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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹27209 Cr.
Stock P/E
5.7
P/B
1.8
Current Price
₹1449
Book Value
₹ 823
Face Value
1
52W High
₹2299
52W Low
₹ 1305
Dividend Yield
0.09%

Cholamandalam Fin. Overview

Business

Cholamandalam Financial Holdings Ltd. (CHOLAHLDNG) is the financial services holding company of the Murugappa Group. Its core business model revolves around holding strategic investments in various financial services entities and deriving income primarily through dividends from these subsidiaries. The company serves as the parent entity that orchestrates the group's presence across diverse financial segments, primarily non-banking financial services, general insurance, and risk services.

Revenue Mix

As a holding company, its revenue largely consists of dividend income from its subsidiaries. Its primary and most significant investment is in:

Cholamandalam Investment and Finance Company Limited (CIFCL): A leading Non-Banking Financial Company (NBFC) in India. CIFCL's core businesses include vehicle finance (new and used commercial vehicles, tractors, two-wheelers, cars), home equity loans, small and medium enterprise (SME) loans, and other financial services. This subsidiary is the dominant contributor to the group's overall profitability and asset base.

Cholamandalam MS General Insurance Company Ltd.: A joint venture with Mitsui Sumitomo Insurance Co. Ltd. (Japan), offering a range of general insurance products including motor, health, travel, and property insurance.

Cholamandalam MS Risk Services Ltd.: Provides risk management and engineering solutions.

The majority of the value and earnings for CHOLAHLDNG are derived from CIFCL.

Industry

The company operates in the broad and competitive Indian financial services sector. Through its primary subsidiary, CIFCL, it holds a significant position among NBFCs, particularly in vehicle finance, where it is a leading player. Its insurance venture competes in the general insurance market against both public and private sector insurers. CHOLAHLDNG, as a holding company, is positioned as a diversified financial conglomerate backed by the established Murugappa Group, enabling it to leverage brand reputation and cross-selling opportunities across its subsidiaries.

MOAT

Brand & Reputation: Part of the well-respected Murugappa Group, which lends credibility and trust.

Distribution Network: CIFCL has an extensive pan-India network of branches, especially in semi-urban and rural areas, providing deep market penetration.

Customer Relationships: Strong long-term relationships with customers, particularly in its niche segments like commercial vehicle finance.

Scale: CIFCL is one of the largest NBFCs in India, providing cost efficiencies and better access to funding.

Diversification: While CIFCL is the largest component, the presence in general insurance and risk services provides some diversification benefits and potential for cross-selling.

Growth Drivers

Indian Economic Growth: Strong domestic economic growth drives demand for credit (vehicle loans, SME loans) and insurance products.

Increased Credit Penetration: Under-penetration of formal credit and financial services, especially in semi-urban and rural India, offers substantial growth opportunities.

Infrastructure Development: Government focus on infrastructure spending fuels demand for commercial vehicles, benefiting vehicle finance.

Digital Adoption: Leveraging technology for customer acquisition, service delivery, and operational efficiency.

Cross-selling: Opportunities to cross-sell insurance products to CIFCL's credit customers and vice-versa.

Risks

Credit Risk: Default risk on loans, especially in a volatile economic environment, impacting asset quality and profitability of CIFCL.

Interest Rate Risk: Fluctuations in borrowing costs and lending rates can impact Net Interest Margins (NIMs) for CIFCL.

Regulatory Changes: Adverse changes in RBI or IRDAI regulations for NBFCs or insurance companies could impact business operations and profitability.

Competition: Intense competition from banks, other NBFCs, and fintech players.

Economic Slowdown: A significant slowdown in the Indian economy could lead to reduced credit demand, higher defaults, and lower insurance penetration.

Management & Ownership

Cholamandalam Financial Holdings Ltd. is promoted by the Murugappa Group, a diversified Indian conglomerate with a history spanning over 120 years. The group is known for its conservative management approach and strong corporate governance. Management quality across its subsidiaries, particularly CIFCL, is generally well-regarded, with experienced professionals at the helm. The Murugappa Group maintains a significant promoter holding, indicating strong alignment of interests.

