CHOLAFIN
Cholamandalam Investment and Finance Company share price & financials
- Price
- ₹1,693.4
- Market cap
- ₹1.6L Cr
- Sector
- Financial Services
- Calls analysed
- 8
Cholamandalam Investment and Finance Company Limited Q1 FY27
What went well
- Aggregate disbursements grew 22% YoY to INR 29,612 crores.
- AUM expanded 23% YoY to INR 2,54,392 crores.
- ROA increased to 3.7% in Q1 FY27 from 3.1% a year earlier.
What to watch
- Potential rate increase in H2 FY27 could impact cost of funds by approximately 10 bps.
- Macro factors like El Nino and geopolitical conflicts could pose risks to asset quality in Q3/Q4, though not currently visible.
What Cholamandalam Investment and Finance Company Limited does
Cholamandalam Investment and Finance Company is a non-banking finance company incorporated in 1978 as the financial-services arm of the Murugappa Group, which began as an equipment financier and has grown into a broad-based retail lender. It offers vehicle finance, home loans, loan against property, SME loans, secured business and personal loans, consumer and small-enterprise loans, gold loans and consumer-durable loans, earning primarily from interest on these advances. It serves over 4.47 crore customers through a 1,757-branch network, with vehicle finance as its largest business. The company also runs allied services including stock broking and depository (Chola Securities), a corporate insurance agency, and an offline payment aggregator (Payswiff).
Segments
- Vehicle Finance (VF)
- Loan Against Property (LAP)
- Home Loans (HL)
- Consumer & Small Enterprise Loans (CSEL)
- Secured Business & Personal Loans (SBPL)
- SME Loans
- Gold Loans
- Business Enablers
- Branch network
- 1,757 branches across 26 states and 7 union territories
- Customers
- 44.7 lakh+ (over 4.47 crore)
- Employees
- 71,260
- Vehicle Finance footprint
- 1,592 branches, ~30.6 lakh customers (largest business)
- Loan product range
- 13 loan products across vehicle, home, property, SME, gold and consumer finance
- Location profile
- 92% of locations in Tier-III to Tier-VI towns
Guidance record · Q1 FY27
what the last two calls moved 24 tracked 5 delivered 5 missed 14 open- Gold Loan AUM delivered said Q4 FY25 Promised: in this fiscal year or maybe 1.5 years' time, we will try to achieve INR2,000 crores Q1 FY27: Achieved. Management confirmed 'We have reached to INR2,000 crores plus AUM now', hitting the target one quarter ahead of the Q2 FY27 deadline.
- Home Loan Branch Additions went quiet said Q4 FY26 Promised: We are planning to open around 60 new branches in Q1 and another 40 branches in Q2, taking the total to approximately 100 Home Loan branches in the next financial year. Q1 FY27: Ghosted. The specific target of opening 60 new branches in Q1 FY27 was not addressed. Management only made a vague comment that 'branch expansion... started now'.
- Home Loan Book Growth at risk said Q3 FY25 Promised: 25% to 30% book growth for next at least 2 to 3 years. Q1 FY27: Still at risk. Home Loan AUM grew 22% YoY, below the original '30% plus' target and also below the revised FY27 guidance of '25% or higher'.
