Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 30 Sep - Allotment of 91063 equity shares on exercise of ESOPs.
Source: Bse
Cholamandalam Investment and Finance Company Limited (CHOLAFIN)
Large CapFinancial Services stocks · Large cap · NSE
Cholamandalam Investment and Finance Company Limited (CHOLAFIN) is an Indian NBFC offering a diversified portfolio including vehicle finance, home loans, LAP, SME, SBPL, consumer durables, and a newly launched gold loan business. The company focuses on broad-based growth and improving asset quality across its segments.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result28 Jul, 08:14 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
39BearishSMA20 -11.9% / mo · MACD +
Stock trend: 35
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CHOLAFIND candles · FIT view-2.0%Latest close ₹1529.90 on 2026-10-21
Bar
-2.3%
RSI
33
MACD hist
0.78
52W pos
35%
2026-10-21O ₹1565.30H ₹1565.30L ₹1508.60C ₹1529.90Vol 22.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CHOLAFINNifty Financial ServicesNifty 500
- CHOLAFIN
- -13.0%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- -6.5 pp
Chart stats
21 Oct 2026- From 52W high
- -21.6%
- 52W range position
- 35%
- ATR (14)
- 3.0%
- Volume vs 20D
- 1.40x
- Avg traded value
- ₹274 Cr
- 20D price channel
- ₹1,508.6 - ₹1,784
₹1,952.5
₹1,299.4 - ₹1,952.5
₹46.4
Latest completed session
20-session average
32.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST33
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +21.9% · PAT +45.5% YoY
Technical
Bearish39
Price trend and sector-relative-strength timing.
Valuation
Legacy model+11.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Mixed Trust60
medium confidence · 4/10 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 85/100Rev +22% YoY · PAT +46% YoY · +5% QoQ · operating leverage
Filed 28 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8,856 Cr | +21.9% | +5.2% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹1,656 Cr | +45.5% | +0.7% |
| PAT margin | 18.7% | +304 bps | -84 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 23.20
- P/B
- 4.38
- EV/EBITDA
- 1180.65
- Market Cap
- 133680.00Cr
Profitability
- ROE
- 19.40%
- ROCE
- 9.71%
- ROA
- 2.34%
- Dividend Y
- 0.13%
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 34.00%
- EPS 3Y
- 25.00%
Balance Sheet
- Debt/Equity
- 6.93
- Interest Coverage
- —
- Altman Z
- 0.59
- Book Value
- 357.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -30021.00 Cr
- EPS TTM
- 67.80
Shareholding
- Promoter Hold
- 49.23%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 3.0-89.3% vs prev
Net Profit
₹ CrLatest: 5,233+22.8% vs prev
Return on Equity
%Latest: 17.2-4.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~13.5% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 22% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
52
RS percentile
Stage 1 Base / Transition
1M return
-13.3%
3M return
-13.0%
6M return
-0.9%
1Y return
-10.6%
RS 1D
+3
RS 20D
-12
Sector rank
#10
Industry rank
#15
Stage evidence
- Price is 8.4% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 100.08-0.58%
RS vs Nifty 500100
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation4/30
Growth18/25
Quality10/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
3/9 (+1)
Penalties
0
Raw sum
33
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
33/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 11.5%.
- Growth contributes 18/25 to the score.
- Quality contributes 10/20 to the score.
Main drags
- Altman Z is 0.6, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
23.2
PB
4.4
EV/EBITDA
1180.7
ROE
19.4%
ROCE
9.7%
FCF Yield
—
Debt/Equity
6.9
MoS
+11.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
33
Previous: 33
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+11.5%
Previous: +10.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
31
31
33
31
31
33
31
31
31
31
33
33
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹737.97
-107.3% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹1,728.9
+11.5% MoS
PEG
0.87
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SUNDARMFIN
Large
Sundaram Finance Limited
NBFC / Capital Markets / Insurance
match 157
29
20.8
15.0%
+31%
OVERVALUED
M&MFIN
Mid
Mahindra & Mahindra Financial Services Limited
NBFC / Capital Markets / Insurance
match 151
34
13.2
12.3%
+49%
WATCHLIST
MUTHOOTCAP
Small
Muthoot Capital Services Limited
NBFC / Capital Markets / Insurance
match 143
15
14.4
1.9%
-635%
OVERVALUED
TATACAP
Large
Tata Capital Limited
NBFC / Capital Markets / Insurance
match 131
22
25.1
12.4%
+4%
OVERVALUED
JIOFIN
Large
Jio Financial Services Limited
NBFC / Capital Markets / Insurance
match 131
39
69.8
1.2%
-162%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T17:07:43.716Z
Management commentary snapshot
CHOLAFIN reports strong Q4 FY26 with 25% YoY disbursement growth and 21% YoY AUM growth. NIMs improved 40 bps YoY, and RoA (pre-overlay) reached 4.1%. Management expects continued growth and declining credit costs in FY27.