Outlook

Cholamandalam Financial Holdings is well-positioned to capitalize on India's long-term growth story, driven by its robust and diversified financial services portfolio. The strong market position of its key subsidiary, CIFCL, in vehicle finance and its expanding presence in other lending segments, along with a growing general insurance business, provides a solid foundation. The backing of the Murugappa Group adds stability and a strong governance framework. However, the company is susceptible to economic downturns, credit quality fluctuations, and intense competition within the dynamic Indian financial sector. Managing asset quality, maintaining healthy margins amidst interest rate volatility, and adapting to evolving regulatory landscapes will be key to sustained performance.

Cholamandalam Fin. Share Price

Live · BSE / NSE · Inception: 1949
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Cholamandalam Fin. Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Operating Revenue 6795 7066 7633 8090 8489 8913 9296 9461 9949 10366
Other Income 47 92 45 90 104 96 87 128 135 153
Total Income 6842 7158 7677 8180 8593 9009 9383 9589 10084 10520
Total Expenditure 2978 2932 3253 3537 3772 3709 4142 4359 4487 4541
Operating Profit 3864 4226 4425 4643 4821 5300 5241 5230 5597 5978
Interest Expense 2445 2582 2796 3058 3280 3361 3468 3518 3648 3755
Depreciation 55 88 70 74 72 79 79 83 87 84
Profit Before Tax 1363 1556 1559 1512 1469 1860 1695 1630 1862 2140
Provision for Tax 336 430 400 387 378 500 437 417 477 517
Profit After Tax 1027 1126 1159 1124 1091 1360 1258 1212 1384 1623
Adjustments -559 -613 -611 -599 -605 -746 -680 -662 -759 -936
Profit After Adjustments 467 513 548 526 486 614 579 550 626 687
Adjusted Earnings Per Share 24.9 27.3 29.2 28 25.9 32.7 30.8 29.3 33.3 36.6

Cholamandalam Fin. Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Operating Revenue 10006 3975 2688 8909 10926 13185 13904 14644 18146 25804 33125 39072
Other Income 208 -15 1 2 22 1 61 183 244 305 394 503
Total Income 10214 3960 2689 8911 10948 13187 13965 14827 18390 26109 33519 39576
Total Expenditure 6971 2583 2377 4491 5148 6639 6811 7301 8612 11412 14330 17529
Operating Profit 3243 1377 312 4420 5800 6548 7154 7526 9779 14697 19189 22046
Interest Expense 2103 839 0 2655 3587 4592 4608 4328 5778 9249 12494 14389
Depreciation 171 25 17 70 78 150 145 154 176 248 296 333
Profit Before Tax 1003 1276 295 1695 2135 1806 2400 3044 3824 5200 6400 7327
Provision for Tax 320 335 89 569 721 642 636 801 1006 1361 1666 1848
Profit After Tax 684 942 205 1126 1414 1164 1764 2242 2818 3838 4734 5477
Adjustments -259 102 249 -576 -717 -613 -939 -1219 -1528 -2066 -2560 -3037
Profit After Adjustments 424 1044 455 550 697 551 825 1023 1290 1773 2174 2442
Adjusted Earnings Per Share 22.7 55.7 24.2 29.3 37.1 29.3 43.9 54.5 68.7 94.4 115.7 130

Cholamandalam Fin. Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 2828 3324 2764 3310 3944 4591 5386 6446 7661 10242 12515
Minority's Interest 1604 431 438 3279 3921 5111 5973 7183 8597 11882 14434
Borrowings 13219 405 0 28563 39158 45615 51881 58893 74902 86519 117167
Current Liability 11274 3866 2465 15714 17883 16915 21236 20668 34066 53033 63735
Other Liabilities & Provisions 1268 1627 2156 2102 2424 2935 3166 3713 4910 14417 15836
Total Liabilities 30192 9653 7823 52968 67329 75168 87642 96902 130136 176093 223687
Loans 15468 0 0 42244 52611 55396 65839 74145 104810 144463 182038
Investments 2314 4773 6128 5966 7479 8807 11536 13190 17449 17695 18916
Fixed Assets 1521 1336 73 282 277 450 418 436 594 1755 2000
Other Loans 252 213 213 274 291 395 403 592 696 599 396
Other Non Current Assets 645 57 1 154 830 1089 1238 991 1224 4457 5632
Current Assets 9992 3273 1407 4018 5812 9002 8179 7519 5312 7059 14677
Total Assets 30192 9653 7823 52968 67329 75168 87642 96902 130136 176093 223687

