Overview

Detailed Summary

Cholamandalam Financial Holdings (CFHL) is the Murugappa Group’s core investment company that holds controlling stakes in lending (Cholamandalam Investment & Finance Company), general insurance (Cholamandalam MS General Insurance) and risk services, acting as a financial services holding vehicle with concentrated investments and consolidated financial reporting.
Consolidated Q3 FY26 revenue was Rs.10,084 crore (up 17% YoY) with PAT of Rs.1,386 crore (up 27% YoY); YTD Dec‑25 revenue grew 19% to Rs.29,056 crore and PAT grew 14% to Rs.3,860 crore, driven mainly by CIFCL lending operations and faster AUM growth across Vehicle Finance and LAP.
CIFCL shows strong scale: total disbursements for YTD Dec‑25 at Rs.78,729 crore, AUM at Rs.227,770 crore and branch network expansion to 1,757 branches, positioning CFHL as a leading NBFC with diversified retail secured portfolios and increasing distribution reach.
Chola MS (general insurance) remains an important earnings engine with motor market share near 5.25%, but profitability is under short‑term stress from elevated loss ratios and conservative motor third‑party provisioning; management emphasizes cautious underwriting and EOM glide‑path progress to restore ROE.
CFHL is investing in digital and data platforms (AWS-based data platform, cloud‑native core PAS, AI motor damage assessment and RPA), indicating a strategic focus on analytics and automation to improve underwriting, claims efficiency, cross-sell and customer experience across its businesses.

Sector: Finance
Industry: Finance - Investment / Others
Market Cap: 30,416 Cr
Volatility: High Risk
P/E Ratio: 12.8
Industry P/E: 25.6
PEG Ratio: —
P/B Ratio: 2.2
52W High: 2,299.00
52W Low: 1,386.60

Sales CAGR

1Y: 28.52%
3Y: 1.06%
5Y: -1.05%
10Y: -35.08%

Profit CAGR

1Y: 23.33%
3Y: 5.08%
5Y: -5.02%
10Y: -23.64%

ROE

TTM: 16.30%
3Y: 8.02%
5Y: 7.84%
10Y: 8.82%

ROCE

TTM: 9.77%
3Y: 9.59%
5Y: 9.60%
10Y: 9.99%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CRISIL	4275.00	31,520 Cr	40.81	10.39	1.41	25.25	31.54	16.54
CHOLAHLDNG	1620.00	30,416 Cr	12.85	2.23	0.08	16.30	9.77	2.18
ANANDRATHI	3106.50	26,010 Cr	70.16	32.17	0.45	42.48	53.94	32.84
JSWHL	16081.10	17,879 Cr	124.01	0.53	0.00	0.37	0.47	0.31
MAHSCOOTER	12922.45	14,850 Cr	41.23	0.45	1.08	0.94	0.93	0.96
ICRA	5570.00	5,389 Cr	29.04	4.96	1.07	17.29	22.66	13.62
CARERATING	1553.00	4,689 Cr	29.10	5.44	1.15	17.73	24.14	15.77