All 24 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 21.9%, net profit up 45.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,255 | 6,733 | 7,046 | 7,267 | 7,491 +20% | 7,898 +17% | 8,417 +19% | 8,856 +22% |
| Net profit | 968 | 1,088 | 1,260 | 1,138 | 1,160 +20% | 1,290 +19% | 1,645 +31% | 1,656 +46% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +21.2% 1Y
1Y: ₹1,522.4 on 10 Sept 2025 → ₹1,845.9. High ₹1,940 (6 Aug 2026), low ₹1,354.7 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.8%
- 28 Jul
- Q4 FY26
- +4.9%
- 4 May
- Q3 FY26
- +5.9%
- 23 Dec
- Q2 FY26
- −0.9%
- 31 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 34.1% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹12.9k Cr | ₹19.1k Cr | ₹25.8k Cr | ₹31.1k Cr |
| Interest | ₹5.7k Cr | ₹9.2k Cr | ₹12.5k Cr | ₹14.4k Cr |
| Depreciation | ₹122 Cr | ₹199 Cr | ₹245 Cr | ₹284 Cr |
| Net profit | ₹2.7k Cr | ₹3.4k Cr | ₹4.3k Cr | ₹5.2k Cr |
| Net margin | 20.7% | 17.9% | 16.5% | 16.8% |
| ROE | 20.0% | 20.0% | 20.0% | 19.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹164 Cr | ₹164 Cr | ₹164 Cr | ₹168 Cr | ₹168 Cr | ₹170 Cr |
| Reserves | ₹9.4k Cr | ₹11.6k Cr | ₹14.2k Cr | ₹19.4k Cr | ₹25.8k Cr | ₹30.3k Cr |
| Borrowings | ₹63.7k Cr | ₹69.2k Cr | ₹97.4k Cr | ₹134.5k Cr | — | ₹211.1k Cr |
| Other liabilities | ₹1.3k Cr | ₹1.5k Cr | ₹1.9k Cr | ₹2.6k Cr | ₹3.1k Cr | ₹3.9k Cr |
| Total liabilities | ₹74.6k Cr | ₹82.5k Cr | ₹113.6k Cr | ₹156.7k Cr | ₹216.7k Cr | ₹245.4k Cr |
| Fixed assets | ₹228 Cr | ₹259 Cr | ₹403 Cr | ₹1.6k Cr | ₹1.9k Cr | ₹1.9k Cr |
| Capital work in progress | ₹10 Cr | ₹37 Cr | ₹60 Cr | ₹13 Cr | ₹9 Cr | ₹42 Cr |
| Investments | ₹1.6k Cr | ₹2.1k Cr | ₹3.6k Cr | ₹4.0k Cr | ₹7.1k Cr | ₹6.6k Cr |
| Other assets | ₹72.8k Cr | ₹80.1k Cr | ₹109.6k Cr | ₹151.1k Cr | ₹207.7k Cr | ₹236.9k Cr |
| Total assets | ₹74.6k Cr | ₹82.5k Cr | ₹113.6k Cr | ₹156.7k Cr | ₹216.7k Cr | ₹245.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +4.57 pp while FIIs trimmed −3.50 pp. The shareholder count shrank 18% to 1,51,219.
- Promoters
- 49.2%
- FIIs
- 24.5%
- DIIs
- 20.6%
- Public
- 5.7%
Since Jun 2025
- DIIs +4.57 pp
- FIIs −3.50 pp
- Promoters −0.67 pp
How it drifted, 12 quarters
Over this window FIIs went from 21.5% to 24.5% — +3.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 51.4%, FIIs 21.5%, DIIs 20.0%, Public 7.0%.Dec '23: Promoters 50.4%, FIIs 24.7%, DIIs 18.4%, Public 6.5%.Mar '24: Promoters 50.4%, FIIs 26.0%, DIIs 17.1%, Public 6.6%.Jun '24: Promoters 50.3%, FIIs 26.6%, DIIs 16.9%, Public 6.2%.Sep '24: Promoters 50.2%, FIIs 27.2%, DIIs 16.6%, Public 6.0%.Dec '24: Promoters 49.9%, FIIs 27.4%, DIIs 16.1%, Public 6.6%.Mar '25: Promoters 49.9%, FIIs 28.2%, DIIs 15.5%, Public 6.4%.Jun '25: Promoters 49.9%, FIIs 28.0%, DIIs 16.1%, Public 6.1%.Sep '25: Promoters 49.9%, FIIs 26.9%, DIIs 17.3%, Public 6.0%.Dec '25: Promoters 49.7%, FIIs 26.6%, DIIs 17.5%, Public 6.2%.Mar '26: Promoters 49.3%, FIIs 24.9%, DIIs 19.9%, Public 6.0%.Jun '26: Promoters 49.2%, FIIs 24.5%, DIIs 20.6%, Public 5.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- NPS TRUST A/C (Through Multiple Schemes) Pension / PF newly disclosed 2.77% held
