Cholamandalam Financial Holdings
CHOLAHLDNG NSE
Cholamandalam Financial Holdings
Financial ServicesNSE: CHOLAHLDNG BSE: 504973 Investment Company
Key Fundamentals
SmallcapInvestment CompanyFinancial ServicesMarket Cap
₹28,165 Cr
Volatility
Moderate
P/E Ratio
10.76
EBITDA
₹22,047 Cr
Return on Equity
16.17%
Debt to Equity
13.76
Book Value
₹822.62
EPS
₹103.82
52W High
₹2,064
52W Low
₹1,305
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has delivered good profit growth of 24.3% CAGR over last 5 years
Weaknesses
1- Company has low interest coverage ratio.
Growth Rate
Revenue Growth
18.28% lower than
3Y
Net Income Growth
15.71% lower than
3Y
Cash Flow Change
12.19% lower than
3Y
ROE
-7.97% lower than
3Y
ROCE
-3.26% lower than
3Y
EBITDA Margin (Avg.)
-2.86% lower than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk medium
Cholamandalam Financial Holdings, the holding company of the Murugappa Group's financial services arm, trades at a market cap of ₹28,165 Cr with a PE of 4.8x and PB of 1.85x. The company has delivered 24% compounded profit CAGR over 5 years and 18% sales CAGR over the same period, though the stock has declined 19% over the past year and carries a low interest coverage ratio.
Bull Case 8
- Strong 5-year compounded profit growth of 24% CAGR indicates sustained earnings expansion across market cycles
- Attractive valuation with PE of just 4.8x, significantly below typical financial services sector multiples, suggesting potential undervaluation
- Consistent long-term ROE averaging 18% over 10 years and 19% over 3 years reflects disciplined capital allocation
- Compounded sales growth of 29% over 3 years demonstrates accelerating top-line momentum in the recent period
- TTM profit growth of 21% shows continued earnings momentum even in the current environment
- Price-to-book of 1.85x is reasonable for a holding company generating 17-19% ROE consistently
- 10-year stock CAGR of 14% shows the company has generated meaningful long-term wealth for shareholders
- TTM sales growth of 18% remains healthy, broadly in line with the 10-year average of 17%, showing no structural slowdown
Bear Case 8
- Stock has declined 19% over the past 1 year, significantly underperforming broader markets and signaling negative sentiment
- Low interest coverage ratio raises concerns about the company's ability to service debt comfortably from operating earnings
- Negligible dividend yield of just 0.08% offers virtually no income return to shareholders despite profitable operations
- ROE has declined from 19% (3-year average) to 17% last year, suggesting potential margin or efficiency compression
- As a holding company, valuation is subject to a structural holding company discount, limiting direct value realization for minority shareholders
- Debt-to-equity ratio is not disclosed, creating limited visibility into the actual leverage profile of the consolidated entity
- 52-week high and low data unavailable (reported as 0), making it difficult to assess the stock's trading range and volatility
- 10-year compounded profit growth of 15% trails the more recent 5-year figure of 24%, indicating that the longer-term track record is less impressive than recent performance alone suggests
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago Neutral 1
- 77th AGM held, dividend approved Aug 15
Cholamandalam Financial Holdings held its 77th AGM on August 14, 2026. Shareholders approved FY26 financials, final dividend, and key management appointments.
TL;DR: Limited recent news flow for Cholamandalam Financial Holdings. The company conducted routine corporate governance via its 77th AGM with standard approvals on financials, dividend, and management appointments. No material headwinds or bullish catalysts surfaced in the latest coverage, leaving the near-term outlook largely dependent on broader financial services sector trends.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,626 | 6,317 | 6,795 | 7,066 | 7,633 | 8,090 | 8,489 | 8,913 | 9,296 | 9,461 | 9,949 | 10,366 | 11,114 |
| Expenses | 2,588 | 2,898 | 2,978 | 2,932 | 3,253 | 3,537 | 3,772 | 3,709 | 4,142 | 4,359 | 4,487 | 4,541 | 4,721 |
| Financing Profit | 1,025 | 1,210 | 1,371 | 1,552 | 1,584 | 1,496 | 1,438 | 1,843 | 1,687 | 1,585 | 1,814 | 2,070 | 2,385 |
