quarterly Financial Results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of such auditors and the procedures performed by us as stated in Paragraph 3 above . .....-c==---- ~=:=3~ Limited Review I L& T Finance Limited Page 2 of 3
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Brahmayya & Co., Chartered Accountants T R Chadha & Co LLP Chartered Accountants 7. The accompanying Statement includes the unaudited financial results, in respect of: One subsidiary, L& T Infra Investment Partners, whose financial results has been not reviewed by their auditors and reflects total revenues of Rs. 0.89 Crores, total net profit or (loss) after tax of Rs. (1.87) Crores and total comprehensive income of Rs. (1.87) Crores for the quarter and nine months ended December 31, 2025, as considered in the Statement. This financial information has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on such unreviewed financial information. According to the information and explanation given to us by the management, these financial results are not material to the Group. 8. The Statement includes the results for the quarter ended December 31, 2025, being the balancing figure between the unaudited figures nine months ended Decemb er 31, 2025, and the published unaudited figures for the six months ended September 30, 2025. Our conclusion on the Statement is not modified in respect of the above matters. For Brahmayya & Co., Chartered Accountants Firm Registration No. 000515S P.S. Kumar Partner Membership No. 015590 UDIN: 26Dl 5S-~oc..-H N0DY 1 2-47 Place: Mumbai Date: January 16, 2026 Limited Review I L& T Finance Limited For T R Chad ha & Co LLP Chartered Accountants Firm Registration No. 006711 N/N500028 Vikas Kumar Partner Membership No. 075363 UDIN: 2{;tY153b3GNNG,f5/7S"6 Place: Mumbai Date: January 16, 2026 Page 3 of 3
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Sr. No. (I) (II ) (Ill ) (IV) (V) (\'I ) (VII) (Vll I) (IX) (X) (XI) (XII) (XIII) (XIV) (XV) (XVI) L&T Finance Limited (formerly known as L.._f(:T Finance Holdings Limited) CI N. L67120i\l H20081'LCl818 33 Rcgd. Office: Brindavan, Plot No. 177, C.S.T. Road, Kalina, Santacruz (East), Mumbai• 400 098, J\l:lharashtrn, lndi:t \\'chsite: www.ltfinance.com Email: igrc@ltfs.com Phone: +9 12262 12 5000 Fax: +912 2 6212 5553 STATEM ENT O F CONSO LIDATED FIN ANC IAL RESULTS FOR THE QUA RTER AND NINE MONTHS ENDED DECE~ IB ER 31, 2025 Quarter ended Nine months ended December 31, Sc1Hcmbcr 30, December 31, Decern her JI, Dcccm ber 31, Particulars 2025 2025 2024 2025 2024 (Una udited ) (Unaudit ed) (Unaudited) (Unau dited ) (Unaudite d) (Refer note 9) ( Refer note 9) Re"cnuc from operations (a) lnteres1 income 4,240.07 4,037.4 I 3,806.38 12.19 1.98 10,913.41 (b) Dividend income 0.17 0.57 0.17 0.97 (c) Fees and commission income 338.03 289.27 237.69 886.27 817.43 (d) Net gain on fair value chantes 9.07 52,94 83.59 169.51 Total revenue from opcrntions 4,578.27 4,335.75 4,097.58 13,162.01 11,901.32 Other income 3.22 0.04 7.55 3.29 12.44 T ota l income (1+11) 4,581.49 4,335.79 4,105.13 13,165.30 11,913.76 Expenses (a) Finance costs 1.703.02 1.634.29 1,569 24 4,973.05 4,396.93 (h) Net loss on fair rnlue changes 11.58 - (c) Net loss on dcrccognition of financial instrumc111s under .tmortiscd cost category 149.66 139.06 (74.75) 378.46 180.25 (d) Impairment on financial ins1rumcnts 590.06 505.55 728.96 1,637.9 1 1.669.65 (e) Employee benefits expense 649.88 593.21 579.28 1,795.28 1,647.40 (f) Depreciation, amonisation and impainnent 57.70 50 95 36. 19 149.34 97.92 (g) Other expenses 398.9 1 423.87 442.31 1,278.50 1,235.87 Total expenses 3,560.81 3,346.93 3,281.23 I 0,212.54 9,228.02 Profit before exceptional items and tax (IJI.JV) 1,020.68 988.86 823.90 2,952.76 2,685.74 Exceptional items (Refer Note 3) (28.51) - - (28.51) Profit befo,·e tax (V+VI) 992. 17 988.86 823.90 2,924.25 2,685.74 Tax expense: (a) Current tax 298.28 205.03 201.97 759.34 685.02 (b) Deferred tax (44.10) 48 95 (3.72) (8.80) (6.86) Total tax expenses (a+l.J) 254. 18 253.98 I 98.25 750.54 678.16 Profit after tax (Vll-\ '111) 737.99 734.88 625.65 2. 173.71 2.007.58 Add: Share in profit of associate company and joi111 ventures - - - Profit after tax and share in profil ofassocialc company (IX+X) 737.99 734.88 625.65 2,173.7 1 2,007.58 Profit for the period/year attributnblc to: Owners of the company 738.61 734.84 626.40 2,174.55 2,007.49 Non•controlling intcres1 (0.62) 0.04 (0.75) (0.84) 0.09 Other comprchcnsi\'C income (A+B) (14.68) 11.43 4.57 (33.29) 16.19 A. Items that will not be reclassified to profit or loss (a) Remeasuremems of 1he defined benefil phrns 5.69 0.52 (0.13) (10.01) (5.30) (b) Income tax relating to items 1hat will 1101 be reclassified to profit or loss (1.42) (0.14) 0.03 2.52 1.33 Subtota l (A) 4.27 0.38 (0.10) (7.49) (3.97) B. Items that will be reclassified to profit or loss (a) Change in fair value of debt inslruments measured al fair \'alue through other (0.39) (34.43) (15.01) 0.06 15. 11 comprehensive income (b) The effective portion of gains / (loss) on hedging instruments in a cash flow (24.8 I) 60.78 26.30 (34.56) 6.75 hedge (c) Income tax rcla1i11g to items 1ha1 will be reclassified 10 profit or loss 6.25 (15.30) (6.62) 8.70 (1.70) Subtota l (8) (18.95) 11.05 4.67 (25.80) 20.16 Other comprehensive income for the period/year attribut:able to: Owners of the company (14.68) 11.43 4.57 (33.29) 16.19 Non•controlling interest - - Total comprehensive income (Xl+X ll) 723.31 746.3 1 630.22 2.140.42 2,023.77 Tomi comprehensive income for the pcriotl/yc:ir attribut:tblc to: Owners of the company 723.93 746.27 630.97 2,1-H.26 2,023.68 No11.co11trolling interest (0.62) 0.04 (0.75) (0.84) 0.09 Paid~up equity share c-apiial (face value of't 10 each) (refer note 6) Other equi ty Earnings per shnrc ("'not annunliscd): (a) Basic (~) *2.95 *2.94 *2.5 I *8.70 *8.06 (b) Diluted(~ ) *2.94 *2.93 *2.50 ' 8.67 *8.03 (' in Cro rc) Year ended March 31, 2025 (.~uditccl) 14,663.29 0.97 1,077.34 182.64 15,924.24 16.74 15,940.98 5.996.76 275.04 2, 193.35 2,2 16.51 138.90 1,629.16 12,449.72 3,491.26 - 3,491.26 765.81 82 03 847.84 2,643.42 2,643.42 2,643.66 (0.24) 24.46 (3.04) 0.76 (2.28) 54.78 (37.47) 9.43 26,74 24.46 2.667.88 2,668.12 (0.24) 2,494.87 23,069. 19 10.61 10.57
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Notes: These consolidated financial results have been prepared in accordance with the recognit ion and measur eme11t prin ciples of lnclian Accounti ng Standard ("Ind AS") prescribed unde r seclion 133 of the Companies Act 2013 (the "Act") read with relevant rules issued thereunder ,circulars, directions & guidelines issued by the Rese rve Bank of India (RBI) and the Olher accounting princip les genera lly accepted in India. 2 These consolidated financials results have been reviewed by the Audit Committee and approv ed by the Board of Directors at its meeting held on January 16, 2026. The Joint Statutory Auditors of 1hc Company have carried out a limited review of the aforesaid rcsuhs and issued unmodified report thereon. Effective November 21, 2025, 1he Govemmenl of India consolidated 29 exisling l:"bour regu lations inlo four Labour codes, namely, The Code on Wages, 2019, The lndustrial Relations Code. 2020, The Code 011 Social Security, 2020 and the Occupational Safely, Health and Working Condi1io11s Code, 2020, collective ly referred to as 1he ·New Labour Codes·. The New Labour Codes has resuhed in a one-li me material increase in provisi on for employee benefits Oil acco unt of recognition of past service costs. Based Oil the requirements of New Labour Codes and relev.uu Accou111ing Siandards , the Group has assesse d and accounted for the estimated incremental impact as Exceptional hem in the consolid a1cd statement of profit and loss for the quarter and nine mouths ended December 31, 2025 amounting to Rs. 28.51 cro res (Net of lax Rs. 2 1.33 crorcs). Upon notific.ltion of the related Rules to 1he New Labour Codes by the Government and any fm1hcr clarificati on fr~m the Government on other aspects of the New Labour Codes, the Group will evaluate and account for .tdditional impacl if any, detenn incd in subsequent periods. (Z in crorcs) Quarter ended Nine months ended Ye:1r ended Particular s December 31, Septembe r 30, Decembe r 31, Dece mber 3 1, Decembe r 3 1, i\larch 31 , 2025 2025 2024 2025 2024 2025 (Unaudited) (Unnud itcd) (Unaud ited) (Unaudited) (Unn ud ited) (Audited) I Profit before excep tional items and tax 1,020.68 988.86 823.90 2,952.76 2,685.74 3,491.26 u Tax expenses (before exccp1ional items) (261.36) (253.98) (198.25) (757.72) (678. 16) (847.8 4) Ill Profi t after Tax (before excep tional items) (!+ II} 759.32 734.88 625.65 2, I 95.04 2,007.58 2,643.42 IV Profit after T:ix (befor e except ion:il items) :ittributable to: Owners of the company 759.9~ 734.84 626.40 2,195.88 2,007.49 l,6~3.66 Non-contro lling interest (0.62) 0.04 (0.75) (0.84) 0.09 (0.24) V lmpacl of new labour code (net of tax ) (21.33) (21.33) VI Profit after tax (including impact of new labour code) (lll +V) 737.99 734.88 625.65 2, 173.71 2,007.58 2,643.42 4 On June 9, 2025, 1hc Company lrns acquired gold loan business of Paul Merchants Finance Private Limi1ed (PrvlFL), a wholly owned subsidiary of Paul Merchan ls Limited, for a total conside ration of - ;! 7 1 I Crore by way of slump sale on a going concem basis. The Compan y reports quai1erly financial results of the group on a conso lidated basis , pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015 as ame nded. The Consolidated financial resulls are available on 1he website of the Company al www.hfinance.com, the website of BSE Limited ("BSE") at www.bseindia.com and 011 the website of National Stoc k Exchange of India Limited ("NSE ") at www.nseindia .com. The specified items of the standalone financia l results of the Compa ny for the nine months ended December 3 1, 2025 arc given below . {f in crorcs) Quarter ended Nine mon ths ended Year ended Parti cular s Decem ber 3 1, Septe mber 30, December 31, Dece mber 311 Decem her 31, March 3 1, 2025 2025 2024 2025 2024 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudit ed) (Audited) Total income ~.58 1.7 1 4,333.09 4, 102.79 13, 157.0 1 11,905.69 15,930 .12 Profit before tax (including exceptional items ) 982.58 978.76 814.60 2,894.89 2,657.07 3,45➔ .?3 Profit after lax 73 1.42 727.71 619.18 2,153.22 1,987.22 2,6 17.81 Total comprehensive income 716.73 739.14 623.76 2,119 .92 2,003.43 2,642.28 6 The Company , during the quarter and nine months ended December 3 1, 2025 has allot!ed 27.57.685 and 77,59,525 equity shares respectively of t 10 each. fully paid up, on exe rcise of options by employees. in accordanc e wi1h the Company's Employee Stock Option Scheme(s). The group is engaged primar ily in the business of financing and accord ingly. there are 110 separate reportable segmellls .ts per Ind AS 108 "Operating Segments". Disclosure in compliance wi1h Regul.ttion 52 ofSEB I (LODR) Rcgul.tfion, 2015 during the Nine months ended December 31, 2025 is ctttachcd cts Anncxurc I. 9 The figures for the quarter ended December 3 1, 2025 and Dece mber 31, 2024 are the balancing figures of the published year to date figures upto the nine months and six months of the respec1ive filrnncial yea r. which were subject to limited review by the stan1tory auditor of the company. 10 Previous period/y ear figure s ha\' e been regrouped/reclassified to make them comparabl e w ith those of curre nt period/year. For and on behalfof1he Board of Directo rs L&T Finance Lim ited (Forme rly known :is L&T Finance Holdin gs Limited) Place : Mumbai Date : Janua1y I 6. 2026