- SBI NIFTY 500 INDEX FUND A/C (Through Multiple Schemes) Mutual fund newly disclosed 2.01% held
- KOTAK MAHINDRA TRUSTEE CO LTD A/C (Through Multiple Schemes) Mutual fund newly disclosed 1.39% held
- ICICI PRUDENTIAL MUTUAL FUND A/C (Through Multiple Schemes) Mutual fund newly disclosed 1.28% held
- INVESCO INDIA FOCUSED FUND (Through Multiple Schemes) Mutual fund newly disclosed 1.06% held
- Government Pension Fund Global Sovereign +0.33 pp 1.38% held
- AXIS MUTUAL FUND TRUSTEE LTD. A/C (Through Multiple Schemes) Mutual fund +0.20 pp 1.98% held
- R.Muthatha newly disclosed 0.01% held
The same filing shows 0 holders trimming and 6 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Cholamandalam Investment and Finance Company Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Cholamandalam Financial Holdings Limited | 43.74% | unchanged |
| Ambadi Investments Limited | 3.96% | unchanged |
| NPS TRUST A/C (Through Multiple Schemes) Pension / PF | 2.77% | newly disclosed |
| SBI NIFTY 500 INDEX FUND A/C (Through Multiple Schemes) Mutual fund | 2.01% | newly disclosed |
| AXIS MUTUAL FUND TRUSTEE LTD. A/C (Through Multiple Schemes) Mutual fund | 1.98% | +0.20 pp |
| KOTAK MAHINDRA TRUSTEE CO LTD A/C (Through Multiple Schemes) Mutual fund | 1.39% | newly disclosed |
| Government Pension Fund Global Sovereign | 1.38% | +0.33 pp |
| ICICI PRUDENTIAL MUTUAL FUND A/C (Through Multiple Schemes) Mutual fund | 1.28% | newly disclosed |
| HDFC TRUSTEE COMPANY LTD A/C (Through Multiple Schemes) Mutual fund | 1.22% | unchanged |
| INVESCO INDIA FOCUSED FUND (Through Multiple Schemes) Mutual fund | 1.06% | newly disclosed |
| M.A.Alagappan | 0.29% | unchanged |
| Shambho Trust (M V Subbiah & S Vellayan,Trustees holds shares for Trust) | 0.16% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in CHOLAFIN
Filings to Aug 2026
0 new, 12 added, 6 trimmed, 0 sold out — net −6.31 L shares (−1.8%).
- Held by funds
- ₹6.3k Cr
- 34 schemes
- Biggest holder
- SBI Large Cap Fund
- ₹1.2k Cr · 2.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Large Cap Fund SBI Mutual Fund | ₹1.2k Cr | held | Aug '21 |
| HDFC Large Cap Fund HDFC Mutual Fund | ₹969 Cr | held | Dec '24 |
| SBI Balanced Advantage Fund SBI Mutual Fund | ₹676 Cr | −1.76 L | Oct '25 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹498 Cr | held | Jan '26 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹483 Cr | held | Feb '26 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹426 Cr | −3.00 L | Jun '25 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹287 Cr | −2.61 L | Jan '26 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹284 Cr | +0.49 L | Sep '21 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
12 added, 6 trimmed — net −6.31 L shares (−1.8%)
- Funds are sitting on
- +26%
- vs est. average cost
- Held by funds
- ₹6.3k Cr
- 34 schemes · ≈ 3.6% of the company
- Biggest holder
- SBI Large Cap Fund
- ₹1.2k Cr · 2.2% of that fund
Shares held by these funds +21%
Aug '23 3.45 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Cholamandalam Investment and Finance Company Limited
Guides on how to read this kind of business and the numbers that matter.