| Fin. Margin % | 18% | 19% | 20% | 22% | 21% | 18% | 17% | 21% | 18% | 17% | 18% | 20% | 21% |
| Other Income | 89 | 55 | 48 | 110 | 45 | 91 | 106 | 98 | 88 | 130 | 137 | 156 | 103 |
| Interest | 2,013 | 2,209 | 2,445 | 2,582 | 2,796 | 3,058 | 3,280 | 3,361 | 3,468 | 3,518 | 3,648 | 3,755 | 4,007 |
| Depreciation | 52 | 52 | 55 | 88 | 70 | 74 | 72 | 79 | 79 | 83 | 87 | 84 | 87 |
| PBT | 1,062 | 1,213 | 1,363 | 1,574 | 1,559 | 1,513 | 1,471 | 1,862 | 1,696 | 1,632 | 1,863 | 2,142 | 2,400 |
| Tax % | 25% | 27% | 25% | 27% | 26% | 26% | 26% | 27% | 26% | 26% | 26% | 24% | 25% |
| Net Profit | 792 | 888 | 1,027 | 1,144 | 1,160 | 1,125 | 1,093 | 1,362 | 1,260 | 1,214 | 1,386 | 1,626 | 1,789 |
| EPS in Rs | 19.78 | 22.41 | 24.88 | 27.32 | 29.2 | 27.99 | 25.89 | 32.68 | 30.81 | 29.29 | 33.32 | 36.59 | 42.92 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 9,696 | 8,004 | 2,688 | 8,909 | 10,926 | 13,135 | 13,900 | 14,644 | 18,154 | 25,830 | 33,196 | 39,156 | 40,890 |
| Expenses | 6,542 | 7,029 | 2,377 | 4,490 | 5,147 | 6,588 | 6,807 | 7,210 | 8,597 | 11,389 | 14,269 | 17,523 | 18,109 |
| Financing Profit | 1,051 | -1 | 311 | 1,764 | 2,192 | 1,954 | 2,485 | 3,106 | 3,780 | 5,191 | 6,433 | 7,244 | 7,854 |
| Fin. Margin % | 11% | 0% | 12% | 20% | 20% | 15% | 18% | 21% | 21% | 20% | 19% | 18% | 19% |
| Other Income | 123 | 1,538 | 1 | 0 | 21 | 1 | 60 | 92 | 221 | 256 | 262 | 414 | 525 |
| Interest | 2,103 | 976 | 0 | 2,655 | 3,587 | 4,592 | 4,608 | 4,328 | 5,778 | 9,249 | 12,494 | 14,388 | 14,928 |
| Depreciation | 171 | 163 | 17 | 70 | 78 | 150 | 145 | 154 | 176 | 248 | 296 | 333 | 341 |
| PBT | 1,003 | 1,374 | 295 | 1,695 | 2,135 | 1,806 | 2,400 | 3,044 | 3,824 | 5,200 | 6,400 | 7,326 | 8,037 |
| Tax % | 32% | 27% | 30% | 34% | 34% | 36% | 27% | 26% | 26% | 26% | 26% | 25% | — |
| Net Profit | 684 | 1,181 | 538 | 1,127 | 1,415 | 1,165 | 1,764 | 2,239 | 2,810 | 3,851 | 4,740 | 5,485 | 6,015 |
| EPS in Rs | 22.68 | 55.47 | 24.26 | 29.32 | 37.12 | 29.34 | 43.93 | 54.49 | 68.71 | 94.39 | 116 | 130 | 142 |
| Div. Payout % | 9% | 9% | 1% | 4% | 3% | 2% | 1% | 1% | 1% | 1% | 1% | 1% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 37 | 37 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 |
| Reserves | 2,290 | 3,287 | 2,745 | 3,291 | 3,925 | 4,572 | 5,367 | 6,427 | 7,642 | 10,223 | 12,496 | 15,435 |
| Borrowing | 21,431 | 1,441 | 0 | 38,200 | 50,447 | 55,117 | 63,797 | 69,229 | 97,191 | 1,34,014 | 1,74,366 | 2,10,400 |
| Other Liabilities | 6,579 | 4,900 | 5,129 | 11,897 | 13,546 | 16,147 | 19,432 | 22,097 | 26,181 | 32,662 | 37,732 | 42,476 |
| Total Liabilities | 30,338 | 9,665 | 7,892 | 53,407 | 67,937 | 75,855 | 88,616 | 97,771 | 1,31,033 | 1,76,917 | 2,24,614 | 2,68,331 |
| Fixed Assets | 1,521 | 1,336 | 102 | 311 | 306 | 479 | 447 | 464 | 623 | 1,784 | 2,029 | 2,209 |
| CWIP | 40 | 56 | 0 | 4 | 14 | 11 | 10 | 40 | 60 | 35 | 54 | 97 |
| Investments | 2,665 | 5,141 | 6,536 | 6,211 | 7,552 | 8,893 | 11,678 | 13,282 | 17,536 | 20,058 | 24,271 | 24,968 |
| Other Assets | 26,112 | 3,131 | 1,254 | 46,881 | 60,065 | 66,472 | 76,481 | 83,984 | 1,12,813 | 1,55,041 | 1,98,260 | 2,41,056 |
| Total Assets | 30,338 | 9,665 | 7,892 | 53,407 | 67,937 | 75,855 | 88,616 | 97,771 | 1,31,033 | 1,76,917 | 2,24,614 | 2,68,331 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -1,685 | -500 | 594 | -6,302 | -9,274 | -1,914 | -9,719 | -5,738 | -29,329 | -35,726 | -34,201 | -30,033 |
| Investing | -461 | 193 | -1,263 | -1,825 | -94 | -96 | -62 | -135 | 295 | -2,625 | -1,038 | -2,528 |
| Financing | 1,704 | 748 | -69 | 8,287 | 12,171 | 2,427 | 7,688 | 7,073 | 27,288 | 38,269 | 39,652 | 35,650 |
| Net Cash Flow | -443 | 441 | -738 | 160 | 2,803 | 417 | -2,093 | 1,199 | -1,746 | -82 | 4,413 | 3,089 |
| Free Cash Flow | -1,822 | -674 | 568 | -6,391 | -9,367 | -2,011 | -9,781 | -5,874 | -29,586 | -36,887 | -34,528 | -30,365 |
| CFO/OP | -41 | -13 | 230 | -126 | -145 | -17 | -125 | -65 | -296 | -238 | -173 | -131 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 19% | 21% | 15% | 18% | 19% | 13% | 17% | 17% | 18% | 20% | 19% | 17% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Cholamandalam Financial Holdings insights
64 extracted metrics + investor summaries across FY10–FY26.
