Cholamandalam Financial Holdings Limited (CHOLAHLDNG)

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Cholamandalam Financial Holdings Limited (CHOLAHLDNG) · mywealthgrid

About

Cholamandalam Financial Holdings Limited is an investment holding company in financial services with ₹30,000 Cr market cap and P/E of 11.24. Quarterly profitability has ranged from ₹1,214 Cr (Sep 2025) to ₹1,789 Cr (Jun 2026) with 55% operating margins and 17.46% ROE.

Face value: ₹1

Market cap

₹25,721 Cr

P/E

9.6×

P/B

1.7×

Dividend yield

0.1%

ROE

17.5%

ROCE

—

Debt / equity

13.61

OPM

55.1%

EPS (TTM)

₹142.1

Book value

₹822.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

D/E ratio of 13.61 is very high for any business; verify non-performing asset ratios, provisioning adequacy, and capital buffers above regulatory minimums
Stock down 13.62% over 12 months despite profit growth from ₹1,214 Cr to ₹1,789 Cr; verify what market concerns are driving this valuation gap
Operating structure shows two distinct business lines with divergent economics (₹30–50 Cr quarterly at 97% OPM versus ₹9,500–11,100 Cr at 54–58% OPM); verify concentration and diversification of loan and asset portfolios
Verify whether the recent 47% cumulative profit growth (Sep 2025 to Jun 2026) stems from volume expansion, rate environment tailwinds, or credit quality deterioration, and whether it is sustainable

Generated analysis · source review pending

Growth drivers

Quarterly net profit grew 47% from ₹1,214 Cr (Sep 2025) to ₹1,789 Cr (Jun 2026) while maintaining 54–58% operating margins, demonstrating scalability in core operations
ROE of 17.46% indicates capital deployed at attractive returns; reinvested earnings would compound profit growth if the current trajectory continues
Regular dividend events (Aug 2024, 2025, 2026) show strong cash generation supporting both shareholder distributions and reinvestment capacity
P/E of 11.24 is modest relative to a business growing profit at 47% over three quarters; multiple expansion would follow if growth sustains

Generated analysis · source review pending

2,224 historical price candles were omitted because the exchange source has not been verified.

₹1,369.6-0.2%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18.8% (3-yr avg)
+Healthy operating margin of 55.1%
+Profit CAGR of 24.2% over the last 5 years
+Revenue CAGR of 23% over the last 5 years

Cons

−Heavily leveraged (debt/equity 13.6)
−Weak interest coverage of 1.5×
−Low dividend payout of 0.9% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

74/100

Business quality: 38
Growth: 90

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	13,135	13,900	14,644	18,146	25,804	33,125	39,073
Interest	4,592	4,608	4,328	5,778	9,249	12,494	14,388
Expenses	6,588	6,751	7,209	8,598	11,390	14,271	17,529
Financing profit	1,954	2,541	3,106	3,770	5,164	6,361	7,155
Financing margin %	14.9%	18.3%	21.2%	20.8%	20%	19.2%	18.3%
Other income	1	5	91	230	283	335	503
Depreciation	150	145	154	176	248	296	333
Profit before tax	1,807	2,401	3,041	3,816	5,212	6,405	7,333
Tax	642	636	801	1,006	1,361	1,666	1,848
Tax %	35.5%	26.5%	26.4%	26.4%	26.1%	26%	25.2%
PAT	1,165	1,764	2,239	2,810	3,851	4,740	5,485
EPS (₹)	29.4	43.9	54.5	68.7	94.4	115.8	130
EPS adjusted (₹)	27.6	43.9	54.5	68.7	94.4	115.7	130
	0%	0%	0%	0%	0.6%	1.1%	1%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	19	19	19	19	19	19	19	19	19
Reserves	2,753	3,925	4,572	5,367	6,427	7,642	10,223	12,497	15,435
Minority interest	—	—	—	—	—	8,597	11,882	14,434	18,426
	30,070	50,447	55,117	63,797	69,229	97,191	1,34,014	1,74,366	2,10,400
	9,078	13,546	16,147	19,432	22,097	17,584	20,780	23,300	24,053
Total equity & liabilities	41,920	67,937	75,855	88,616	97,772	1,31,033	1,76,918	2,24,616	2,68,333
	212	234	408	375	393	594	1,755	2,000	2,180
CWIP	—	—	—	—	26	36	0	4	28
Investments	8	36	37	37	494	17,559	20,095	24,271	24,968
	41,701	67,667	75,410	88,203	96,859	1,12,844	1,55,068	1,98,341	2,41,157
Total assets	41,920	67,937	75,855	88,616	97,772	1,31,033	1,76,918	2,24,616	2,68,333

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Financing	31,073.15	6,973.04	2,44,258.27	2,14,989.83	29,268.44	23.82
Insurance	8,351.78	341.56

