CHOLAHLDNG
Small CapCholamandalam Financial Holdings Limited
Financial Services
Cholamandalam Financial Holdings Limited (CFHL) is a Core Investment Company. It holds stakes in Cholamandalam Investment and Finance Company Limited (CIFCL), a leading NBFC in vehicle finance, LAP, and home loans, and Cholamandalam MS General Insurance Company Limited (CMSGICL), a multi-line insurer.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust needs verification, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 50/100Rev +16% YoY · PAT +19% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹10,366 Cr | +16.3% | +4.2% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹1,626 Cr | +19.4% | +17.3% |
| PAT margin | 15.7% | +41 bps | +176 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Consolidated Q4 FY26 revenue grew 17% YoY to Rs. 10,520 Cr, with PAT up 19% YoY to Rs. 1,626 Cr. YTD Mar-26 revenue increased 18% YoY to Rs. 39,576 Cr, and PAT rose 16% YoY to Rs. 5,485 Cr, indicating strong top-line and bottom-line expansion.
Consolidated results show strong growth, but underlying NBFC performance indicates rising credit costs across Vehicle Finance, LAP, and Home Loans. Home Loan disbursements declined YoY. While AUM and PAT growth remain robust, these trends, coupled with moderating sector outlooks for some vehicle segments, warrant increased scrutiny of asset quality and growth sustainability.
CIFCL Portfolio by Product (Q4 FY26)
Latest issuer-disclosed distribution across 10 reported categories.
Vehicle Finance Growth
Vehicle Finance recorded 15% FY26 disbursement growth and 18% YoY AUM growth.
Loan Against Property (LAP) Growth
LAP achieved 14% FY26 disbursement growth and 26% YoY AUM growth.
Retail Expansion
Management is driving market-share gains through targeted retail expansion in smaller towns and rural markets for LAP.
Diversified Product Segments
The company maintains a diversified product portfolio across auto, MSME, and consumer ecosystems.
Branch Network Expansion
CIFCL expanded its branch network by 148, reaching 1,761 branches (YTD Mar-26 vs YTD Mar-25).
Strong Vehicle Demand
HCV, LCV, SCV, PV, and Two-wheeler segments showed growth, supported by freight activity, infrastructure, GST cuts, and rural demand.
Resilient Used Vehicle Market
The Used Vehicle market demonstrated resilience with sustained demand, improved availability, and increasing consumer preference for value-driven mobility.
LAP Segment Growth Outlook
The LAP segment is expected to grow at 20-22% YoY during FY26-FY27, with a focus on new-to-credit borrowers.
Government Housing Thrust
The underpenetrated market and government's 'housing for all' initiative are likely to support Home Loan AUM growth of 19-21% in FY26 and FY27.
Moderating Vehicle Growth
LCV and Passenger Vehicle growth is expected to moderate in FY27 due to a high base effect and demand stabilization.
Construction Equipment De-growth
The Construction Equipment segment witnessed de-growth in Q4 FY26 and YTD Mar-26, impacted by monsoon delays and higher acquisition costs.
Elevated Credit Costs
NBFC retail delinquencies are expected to keep overall credit costs elevated, increasing by 10-30 bps during FY26.
Cost of Funds Impact
Overall cost of funds could be impacted by external factors like inflationary pressures, which shall remain monitorable.
Rising Credit Costs
Loan losses increased across Vehicle Finance (1.9% in FY26), LAP (0.3% in FY26), and Home Loans (1.0% in FY26) compared to prior year.
Home Loan Disbursement Decline
Home Loan disbursements declined 4.4% YoY in Q4 FY26 and 0.55% YoY in FY26, indicating a potential slowdown in new business generation.
Asset Quality Monitoring
GNPA% at 4.36% and NNPA% at 2.87% as of Mar-26, with a slight increase in Stage 3 assets trend, requires close monitoring.
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.
The document provides both Q4 (quarterly performance) and YTD (annual trend) figures, which are crucial for assessing both recent momentum and overall annual growth in financial services.
AUM Growth
CIFCL Assets Under Management (AUM) grew 21.4% YoY to Rs. 242,630 Cr (YTD Mar-26).
Disbursements Growth
CIFCL disbursements grew 10.7% YoY to Rs. 111,642 Cr (YTD Mar-26). Vehicle Finance disbursements grew 15% in FY26, LAP grew 14% in FY26, Home Loans declined 0.55% in FY26.
GNPA/NNPA
CIFCL GNPA% was 4.36% and NNPA% was 2.87% as of Mar-26.
Credit Cost (Loan Losses)
Vehicle Finance loan losses increased to 1.9% in FY26 (vs 1.6% in FY25). LAP loan losses increased to 0.3% in FY26 (vs 0.2% in FY25). Home Loan losses increased to 1.0% in FY26 (vs 0.4% in FY25).
Calibrated Growth Strategy
Management's strategy for Vehicle Finance focuses on calibrated, sustainable growth aligned to end-use demand and customer cash-flow trends.
Portfolio Quality and Collections
The company emphasizes maintaining portfolio quality, scale, and strong collections across its Vehicle Finance business.
Disciplined Risk Management
Growth in LAP is supported by disciplined risk management, robust collections, legal processes, and strong early-bucket performance.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| CIFCL Disbursements Growth | 10.7% YoY (YTD Mar-26) | Sustained double-digit growth, particularly a reversal of the declining trend in Home Loans. |
| Credit Costs (Loan Losses) | Increasing across segments (VF 1.9%, LAP 0.3%, HL 1.0% in FY26) | Stabilization or reduction in loan loss percentages across key business segments. |
| GNPA/NNPA | 4.36%/2.87% (Mar-26) | Improvement or stability in asset quality ratios and Stage 3 asset trends. |
| Home Loan Disbursements | -0.55% YoY decline (FY26) | Reversal of the declining trend and positive growth in Home Loan disbursements. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45Neutralnear 52W low
Technical chart
CHOLAHLDNGdaily · 3Y-24.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 36. Wait for confirmation.
- SMA20 falling (~3.4% over last month) — short-term momentum negative.
- RSI(14) at 36 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 27% off 52W high · 12% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 66.0%.
- Valuation contributes 23/30 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 13th percentile of the scored universe and 25th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-30033 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Financial Services: 25th pctile, median 62 · Small: 15th pctile, median 65
81 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead 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.
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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 10.90
- P/B
- 1.72
- EV/EBITDA
- 711.47
- Market Cap
- 26520.00Cr
Profitability
- ROE
- 17.50%
- ROCE
- 9.75%
- ROA
- 2.04%
- 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
- 130.01
Shareholding
- Promoter Hold
- 46.38%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.