Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jul - Cholamandalam Financial Holdings Limited has informed regarding newspaper publication with regard to convening of 77th Annual General Meeting.
Source: Bse
Cholamandalam Financial Holdings Limited (CHOLAHLDNG)
Small CapFinancial Services stocks · Small cap · NSE
Cholamandalam Financial Holdings Limited (CFHL) is a Core Investment Company with significant stakes in Cholamandalam Investment and Finance Company Limited (CIFCL), Cholamandalam MS General Insurance Company Limited (CMSGICL), and Cholamandalam MS Risk Services Limited (CMSRSL). CIFCL is a leading NBFC in vehicle finance, loan against property, home loans, and other secured/unsecured loans.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result14 Aug, 01:24 pm IST
Score20 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
32Bearishfull bear SMA stack · SMA20 -7.6% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CHOLAHLDNGD candles · FIT view-13.1%Latest close ₹1362.80 on 2026-10-19
Bar
+0.2%
RSI
36
MACD hist
0.45
52W pos
8%
2026-10-19O ₹1360.00H ₹1381.20L ₹1351.10C ₹1362.80Vol 97,923 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
CHOLAHLDNGNifty Financial ServicesNifty 500
- CHOLAHLDNG
- -12.3%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -6.7 pp
Chart stats
19 Oct 2026- From 52W high
- -34.0%
- 52W range position
- 8%
- ATR (14)
- 3.0%
- Volume vs 20D
- 0.54x
- Avg traded value
- ₹23.6 Cr
- 20D price channel
- ₹1,330.1 - ₹1,507.5
₹2,064
₹1,305 - ₹2,064
₹41.2
Latest completed session
20-session average
24.9% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, 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 · FAIR VALUE51
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +19.6% · PAT +42.0% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+62.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence54
Financial-only signal; management claim evidence is not sufficient yet.
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 +20% YoY · PAT +42% YoY · +7% QoQ · operating leverage
Filed 14 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11,114 Cr | +19.6% | +7.2% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹1,789 Cr | +42.0% | +10.0% |
| PAT margin | 16.1% | +255 bps | +41 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 9.55
- P/B
- 1.65
- EV/EBITDA
- 691.90
- Market Cap
- 25538.00Cr
Profitability
- ROE
- 17.50%
- ROCE
- 9.75%
- ROA
- 2.24%
- Dividend Y
- 0.09%
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 29.00%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 13.61
- Interest Coverage
- —
- Altman Z
- 0.16
- Book Value
- 823.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -30033.00 Cr
- EPS TTM
- 142.12
Shareholding
- Promoter Hold
- 46.39%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 11.1k+7.2% vs prev
Net Profit
₹ CrLatest: 1,789+10.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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 36.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.2% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
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
18
RS percentile
Stage 4 Downtrend
1M return
-9.6%
3M return
-12.3%
6M return
-13.9%
1Y return
-29.8%
RS 1D
+3
RS 20D
-7
Sector rank
#9
Industry rank
-
Stage evidence
- Price is 11.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 76.34+1.25%
RS vs Nifty 50076
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation22/30
Growth18/25
Quality9/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
3/9 (+1)
Penalties
1
Raw sum
51
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
51/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 62.4%.
- Valuation contributes 22/30 to the score.
- Growth contributes 18/25 to the score.
Main drags
- Altman Z is 0.2, 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
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
9.6
PB
1.6
EV/EBITDA
691.9
ROE
17.5%
ROCE
9.8%
FCF Yield
—
Debt/Equity
13.6
MoS
+62.4%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
51
Previous: 51
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+62.4%
Previous: +62.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
49
49
49
49
49
51
51
51
51
51
51
51
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
₹1,622.25
+16.0% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹3,624.06
+62.4% MoS
PEG
0.40
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
CONSOFINVT
Small
Consolidated Finvest & Holdings Limited
Holding Company
match 96
51
16.9
5.0%
+33%
FAIR VALUE
AMJLAND
Small
Amj Land Holdings Limited
Holding Company
match 96
56
10.4
3.4%
+61%
FAIR VALUE
3PLAND
Small
3P Land Holdings Limited
Holding Company
match 96
45
24.2
1.8%
+1%
WATCHLIST
ELCIDIN
Small
EL CID Investments Limited
Holding Company
match 96
36
20.3
1.2%
-49%
WATCHLIST
DHUNINV
Small
Dhunseri Investments Limited
Holding Company
match 95
37
6.3
0.7%
-304%
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 under stressReviewed 2026-10-14T07:47:21.201Z
Management commentary snapshot
Consolidated Q1 FY27 PAT surged 42% YoY to Rs. 1,789 Cr, driven by strong performance from the NBFC arm (CIFCL), which saw disbursements grow 22% and AUM grow 22% YoY.
While consolidated PAT and key NBFC metrics like disbursements and AUM show robust YoY growth, the significant increase in CIFCL's GNPA and NNPA QoQ, coupled with a decrease in provision coverage, raises concerns about asset quality under revised RBI norms.