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	49.8%	51.4%	50.8%	52.6%	55.9%	56.9%	55.1%
EBIT margin %	48.7%	50.4%	49.7%	51.6%	54.9%	56%	54.3%
PAT margin %	8.9%	12.7%	15.3%	15.5%	14.9%	14.3%	14%
Working capital
Receivable days	1	1	2	—	—	—	—
Inventory days	—	—	—	0	0	0	0
Payable days	0	0	0	—	—	—	—
NWC days	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—
Debt to EBITDA	8.42	8.92	9.31	10.18	9.3	9.25	9.77
Debt to equity	12.01	11.85	10.74	12.69	13.09	13.93	13.61
Interest coverage	1.4	1.5	1.7	1.7	1.6	1.5	1.5
Asset turnover	0.17	0.16	0.15	0.14	0.15	0.15	0.15
Return ratios
Return on assets %	1.5%	2%	2.3%	2.1%	2.2%	2.1%	2%
Return on capital employed %	—	—	—	—	—	—	—
Return on equity %	25.4%	32.8%	34.7%	36.7%	37.6%	37.9%	35.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	47.37%	47.37%	47.37%	47.32%	47.32%	46.45%	46.45%	46.44%	46.42%	46.38%	46.38%	46.43%
	12.92%	12.87%	13.78%	13.72%	16.27%	16.37%	17.67%	18.32%	17.39%	16.47%	13.8%	13%
	26.72%	25.97%	25.26%	25.52%	23.02%	22.94%	21.8%	21.43%	22.52%	23.55%	26.1%	26.89%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0.46%	0.46%	0.46%	0.46%
	12.99%	13.79%	13.59%	13.44%	13.39%	14.24%	14.08%	13.81%	13.21%	13.14%	13.26%	13.22%
No. of shareholders	—	—	—	—	—	—	—	—	47,995	44,225	47,752	44,121

Promoter holding down 0.94 percentage points since Sep 2023.

22 deals · 19 Sept 2022 – 22 Sept 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
22 Sept 2023	NOMURA INDIA INVESTMENT FUND MOTHER FUND	Bulk	BSE	Buy	14,51,000	₹1,145.30	₹166.18 Cr
22 Sept 2023	AMBADI ENTERPRISES LTD	Bulk	BSE	Sell	10,58,200	₹1,151.02	₹121.80 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	2,42,098	₹625.80	₹15.15 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	2,42,098	₹625.80	₹15.15 Cr
25 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	31,285	₹625.80	₹1.96 Cr
25 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	31,285	₹625.80	₹1.96 Cr
17 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	2,41,863	₹623.60	₹15.08 Cr
17 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	2,41,863	₹623.60	₹15.08 Cr
17 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	31,255	₹623.60	₹1.95 Cr
17 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	31,255	₹623.60	₹1.95 Cr

1–10 of 22

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Mr. M M MurugappanNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Shyam ShankarManager & Chief Financial Officer
Mr. K BalasubramanianNon-Executive - Independent Director
Mr. Balasubramanyan RamaratnamNon-Executive - Independent Director
Mrs. Vasudha SundararamanNon-Executive - Independent Director
Mr. Sridharan RangarajanNon-Executive - Non Independent Director
Mr. Subbiah VellayanNon-Executive - Non Independent Director
Ms. E KrithikaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 10 fund houses

Held by these funds

13.07%

of the company's equity

All mutual funds

24.22%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

50 schemes · 10 fund houses

		Shares
Growth Mid Cap FundNEW	Nippon India Mutual Fund	53.82 L	799.45	1.53%	2.866%	—
Smallcap Fund	SBI Mutual Fund	39.28 L	583.54	1.37%	2.092%	-0
Small Cap Fund	Axis Mutual Fund	27.68 L	411.26	1.31%	1.474%	-0
Banking And Financial Services Fund	SBI Mutual Fund	14.84 L	220.39	2.03%	0.79%	-0
Large and Midcap Fund	SBI Mutual Fund	14.33 L	212.8	0.5%	0.763%	-0
ELSS Tax Saver Fund	Nippon India Mutual Fund	14 L	207.97	1.41%	0.745%	-0
Mid Cap Fund	DSP Mutual Fund	13.22 L	196.36	0.93%	0.704%	-0
BANKING & FINANCIAL SERVICES FUND	Nippon India Mutual Fund	12.8 L	190.13	2.4%	0.682%	-0

1–8 of 50

1 / 7

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

3

Final dividend7 Aug 2026 · ex-date₹1.3
Final dividend1 Aug 2025 · ex-date₹1.3
Final dividend2 Aug 2024 · ex-date₹0.55