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L&T Finance Limited (formerly known as L&T Finance Holdings Limited) CIN. L67120MH2008PL C181833 Regd. Office : Brindavan, Plot No. 177, C.S.T. Road, Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra, India Website: www.ltfinance .com Email: igrc@ltfs.com Phone: +91 22 6212 5000 Fax: +91 22 6212 5553 Annexure I Disclosure in compliance with Regulations 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended for the nine months ended December 31, 2025 Sr. No. Particulars Ratio (Consolidated) 1 Debt - Equity Ratio 1 : 3.78 2 Debt service coverage ratio3 : Not Applicable 3 Interest service coverage ratio3 : Not Applicable 4 Outstanding redeemab le preferen ce share (quantity and value) - 5 Outstanding redee mable preference share ('{ in crore) - 6 Capital redemption reserve('{ in crore) 68.85 7 Debenture redemption reserve('{ in crore) 0.29 8 Net worth('{ in crore/ : 27,108.32 9 Net profit after tax('{ in crore) 2,173.71 10 Earnin gs per equity share : (not annualised) (a) Basic('{) *8.70 (b) Dilut ed('{) *8.67 11 Cunent ratio3: Not Applicable 12 Lon g term debt to working capital3: Not Applicable 13 Bad debts to Account receivable ratio3: Not Applicable 14 Current liability ratio3: Not Applicable 15 Total debts to total assets 4 : 0.77 16 Debtors turnover 3: Not Applicable 17 Inventory tum over3 : Not Applicable 18 Operating margin3: Not Applicable 19 Net profit margin5: 16.51% 20 Secto r specific equivalent ratios (i) Capital Ratio (%)3 : Not Applicable (ii) Leverage Ratio 3: Not Applicable (iii) Liquidit y cove rage ratio3 Not Applicable (iv) CRAR(%)3 Not Applicable (v) Gross Stage 3 (%)3 Not Applicable (vi) Net Stage 3 (%)3 Not Applicable Note: 1 Debt-equity ratio = (Debt securities + Borrowings (other than debt securities) + Subordinated liabilitie s) / Networth. 2 Netwo rth = Equity Share Capital + Other Equity 3 The Company is registered under the Rese1ve Bank of India Act, 1934 as Non-Ba nking Financial Company, hence these ratios are not applicable or required as per RBI guidelines at conso lidated level. 4 Tota l debts to total assets = (Debt securities + Bo1rnwings (other than debt securities) + Subordinat ed liabilities) / total assets. 5 Net profit margin = Net profit after tax / total income.
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Brahmayya & Co., Chartered Accountants T R Chadha & Co LLP Chartered Accountants 607, 6th Floor K.P. Aurum , Marol Marashi Rd, Marol, Andheri East, E 2001-02, 20th Floor, Lotus Corporate Park Off Western Express Highway Ram Mandir Station Road Goregaon East, Mumbai - 400063 Tel.: 022-49669000 Mumbai - 400059 Tel.: 080-2227 4551 Independent Auditor's Review Report on Unaudited Standalone Quarterly Financial Results of L& T Finance Limited for the quarter and nine months ended December 31, 2025, pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended). To The Board of Directors L& T Finance Limited (formerly known as L& T Finance Holdings Limited) INTRODUCTION 1. We have reviewed the accompanying statement of unaudited standalone financial results of L& T Finance Limited ("the Company") for the quarter and nine months ended December 31, 2025 ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors of the Company, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard ("Ind AS") 34 "Interim Financial Reporting" specified in section 133 of the Companies Act, 2013, as amended read with relevant rules issued thereunder and the circulars, guidelines and directions issued by Reserve Bank of India ("RBI") from time to time applicable to NBFC ("RBI guidelines") and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. SCOPE OF REVIEW 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ("SRE") 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free from material misstatement. A review of interim financial information is limited primarily to making inquiries of the Company personnel and analytical procedures applied to the financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. \"\ MU · ·i I L& T Finance Limit Page 1 of2
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Brahmayya & Co., Chartered Accountants CONCLUSION TR Chadha & Co LLP Chartered Accountants 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the applicable Ind AS and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by Reserve Bank of India in respect of income recognition, asset classification, provisioning and other related matters. 5. The Statement includes the results for the quarter ended December 31, 2025, being the balancing figure between the unaudited figures nine month ended December 31, 2025, and the published unaudited figures for the six months ended September 30, 2025. Our conclusion on the Statement is not modified in respect of the above matters. For Brahmayya & Co., Chartered Accountants Firm Registration No. 000515S P.S. Kumar Partner Membership No. 015590 UDIN: 2.Go15590VkV8Sl)61 G8 Place: Mumbai Date: January 16, 2026 Limited Review I L& T Finance Limited For TR Chad ha & Co LLP Chartered Accountants Firm Registration No. 006711 N/N500028 Vikas Kumar Partner Membership No. 075363 UDIN: 260r5363f<HU Rsc5118 Place: Mumbai Date: January 16, 2026 Page 2 of 2
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Sr. No. (I) (II ) (Ill ) (IV) (V) (VI) (VII) (V III) (IX) (X) A B (XI) (XII) (XIII) (XIV) L&T Finance Limit ed (Former ly known as L&T Finance Holdin gs Limit ed) CIN. L67 l 20MH2008PLC 181833 Regd. Offic e: Briudavan , Plot No. 177, C.S.T. Road , K,liina , Santacruz (East) , Mu mbai - 400 098, Ma harns htra , India Website: www. ltfinance.com Ema il: igrc@ltfs.co m Phone: +91 22 62 12 5000 Fax: +91 22 62 12 5553 STATEMENT OF STANDALONE FINANC IAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 3 1, 2025 Quarter end ed Nine mon ths ended December 31 , Se11tember 30, December 31, December 31, December 3 1, Particulars 2025 2025 2024 2025 2024 Una udit ed (Unaudited) Unaudited (Urrnudit ed) (Una udit ed) (Refer Note 41 (Refer Note 41 Revenue from operations (a) Interest income 4,240.00 4,037 .30 3,806 .32 12,191.7 1 10,9 12.38 (b) Dividend income 0. 17 0.50 0. 17 0.50 (c) Fees and commission inco me 338 .03 289 27 237 .69 886 .27 8 17.43 (d) Net gain on fair value changes 6.17 50.58 74.68 162 .07 Total revenue from operat ions 4,578.20 4,332. 74 4,095.09 13,152.83 11,892.38 Ot her income 3.5 I 0.35 7.70 4. 18 13.3 1 Tota l income (l+11) 4,58 1.71 4,333 .09 4,102.79 13,157.0 1 11 ,905.69 Expe nses (a) Finan ce costs 1,703 .0 1 1,634 .28 1,569.23 4,973 .02 4,396 .90 (b) Net loss on fair value changes 14.86 (c) Net loss on derecogn ition of finan cia l instnunents under am oni sed cost 149.66 139.06 (74 75) 378.46 180.25 category (d) Impairm ent on finan cial instm ments 590.06 505 .SS 728 .96 1,637 .9 1 1,669 .65 (e) Employee benefits expenses 649 .32 592 .63 578 . 79 1,793 .66 1,645 .79 (I) Depr eciation, amortization and impairm ent 56. 12 49.34 34.69 144.59 93.51 (g) Other expenses 407.67 433.47 45 1.27 1,306.05 1,262.52 Tota l ex penses 3,5 70.70 3,354.33 3,288. 19 I 0,233.69 9,248.62 Profit befo re tax and exce ptional items (Ill - IV) 1,01 1.0 1 978.76 814.60 2,923.32 2,657.07 Except ional items (refer note 7) 28.43 28.43 Profit before tax (V - VI) 982.58 978.76 814.60 2,894.89 2,657.07 Tax expense: a) Curren t tax 295.32 202. 14 199 .27 750.64 677.02 b) Defe rred tax (44 16) 48.9 1 (3 85) (8 97) (7 17) Tota l tax expense (a+b) 25 1.1 6 25 1.05 195.42 741.6 7 669.85 Profit for th e period /year (VII- VIII) 731.42 727.7 1 619.18 2,153.22 1,987.22 Other comprehensive income Items that wi ll not be reclassified to profit or loss (a) Remeasure ment of defined benefit plans S.69 0.51 (0.12) ( 10.02) (5.28) (b) Inco me tax relating 10 items that will not be reclassified to profit or loss (1.43) (0. 13) 0.03 2.52 1.33 Subtotal (A) 4.26 0.38 (0.09) (7.50) (3.95) Items that wi ll be reclassified to profit or loss (a) Change in fair value of debt instruments measured at fair value through (0.39) (34.43) (15 .0 1) 0.06 15. 11 other compreh ensive income (b) The effective ponion of gains / (loss) on hedging instruments in a cash (24 .8 I) 60.78 26.30 (34 .56) 6.75 now hedge (c) Income tax relati ng to items that will be reclassified to profit or loss 6.25 ( I 5.30) (6.62) 8.70 (1.70) Subtotal (B) (18.95) 11.05 4.67 (25.80) 20. 16 Other compr ehens ive income (A+B) (14.69) 11.43 4.58 (33.30) 16.21 Tota l comprehensive income for the period /yea1· (IX+X) 716.73 739.14 623.76 2,119.92 2,003.43 Paid-up equity share cap ital (face value of ? 10 each) (refe r note 5) Other equity Ea rnin gs per equity share (*not anmm lised): (a) Basic( ~) *2.92 ' 2.9 1 '2.48 '8 .62 '7 .97 (b) Diluted( ~) *2.92 *2.90 *2.48 *8.59 *7.95 (l in crorc) Year ended March 31, 2025 (Audited) 14,661.86 0.50 1,077.34 172.43 15,912.13 17.99 15,930.12 5,996.73 275.04 2,193.35 2,214.40 132.97 1,662.70 12,475.1 9 3,454.93 3,454.93 756 97 80.15 837,12 2,617.8 1 (3 .03) 0.76 (2.27) 54.78 (37.47) 9.43 26.74 24.47 2,642.28 2,494 .87 22,799.85 IO.SO 10.47