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	6,317	6,795	7,083	7,633	8,090	8,489	8,913	9,296	9,461	9,949
Expenses	2,895	2,978	2,932	3,253	3,537	3,772	3,709	4,142	4,359	4,487
Interest	2,209	2,445	2,582	2,796	3,058	3,280	3,361	3,468	3,518	3,648
Financing Profit	1,213	1,371	1,570	1,584	1,496	1,438	1,843	1,687	1,585	1,814
Financing Margin %	19.20	20.17	22.16	20.75	18.49	16.94	20.68	18.14	16.75	18.23
Other Income	52	48	93	45	91	106	98	88	130	137
Depreciation	52	55	88	70	74	72	79	79	83	87
Profit Before Tax	1,213	1,363	1,574	1,559	1,513	1,471	1,862	1,696	1,632	1,863
Tax %	26.77	24.67	27.33	25.63	25.61	25.72	26.86	25.74	25.59	25.62
Net Profit	888	1,027	1,144	1,160	1,125	1,093	1,362	1,260	1,214	1,386
EPS in Rs	22.41	24.88	27.32	29.20	27.99	25.89	32.68	30.81	29.28	33.32
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	2,688	3,345	10,926	13,135	13,900	14,644	18,146	25,804	33,125	34,789
Expenses	2,377	2,965	5,147	6,588	6,807	7,209	8,598	11,390	14,271	15,160
Interest	0.31	8.61	3,587	4,592	4,608	4,328	5,778	9,249	12,494	13,165
Financing Profit	311	371	2,192	1,954	2,485	3,106	3,770	5,164	6,361	6,464
Financing Margin %	11.56	11.08	20.06	14.88	17.88	21.21	20.78	20.01	19.20	18.58
Other Income	1.30	1.05	21	1.03	61	91	230	283	335	383
Depreciation	17	20	78	150	145	154	176	248	296	305
Profit Before Tax	295	352	2,135	1,806	2,400	3,044	3,824	5,200	6,400	6,542
Tax %	30.34	30.30	33.78	35.55	26.51	26.33	26.31	26.18	26.03	26.02
Net Profit	205	245	1,414	1,164	1,764	2,242	2,818	3,838	4,734	4,840
EPS in Rs	24.19	31.88	37.09	29.33	43.92	54.48	68.72	94.39	115.76	126.09
Dividend Payout %	5.16	3.92	3.37	2.22	1.25	1.01	0.80	0.58	1.12	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	37	19	19	19	19	19	19	19	19	19
Reserves	3,287	2,745	3,315	3,925	4,572	5,367	6,427	7,642	10,223	12,497
Borrowings	718	0.00	100	50,447	55,117	63,797	69,229	97,191	1,34,014	1,74,366
Other Liabilities	5,665	5,129	6,886	13,546	16,147	19,432	22,097	26,181	32,662	37,735
Total Liabilities	9,707	7,892	10,319	67,937	75,855	88,616	97,772	1,31,033	1,76,918	2,24,617
Fixed Assets	1,336	73	73	277	450	418	436	594	1,755	2,000
CWIP	56	0.00	0.00	14	11	9.91	40	61	13	54
Investments	0.00	0.00	6,211	7,552	8,893	11,678	13,282	17,536	20,058	24,271
Other Assets	8,315	7,819	4,035	60,094	66,501	76,510	84,013	1,12,842	1,55,092	1,98,291
Total Assets	9,707	7,892	10,319	67,937	75,855	88,616	97,772	1,31,033	1,76,918	2,24,617

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-500	594	-6,302	-9,274	-1,914	-9,719	-5,738	-29,329	-35,726	-34,201
Cash from Investing Activity	193	-1,263	-1,825	-94	-96	-62	-135	295	-2,625	-1,038
Cash from Financing Activity	748	-69	8,287	12,171	2,427	7,688	7,073	27,288	38,269	39,652
Net Cash Flow	441	-738	160	2,803	417	-2,093	1,199	-1,746	-82	4,413

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	48.40%	48.40%	47.37%	47.37%	47.37%	47.32%	47.32%	46.45%	46.45%	46.44%	46.42%	46.38%
FIIs	11.99%	11.30%	12.80%	12.87%	13.65%	13.72%	16.27%	16.24%	17.67%	18.32%	17.39%	16.47%
DIIs	27.04%	27.63%	27.31%	26.43%	25.84%	25.98%	23.48%	23.52%	22.26%	21.90%	22.98%	24.01%
Public	12.58%	12.67%	12.52%	13.33%	13.13%	12.97%	12.93%	13.78%	13.61%	13.35%	13.21%	13.14%
Total Shareholders	21,678	23,170	30,623	43,358	32,532	32,946	38,454	48,703	46,380	50,780	47,995	44,225

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Documents

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Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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