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

19 announcementsExport CSV

29 Sept 2026, 2:35 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	49.8%	51.4%	50.8%	52.6%	55.9%	56.9%	55.1%
EBIT margin %	48.7%	50.4%	49.7%	51.6%	54.9%	56%	54.3%
PAT margin %	8.9%	12.7%	15.3%	15.5%	14.9%	14.3%	14%
Working capital
Receivable days	1	1	2	—	—	—	—
Inventory days	—	—	—	0	0	0	0
Payable days	0	0	0	—	—	—	—
NWC days	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—
Debt to EBITDA	8.42	8.92	9.31	10.18	9.3	9.25	9.77
Debt to equity	12.01	11.85	10.74	12.69	13.09	13.93	13.61
Interest coverage	1.4	1.5	1.7	1.7	1.6	1.5	1.5
Asset turnover	0.17	0.16	0.15	0.14	0.15	0.15	0.15
Return ratios
Return on assets %	1.5%	2%	2.3%	2.1%	2.2%	2.1%	2%
Return on capital employed %	—	—	—	—	—	—	—
Return on equity %	25.4%	32.8%	34.7%	36.7%	37.6%	37.9%	35.5%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Jio Financial Services LimitedJIOFINJIOFIN	₹1,40,316 Cr	₹1,62,084 Cr	₹4,905 Cr	₹3,264 Cr	65.6%	₹2,066 Cr	44.4%	—	1.2%	—
Aditya Birla Capital LimitedABCAPITALABCAPITAL	₹1,02,546 Cr	₹2,81,426 Cr	₹48,186 Cr	₹17,803 Cr	36.7%	₹4,104 Cr	8.5%	—	11.6%	—
Tata Investment Corporation LimitedTATAINVESTTATAINVEST	₹31,122 Cr	₹31,122 Cr	₹404 Cr	₹361 Cr	89.4%	₹431 Cr	109.2%	—	1.4%	—
Cholamandalam Financial Holdings LimitedCHOLAHLDNGCHOLAHLDNG	₹25,721 Cr	₹2,36,121 Cr	₹40,993 Cr	₹22,781 Cr	55.1%	₹2,669 Cr	14%	—	17.5%	—
Tvs Holdings LimitedTVSHLTDTVSHLTD	₹24,010 Cr	₹60,166 Cr	₹62,488 Cr	₹9,940 Cr	15.8%	₹1,970 Cr	5.8%	—	30.4%	—
Maharashtra Scooters LimitedMAHSCOOTERMAHSCOOTER	₹14,113 Cr	₹14,113 Cr	₹289 Cr	₹285 Cr	98.7%	₹279 Cr	99.3%	—	1.1%	—
Jsw Holdings LimitedJSWHLJSWHL	₹12,496 Cr	₹12,496 Cr	₹184 Cr	₹168 Cr	92.2%	₹137 Cr	81.7%	—	0.5%	—
Religare Enterprises LimitedRELIGARERELIGARE	₹7,663 Cr	₹8,064 Cr	₹8,941 Cr	₹60 Cr	1.6%	₹50 Cr	0.9%	—	3.2%	—
Pilani Investment And Industries Corporation LimitedPILANIINVSPILANIINVS	₹4,320 Cr	₹6,712 Cr	₹248 Cr	₹216 Cr	88.5%	₹-12 Cr	11%	—	0.2%	—
Nalwa Sons Investments LimitedNSILNSIL	₹2,633 Cr	₹2,636 Cr	₹98 Cr	₹77 Cr	74.8%	₹55 Cr	56.1%	—	0.3%	—
Kalyani Investment Company LimitedKICLKICL	₹2,065 Cr	₹2,065 Cr	₹78 Cr	₹65 Cr	82.2%	₹41 Cr	47.1%	—	0.4%	—
El Cid Investments LimitedELCIDINELCIDIN	₹2,043 Cr	—	₹134 Cr	₹127 Cr	94.5%	₹109 Cr	81%	—	1.2%	—

Date	Category	Subject	Filing
29 Sept 2026, 2:35 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
20 Aug 2026, 6:32 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF
18 Aug 2026, 6:09 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
17 Aug 2026, 6:01 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
15 Aug 2026, 12:46 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
14 Aug 2026, 6:30 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
14 Aug 2026, 4:48 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
14 Aug 2026, 1:31 pm	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-500	594	-6,302	-9,274	-1,914	-9,719	-5,738	-29,329	-35,726	-34,201	-30,033
	444	-653	-1,825	-93	-96	-62	-135	-257	-2,625	-1,038	-2,528
	748	-69	8,287	12,171	2,427	7,794	7,073	27,840	38,269	39,652	35,650
Net cash flow	692	-128	160	—	—	-1,987	1,199	-1,746	-82	4,413	3,089
Free cash flow	—	—	—	—	—	-9,783	-5,853	-29,577	-36,895	-34,543	-30,393
CFO / Operating profit %	—	—	—	—	-29.2%	-136%	-77.2%	-307.2%	-247.9%	-181.4%	-139.4%

Cholamandalam Financial Holdings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

3

1

Announcements

3

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Financing · revenue

Cholamandalam Financial Holdings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends3

Board meetings1

Announcements

Dividends3

Board meetings1

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Financing · revenue

3

1

3

1