NSE: CHOLAFIN · BSE: 511243
CHOLAMANDALAM IN & FIN CO
Operates as a non-banking finance company lending to retail and small-business borrowers across eight business engines — Vehicle Finance, Loan Against Property, Home Loans, Gold Loan, SME, Small Business Personal Loans, Consumer & Small Enterprise Loans (CSEL) and Consumer Durable loans. Vehicle Finance is the largest engine, contributing 52.5% of segment revenue at Rs 16,511.03 crore for FY26, with an Auto AUM of Rs 1,19,558 crore growing 18% YoY. Loan Against Property brings in 19.0% (Rs 5,988.88 crore), Home Loans 10.3% (Rs 3,240.91 crore) and Others 15.1% covering Gold Loan, SME, CSEL and consumer durable lending. Assets under management stood at Rs 2,42,630 crore at FY26 end, up 21% YoY; Q4 FY26 disbursements were Rs 32,913 crore (+25% YoY) channelled through 1,761 offices and 2,452 touch points serving 43 lakh customers. Lending is funded by borrowings of Rs 2,10,867 crore at a capital adequacy ratio of 19.21%; employees consume 13.5% of revenue and other operating expenses another 7%. Reported ROE was 23% in Q4 FY26 with a pre-tax ROA of 4.1% before a Rs 200 crore management overlay, and branch expansion plans for FY27 cover ~480 Gold Loan branches plus ~100 each in LAP, Home Loans, CSEL and consumer durable branches. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Vehicle Finance (53%), Loan against property (19%), Home Loans (10%), Others (Gold Loan, SME, CSEL, Consumer Durable) (15%), Unallocated (3%). Diversified, asset-light NBFC lending model across eight business engines, with cyclical exposure to vehicle and property cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10,141 | 12,884 | 19,140 | 25,846 | 31,073 |
| EBITDA (ex other income) | 7,215 | 9,262 | 13,754 | 18,174 | 21,175 |
| margin % | 71.1 | 71.9 | 71.9 | 70.3 | 68.1 |
| Owners' profit | 0 | 2,665 | 3,420 | 4,263 | 5,233 |
| EPS, as reported (₹) | 26.24 | 32.44 | 41.17 | 50.72 | 61.98 |
| ROE % · ROCE % | 18.3 · — | 18.6 · — | 17.5 · — | 18.0 · — | 17.2 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (5,571) | (27,105) | (35,683) | (32,413) | (30,021) |
| Capex | (57) | (143) | (1,076) | (200) | (265) |
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 | 6,255 | 6,733 | 7,046 | 7,267 | 7,491 | 7,898 | 8,417 | 8,856 |
| Profit before tax | 1,304 | 1,465 | 1,698 | 1,531 | 1,565 | 1,735 | 2,142 | 2,222 |
| Net profit | 968 | 1,088 | 1,260 | 1,138 | 1,160 | 1,290 | 1,645 | 1,656 |
| EPS (₹) | 11.52 | 12.95 | 14.98 | 13.53 | 13.78 | 15.29 | 19.33 | 19.43 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Vehicle Finance | 16,511 | 52.4 |
| Loan against property | 5,989 | 19.0 |
| Home Loans | 3,241 | 10.3 |
| Others | 4,828 | 15.3 |
| Unallocated | 970 | 3.1 |
| Total, before eliminations | 31,539 | 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. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO ◆ | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.8 | 18.1 | 113 of 200 | 44% |
| P/B | 4.3 | 1.1 | 231 of 253 | 8% |
| ROE | 17.2 | 3.1 | 12 of 257 | 96% |
| EBITDA margin | 71.2 | 48.6 | 77 of 249 | 69% |
| Revenue growth | 21.9 | 12.6 | 95 of 231 | 59% |
| Profit growth | 45.6 | 7.8 | 90 of 251 | 64% |
| Market cap | 131798 | 34 | 3 of 268 | 99% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Earnings call audio recording uploaded for September quarter | investor communications | low | — | — |
| 28 Oct 2026 · Q2 FY27: 47% disbursement growth, 40% PBT growth and stable asset quality | investor communications | medium | — | — |
| 28 Oct 2026 · Company informs exchange about issue of securities | fund raising | medium | — | — |
| 28 Oct 2026 · Company informs NSE about issue of securities | fund raising | medium | — | — |
| 28 Oct 2026 · Financial results submitted for period ended September 30, 2026 | results | high | — | — |
| 22 Oct 2026 · Earnings call scheduled for quarter ended 30 September 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board to consider capital raise and shareholder vote | fund raising | medium | — | — |
| 15 Oct 2026 · Quarterly demat compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Board meeting on Oct 28 to approve Q2 and H1 FY26 results; trading window closed | results | low | — | — |
| 8 Oct 2026 · Board meeting on Oct 28 to consider Q2 and H1 FY27 audited results | results | low | — | — |
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.