Nabha Power seeks reclassification to Public category in LTM Limited

Nabha Power Limited has requested LTM Limited to reclassify its status from the 'Promoter Group' to the 'Public' category. The request follows the cessation of Nabha Power as a subsidiary of L&T Power Development Limited, a wholly owned subsidiary of Larsen & Toubro Limited, after the transfer of 100% equity and convertible instruments to Torrent Power Limited.

The disclosure was made to the National Stock Exchange of India Limited and The BSE Limited under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The letter from Nabha Power, dated June 26, 2026, confirms that the entity fulfills and shall continue to fulfill the conditions set out under the said regulation.

Shareholding Details

The filing provided the current shareholding status of Nabha Power Limited in LTM Limited:

Sr No	Name of the Company	Present Category	No. of shares held	Percentage
1	NABHA POWER LIMITED	Promoter Group	Nil	Nil

The request for reclassification will be placed before the Board of Directors of LTM Limited at its ensuing meeting for consideration. The company has requested the exchanges to take the aforementioned information on record.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.81%	+1.12%	-8.02%	-38.48%	-29.99%	-7.89%

LTM has received an Outperform rating from BoFA Securities, with the brokerage setting a target price of ₹3,910. The rating reflects confidence in the company's strategic direction, underpinned by its AI-focused initiatives, disciplined balance-sheet management, and a scalable competitive moat that supports long-term growth.

Key Investment Highlights

BoFA Securities outlines several factors supporting its constructive stance on LTM. The following table summarises the key parameters of the brokerage's assessment:

Parameter:	Details
Rating:	Outperform
Target Price:	₹3,910
AI Strategy Positioning:	Strong
Balance-Sheet Discipline:	Highlighted as a key positive
Growth Profile:	Scalable, moat-driven
Near-Term Upside:	May be capped pending next major growth triggers

Strengths Underpinning the Rating

BoFA Securities points to LTM's strong positioning on its AI strategy as a central pillar of the Outperform thesis. The brokerage also emphasises the company's balance-sheet discipline, which it views as a structural positive that supports financial resilience. Additionally, the scalable moat-driven growth profile is cited as a differentiating factor that enhances the company's long-term competitive standing.

Near-Term Considerations

Despite the positive long-term outlook, BoFA Securities acknowledges that near-term upside may be capped as the stock awaits the next major growth triggers. This suggests that while the fundamental investment case remains intact, catalysts required to drive the next leg of price appreciation are yet to materialise.