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L&T Finance Lim ited (Form erly known as L&T Finance Holdings Limited) CIN . L67120MH2008PLC1818 33 Regd. Office : Brind avan , Plot No. 177, C.S.T. Road , Kalina , Santacruz (East) , Mumb ai -400 098, Maharashtra , India Webs ite: www.ltfinance.com Email : igrc @ltfs.com Phone: +91 22 6212 5000 Fax: +91 22 6212 5553 These standalone financial results have been reviewed by the Audit Committee and the same has been approved by tl1e Board of Directors at its meeting held on January 16, 2026. The Joint Statutory Auditors of the Company have carried out a limited review of the aforesaid results and issued unmodified report thereon. 2 These standalone financial results have been prepared in accordance with the recogn ition and measurement principles of Indian Accounting Standard ("Ind AS") prescribed under section 133 of the Co mpanies Act, 2013 (the "Act") read with relevant rules issued thereunder, circular, directions & guidelines issued by the Reserve Bank of India (RBI) and the other accounting principles generally accepted in India. 3 These standalone financial results have been prepared in accordance with the requirement of Regulation 33 and 52 of the Securities and Exchange Board of India ("SEBI") (Listing Obligations and Disclosure Requirements) Regulations, 20 15, as amended. 4 The Statement includes tl1e results for the quarter ended December 3 1, 2025 and December 31 , 2024 being tl,e balancing figures of the published year to date figures upto the nine months and six months of the respective financia l year, which were subject to limited review by the joint statutory auditor of the company. The Company, during the quarter and nine months ended December 3 1, 2025 has allotted 27,57,685 and 77,59,525 equity shares respectively of~ 10 each, fully paid up, on exercise of options by employees, in accordance with the Company's Employee Stock Option Scheme(s). 6 ln fonna tion as required by Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 15: Security Coverage available as on December 3 1, 2025 in case of Secured non-convertible debentures issued by the Company is 1.07 times. The secured non-convertible debentures issued by tl1e Company are fully secured by creation and maintenance of exclusive charge on specific receivables of tl1e Company, to the extent as stated in the respective Infonn ation Memorandum. The details for security cover as per the format prescribed by the SEBI vide circular dated March 3 I, 2023 is enclosed. 7 Effective November 2 1, 2025, the Government of India consolidated 29 existing labour regulations into four Labour codes, namely, The Code on Wages, 201 9, The Industrial Relations Code, 2020, The Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, collectively referred to as the 'New Labour Codes'. The New Labour Codes has resulted in a one-time material increase in provision for employee benefits on account of recognition of past service costs. Based on the requirements as per the of New Labour Codes and relevant Accounting Standard, the Company has assessed and accounted the estimated incremental impact as Exceptional Item in the standalone statement of profit and loss for the quarter and nine months ended December 3 1, 2025 amounting to Rs. 28 .43 crores (Net of tax Rs. 2 1.27 crores). Upon notification of the related Rules to the New Labour Codes by the Goverrunent and any further clarification from tl1e Goverrunent on other aspects of the New Labour Codes, tl1e Company will evaluate and account for additional impact if any, determined in subsequent periods. Quarter ended Nine months ended Year ended Decemb er 31, September 30, December 3 I , December 31, December 31, March 31, Particulars 2025 2025 2024 2025 2024 2025 Unaudited (Unaudited) Unaudited (Unaudited) (Unaudited) (Audited) (Refer Note 4) (Refer Note 4) Profit before exceptional items and tax 1,0 11.0 1 978.76 814.60 2,923.32 2,657.07 3,454.93 Tax expenses (before exceptional items) (258.32) (25 1.05) (195.42) (748.83) (669.85) (837. 12) Profit after Tax (befor e exceptional items) 752.69 727.71 619. 18 2,174.49 1,987.22 2,617.81 Impact of new labour codes (net of tax) (2 1.27) (21.27) Profit after tax (including impact of new labour codes) 731.42 727.71 619. 18 2,153.22 1,987.22 2,617.81 8 Disclosures pursuant to Master Direction - Reserve Bank of India (Transfer of Loan Exposures) Directions: 202 1 in terrns of RBI circular RBVDOR/2021-22/86 DOR.STR.REC.5 l/2 1.04.048/202 1-22 dated September 24, 202 1: i) Details of NPA loans transferred during the nine months ended December 3 1, 2025 Sr . Particulars To ARCs To permitted To other No. transferees transferees I No. of accounts sold (No.s) 5.00 2 Aggregate principal outstanding of loan transferred (t in crore) 127.52 3 Weighted average residual tenor of the loans transferred (years) 1.50 4 Net book value of loans transferred (at the time of transfer) 146.99 5 Aggregate consideration (t in crore) 155.87 6 Additional consideration realized in respect of accounts transferred in earlier years 7 Provision reversed to the profit and loss account 8.88 ii) There are no SMA loans transferred during the nine months ended December 31 , 2025 iii) Details of loans not in default transferred during the nine montl1s ended December 3 1, 2025* Sr. Nine months Particulars ended No. December 3 I 2025 I Count of loans assigned I 2 Amount of loan account assigned (tin crore) 66.36 3 Weighted average maturity (years) (from tl1e date of transfer) 14.85 4 Weighted average holding period (years) 2.46 5 Retention of beneficia l economic interest NIL 6 Coverage of tangible security Greater than Ix 7 Rating wise distribution of rated loans Category A- *There are no instances of transfer of loans where the entity has agreed to replace loans transferred to transferee(s) or pay damages arising out of any representation or warranty. iv) Details of loans not in default acquired during the nine months ended December 31, 2025* Sr . Nine months Particulars ended No. December 31 2025 I Count of loans acquired through assimunent 158 2 Amount of loan acquired tluough assignment (t in crore) 48.92 3 Weighted average maturity (years) (from the date of transfer) 15.96 4 Weighted average holding period (years) (Upto the date of acquisition) 0.75 5 Retention of beneficial economic interest of assignor 10.00% 6 Coverage of tangible security Greater than Ix 7 Rating wise distribution of ra ted loans Unrated * Exclude the gold loan portfo lio of - t 1,3)0 crore acquired from PMFL dun ng the penod (refer note 11 ). v) The Company has not acquired any stressed loans during the nine months ended December 3 1, 2025
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L&T Finance Limit ed (Fo rm erly know n as L1..~T Fi nance Holdin gs Limited) C IN. LG 7120M H20 08 PLC I81 833 Regd . Office: Bri ruJavan , Plot No. 177, C.S. T. Roac.l, Kalina , Sa nt ac ru z (East) , M umb :li - 400 098 , i\I:1 ha rns h1rn, lnc.lia Website: www.ltfin:rncc .co m Em:ii l: igrc@Jtrs.com Ph one: +91 22 6212 5000 Fa x: +91 22 62 12 5553 9 The Company is engaged primari ly in the business of financing and accordingly, !here are no sepa rate reportab le segmen ts as per Ind AS I 08 " Opera!ing Segmems " IO Information as required by Regulation 52(4) of the SEBI (Listing Obligatio ns and Disclosu re Req uireme nts) Regulati ons, 20 15 as ame nded, is auac hed as Ann exure I. 11 On Jun e 9, 2025 , the Compan y has acqui red gold loa n business of Pau l Merchants Finan ce Private Limit ed (Pi'v!FL), a wholly owned subsidia ry of Paul Me rcha nts Limited, for a total co nsideration of - ~ 7 11 Cro re by way of slump sale on a goi ng co nce rn basis . J 2 Previous period/year figures have been regrouped /reclassified to make them comparab le with those of current period /year. For and on behalf of the Board of Directors L&T Fina nce Limit ed {For mer ly known as L&T Finance l-l oldin s Limit ed) .... k Place : Mumba i Date : January 16, 2026
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L&T Finance Limited (Formerly known as L&T Finance Holdings Limited) CIN. L67120MH2008PLC181833 Regd. Office: Brindavan, Plot No. 177, C.S.T. Road, Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra, India Website : www.ltfinance.com Email : igrc@Itfs.com Phone: +91 22 6212 5000 Fax: +91 22 6212 5553 Annexu re I: Disclosure in compliance with Regulation 52( 4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended for the nine months ended December 31, 2025 Sr. No. I 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Note: I 2 3 4 5 6 Particulars Ratio Debt-equity ratio I 3.82 Debt service coverage ratio 2 Not App licable Interest service coverage ratio 2 Not Applicab le Outstanding redeemable preference shares (quanti ty and value) - Cap ital redem ption reserve(< in crore) 72.05 Debenture rede mpti on reserve(< in cro re) 0.29 Net worth(< in crore/ 26,8 17.63 Net profit after tax (< in crore) 2,153 .22 Earnings per equity share (*not annua lised) (a) Basic(<) *8.62 (b) Diluted (<) *8.59 Current rat ia2 Not Applicab le Long term debt to working capita l 2 Not Applicab le Bad debts to account receivable ratio 2 Not App licab le Current li ability ratio 2 Not App licab le Tota l debts to total assets 4 0.77 Debto rs turnove r2 Not App licab le Inventory turnover 2 Not App licable Operating marg i1/ lot App licable Net profit margin 5 16.37% Sector specific equi va lent ratios: (a) Gross Stage 3 3. 19% (b) Net Stage 3 0.92% (c) Cap ital to risk-weighted assets ratio6 19.10% (d) Liquidity coverage ratio for the quarter ended December 31 , 2025 6 205% Debt-equity ratio = (Debt sec urities + Borrowings (other than debt securities) + Subo rdinated liab ilities) / Ietworth. The Company is registered under the Reserve Bank ofindia Act , 1934 as No n-Banking Financial Company, hence these ratios are not app licable. Net wo rth = Equ ity share cap ital + Other equity. Tota l debts to total assets= (De bt secu rities+ Borrowings (other than debt sec urities) + Subord inated liabi lities) / Tota l assets. Net profit margin = Net profit after tax / Tota l income. Cap ital to risk-weighted assets ratio and Liquidity coverage ratio , are ca lculated as per the RBI gu idelines.