Current business mix
CIFCL AUM by Product (Q1 FY27)
Latest issuer-disclosed distribution across 7 reported categories.
Vehicle Finance53.0%
Loan Against Property23.0%
Home Loan10.0%
Consumer & Small Enterprise Loan7.0%
Small & Medium Enterprises4.0%
Secured Business & Personal Loan2.0%
Gold Loan1.0%
Growth engines
Vehicle Finance Segment
VF disbursements grew 21% YoY, AUM grew 19% YoY, and PBT grew 50% YoY in Q1 FY27.
Loan Against Property Segment
LAP AUM grew 23% YoY and PBT grew 39% YoY in Q1 FY27, despite disbursements growing only 2% YoY.
Strategic Market Expansion
Company aims to gain market share through strategic expansions in smaller towns and rural markets, alongside a strong presence in Tier 1 and Tier 2 locations.
Capacity and execution
CIFCL Branch Network Expansion
CIFCL added 59 branches QoQ, reaching 1,820 branches as of June 30, 2026.
CMSGICL Market Presence Expansion
CMSGICL expanded its market presence by 10 locations QoQ, reaching 595 as of June 30, 2026.
Tailwinds
Robust Vehicle Demand
HCV, LCV, SCV, Passenger Vehicle, and Two-wheeler segments all showed strong Q1 FY27 growth (13-31%), driven by infra spending, e-commerce, new models, and rural demand.
Resilient Used Vehicle Market
The used vehicle market remains resilient, supported by increasing finance penetration and transition to organized players.
Infrastructure Development
Construction Equipment segment grew 9% in Q1 FY27, supported by ongoing infrastructure development and government capital expenditure.
Positive Rural Sentiments
Tractor industry grew 19% in Q1 FY27, driven by positive rural sentiments and steady farm cash flows, with growth expected to continue.
Headwinds
LAP Credit Cost Risk
Upside risk to LAP credit cost forecast in FY2027 in case of weakening business activity or spurt in inflation due to prolonged conflict in West Asia.
Risk radar
Asset Quality Deterioration (CIFCL)
CIFCL's GNPA and NNPA significantly increased QoQ (from Mar-26 to Jun-26) under revised RBI norms, with provision coverage decreasing.
Rising Loan Losses (CIFCL)
CIFCL's overall loan losses & provisions increased to 3.7% in Q1 FY27 from 3.1% in Q1 FY26.
LAP Loan Losses
LAP loan losses increased to 0.4% in Q1 FY27 from 0.3% in Q1 FY26.
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 comparison is crucial for assessing overall growth trends and seasonal business performance. QoQ comparison is vital for monitoring sequential momentum in AUM, disbursements, and especially asset quality metrics like GNPA/NNPA, which showed significant sequential changes.
Sector KPIs management disclosed
AUM Growth (CIFCL)
AUM grew 21.6% YoY to Rs. 233,586 Cr in Q1 FY27.
Disbursements Growth (CIFCL)
Disbursements grew 21.7% YoY to Rs. 29,612 Cr in Q1 FY27.
Net Income Margin (CIFCL)
Net Income Margin improved to 8.2% in Q1 FY27 from 7.8% in Q1 FY26.
GNPA (CIFCL)
Gross Stage 3 Asset % (GNPA) increased to 4.50% as of Jun-26 from 3.88% as of Mar-26, as per revised RBI norms.
Management forward view
Calibrated Portfolio Expansion
Management will pursue calibrated portfolio expansion focusing on customer cash flow fundamentals and financing productive assets, adhering to a prudent risk framework.
High-Quality Asset Portfolio Focus
Strategy centered on building a high-quality asset portfolio, delivering sustainable and profitable growth, strengthening market presence, and enhancing operational efficiency.
LAP Market Share Gain
Management aims to gain LAP market share through strategic expansions in smaller towns and rural markets, alongside a strong presence in Tier 1 and Tier 2 locations.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| CIFCL GNPA/NNPA | 4.50% / 2.95% (Jun-26) | Monitor sequential trends and impact of revised RBI norms on asset quality. |
| CIFCL Provision Coverage | 45.73% (Jun-26, Gross Stage 3) | Watch for stabilization or improvement in provision coverage ratios. |
| CIFCL Loan Losses & Provisions | 3.7% (Q1 FY27) | Track if overall credit costs continue to rise or moderate as guided for LAP. |
| LAP Segment Disbursement Growth | +2% YoY (Q1 FY27) | Observe if LAP disbursement growth accelerates to meet the guided 19-21% YoY for FY2027. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
54Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 13th percentile of the scored universe and 21st percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
72 docs text-extracted · 16 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
13th percentile
overall median 67 · Financial Services: 21st pctile, median 62 · Small: 15th pctile, median 66
Evidence depth
Financial-only
72 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
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
68
acceptable · 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 ₹-30033 Cr.
- ▸Debt/equity is 13.61.
- ▸Altman Z is 0.16.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Cholamandalam Financial Holdings Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 May - Cholamandalam Financial Holdings Limited has informed regarding copy of newspaper publication
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.