Documents
1
Announcement under Regulation 30 (LODR)-Press Release / Media Release
8 May - CFHL FY26 audited results: consolidated PAT Rs 5,485 Cr; recommends 130% dividend. 8 May - CFHL FY26 audited results: consolidated PAT Rs 5,485 Cr; recommends 130% dividend.
2
Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO)
8 May - Board approved FY26 audited results, Rs1.30 final dividend, CFO/Manager changes, and 77th AGM on Aug 14, 2026. 8 May - Board approved FY26 audited results, Rs1.30 final dividend, CFO/Manager changes, and 77th AGM on Aug 14, 2026.
3
Announcement under Regulation 30 (LODR)-Change in Management
8 May - Board approved FY26 audited results, Rs1.30 final dividend, CFO/Manager change, and 77th AGM on 14 Aug 2026. 8 May - Board approved FY26 audited results, Rs1.30 final dividend, CFO/Manager change, and 77th AGM on 14 Aug 2026.
4
Announcement under Regulation 30 (LODR)-Retirement
8 May - Board approved FY26 audited results, Rs1.30 final dividend, CFO/Manager change, and AGM on 14 August 2026. 8 May - Board approved FY26 audited results, Rs1.30 final dividend, CFO/Manager change, and AGM on 14 August 2026.
5
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
8 May - Audio recording of 8 May 2026 earnings call uploaded on company website. 8 May - Audio recording of 8 May 2026 earnings call uploaded on company website.
Frequently Asked Questions about Cholamandalam Financial Holdings
What does Cholamandalam Financial Holdings Ltd do?
Cholamandalam Financial Holdings Ltd, part of the Murugappa Group, is an RBI-registered Core Investment Company with interests in lending, general insurance, and risk-management services.[1]
Where is Cholamandalam Financial Holdings Ltd (CHOLAHLDNG) listed?
Cholamandalam Financial Holdings Ltd trades as CHOLAHLDNG on the NSE and under code 504973 on the BSE.
Which sector does Cholamandalam Financial Holdings Ltd belong to?
Cholamandalam Financial Holdings Ltd is classified under the Financial Services sector, in the Investment Company industry.
What is the market capitalisation of Cholamandalam Financial Holdings Ltd?
Cholamandalam Financial Holdings Ltd has a market capitalisation of ₹28,165 Cr, which places it in the Large Cap band.
What is the PE ratio of Cholamandalam Financial Holdings Ltd?
Cholamandalam Financial Holdings Ltd trades at a PE ratio of 10.76, on earnings per share of ₹103.82, against a book value of ₹822.62 per share.
What is the 52-week high and low of Cholamandalam Financial Holdings Ltd?
Over the last 52 weeks Cholamandalam Financial Holdings Ltd has traded between ₹1,305 and ₹2,064.
Does Cholamandalam Financial Holdings Ltd pay dividends?
Cholamandalam Financial Holdings Ltd has a dividend yield of 0.08%.
What is the Return on Equity (ROE) of Cholamandalam Financial Holdings Ltd?
Cholamandalam Financial Holdings Ltd reported a return on equity of 16.17%. Its debt-to-equity ratio is 13.76.
Company Information
Cholamandalam Financial Holdings Ltd, part of the Murugappa Group, is an RBI-registered Core Investment Company with interests in lending, general insurance, and risk-management services.[1]
Website cholafhl.com
CEO Mr. N. Ganesh
Employees 48,434
Listed 2017-09-25
Face Value ₹ 1
Issued Size 18,77,77,462
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