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BRAHMAYYA & CO., CHARTERED ACCOUNTANTS PHONE: +91-80-2227455, 22274552 FAX: +91-80-22212437 EMAIL: srinivas@brahmayya.in 607, 6th Floor K.P. Aurum, Marol Maroshi Rd, Marol, Andheri East, Mumbai - 400059 Independent Auditor's Certificate on the Statement of Maintenance of Security Cover and Compliance of Financial Covenants in respect of Listed Non - Convertible Debentures for the quarter and nine months ended December 31, 2025 To The Board of Directors L& T Finance Limited (formerly known as L& T Finance Holdings Limited) Brindavan, Plot No. 177, C.S.T. Road, Kalina Santacruz (East) Mumbai, Maharashtra - 400 098 India 1. The management of L& T Finance Limited ("the Company") has requested M/s Brahmayya & Co., Chartered Accountants, the joint statutory auditor of the Company, to certify the particulars contained in the accompanyingAnnexure of Listed Non-Convertible Debentures ("NCDs") attached herewith ("Annexure - A") for the Company as at and for the quarter ended December 31, 2025. Annexure -A has been prepared by the Company to comply with Regulation 54 read with Regulation 56(1 )(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended vide operational Circular no. SEBI/HO/DDHS/P/CIR/2023/50 dated March 3J, 2023 and Regulation 15(1 )(t) of the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, as amended from time to time (together referred to as the "Regulations") for the purpose of its onward submission to Debenture Trustees. The accompanying Annexure -A (herein after referred to as the "Statement", which includes Exhibit 1) has been prepared by management of the Company and it has been initi~ted by us for identification purpose only. RESPONSIBILITY OF THE MANAGEMENT 2. The preparation and presentation of the Statement is the exclusive responsibility of the Company's management including the preparation and maintenance of all accounting and other records supporting its contents. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. 3. The Company's management is also responsible for ensuring that the Company complies with the requirements of the Regulations and the General Information Document ("GID") / Information Memorandum ("IM") / Debenture Trust Deeds ("DTD") for all listed NCDs issued/outstanding during the quarter ended December 31, 2025, and for providing all ~~V~..q relevant information to the Company's Debenture Trustee. The Company's management is ,j sponsible for preparation and maintenance of the security cover and compliance with all 03 ha ered 9 Accountants * * ~ Page 1 of 3
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BRAHMAYYA & CO., CHARTERED ACCOUNTANTS covenants on a continuous basis as per the GID / IM / DTDs. Further, the Company's management is responsible for completeness and accuracy of the security cover and covenants listed in the Statement extracted from the list of covenants under the 'Covenants' section of the respective GID / IM / DTDs. AUDITOR'S RESPONSIBILITY AND METHODOLOGY 4. Pursuant to the request from management and as required by the Company's Debenture Trustee, we are required to provide a limited assurance on whether the Company has maintained security cover as per unaudited book value and complied with the financial covenants, as set out in the Statement for all outstanding listed NCDs. 5. For the purpose of this report, We have planned and performed the following procedures to determine whether anything has come to our attention that causes us to believe that, in all material respects, that the Company has not maintained security cover as per book value and has not complied with the financial covenants (as set out in Statement) as per the requirements of the GID / IM / DTDs with Debenture Trustee, in relation to all outstanding listed NCDs: \a) Obtained the unaudited standalone financial results of the Company as at and for the quarter ended December 31, 2025; (b) Obtained the list of listed NCDs and verified, for sample cases, the details such as ISIN, facility, sanctioned amount as at December 31, 2025, security details, for each series of the listed NCDs from the DTD and related documents; (c) Traced the amounts forming part of the Statement with the unaudited financial results, and books and other records maintained by the Company; (d) On sample basis verified, the details of the outstanding amount, cover required and assets required to be maintained as collateral for each series of the listed NCDs from other books and records maintained by the Company for the quarter ended December 31, 2025; (e) Recomputed the security coverage ratio as set out in the Statement; (f) Obtained from management, a list of applicable financial covenants (as set out in the Statement), extracted from the "Covenants" section of the respective GID / IM/ DTDs. Management has confirmed that the financial covenants listed in the Statement are extracted from all GID / IM / DTDs for all listed NCDs issued during the quarter ended December 31, 2025 / outstanding as at December 31, 2025. Against each of the applicable financial covenants (as set out in the Statement), obtained the status of compliance with such financial covenants as at December 31, 2025, from management; (g) On a sample basis, we traced the financial covenants in the Statement to the respective IM/ DTDs to test their accuracy (h) On a sample basis, verified the compliance with the financial covenants as set out in the Statement; and (i) Verified the arithmetical accuracy of the Statement. ~=:=:::=~ The procedures performed in a limited assurance engagement vary in nature and timing from, nd are less in extent than for, a reasonable assurance engagement and consequently, the el of assurance obtained in a limited assurance engagement is substantially tower than the rity Cover I L&T Finance Limited Page 2 of 3
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BRAHMAYYA & CO., CHARTERED ACCOUNTANTS assurance that would have been obtained had a reasonable assurance engagement been performed. 7. We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) ("the Guidance Note") issued by the ICAI. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. 8. We have complied with the relevant applicable requirements of the Standard on Quality Control ("SQC") 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements. CONCLUSION 9. Based on our procedures performed as mentioned in paragraph 5 above, information and explanation given to us and representations provided by the Company, nothing has come to our attention that causes us to believe that the book values as considered in the Statement, in relation to the computation of Security cover, is not in agreement with the unaudited books of accounts for the quarter ended December 31, 2025 and the Company has not complied with the financial covenants as mentioned in the Statement . RESTRICTION ON USE 1 O. This report has been issued for the sole use of the Board of Directors, to whom it is addressed, for onward submission to the Company's Debenture Trustees, pursuant to the requirements of the above-mentioned Regulations. Accordingly, our report should not be quoted or referred to in any other document or made available to any other person or persons without our prior written consent. We neither accept nor assume any duty or liability for any other purpose or to any other party to whom our report is shown or into whose hands it may come without our prior consent in writing. For Brahmayya & Co., Chartered Accountants Firm Registration No. 00051 SS ~ G. Srinivas Partner Membership No. 086761 UDIN: 2E,08G1Gt(> ~~ 18 Place: Mumbai Date: January 16, 2026 Security Cover I L&T Finance Limited Page3 of 3
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{fiJ l&T Finance Annexure A Statement of security cover and compliance with covenants as on December 31st, 2025 Security cover in respect of listed debt securities of the listed entity under SEBI Circular SEBI/HO/DDHS/P/CIR/2023/50 dated March 31, 2023 This Statement is.prepared in accordance with Regulation 56(1 )(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended vide operational Circular no. SEBI/HO/DDHS/P/CIR/2023/50 dated March 31, 2023 and Regulation 15 (1) (t) of the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, as amended from time to time (together referred to as the 'Regulations'). We hereby certify that: A. The listed entity i.e. L&T Finance Limited (formerly known as L&T Finance Holdings Limited) ('the Company') has vide its Board Resolutions, Information Memorandums/ Offer Documents and under various Debenture Trust Deeds, issued the listed debt securities (Non-Convertible Debentures/ NCD's) and the amount outstanding (including interest accrued) as at December 31st, 2025 is Rs. 26,185.32 crores as per Exhibit 1. B. Security cover for Secured listed debt securities i. The financial information as on December 31st, 2025, has been extracted from the unaudited financial statements for the period ended December 31 st, 2025, and other relevant records and documents maintained by the Company. ii. The assets of the Company provide coverage of 1.07 times of the interest and principal amount, which is in accordance with the terms of the issue / debenture trust deed (Calculation as per "Statement of security cover as on December 31 st, 2025") ("the Statement"). C. Compliance of all the covenants in respect of listed debt securities of the listed entity We confirm that the Company has complied with all the applicable covenants terms of the issue of the listed debt securities as listed below: L&T Finance Limited (formerly known as L&T Finance Holdings Limited) Registered Office Brindavan, Plot No. 177, C.S.T Road Kalina, Santacruz (East) Mumbai 400 098, Maharashtra, India CIN: L67120MH2008PLC181833 T +91 22 6212 5000 / 5555 F +91 22 6621 7509 E igrc@lffID:bff;: WWW.LTFINANCE.COM