Management's Q4 FY26 results show robust growth across segments, improving asset quality trends, and stable profitability. The precautionary management overlay for global uncertainties is noted. FY27 guidance for AUM growth (20-23%) and declining credit costs (1.5%) appears achievable, supported by diversified business engines and ongoing underwriting improvements.
Growth engines
MSME Segment
MSME segment AUM grew 29% year-on-year, with LAP at 26%, SME at 41%, and SBPL at 46% growth YoY, supported by strong demand and branch-led distribution.
Consumer Segment
Consumer segment delivered 45% year-on-year disbursement growth, driven by sustained momentum across product segments.
Gold Loan Business
Newly launched Gold Loan business disbursed INR 1,130 crores in Q4 FY26, with average ticket size declining to ~INR 2 lakh, reflecting granular acquisition.
Vehicle Finance
Vehicle Finance business reported 26% year-on-year growth in Q4, driven by sustained demand across vehicle categories, with AUM increasing 18% YoY.
Capacity and execution
Gold Loan Branches
Planning to add 360 more exclusive Gold Loan branches to the current 119.
Home Loan Branches
Planning to open approximately 100 new Home Loan branches in FY27, leveraging existing Vehicle Finance infrastructure.
LAP Branches
Planning to add 100 new LAP branches, co-located within Vehicle Finance network.
CSEL and CD Branches
CSEL and Consumer Durables segments are also likely to add 100 branches.
Tailwinds
Softening Interest Rates
Gradual reduction in the Company's cost of funds as interest rates softened during the period, contributing to NIM improvement.
Strong Demand Across Segments
Sustained demand across vehicle categories, MSME, and consumer segments, with April 2026 showing strong performance in CV and PV segments.
Improved Collection Efficiency
Better capacity utilization of vehicles and resolutions through the SARFAESI process led to improved overall collection efficiency.
Diversified Business Portfolio
All eight business engines are now contributing to growth, providing higher comfort and diversification against market uncertainties.
Headwinds
Global Uncertainties
Heightened global uncertainties led to a management overlay of INR 200 crores as a precautionary buffer against potential second-order stresses.
Procedural Timing Factors
Home loan disbursements saw mild moderation in Q4 due to election-related administrative slowdowns, land-record digitization mismatches, and localized lien-marking delays.
Risk radar
Impact of Global Uncertainties
Management overlay addresses potential stresses from volatility in crude/fuel prices, LPG supply shortfalls, and supply-side pressures on global shipping/commodity flows.
Capital Adequacy for Growth
If Tier 1 ratio approaches 13%, the company would evaluate equity-raising options, though internal accruals are expected to be sufficient for 20-23% growth.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparisons are crucial for assessing AUM and disbursement growth, reflecting long-term trends. QoQ comparisons are relevant for tracking sequential momentum in asset quality indicators like Stage 2/3 assets and early defaults, as well as the ramp-up of newer businesses like Gold Loans.
Sector KPIs management disclosed
AUM Growth
AUM increased to INR 2,42,630 crores, reflecting healthy 21% year-on-year growth as at the end of Q4 FY26.
Disbursements Growth
Aggregate disbursements of INR 32,913 crores, representing a 25% year-on-year growth for Q4 FY26.
Net Interest Margin (NIM)
NIMs improved by 40 bps year-on-year in Q4 FY26, driven by a gradual reduction in the Company's cost of funds. Expected to remain stable at ~8% in FY27.
Credit Costs (before overlay)
Credit costs declined by 20 bps year-on-year in Q4 FY26 across product segments. Net credit cost expected to decline from 1.6% (pre-overlay) to ~1.5% in FY27.
Management forward view
FY27 AUM Growth Guidance
Company continues to maintain its committed growth trajectory of 20% to 23% for FY27.