Cholamandalam Fin. Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 795 352 793 317 476 3279 3696 1602 2801 1055 973
Cash Flow from Operating Activities -1685 -500 594 -6302 -9274 -1914 -9719 -5738 -29329 -35726 -34201
Cash Flow from Investing Activities -463 444 -653 -1825 -93 -96 -62 -135 295 -2625 -1038
Cash Flow from Financing Activities 1704 748 -69 8287 12171 2427 7688 7073 27288 38269 39652
Net Cash Inflow / Outflow -445 692 -128 160 2803 417 -2093 1199 -1746 -82 4413
Closing Cash & Cash Equivalent 352 793 55 476 3279 3696 1602 2801 1055 973 5386

Cholamandalam Fin. Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 22.67 55.7 24.24 29.33 37.12 29.35 43.93 54.51 68.7 94.38 115.74
CEPS(Rs) 45.65 51.58 11.87 63.8 79.47 69.98 101.72 127.67 159.44 217.57 267.82
DPS(Rs) 1 2.5 1.25 1.25 1.25 0.65 0.55 0.55 0.55 0.55 1.3
Book NAV/Share(Rs) 124.38 177.43 147.4 175.95 209.09 242.96 285.19 340.56 403.56 541.68 660.98
Net Profit Margin 6.83 23.69 7.64 12.64 12.94 8.83 12.69 15.31 15.53 14.88 14.29
Operating Margin 31.05 53.21 10.98 48.82 52.37 48.52 50.4 50.34 52.92 56 57.04
PBT Margin 10.03 32.11 10.97 19.02 19.54 13.69 17.26 20.78 21.08 20.15 19.32
ROA(%) 2.38 4.73 2.35 3.7 2.35 1.63 2.17 2.43 2.48 2.51 2.37
ROE(%) 31.95 33.33 6.74 37.14 39.14 27.43 35.59 38.18 40.34 43.25 41.92
ROCE(%) 13.75 14.83 7.84 19.65 11.93 11.21 10.87 10.18 10.64 11.6 11.41
Price/Earnings(x) 16.13 6.95 25.83 22.14 12.9 9.88 13.65 11.34 7.85 11.81 15.14
Price/Book(x) 2.94 2.18 4.25 3.69 2.29 1.19 2.1 1.81 1.34 2.06 2.65
Dividend Yield(%) 0.55 1.29 0.2 0.19 0.26 0.22 0.09 0.09 0.1 0.05 0.07
EV/Net Sales(x) 2.72 1.85 4.22 5.52 5.08 4.04 4.95 5.15 5.74 5.91 6.04
EV/Core EBITDA(x) 8.39 5.35 36.33 11.12 9.57 8.13 9.62 10.02 10.65 10.38 10.42
Interest Earned Growth(%) 9.85 -60.27 -67.57 231.46 22.63 20.68 5.45 5.32 23.92 42.2 28.38
Net Profit Growth 32.1 37.78 -79.61 448.35 25.57 -17.68 51.57 27.12 25.69 36.2 23.33
EPS Growth(%) 36.13 145.64 -56.47 20.97 26.56 -20.93 49.7 24.06 26.05 37.38 22.63
Interest Coverage(x) % 1.48 2.52 951.77 1.64 1.6 1.39 1.52 1.7 1.66 1.56 1.51

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +28% +31% +20% +13%
Operating Profit CAGR +31% +37% +24% +19%
PAT CAGR +23% +28% +32% +21%
Share Price CAGR -19% +21% +16% +12%
ROE Average +42% +42% +40% +34%
ROCE Average +11% +11% +11% +12%

Cholamandalam Fin. Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 46.38 %
FII 13.68 %
DII (MF + Insurance) 26.68 %
Public (retail) 53.62 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 47.3747.3747.3247.3246.4546.4546.4446.4246.3846.38
FII 12.7513.6513.616.1516.2417.5318.1917.2616.3413.68
DII 26.5525.8426.123.623.5222.422.0223.1124.1426.68
Public 52.6352.6352.6852.6853.5553.5553.5653.5853.6253.62
Others 0000000000
Total 100100100100100100100100100100

Cholamandalam Fin. Peer Comparison

Finance - Investment Edit Columns

Cholamandalam Fin. Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Cholamandalam Fin. Pros & Cons

Pros

  • Company has delivered good profit growth of 32% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 42%

Cons

  • Promoter holding is low: 46.38%.
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