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{[iJ l&T Finance L&T Finance Limited (formerly known as L&T Finance Holdings limited) Outstanding Secured Non Convertible Debenture (including inte rest accrued) as at December 31st 2025 ISIN No. Prod Type Description INE027E07964 Non Convertible Debenture INE027E07972 Non Convertible Debenture INE027E07980 Non Convertible Debenture INE027E07998 Non Convertible Debenture INE027E07AK3 Non Convertible Debenture INE027E07AL1 Non Convertible Debenture INE027E07AM9 Non Convertible Debenture INE027E07AN7 Non Convertible Debenture INE027E07AP2 Non Convertib le Debentu re INE027E07AQO Non Convertible Debenture INE027E07BBO Non Convertible Debentu re INE027E07BC8 Non Convertible Debentu re INE691107CM9 Non Convertib le Debentu re INE691107DW6 Non Convertible Debenture INE691107EJ1 Non Convertible Debentu re INE691107ED1 Non Convertible Debenture INE691107EU8 Non Convertible Debenture INE691107EU8 Non Convertible Debentu re INE691107EX2 Non Convertible Debenture INE476M079 25 Non Convertible Debentu re INE476M07A58 Non Convertible Debenture INE027E07CH5 Non Convertible Debenture INE027E07CH5 Non Convertible Debenture INE027E07CK9 Non Convertible Debenture INE027E07CL7 Non Convertib le Debenture INE027E07CL7 Non Convertib le Debenture IN E027E07CM5 Non Convertible Debenture INE027E07CL7 Non Convertible Debenture INE027E07CN3 Non Convertible Debenture INE027E07CD1 Non Convertible Debentu re INE027E07CP8 Non Convertible Debenture INE027E07CP8 Non Convertib le Debenture INE027E07C01 Non Convertible Debenture INE027E07C01 Non Convertib le Debenture INE235P07050 Non Convertible Debenture INE235 P07134 Non Convertible Debenture INE235P07142 Non Convertible Debenture INE235P07159 Non Convertible Debenture INE235P07183 Non Convertible Debenture INE235P07191 Non Convertible Debenture INE235P07209 Non Convertible Debenture INE235P07241 Non Convertible Debenture INE235P07274 Non Convertible Debenture INE235P07316 Non Convertible Debenture INE235P07399 Non Convertible Debenture INE235P07431 Non Convertible Debenture INE235P07456 Non Convertible Debenture INE235 P074 64 Non Convertible Debenture INE235P07498 Non Convertible Debenture INE235P07506 Non Convertible Debenture INE235P07514 Non Convertible Debenture INE235P07548 Non Convertible Debenture INE235P07555 Non Convertib le Debenture INE235P07571 Non Convertible Debenture INE235P07738 Non Convertible Debenture INE235P07944 Non Convertib le Debenture INE235P0795 1 No'n Convertib le Debenture INE235P07969 Non Convertible Debenture L&T Finance Limited (formerly known as L& Kalina, Santacruz (East) Mumbai 400 098, Maharashtra, India CIN: L67120MH2008PLC181833 Mode of Issue Public Issue Public Issue Public Issue Public Issue Public Issue Public Issue Public Issue Public Issue Private Placement Private Placement Public Issue Public Issue Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Pr[vate Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placem ent Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Ou standing amoun t (including inter est accured) as on 31st Type of Charge December , 2025 Exclusive 8,60 ,14,257.10 Exclusive 1,19,26,80,518.83 Exclusive 70,57,335.40 Exclusive 1,02,22,14,083.75 Exclusive 11,18,69,126.80 Exclusive 3,74,77,35,789.40 Exclusive 45,65,053.06 Exclusive 17,55,56,585.62 Exclusive 8,94,67,50,684.90 Exclusive 15,54,11,095 .89 Exclusive 25,07,64,475.62 Exclusive 3,99,03,40,790.87 Exclusive 56,05,13,747.37 Exclusive 47,46,06,632.69 Exclusive 59,35,46,438.36 Exclusive 1,24,19,78,369.86 Exclusive 1,02,39,24,383.56 Exclusive 51,19,62,191.78 Exclusive 15,00,62,63,013.70 Exclusive 5,30,21,581.87 Exclusive 10,14,28,495.96 Exclusive 3,85,75,18,857.00 Exclusive 5,00,32,67,000.00 Exclusive 2,94,46,88,698.60 Exclusive 2,13,66,52,054.80 Exclusive 1,52,23,64,589.04 Exclusive 1,59,44 ,80,714 .29 Exclusive 2,99,13 ,12,876.70 Exclusive 1,48,76,15,342.47 Exclusive 2,61,82,87,671.20 Exclusive 26,13,77,397.26 Exclusive 4,96,61,70,548.00 Exclusive 1,15,20,46,575.34 Exclusive 78,54,86,301.37 Exclusive 1,07,88,04,931.5 1 Exclusive 1,65,98,68,495.90 Exclusive 16,27,32,205.48 Exclusive 10,84,88,136.99 Exclusive 1,45,04,18 ,91 7.80 Exclusive 5,37,19,219. 18 Exclusive 5,37,19,219.18 Exclusive 96,10,58,292.63 Exclusive 3,19,78,12,640.40 Exclusive 21,14,01,643.84 Exclusive 10,49,14,383.56 Exclusive 52,38,68 ,493 .15 Exclusive 1,09,86,04,931. 51 Exclusive 15,6 1,63,018.52 Exclusive 74,32,94,154.51 Exclusive 1,04,37,5 3,972 .31 Exclusive 25,51,96,580.38 Exclusive 76,36,43,835.62 Exclusive l,32 ,15,80,000.00 Exclusive 25,25,11,984.76 Exclusive 1,10,07,16,438.36 Exclusive 21,59,08,967 .12 Exclusive 7,15,98,64,762.40 Exclusive 12,19,67,342.47 T +91 22 6212 5000 / 5555 F +91 22 6621 7509 E igrc@ltfs.com cxn,011-1 Security Margin Total Asset Cover Required 100 8,60,14,257.10 100 1,19,26,80,519.00 100 70,57,335.40 100 1,02,22,14,084.00 100 11,18,69,126.80 100 3, 74, 77,35, 789.00 100 45,65,053.06 100 17,55,56,585.60 125 11,18,34,38,356.00 100 15,54,11,095.90 100 25,07,64,475.60 100 3,99,03,40,791.00 100 56,05,13,747.40 100 47,46,06,632.70 100 59,35,46,438.40 100 1,24,19,78,370.00 100 1,02,39,24,384.00 100 51,19,62,191.80 125 18, 75, 78,28, 767.00 100 5,30,21,581.87 100 10,14,28,496.00 100 3,85,75,18,857.00 100 5,00,32,67,000.00 100 2,94,46,88,699.00 100 2,13,66,52,055.00 100 1,52,23,64,589.00 100 1,59,44,80,714.00 100 2,99,13,12,877.00 100 1,48,76,15,342.00 100 2,61,82,87,671.00 100 26,13,77,397.30 100 4,96,61,70,548.00 100 1,15,20,46 ,575.00 100 78,54,86,301.40 100 1,07,88,04,932.00 100 1,65,98,68,496.00 100 16,27,32,205.50 100 10,84,88,137.00 100 1,45,04,18,918.00 100 5,37,19,219.18 100 5,37, 19,219 .18 100 96,10,58,292.60 100 3,19,78,12,640.00 100 21,14,01,643.80 100 10,49,14,383.60 100 52,38,68,493.20 100 1,09,86,04 ,932.00 100 15,61,63,018.50 100 74,32,94 ,154.50 100 1,04,37,53,972.00 100 25,51,96,580.40 100 76,36,43,835.60 100 1,32, 15,80,00 0.00 100 25,25,11,984.80 100 1,10,07,16,438.00 100 21,59,08,967.10 125 8,94,98,30,953.00 100 12,19,67,342.50 WWW.LTFINANCE.COM
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ISIN No. Prod Type Descript ion INE235P07977 Non Convertible Debenture INE235P07AC5 Non Convertible Debenture INE235P07AD3 Non Convertible Debenture INE235P07AE1 Non Convertible Debenture INE235P07AF8 Non Convert ible Debenture INE235P07AG6 Non Convertible Debenture INE235P07AH4 Non Convertible Debenture INE235P07Al2 Non Convertible Debenture INE235P07AJO Non Convertible Debenture INE235P07AK8 Non Convertible Debenture IN E235P07AL6 Non Convertible Debentur e INE691107EJ1 Non Convertible Debenture INE691107E01 Non Convertible Debenture IN E498L07012 Non Convert ible Debe nture INE498L07012 Non Convertible Debenture INE498L07020 Non Convertible Debe nture INE498L07020 Non Convertible Debe ntur e INE498L07038 Non Convertible Debenture INE498 L07038 Non Convertible Debenture INE498L07038 Non Convertible Debenture INE498L07046 Non Convertible Debenture INE498L07053 Non Convertible Debenture INE498L07038 Non Convertible Debenture INE498L07046 Non Convertible Debenture INE498L07038 Non Convertible Debenture INE498L07046 Non Convertible Debentu re INE498L07046 Non Convertible Debentu re IN E498L07087 Non Convert ible Debe ntur e IN E498L07103 Non Convertible Debentu re INE498L07111 Non Convertible Debenture INE498L07012 Non Convertib le Debe ntur e INE498L07111 Non Convertible Debentu re INE498L07111 Non Converti ble Deben tur e INE498L07111 Non Convertible Debe nture INE498L07111 Non Convertib le Debentu re INE498L07 111 Non Convertible Debenture INE498L07129 Non Convertib le Debenture INE498L07129 Non Convertible Debent ure INE498L07129 Non Convertible Debentur e INE498L07129 Non Convertible Debenture INE498L07129 Non Convertible Debenture INE498 L07137 Non Convert ible Debenture INE498L07137 Non Convertib le Debenture INE498L07137 Non Convertible Debenture INE498L07129 Non Convertible Debenture INE498L07129 Non Convertible Debenture INE498L07129 Non Converti ble Debentu re IN E498L07129 Non Convertible Debenture IN E498L07137 Non Convertible Deben ture IN E498L07145 Non Convertible Debentur e INE498L07038 Non Convertible Debentu re IN E498L07160 Non Convertible Debentu re INE498L07160 Non Convertible Debenture INE498L07160 Non Convertible Debenture INE498L07178 Non Convert ible Debenture INE498L07186 Non Convertible Debenture INE498L07194 Non Convertible Debenture INE027E07CF9 Non Convertible Debe ntur e INE027E07CF9 Non Convertib le Debenture INE498L07152 Non Convertible Debenture INE027E07803 Non Convertib le Debenture L&T Finance Limited (formerly known as L& T Fina, Registered Office Kalin a, Santacruz (East) Mumba i 400 098, Maharashtra, India CIN: L67120MH2008PLC181833 Mode of Issue Private Placement Private Placement Private Placement Private Placement Private Placeme nt Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placeme nt Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placeme nt Private Placement Private Placement Private Placeme nt Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement. Private Placeme nt Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement (@ l&T Finance Oustanding amount (includin g interest accured) as on 31st Type of Charge December, 2025 Exclusive 16,93,88,2 19.18 Exclusive 26,41 ,54,30 1.37 Exclusive 26,41,54,301.37 Exclusive 26,41,54,301.37 Exclusive 26,41,54,301.37 Exclusive 26,41,54,301.37 Exclusive 10,08,0 5,890.41 Exclusive 10,08,05,890.4 1 Exclusive 10,08,0 5,890.41 Exclusive 10,08,05,890.41 Exclusive 10,08,05,890.41 Exclusive 2,37,4 1,85,753.40 Exclusive 2,6 1,61,70,698.60 Exclusive 5,40,41,50,684.90 Exclusive 1,62,12,45,205.50 Exclusive 2,20,38,79, 739 .70 Exclusive 2,37,58,89,865.80 Exclusive 3,19,77,60,000.00 Exclusive 1,06,59,2 0,000.00 Exclusive 2,13,18,40,000.00 Exclusive 2,94,83,54,554.30 Exclusive 1,79,52, 15,013.70 Exclusive 53,29,60,000.0 0 Exclusive 52,09, 10,698 .63 Exclusive 1,06,59,20,000.00 Exclusive 52,09 ,10,698 .63 Exclusive 52,09,10,698.63 Exclusive 3,04,16,60,547.95 Exclusive 5,02,01,71,232.88 Exclusive 3,84,76,84,517.30 Exclusive 1,72,93 ,28,2 19.20 Exclusive 80,16 ,00,941.10 Exclusive 80,16,00,941.10 Exclusive 53,44 ,00,627.40 Exclusive 2,67,20,03,137.00 Exclusive 53,44 ,00,6 27.40 Exclusive 5,27,14,900.55 Exclusive 47,44,34, 104.93 Exclusive 1,58,14,47,016.44 Exclusive 52,71,49,00 5.48 Exclusive 2,63,57,45,027.40 Exclusive 2,07,34 ,74,586 .30 Exclusive 4,66,53,17,819.20 Exclusive 1,03,67 ,37,293. 15 Exclusive 2,63,57,45,027.40 Exclusive 2,63,57,45,027.40 Exclusive 52,71,49,005.48 Exclusive 2,10,85,96,021.90 Exclusive 9,33,06,35,638.40 Exclusive 9,36,18,96,164.40 Exclusive 4,26,36,80,000.00 Exclusive 7,49,04,21,917.80 Exclusive 51,65,80,821.92 Exclusive 2,32,46 ,13,698.63 Exclusive 2,54,78 ,19,972.60 Exclusive 2,56,84,00,452.35 Exclusive 10,60, 79,88,328.80 Exclusive 3,78,28,51,389.10 Exclusive 25,21,90,092.61 Exclusive 2,33,37,87,546.93 Exclusive 10,46,02,19,178.10 T +91 22 6212 5000 / 5555 F +91 22 6621 7509 E igrc@ltfs.com Security Ma rgin Total Asset Cover Required 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 125 '·::<! \\-1 .. "\ :. \.'\_. 16,93,88,219.20 26,41,54,3 01.40 26,41,54,301.40 26,41,54,301.40 26,41,54,301.40 26,41,54,301.40 10,08,05,890.40 10,08,05,890.40 10,08,05,890.40 10,08,05,890.40 10,08,05,890.40 2,37,41,85,753.00 2,61,61,70,699.00 5,40,4 1,50,685.00 1,62, 12,45,205.00 2,20,38, 79,740.00 2,37,58,89,866.00 3,19,77,60,000.00 1,06,59,20,000.00 2,13,18,40,000.00 2,94,83,54,554.00 1,79,52,15,014.00 53,29,60,000.00 52,09,10,698.60 1,06,59,20,000.00 52,09, 10,698.60 52,09,10,698.60 3,04,16,60,548.00 5,02,01 ,7 1,233 .00 3,84,76,84,517. 00 1,72 ,93, 28,2 19.00 80,16,00,94 1.10 80,16,00,941.10 53,44,00,627.40 2,67,20,03,137. 00 53,44,00,627.40 5,27, 14,90 0.55 47,44,34,104.90 1,58,14,47,016.00 52,71 ,49, 005 .50 2,63,57,45,027.00 2,07,34,74,586.0 0 4,66,53,17,819.00 1,03,67 ,37,293.00 2,63,57,4 5,02 7.00 2,63,57,45,027.00 52,7 1,49,005.50 2,10,85,96,022.00 9,33,06,35,638.00 9,36,18,96,164.00 4,26,36,80,000.00 7,49,04,21,918.00 51,65,80,821.9 0 2,32,46,13,699.00 2,54,78,19,973.00 2,56,84,00,452.00 10,60, 79,88,329.00 3,78,28,51,389.00 25,21,90,092.60 2,33,37,87,547.00 13,07 ,52, 73,973.00 WWW.LTFINANCE.COM
