NSE: CHOLAHLDNG · BSE: 504973
CHOLAMANDALAM FIN HOL LTD
Operates as a holding company for two financial services businesses: lending through Chola Investment and Finance Company, and general insurance through Chola MS General Insurance. Financing contributed 78.6% of FY26 segment revenue at ₹31,073.15 crore with segment EBIT of ₹6,973.04 crore, while general insurance contributed 21.1% at ₹8,351.78 crore with segment EBIT of ₹341.56 crore. The general insurance business focuses on motor (cars, commercial vehicles, two-wheelers), crop, and other lines, with a motor market share of 5.25%. The motor portfolio composition has shifted toward cars (49%+) while the two-wheeler share was deliberately reduced from 19.6% to 10.6%. The group operates 1,909 offices across India with 53,503 permanent employees. Employee cost is the largest input at 12% of revenue, with other operating expenses at 23.8%. The insurance segment faced pressure in FY26 with a combined ratio of 115.2% (112.2% ex-1/n), driven by a claims ratio of 81.3% and a ₹590 crore loss on a crop insurance re-tender. Management has implemented a 7-8% motor own-damage pricing correction over the last 2-3 months to address rising loss ratios, and is seeking forbearance to transition to IFRS from April 2027. The medium-to-long-term ROE target of 15%+ is maintained. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Financing (79%), Insurance (21%), Others (0%). Asset-heavy financial holding with lending and general insurance subsidiaries.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 14,644 | 18,146 | 25,804 | 33,125 | 39,073 |
| EBITDA (ex other income) | 7,434 | 9,548 | 14,414 | 18,855 | 21,544 |
| margin % | 50.8 | 52.6 | 55.9 | 56.9 | 55.1 |
| Owners' profit | 1,023 | 1,290 | 1,773 | 2,174 | 2,441 |
| EPS, as reported (₹) | 54.50 | 68.72 | 94.39 | 115.76 | 130.01 |
| ROE % · ROCE % | 16.4 · — | 17.3 · — | 17.4 · — | 17.6 · — | 16.2 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (5,738) | (29,329) | (35,726) | (34,201) | (30,033) |
| Capex | (115) | (248) | (1,169) | (341) | (360) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8,090 | 8,489 | 8,913 | 9,296 | 9,487 | 9,949 | 10,444 | 11,114 |
| Profit before tax | 1,512 | 1,469 | 1,860 | 1,695 | 1,630 | 1,862 | 2,140 | 2,398 |
| Net profit | 1,125 | 1,093 | 1,362 | 1,260 | 1,214 | 1,386 | 1,626 | 1,789 |
| EPS (₹) | 27.99 | 25.89 | 32.68 | 30.81 | 29.28 | 33.32 | 36.59 | 42.92 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Financing | 31,073 | 78.6 |
| Insurance | 8,352 | 21.1 |
| Others | 90 | 0.2 |
| Total, before eliminations | 39,515 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JIO FIN SERVICES LTD | 1,36,843 | 64.4 | 1.02 | — | 1.2 | — | — | 70.7 |
| ADITYA BIRLA CAPITAL LTD. | 96,668 | 22.6 | 2.63 | — | 10.5 | — | 18.8 | 40.8 |
| L&T FINANCE LIMITED | 60,306 | 18.9 | 2.15 | — | 10.6 | — | 5.5 | 62.3 |
| TATA INVESTMENT CORP LTD | 28,220 | 65.5 | 0.97 | — | 1.5 | — | 19.5 | 92.6 |
| CHOLAMANDALAM FIN HOL LTD ◆ | 23,640 | 8.9 | 0.70 | — | 16.2 | — | 23.0 | 58.4 |
| TVS HOLDINGS LIMITED | 23,316 | 11.8 | 1.81 | — | 26.3 | — | 23.4 | 16.4 |
| MAHARASHTRA SCOOTERS LTD | 13,373 | 48.0 | 0.48 | — | 1.1 | — | — | 84.1 |
| JSW HOLDINGS LIMITED | 12,433 | 90.5 | 0.38 | — | 0.4 | — | 14.1 | 84.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.9 | 20.6 | 13 of 51 | 76% |
| P/B | 0.7 | 0.6 | 36 of 63 | 42% |
| ROE | 16.2 | 1.3 | 5 of 65 | 94% |
| EBITDA margin | 58.4 | 61.6 | 33 of 62 | 48% |
| Revenue growth | 19.6 | 13.6 | 26 of 56 | 55% |
| Profit growth | 42.0 | 10.7 | 25 of 66 | 62% |
| Market cap | 23640 | 283 | 5 of 68 | 94% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Bandhan Mutual Fund crosses 5 percent holding in Cholamandalam Financial | ownership changes | medium | — | — |
| 15 Oct 2026 · Investor call scheduled for November 6, 2026 by DAM Capital | board shareholder meetings | low | — | — |
| 6 Oct 2026 · Routine quarterly compliance filing under SEBI Reg 74(5) | compliance | minimal | — | — |
| 6 Oct 2026 · Board to consider Q2 FY26 results on Nov 6 | results | low | — | — |
| 29 Sept 2026 · Cholamandalam Financial Holdings Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 | compliance | minimal | — | — |
| 20 Aug 2026 · Q1 FY27 earnings call transcript submitted | investor communications | medium | — | — |
| 18 Aug 2026 · Resubmission of 77th AGM proceedings with delay clarification | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Cholamandalam FHL: All 5 resolutions passed at 77th AGM with over 98% approval | board shareholder meetings | medium | — | — |
| 14 Aug 2026 · CFHL Q1 FY27 consolidated PAT up 42 percent at Rs 1,789 Cr | compliance | low | — | — |
| 14 Aug 2026 · CFHL Q1 FY27 Investor Presentation: Strong Consolidated Growth | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.