CHOLAHLDNG
Cholamandalam Financial Holdings share price & financials
- Price
- ₹1,573.6
- Market cap
- ₹29.5k Cr
- Sector
- Financial Services
- Calls analysed
- 7
Cholamandalam Financial Holdings Limited Q1 FY27
What went well
- Gross Written Premium (GWP) grew 6.7% to ₹2,130 crores, indicating market share capture in certain segments.
- Motor portfolio grew by 5.7% during the quarter, primarily driven by the commercial vehicle segment.
- The company's decline in the fire line of business was limited to 15.5%, significantly outperforming the industry's 28% decline.
What to watch
- Gross Direct Premium Income (GDPI) growth was 2.6% (₹1,860 crores), below expectations.
- Commercial lines portfolio recorded a decline of 8.6% in Q1.
What Cholamandalam Financial Holdings Limited does
Cholamandalam Financial Holdings (CFHL) is an RBI-registered, non-deposit-taking Systemically Important Core Investment Company, classified as a Middle Layer NBFC under RBI's Scale Based Regulations. Following a 2017 demerger from the erstwhile TI Financial Holdings, it holds strategic stakes in three Murugappa Group financial-services companies: Cholamandalam Investment and Finance Company (CIFCL), a vehicle-finance and secured-lending NBFC; Cholamandalam MS General Insurance (CMSGICL), a multi-line insurer joint-ventured with Mitsui Sumitomo of Japan; and Cholamandalam MS Risk Services (CMSRSL), a risk-management and engineering-solutions JV also with Mitsui Sumitomo. CFHL itself carries no direct operating business beyond managing this investment portfolio and exercising strategic oversight over these group companies.
Segments
- Cholamandalam Investment and Finance Company (CIFCL)
- Cholamandalam MS General Insurance Company (CMSGICL)
- Cholamandalam MS Risk Services (CMSRSL)
- CIFCL branch network
- 1,761 branches across India
- CIFCL geographic coverage
- 26 states and 7 union territories
- CIFCL customer base
- over 43.7 lakh customers
- CMSGICL branch network
- 198 branches nationwide
- CMSGICL intermediary network
- over 50,000 intermediaries
- CMSGICL market presence points (branches + Chola Insurance Express + virtual offices)
- 585 touchpoints
Guidance record · Q1 FY27
what the last two calls moved 11 tracked 1 delivered 6 missed 4 open- Expense of Management (EOM) delivered said Q4 FY25 Promised: we are on the path to achieve that glide path level for FY 25-26 Q1 FY27: No new information to change the 'achieved' status.
- Health Loss Ratio went quiet said Q3 FY25 Promised: one can reasonably expect it to be around 72 or so Q1 FY27: Discussed health portfolio profitability and pricing corrections but again avoided giving a specific loss ratio number.
- Return on Equity (ROE) at risk said Q4 FY25 Promised: I certainly feel that this level of ROE [18.5%] is quite sustainable as we go along. Q1 FY27: Combined ratio deteriorated significantly to 120.4%, making the 15%+ ROE target highly challenging. The target was not reiterated.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 19.6%, net profit up 42.0% 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 | 8,090 | 8,489 | 8,913 | 9,296 | 9,461 +17% | 9,949 +17% | 10,366 +16% | 11,114 +20% |
| EBITDA | 4,553 | 4,718 | 5,204 | 5,154 | 5,102 +12% | 5,462 +16% | — | — |
| Net profit | 1,125 | 1,093 | 1,362 | 1,260 | 1,214 +8% | 1,386 +27% | 1,626 +19% | 1,789 +42% |
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 −15.3% 1Y
1Y: ₹1,805 on 10 Sept 2025 → ₹1,528.6. High ₹2,019.5 (19 Sept 2025), low ₹1,350.9 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.8%
- 14 Aug
- Q4 FY26
- +1.5%
- 8 May
- Q3 FY26
- +3.9%
- 9 Feb
- Q2 FY26
- −4.5%
- 7 Nov
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 29.1% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹18.1k Cr | ₹25.8k Cr | ₹33.1k Cr | ₹39.1k Cr |
| Operating profit | ₹9.5k Cr | ₹14.4k Cr | ₹18.9k Cr | — |
| Operating margin | 52.6% | 55.8% | 56.9% | — |
| Interest | ₹5.8k Cr | ₹9.2k Cr | ₹12.5k Cr | ₹14.4k Cr |
| Depreciation | ₹177 Cr | ₹247 Cr | ₹295 Cr | ₹333 Cr |
| Net profit | ₹2.8k Cr | ₹3.9k Cr | ₹4.7k Cr | ₹5.5k Cr |
| Net margin | 15.5% | 14.9% | 14.3% | 14.0% |
| ROE | 18.0% | 20.0% | 19.0% | 17.0% |
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 | ₹19 Cr | ₹19 Cr | ₹19 Cr | ₹19 Cr | ₹19 Cr | ₹19 Cr |
| Reserves | ₹5.4k Cr | ₹6.4k Cr | ₹7.6k Cr | ₹10.2k Cr | ₹13.7k Cr | ₹15.4k Cr |
| Borrowings | ₹63.8k Cr | ₹69.2k Cr | ₹97.2k Cr | ₹134.0k Cr | ₹187.0k Cr | ₹210.4k Cr |
| Other liabilities | ₹19.4k Cr | ₹22.1k Cr | ₹26.2k Cr | ₹32.7k Cr | ₹39.2k Cr | ₹42.5k Cr |
| Total liabilities | ₹88.6k Cr | ₹97.8k Cr | ₹131.0k Cr | ₹176.9k Cr | ₹239.9k Cr | ₹268.3k Cr |
| Fixed assets | ₹447 Cr | ₹464 Cr | ₹623 Cr | ₹1.8k Cr | ₹2.3k Cr | ₹2.2k Cr |
| Capital work in progress | ₹10 Cr | ₹40 Cr | ₹60 Cr | ₹35 Cr | ₹9 Cr | ₹97 Cr |
| Investments | ₹11.7k Cr | ₹13.3k Cr | ₹17.5k Cr | ₹20.1k Cr | ₹25.3k Cr | ₹25.0k Cr |
| Other assets | ₹76.5k Cr | ₹84.0k Cr | ₹112.8k Cr | ₹155.0k Cr | ₹212.3k Cr | ₹241.1k Cr |
| Total assets | ₹88.6k Cr | ₹97.8k Cr | ₹131.0k Cr | ₹176.9k Cr | ₹239.9k Cr | ₹268.3k 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 +5.46 pp while FIIs trimmed −5.32 pp. The shareholder count shrank 13% to 44,121.