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ISIN No. Prod Type Description Mod e of Issue INE691107240 Non Convertible Debenture Private Placement INE027E07CQ6 Non Convertible Debenture Private Placement INE498L07095 Non Convertible Debenture Private Placement INE498L07095 Non Convertible Debenture Private Placement Total assets hypothecated as on 31st December 2025 - Rs.27,982 .62 crores L& T Finance Limited (formerly known as L& T Finance Holdings Limited) Registered Office Brindavan, Plot No. 177, C.S.T Road Kalina, Santacruz (East) Mumbai 400 098, Maharashtra, India CIN: L67120MH2008PLC181833 @ l&T Finance Oustand ing amount (including interest accured) as on 31st Type of Charge December , 2025 Exclusive 2,18,6 1,36,983.60 Exclusive 16,38,09,3 1,506.90 Exclusive 5,11,90,41,095.90 Exclusive 5,11,90,41,09 5.90 2,61,85,32 ,40,146 .81 26,185.32 T +91 22 6212 5000 I 5555 F +91 22 662 1 7509 E igrc@ltfs.com Security M argin Total Asset Cover Required 125 2, 73,26, 71,230.00 125 20,47,6 1,64,384.00 125 6,39,88 ,01,370.00 125 6,39,88,01,370.00 2, 79,44, 78,02,226. 74 27,944.78 WWW.LTFINANCE.COM
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{fiJ l&T Finance ANNEXUREI Aoolicable Covenants listed below· Sr. No. Reference Covenant Description given by Debenture Trust Deed (OTO) 1 2 ofDTD Amount of debentures and covenant to pay principal amount and interest. The Company covenants with the Debenture Trustee that the Company shall pay to the Debenture Holders all amounts due in relation to the Debentures , including but not limited to the Principal Amount, Interest periodically, as mentioned in the Financial Covenants and Conditions covered in Schedule. 2 8 of DTD Covenant for Redemption The Debenture Trustee shall, upon proof being given to the reasonable satisfaction of the Debenture Trustee that all the Principal Amount of Debentures shall be Redeemed in accordance with the Financial Covenants and Conditions together with all Interest, liquidated damages and all other monies hereby secured or intended to be secured have been paid or satisfied in accordance with the tenor(s) thereof and upon payment of all costs, charges and ~xpenses incurred by the Debenture Trustee or by any Receiver in relation to these presents (including the remuneration of the Debenture Trustee and of any Receiver and all interest and liquidated damages in respect thereof) and upon observance and performance of the terms and conditions and covenants herein contained, the Debenture Trustee shall, at any time thereafter, at the request and cost of the Companyre•convey , re•assign, re•assure and re•transferto the Company or as the Company may direct or to such other person entitled thereto the Hypothecated Assets freed and discharged from the trusts and security created through this Deed, as the case may be. 3 32 of DTD Investor Education and Protection Fund The Company covenants to comply with the provisions of Section 125 of the Act relating to transfer of unclaimed amount upon Redemption of Debentures to Investor Education and Protection Fund r IEPF"), if applicable to it. 4 34(B) (iii) of DTD Power of Debenture Trustee to appoint Nominee Director The Debenture Trustee shall have authority to appoint a nominee director on the Board of the Company as per provisions of SEBI (Debenture Trustee) Regulations, 1993 and the and the Act particularly in the event of: (A) Two consecutive defaults in payment of Interest to the Debenture Holders; or (B) Default in creation of security for Debenture s; or (C) Default in redemption of Debentures. The nominee director so appointed shall not be liable to retire by rotation nor shall be required to hold any qualification shares . The Company shall take steps to amend its articles of association for the purpose if necessary. 5 34(B) (iv) of DTD Special Covenants In the event of any repugnancy or inconsistency in the terms of these presents and the terms and conditions on which the said Debentures were issued, the terms and conditions on which the said Debentures are issued will prevail for all purposes and intents. 6 Schedule II of DTD Financial Covenants and Conditions 1. Computation of interest. 2. Rate of interest , interest period and interest payment date 3. Redemption. 4. Payments 5. Security 6. Security Cover , etc. 7 34 (a)ofD TD That notwithstanding anything to the contrary done or executed or omitted to be done or executed or knowingly suffered to the contrary the Company now has power to grant, transfer, assure and assign unto the Debenture Trustee the Hypothecated Assets. 8 34 (a) of DTD That it shall be lawful for the Debenture Trustee taking possession under the provisions herein contained of all or any of the Hypothecated Assets without any interruption or disturbance by the Company or any other person or persons claiming by, through, under or in trust for the Company and freed and discharged from or otherwise by the Compan~ sufficiently indemnified against all encumbrances and demands whatsoever; 9 34 (a) of DTD That the Company shall execute all such deeds, documents and assurances and do all such acts and things as the Debenture Trustee may reasonably require for exercising the rights under these presents and the Debentures or for effectuating and completing the security intended to be hereby created and shall, from time to time and at all times after the security hereby constituted shall become enforceable , execute and do all such deeds, documents, assurances, acts, and things as the Debenture Trustee may require for facilitating realization of the Hypothecated Assets and for exercising all the powers, authorities and discretions hereby conferred on the Debenture Trustee or any Receiver and in particular the Company shall execute all transfers, assignments and assurance of the Hypothecated Assets whether to the Debenture Trustee or to their nominees and shall give all notices, orders and directions which the Debenture Truste may think expedient and shall perform or cause to be performed all acts and things requisite or desirable for the purpose of giving effect to the exercise of any of the said powers, authorities and discretions, and further shall for such purposes of any of them make or consent to such application or local authority as the Debenture Trustee may require for the consent, sanction or authorization, of such authority to or for sale and transfer of the Hypothecated Assets or any part thereof and it shall be lawful for the Debenture Trustee to make or consent to make any such application in the name of the Company and for the purposes aforesaid a certificate in writing signed by the Debenture Trustee to the effect that any particular assurance or thing required by them is reasonably required by them shall be conclusive evidence of the fact; 10 34 (a) of DTD The Hypothecated Assets will at all times be the absolute property of the Company and be free from any security, other than the charge created by this Deed and as permitted by the Transaction Documents; 11 34 (a) of DTD It shall not create, grant or permit to subsist any restriction on the ability to transfer or realise, all or any of its right, title and interest in the Hvoothecated Assets or any part; L&T Finance Limited (formerly known as L& T Finance Hal Registered Office Brindavan, Plot No. 177, C.S.T Road Kalina, Santacruz (East) Mumbai 400 098, Maharashtra, India CIN: L671 20MH2008PLC181833 T +91 22 6212 5000/ 5555 F +91 22''662'1'7509 E igrc@ltfs.com Status of Compliance as per Management Complied No such event occurred Complied No such event occurred. The Company has amended its Articles of Association (AoA) in compliance of SEBI (Issue and Listing of Non Convertible Securities) (Amendment) Regulations, 2023 dated February 2, 2023. No such event occurred Complied No such event occurred No such event occurred Complied with as and when event occurred Complied No such event occurred
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{fiJ L&T Finance Sr. Reference Covenant Description given by Debenture Trust Deed (DTD) No. 12 34 (a) of DTD It shall file duly completed E-forms as prescribed under the Companies Act, 2013 with the relevant Registrar of Companies along with the requisite filing fee and shall deliver to the Debenture Trustee: (i) a copy thereof along with evidence of payment of fees; and (ii) a copy of certificate of registration of charge issued by the Registrar of Companies in relation to the charge created with respect to the Hypothecated Assets; 13 34 (a) of DTD II shall execute all such deeds, documents and assurances and do all such acts and things as the Debenture Trustee may require (including necessary filings / registration with Central Registry under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 if required); 14 34 (a) of DTD The Company has complied with and will comply with all applicable provisions of the Act and all other applicable laws in respect of the Debentures; 15 34 (a) of DTD The Company has not taken any corporate action for its winding-up, dissolution, administration, reorganization or for appointment of receiver, administrator of the Company or all or any of its assets or undertakings; 16 34 (a) of DTD There is no litigation, proceeding or dispute, pending or threatened against the Company in the knowledge of the Company, the adverse determination of which would substantially affect the Company's ability to Redeem the Debentures or have a materially adverse effect on the financial condition of the Company; 17 34 (a) of DTD The Company covenants with the Debenture Trustee that in case the Company fails to create security herein even after the expiry of the three months from the closure of issue, the Company shall within 21 (twenty-one) days thereafter convene the meeting of the Debenture Holders/ the Beneficial Owners to explain the reasons for the delay in creation of security and indicate the date by which the security would be created and seek their approval for the same. 18 34 (b) (i) (B) of Carry out and conduct its business with due diligence and efficiency and in accordance with sound engineering, DTD technical, managerial and financial standards and business practices with qualified and experienced management and personnel. 19 34 (b) (i) (C) of Utilise the monies received towards subscription of the Debentures for Long term augmentation of funds and at the end DTD of each financial year shall furnish to the Debenture Trustee a statement showing the manner in which the said monies have been utilised from the Statutory Auditors of the Company. 20 34 (b) (i) (D) of That the Company shall ensure that during the currency of the said Debentures the Company shall maintain minimum DTD asset cover ratio at all times and also maintain the debt equity ratio as per the applicable law. 21 34 (b) (i) (e) of Furnish to the Debenture Trustee a certificate from a Company's Statutory Auditors in respect of the utilisation of funds DTD raised by the issue of the Debentures. 22 34 (b) (i) (F) of The Company shall conduct review at least once a year by a credit rating agency with respect to the Debentures and DTD shall promptly initimate the Debenture Trustee in case of any revision in the rating. 23 34 (b) (i) (G) of Keep proper books of account as required by the Act and therein make true and proper entries of all dealings and DTD transactions of and in relation to the Hypothecated Assets and the business of the Company and keep the said books of account and all other books, registers and other documents relating to the affairs of the Company at its registered office or, where permitted by law, at other place or places where the books of account and documents of a similar nature may be kept and the Company will ensure that all entries in the same relating to the Hypothecated Assets and the business of the Company shall at all reasonable times be open for inspection of the Debenture Trustee and such person or persons as the Debenture Trustee shall, from time to time, in writing for that purpose, appoint. 