FY27 Net Credit Cost Outlook
Expects net credit cost to decline from 1.6% (pre-overlay) to around 1.5% in FY27, driven by underwriting tool improvements.
FY27 Pre-tax ROA Target
Consequently, return on assets should improve, moving closer to a pre-tax ROA of 3.5% in FY27.
Operating Leverage Timeline
Believes it will take another year or so before seeing meaningful operating leverage due to new branch additions and IT investments.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall AUM Growth | 21% YoY (Q4 FY26) | Sustained growth in the 20% to 23% range for FY27, indicating continued market penetration and demand. |
| Net Credit Cost | 1.6% (pre-overlay) | Decline to ~1.5% in FY27, validating the effectiveness of improved underwriting tools and asset quality management. |
| Pre-tax Return on Assets (ROA) | 3.3% (post-overlay) | Improvement to ~3.5% in FY27, reflecting enhanced profitability from stable NIMs and lower credit costs. |
| Tier 1 Capital Ratio | 14.73% (March '26) | Monitoring if the ratio approaches 13%, which would trigger evaluation of equity-raising options to support growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
debt reductionnot yet verifiablequantified
The remaining INR 1,700 crores of CCDs are expected to be converted into equity over the next three quarters, strengthening the company's net worth.
Timeframe: Next three quartersDirection: PositiveConfidence: High
"expected to be converted in the next three quarters"
demand outlookdelivered
Management expects the current quarter to be a turnaround quarter for overall disbursements, driven by pick up in vehicle finance and home loans.
Timeframe: Current quarterDirection: PositiveConfidence: High
"overall disbursement side, this quarter will be turnaround quarter"
Outcome check: Revenue YoY averaged 19.5% across 1 later quarter(s).
operational efficiencynot yet verifiable
Delinquencies are expected to go down during the third and fourth quarters, in line with historical seasonal trends.
Timeframe: Q3 and Q4Direction: PositiveConfidence: High
"delinquency goes down this quarter. So, we are in line with that"
revenue outlookdelivered
Management expects Q3 performance to be a decent quarter, potentially better than the first half of the fiscal year.
Timeframe: Q3Direction: PositiveConfidence: Medium
"better than the results of the first half"
Outcome check: Revenue YoY averaged 19.5% across 1 later quarter(s).
Trust Score
60Mixed Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 75% delivered/partly-delivered outcomes on 4 checked claims, with 1 adverse claim outcome. It ranks around the 28th percentile of the scored universe and 45th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
Healthy Trust: 4/10 extracted management claims have outcome checks; 75% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed. Key concern: Operating cash flow is negative at ₹-30021 Cr.
Computed 21 Oct 2026
management-trust-v1
29 extracted concalls · 4/10 claims matched
Score band
Mixed Trust
Usable, but needs evidence. Treat guidance with a margin of safety.
Relative rank
28th percentile
overall median 67 · Financial Services: 45th pctile, median 62 · Large: 16th pctile, median 73
Evidence depth
Early sample
4/10 claims checked. Use as directional, not final.
Claim delivery
75% delivered or partly delivered
4/10 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
76
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-30021 Cr.
- ▸Debt/equity is 6.93.
- ▸Altman Z is 0.59.
- ▸Only 0 years of positive FCF.
Continue researching Cholamandalam Investment and Finance Company Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 26 Sep
Source: Bse
Announcement
Response To Clarification Sought By The Exchange 13 Sep - Company clarifies increased trading volume is market-driven; no undisclosed announcement exists.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 11 Sep - Intimation on allotment 244596 equity shares on exercise of ESOPs
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 1 Sep - Company allotted 2,000 unsecured perpetual non-convertible securities for ₹2,000 crore at 8.97% coupon.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 21 Aug - 350 crore secured NCDs allotted via NSE EBP on 21-Aug-26 at 8.64% coupon.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 13 Aug - Intimation on allotment of equity 43050 shares
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jul - Intimation on Schedule of Investors Meeting for the quarter ended 30-Jun-2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 8 Jul - 13,54,940 equity shares allotted on conversion of 20,000 CCDs at Rs 1,476.08 each.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 8 Jul - Allotment of 71465 equity shares on exercise of ESOPs
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Jul - Enclosed Newspaper advertisement copy regarding the dispatch of Annual Report and notice for the 48th AGM to the Shareholders.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 25 Jun - Allotted 200,000 unsecured subordinated NCDs worth ₹2,000 crore at 8.88% for seven years.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.