- Promoters
- 46.4%
- FIIs
- 13.0%
- DIIs
- 26.9%
- Government
- 0.5%
- Public
- 13.2%
Since Jun 2025
- DIIs +5.46 pp
- FIIs −5.32 pp
- Public −0.13 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 47.4%, FIIs 12.9%, DIIs 26.7%, Government 0.5%, Public 12.5%.Dec '23: Promoters 47.4%, FIIs 12.9%, DIIs 26.0%, Government 0.5%, Public 13.3%.Mar '24: Promoters 47.4%, FIIs 13.8%, DIIs 25.2%, Government 0.5%, Public 13.2%.Jun '24: Promoters 47.3%, FIIs 13.7%, DIIs 25.5%, Government 0.5%, Public 13.0%.Sep '24: Promoters 47.3%, FIIs 16.3%, DIIs 23.0%, Government 0.5%, Public 12.9%.Dec '24: Promoters 46.5%, FIIs 16.4%, DIIs 22.9%, Government 0.5%, Public 13.8%.Mar '25: Promoters 46.5%, FIIs 17.7%, DIIs 21.8%, Government 0.5%, Public 13.6%.Jun '25: Promoters 46.4%, FIIs 18.3%, DIIs 21.4%, Government 0.5%, Public 13.3%.Sep '25: Promoters 46.4%, FIIs 17.4%, DIIs 22.5%, Government 0.5%, Public 13.2%.Dec '25: Promoters 46.4%, FIIs 16.5%, DIIs 23.6%, Government 0.5%, Public 13.1%.Mar '26: Promoters 46.4%, FIIs 13.8%, DIIs 26.1%, Government 0.5%, Public 13.3%.Jun '26: Promoters 46.4%, FIIs 13.0%, DIIs 26.9%, Government 0.5%, Public 13.2%.
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.
- SBI Large & Midcap Fund Mutual fund newly disclosed 4.12% held
- Bandhan Multi Cap Fund Mutual fund newly disclosed 3.01% held
- HDFC Mutual Fund - HDFC BSE 500 ETF Mutual fund newly disclosed 2.13% held
- Canara Robeco Mutual Fund A/C Canara Robeco Equity Mutual fund newly disclosed 1.17% held
- Pi Opportunities AIF V Llp AIF newly disclosed 1.01% held
- Muthatha Ramanathan newly disclosed 0.18% held
- Orange Koi Private Limited newly disclosed 0.00% held
- Parry International FZCO newly disclosed 0.00% held
The same filing shows 1 holder 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 Financial Holdings Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ambadi Investments Limited | 37.69% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Nif Mutual fund | 4.78% | unchanged |
| SBI Large & Midcap Fund Mutual fund | 4.12% | newly disclosed |
| Bandhan Multi Cap Fund Mutual fund | 3.01% | newly disclosed |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual F Mutual fund | 2.13% | −0.26 pp |
| HDFC Mutual Fund - HDFC BSE 500 ETF Mutual fund | 2.13% | newly disclosed |
| Invesco India Midcap Fund Mutual fund | 1.18% | unchanged |
| Canara Robeco Mutual Fund A/C Canara Robeco Equity Mutual fund | 1.17% | newly disclosed |
| Pi Opportunities AIF V Llp AIF | 1.01% | newly disclosed |
| M A M Arunachalam | 0.45% | unchanged |
| V Arunachalam | 0.40% | unchanged |
| Lakshmi Ramaswamy Family Trust (A A Al & Lakshmi Ramaswamy holds on behalf of the Trust) | 0.40% | 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 CHOLAHLDNG
Filings to Aug 2026
1 new, 5 added, 1 trimmed, 0 sold out — net +8.78 L shares (+4.7%).
- Held by funds
- ₹2.9k Cr
- 20 schemes
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹799 Cr · 1.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹799 Cr | held | Oct '17 |
| SBI Smallcap Fund SBI Mutual Fund | ₹584 Cr | held | Jul '24 |
| SBI Banking And Financial Services Fund SBI Mutual Fund | ₹220 Cr | held | Apr '24 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹213 Cr | held | Jun '24 |
| Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund | ₹208 Cr | held | Feb '20 |
| Nippon India Banking & Financial Services Fund Nippon India Mutual Fund | ₹190 Cr | held | Apr '19 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹156 Cr | held | Feb '26 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹130 Cr | +1.75 L | Jan '26 |
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
5 added, 1 trimmed — net +8.78 L shares (+4.7%)
- Funds are sitting on
- +51%
- vs est. average cost
- Held by funds
- ₹2.9k Cr
- 20 schemes · ≈ 10% of the company
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹799 Cr · 1.5% of that fund
- Longest holder
- Nippon India Value Fund
- 9y · since Sep '17
Shares held by these funds +14%
Aug '23 1.87 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Cholamandalam Financial Holdings Limited
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