24 34 (b) (i) (H) of Give to the Debenture Trustee or to such person or persons as aforesaid such information as they or he or any of them DTD shall require as to all matters relating to the business, property and affairs of the Company and at the time of the issue thereof to the shareholders of the Company furnish to the Debenture Trustee three copies of every report, balance sheet, profit and loss account, circulars, or notices, issued to the shareholders and the Debenture Trustee shall be entitled, if they think fit, from time to time, to nominate a firm of Chartered Accountants to examine the books of account, documents and property of the Company or any part thereof and to investigate the affairs thereof and the Company shall allow any such accountant or agent to make such examination and investigation and shall furnish him with all such information as he may require and shall pay all costs, charges and expenses of and incidental to such examination and investigation. 25 34 (b) (i) (I) of Forthwith give notice in writing to the Debenture Trustee of commencement of any proceedings directly affecting the DTD Hypothecated Assets. 26 34 (b) (i) (J) of Diligently preserve its corporate existence and status and all rights, contracts, privileges, franchises and concessions DTD now held or hereafter acquired by it in the conduct of its business and that it will comply with applicable to the Hypothecated Assets or any such acts, rules, regulations, orders and directions and pending the determination of such contest may postpone compliance therewith if the rights enforceable under the Debentures or the security of the Debentures is not thereby materially endangered or impaired. The Company will not do or voluntarily suffer or permit to be done any act or thing whereby its right to transact its business might or could be terminated or whereby payment of the Principal Amount of or Interest on the Debentures might or would be hindered or delayed. L&T Finan ce Lim it ed (fo rmerly kno wn as L&T Fin ance Hold ings Lim ited) Registere d Office Brinda van, Plot No. 177, C.S.T Road Kalin a, Santacruz (East) Mumba i 400 098 , Mah arashtra, India CIN: L67 120MH2008 PLC181833 T +91 22 62 12 5000 I 5S55 F +91 22 6621 7509 E igrc @ltfs .com Status of Compliance as per Management Complied NA Complied with as and when applicable No such event occurred No such event occurred No such event occurred Complied Complied Complied Complied Complied Complied Complied No such event occurred No such event occurred WWW.LT FINANCE.COM
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~ l&T Finance Sr. No. Referenc e Covenant Descriptio n given by Debentur e Trust Deed (DTD) 27 34 (b) (i) (K) of Pay all such stamp duty (including the stamp duty or any additional stamp duty payable if any on this document}, other duties, taxes, DTD charges and penalties, if and when the Company may be required to pay according to the laws for the time being in force, and in the event of the Company failing to pay such stamp duty, other duties, taxes and penalties as aforesaid, the Debenture Trustee will be at liberty (but shall not be bound) to pay the same and the Company shall reimburse the same to the Debenture Trustee on demand. 28 34 (b) (i) (M) of Promptly inform the Debenture Trustee if it has notice of any application for insolvency or winding up or liquidation having been made or an~ DTD statutory notice of winding up under the Act or otherwise of any suit or other legal process intended to be filed or initiated against the Company and affecting the title to the Company's properties or if a Receiver is appointed of any of its properties or business or undertakin~ 29 34 (b) (i) (N) of Promptly inform the Debenture Trustee of the happening of any labour strikes, lockouts, shut downs, fires or any event likely to have a DTD substantial effect on the Company's profits or business and of any material changes in the rate of production or sales of the Company with an explanation of the reasons therefore; 30 34 (b) (i) (D) of Promptly inform the Debenture Trustee of any loss or damage which the Company to any force majeure circumstances or act of God, such DTD as earthquake, flood, tempest or tvphoon, etc. against which the Companv mav not have insured its properties; 31 34 (b) (i) (P) of Submit to the Debenture Trustee its duly audited annual accounts within six months from the close of its accounting year. In case statutory DTD audit (if required) is not likely to be completed during this period, the Company shall get its accounts audited by an independent firm of Chartered Accountants and furnish the same to the Debenture Trustee. 32 34 (b) (i) (Q) of Shall submit to the Debenture Trustee the Asset Cover (ACR) certificate duly certified by the Chartered Accountant every quarter. DTD 33 34 (b) (i) (R) of Shall submit quartedy information report in respect of these Debentures in the prescribed format as per the requirement of the Debenture DTD Trustee. 34 34 (b) (i) (S) of Submit a quarterly report duly signed by authorised officer to the Trustee containing the following particulars: DTD (I) Updated list of names and address of all Debenture Holders / Beneficial Owners, (II) Details of Interest due but unpaid and reasons for the same, (Ill) The number and nature of grievances received from the Debenture Holders/ Beneficial Owners and resolved by the Company and (a) resolved by the Company (b) unresolved by the Company and the reason for the same, and (IV) Statement that the assets of the Company available as security are sufficient to discharge the claims of the Debenture holders/ Beneficial Owners as and when the same become due. 35 34 (b) (i) (T) of Submit to the Stock Exchange for dissemination along with DTD the half yearly financial results, a half yearly communication, countersigned by Debenture Trustee, containing inter alia the following information. (I) credit rating, (II) asset cover available, (Ill) debt-equity ratio, (IV) previous due date for the payment of interest/principal and whether the same has been paid or not, (V) next due Coupon Payment Dale and Redemption Dale, (VI) interest service coverage ratio (VII) debt service coverage ratio (VIII) net worth, (IX) net profit after tax, and (X) earnings per share; 36 34 (b) (i) (U) of Promptly inform the Debenture Trustee of any change in its name, any change in the composition of its Board of directors or change in the DTD conduct of its business; 37 34 (b) (i) (V) of The Company shall within 180 days from the end of the financial year, submit a copy of the latest annual report to the Debenture Trustee DTD and the Debenture Trustee shall be obliged to share the details submitted under this Clause with all other existing Debenture Holders within two working days of their specific request; 38 34 (b) (i) (W) of Promptly and expeditiously attend to and redress the grievances , if any, of the Debenture Holders. The Company further undertakes that it DTD shall promptly comply with the suggestions and directions that may be given in this regard, from time to time, by the Debenture Trustee and shall advise the Debenture Trustee periodically of the compliance; 39 34 (b) (i) (Y) of Comply with all regulatory and other requirements as specified by the relevant governmental authorities and Stock Exchanges from time to DTD time and ensure compliance with applicable laws, the debt listing agreement entered into with the stock exchanges, the Offer Document. 40 34 (b) (i) (Z) of The Company shall inform the Debenture Trustee about any change in nature and conduct of business which would affect the DTD Hypothecated Assets and any order, direction of any court or tribunal affecting the Hypothecated Assets. 41 34 (b) (i) (AA) of The Company undertakes to pay the Interest and Principal Amount of such Debentures to the Debenture Holders as and when it becomes DTD due, as per the terms of the offer. 42 34 (b) (i) (BB) of The Company shall submit such information as may be reasonably required by the Debenture Trustee DTD 43 34 (b) (i) (DD) of The Company shall, on quarterly basis furnish to the Debenture Trustee, the following certificates: DTD a. Certificate from an independent chartered accountant giving the value of book receivables/book debts of the Company. 44 34 (B) (i) (FF) of Additional covenants related to security creation, default in payment and other defaults and delay in listing DTD 45 34(8) (ii) of DTD Negative covenants The Company hereby covena nts with the Debentur e Trustee that during the continuance of the Debentures, without the prior written approval of the Debenture Trustee, the Company shall not: (A) Declare any dividend to its shareholders during any financial year unless it has paid the Principal Amount and Coupon due and payabl on the Debentures , or has made provision satisfactory to the Debenture Trustee for making such payment; (B) Sell or dispose of or assign the Hypothecated Assets or any part thereof or create thereon any hypothecation, mortgage, lease, lien 01 charge or other encumbrance of any kind whatsoever; and (C) Create any mortgage, lease, lien or charge or other encumbrance of any kind whatsoever on the Hypothecated Assets. l&T Finance limited (formerly known as L&T Finance Holdings Limit Registered Office Brindavan, Plot No. 177, C.S.T Road Kalina, Santacruz (East) Mumbai 400 098, Maharashtra, India CIN: L67120MH2008PLC181833 E igrc@ltfs.com Status of Compli ance as per Manaaement Complied No such event occurred No such event occurred No such event occurred Complied Complied Complied Complied Complied Complied Complied Complied Complied with as and when event occurred No such event occurred Complied Complied with as and when event occurred Complied Complied No such event occurred
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{fi) l&T Finance Sr. No. Reference Cove nant Desc ription aive n bv Debenture Trust Deed (OTO} 46 5.1 of DTD General Undertakings and Covenants The Company shall as required by Section 88 of the Act, keep at its registered office/ corporate office a Register of the Debenture Holder(s) holding Debentures , in physical form showing (a) the name and address and the occupation, if any, of each holder, (b) the amount of the Debentures held by each holder distinguishing each Debenture by its number and the amount paid or agreed to be considered as paid on those Debentures, (c) the date on which each person was entered in the Register as a Debenture Holder, (d) the date on which any person ceased to be a Debenture Holder, and (e) the subsequent transfers and changes of ownership thereof. 47 5.1 of DTD (Catalyst) So long as the Debenture Holder(s) continue to hold the Debentures, the Company agrees and undertakes to comp!~ with all Applicable Laws including the Companies Act, 2013, all provisions of applicable SEBI regulations including SEBI (Debenture Trustee Regulations, 1993 (as amended from time to time), SEBI (Issue and Listing of Non- Convertible Securities) Regulations, 2021 {as amended from time to time), SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended from time to time), the debt listing agreement entered into with the stock exchanges (where the Debentures are listed/ proposed to be listed). This Deed is also subject to such guidelines as may be issued by SEBI, Government of India, such other statutory or regulatory authorities from time to time. 48 5.1 of DTD (Catalyst) The Company shall create and maintain a reserve to be called the "Recovery Expense Fundn as per the provisions al and in the manner provided in the SEBI (Debenture Trustee) Amendment Regulations, 2020, the SEBI REF Circular and any guidelines and regulations issued by SEBI, as applicable. The Recovery Expense Fund shall be created to enable ·the Debenture Trustee to take prompt action in relation to the enforcement of the Security in accordance with the Transaction Documents. The Company shall submit to the Trustee certificate duly certified by the statutory auditors/independent chartered accountant/letter from designated stock exchange certifying creation and the form of such Recovery Expense Fund by the Company prior to the opening of the issue. The balance in the Recovery Expense Fund shall be refunded to the Company on repayment of Secured Obligations to the Debenture Holders for which a 'No Objection Certificate (NOC)' shall be issued by the Debenture Trustee(s) to the designated stock exchange. The Debenture Trustee(s) shall satisfy that there is no 'default' on any other listed debt securities of the Company before issuing the said NOC. 49 5.2 of DTD Information Covenants The Company shall provide the relevant information set out in the Schedule hereto, in the manner and within the time period stipulated herein. 50 8 (8) (i) (31) of DTD Enforcement and Realisation related covenants In terms of Clause 3.2 of the SEBI Circular dated 23.06.2020 , the Issuer hereby submits the following Bank Account details from which it proposes to pay the redemption amount and hereby pre-authorise Debenture Trustee to seek debt redemption payment related information from the said bank. The Issuer hereby submits a letter duly acknowledged by the said bank agreeing to provide debt redemption payment related information to the Debenture Trustee. 51 8 (vii) of DTD As and if applicable , shall conform with the guidelines issued in respect of the Inter Creditor Agreement {ICA) by the Regulatory Authorities from time to time, 52 8 (viii) of DTD Promptly inform the Debenture Trustee if it has received notice of any application for corporate resolution process or any statutory notice of winding up or corporate resolution process under the Insolvency and Bankruptcy Code, 2016, as amended and the Companies Act or if a receiver is appointed on business or undertaking. 53 8 (vi) of DTD Issuer hereby undertakes that charge shall be registered with Sub Registrar, ROG, CERSA1, Depository etc. as applicable, within 30 days of creation of charge. 54 8 (B)(i)(18) of DTD Promptly inform Debenture Trustee of any shortfall or deficiency in maintaining the minimum Security Cover NDTE: - i) The asse ts offered as sec urit y are loans given by the co mpany and hence not eligible for market valuatio n ii) The regis ter of Debentur es holder holdin g Debentures is maintained by Registrar and Transfer Age nt which is available in electro nic fo rm. L& T Finance Limited ··-r --~"•· ,.~, Sandeep Gupta Head-Treasury Operations Place-Mumbai Date -January 16th, 2026 L&T Finance Limit ed (forme rly know n as L& T Finance Holdi ngs limit ed) Registered Office Bri ndavan, Plot No. 177, C.S.T Road Kalina, Santacruz (East) Mum bai 400 098, Maharasht ra, Ind ia CI N: L67120MH 2008PLC181833 T +912262 12 5000/ 5555 F +91 22 662 1 7509 E igrc@ltfs.com Status of Compliance as per Mana~ement Complied Complied Complied Complied Complied No such event occurred No such event occurred Complied Complied L&T Finance Limited (Formely known as L& T Finance Holdings Limited) Sachinn Joshi Chief Financial Officer WWW.LTFINANCE.COM
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L&T Finance Limit ed Stat ement of security cover as on December 31, 2025 (All amounts arc Rs. in crorcs) Cuhmm/\ l111rlicul11r.• ASSETS Property, plant and equipment Cap ital work-in-progress Right of use assets Goodwill Other Intangible assets I ntan giblc assets under development Investments Loans I nvcntor ies Trade Receivables Cas h and Cas h Equivalents Bank Balances other than Cas h and Cash Equivalents Others Total Culu 11111II Dc~1:ri111i1111 uf 11~11CI for whkh lhi .1 ct:rlific11terc l11lc Standard Loans C11ht 11111 C Uchf for which thi, ccrlificulc bciui,: i.~•uctl ll1H1kV11l11c 27,982.62 27,982.62 Cuh111111D Other Secured Uchl Jl<H1kV:1)11c 1,765.77 46,805.16 1,900.73 50,471.66 C<Jhmml• Cul1111mG Cuhmm U 1'11ri- 1'11.1...-11 O11111,:c 1'11ri-l' iu s uO111i,.:c 1'11ri- l'uu11 Clrnri:e Auel s uut urrcrcd us Sccur ity lk bl for which A., . ..-ct, .•lmr ctl hy l'nri Other 11 , .'u,,1, 011 1!1i.1ccrtificnlc l'm1.111dchlholdcr whichther c i . ..-1'11ri - hei11i,: issued (include . ..- debt for 1':1u11 clmrj.!e which lh i.• ccrtific11h: (cxdmlini,: item .• is i.1...-ucd & other tlebt) cover ed) dmi,.:c) Yc:c/ Nn ll,H1kV11l11c JloukVulnc UonkVuluc 136.79 0.00 284.69 182.08 248.55 35.83 11 ,706.48 26,578.62 9,083.50 0.00 129.95 2,680.56 153.57 3,215. 12 0.00 0.00 26,578.62 27,857.12 C11l1111111l Cuhmm.1 Dehl not huckcd by 11 11)' 11.1111:t.1 Elimi 1111ti1111 (11m11u11 t uffcrcd u.• .11:curity ll<H1kVul11c Dehl mmnml con~hlc red more th uu uncc (due hi c:i:dm1h·c11l11,1 1rnri 1111~.•u churi,:c) nouk Vuluc Cul1111111K (Tot11I C10. J) )look Vu\uc 136.79 0.00 284.69 182.08 248.55 35.83 13,472.25 1, 10,449.89 0.00 129.95 2,680.56 2,054.30 3,215.12 1,32,890.01 /\11111::u1r e l Culu11111L Cu h111111M Cuh mm N Cuh mm0 Culumnl' Hclutcd luu11lylh11111: itcmscm ·crcd hy thi.• ccrtificulc i\farkcl V11\uc for C 11rryi111,: / book v11l11c i\hlrk cl V11luc C11rr yi11i,: vuluc / huuk Tuha l Vu luc A~~cl~ clmi,.:cd un for c:i:clu~h·c churi,:c for l'nri 1ms.111 1·111111: fur 1111ri pm1.m {- L+i\l + N+O) E:i:clmivc hm1ili u~~cl~ wlu:rc mu r kct chur"j.!c A•~ct.1 clrnrJ.:c :use! .• 0.00 vu\ uci.111ut 11.-'l:crl:1hmh lcor 11 pplk11blc (Fur Eg. ll:rnk U11l1111cc. DSH.A nmrk ct vuluc i . ..- nu! 1111plicublc) 27,982.62 27,982.62 0.00 where nrnrkcl ,·11luc i.~ 11u1 :1.1ccrl :1i11:1bkor 11pplic11blc (1-'ur Ei,:. llunk ll11!1111cc, USRA nmrk ct ,•nine is uot 1111plic11hlc) 0.00 27,982.62 27,982.62
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L&T Finance Limited Statement or .security cover as on December 31, 2025 (AU amounts arc R~. in crorcs) Col1111111A LIABILITIES Debt securiti es to which this certificate pertains Other debt sharin g pari passu char ge with above debt Other Debt (Commercial papers) Subordinated debt Bank Financi al Jnstitutioms Others Trade payables Lease Liabilities Provisions Others Total Cover on Book Value Cover on Market Value Coh mm ll Cohmm C UcJ1crip1i o11 uf u.•-"t!I l,;Jlcln.•h•c Cl1•ri,:c fur whic h lhi ., cc r lific11lcr ch1lc Oehl for which thi.• eertific11 tc hcin1: is ... 11cd lt uukVu luc 26, 185.32 26,185.32 1.07 Exclusive Security Cove r Colu 11111D Column F Col1111111G Cul1111111 U Cuhmm l Cnl11m11.J Co lum 11 K Exch 1.•ivc Clmr i,:e 1'11ri-1'11s.•n ClmrJ.!c 1'11r i- 1'11.0 11 Chn rJ.!c 1'11ri- 1'11s.•u Clrn r i,:c Ali!ICIJ nul offer ed 11.• Dehl nut h11ck.:d by 11 11y 11!1.•et.• Elim i1111liou (11111011111 (Tut11I C lo .I) Olher Scc urcU Ueht Dehl for which A,.,;cb ., lrnr cd by 1':1ri Ot her n.•Sl!t.• on 35,893. 15 5,035.08 3,820.67 44,748.90 thiJ1certific11lc l' us~u dcht hold er which the r e ill l'uri - hcln i.:i.•.•ucd (iuclud udehtfur l' auuc hurJ.!C \'c .'II No 0.00 which th i.• cc rtili, .:nlc (exd11di111: it em.• isi s.,ucd & oth er1.k ht ) CO\'Cn :tl) JluukVu lue 0.00 Pari-Passu Security Cover Hook Vnluc 18,40 1.93 18,401.93 ~"~1>-Y'Y-1 ~ ~ cf I m Chartered 'ti ) Accountants • * * -1iuMsP--' Sec urit y offer ed 11.1J1eeuri1 y in uci,:utivc) Jl1M,k V;.iluc 11.94 0.00 8, 122.9 1 1, 108.33 3,946.62 20.56 4. 15 1,665.50 295.98 106.96 1,453.27 0.00 16,736.23 Dehl 1111m1111t cm1.,iclcr cdmore tl11mo111:c(tluc lu ucl11J1ivcph1J1p11ri p11s.•11clmri.:e) UuokV11l11c H11okV11 l11e 26,197.27 0.00 8,122.91 1,108.33 58,241.70 5,055.64 3,824.82 1,665.50 295.98 106.96 1,453.27 1,06,072.38 A11111:111rc l Culu 11111 L I Cnhmm M I Cohmm N Col11 m11 0 Cu lumnl' lk l11tcd 111 uu ly lh o-"t! item !! con:r ed hy !hi., cerlificule 1\IHrk cl Vu luc fur C11rr yi11i,: / hook vulue Mnrk-=I V11 l11c Curryi 111: v11l11c/ houk TutulVn luc A•llcl~ clmrJ.!cd 011 fur CJlclu ~ivc chHrJ.!e for Puri IIU !lll ll ,·nluc for puri p:i.,;su (- L + M + N+O) E:tclm1ive ha!li.• ;.1ssel!I where murkct ch:1 ri:c A•scl.~ clrnrJ.!c :is.•ct., 0.00 ,•uluc i.• 11111 whcrcm11rkcl ,·ul11c i.<1 :1.'ieerl uim1hlcor 11utu.•ccrl uiuu hlcor 11pplic1>hlc (For EJ.:. 11pplie11hle lhnk ( Fur EJ.:. Ha nk H11lm1ce, USH.A H11l11m.:c, l>SH.A 11111rkcl v11\uc is uot 0.00 0.00 m urk.:! vuluc i.~ not 11pplk 11blc) 0.00 0.00
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A. Statement of utilization of issue Proceeds: Name of the Issuer ISIN -1 -2 L& T Finance Limited (formerly INE498L07194 known as L&T Finance Holdings Limited) L& T Finance Limited (formerly INE498L08051 known as L&T Finance Holdings Limited) Mode of fund Raising (Public issue/ private placement) -3 Private Placement Private Placement Date of raising Amount Raised funds Type of Instrument (4) -5 -6 Secured 10/10/2025 10,50,00,00,000 Unsecured 31/12/2025 50,00,00,000 Funds Utilised If (8) is Remarks , if any yes, then specify the Any purpose Deviation of for (8) which -7 the -10 funds were utilized (9) (Yes/No) 10,50,00,00,000 No - - 50,00,00,000 No - - 'V
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B. Statement of deviation /variation in use of Issue proceeds: Particulars Remarks Name of listed entity L&T Finance Limited (formerly known as L&T Finance Holdings Limited) Mode of Fund Raising P1,113Iis lss1,1el Private Placements Type of Instrument Non-Convertible Debentures Date of Raising Funds From October 01,2025 to December 31,2025 Amount Raised Rs. 1100 Crores Report filed for Quarter ended December 31, 2025 Is there a Deviation / Variation in use of funds raised NA Whether any approval is required to vary the objects of NA the issue stated in the prospectus/ offer document If yes, details of the approval so required? NA Date of Approval NA Explanation for the Deviation / Variation NA Comments of the Audit Committee after review NIL Comments of the auditors, if any NA Objects for which funds have been raised and where there has been a deviation, in the following table Original Modified Object, if any Object NA NA Deviation could mean: (a) Deviation in the objects or purposes for which the funds have been raised (b} Deviation in the amount of funds actually utilized as against what was originally disclosed. Name of Signatory: Ravindra Gersappa ��Desiqnation: Origin Modified Funds Amount of Remarks if al allocation,if Utilised DeviationNariation for any Allocati any (Rs. In Crs) the quarter according on (Rs. to applicable object In Crs) (In Rs. crore and in %) NIL NIL NIL NIL NA