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Cholamandalam Financial Holdings Limited
NSE: CHOLAHLDNGFinancial ServicesCredit Services
- Last close
- ₹1,279.50
- Day change
- −₹36.70 (−2.79%)vs
- Market cap
- ₹25,868 crIndian rupees
- Research updated
- 1 report
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About Cholamandalam Financial Holdings
Cholamandalam Financial Holdings Limited is a diversified financial services company based in India, primarily focused on facilitating financial solutions through its subsidiaries. As part of the Murugappa Group, a prominent Indian conglomerate, Cholamandalam plays a critical role in providing non-banking financial services that cater to a range of sectors including vehicle finance, home loans, and small and medium enterprises (SME) financing. Notably, it operates through Cholamandalam Investment and Finance Company, which is a key player in India's vehicle financing market. The company is involved in developing comprehensive financial products that support the growth of the automotive industry, real estate, and entrepreneurship across the country. It has significant market significance owing to its robust distribution network and technological integration, which ensure wide accessibility and efficient service delivery. Cholamandalam Financial Holdings Limited also invests strategically in insurance and asset management sectors, further broadening its impact and reach in India's financial landscape.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: CHOLAHLDNG
- Next results
- Employees
- 53,503
- Headquarters
- Chennai, India
- ISIN
- INE149A01033
- Website
- cholafhl.com
Public research · Report of
Business model & financial foundation
CFHL (NSE: CHOLAHLDNG), Core investment company: lending, general insurance and risk services: revenue of ₹39,576 crore in FY26 (+18.3% on FY25), an EBITDA margin of 18.5% and net profit of ₹2,441 crore.
- Revenue, FY26 (₹ crore)
- 39,576
- consolidated
- Revenue growth, FY26
- +18.3%
- on FY25
- EBITDA margin, FY26
- 18.5%
- EBITDA (vendor classification) / revenue
- Net profit, FY26 (₹ crore)
- 2,441
- to owners
- Return on equity, FY26
- 17.5%
- on average equity
- Market capitalisation (₹ crore)
- 28,399
- at the close of 15 Oct 2026
Company profile
CFHL is an RBI-registered Core Investment Company in the Murugappa Group, holding interests in lending, general insurance and risk-management services. Its principal listed investment is CIFCL, consolidated through de-facto control under Ind AS despite ownership below 50%. It also controls CMSGICL and equity-accounts CMSRSL; consolidated group debt is distinct from the debt-free standalone parent's balance sheet.
| Item | Value |
|---|---|
| Legal name | Cholamandalam Financial Holdings Limited (formerly TI Financial Holdings Limited) |
| Exchange and ticker | NSE: CHOLAHLDNG; BSE: 504973 |
| ISIN | INE149A01033 |
| CIN | L65100TN1949PLC002905 |
| Sector | Financial Services |
| Industry | Core investment company: lending, general insurance and risk services |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | R.G.N. Price & Co., Chartered Accountants |
| Market capitalisation | ₹28,399 crore (15 Oct 2026) |
| Shares outstanding | 18.78 crore shares (FY26) |
| Price | ₹1,385 (close, 15 Oct 2026) |
| 52-week range | ₹1,305 - ₹2,064 (to 15 Oct 2026) |
| Website | https://www.cholafhl.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Cholamandalam Investment and Finance Company Limited | 43.74% | Lending: vehicle finance, LAP, home loans and diversified secured/unsecured credit; Ind AS subsidiary, Companies Act associate |
| Cholamandalam MS General Insurance Company Limited | 60% | General insurer; joint venture with Mitsui Sumitomo; Ind AS-converted subsidiary for CFHL consolidation |
| Cholamandalam MS Risk Services Limited | 49.5% | Joint venture, equity-accounted: risk-management and engineering solutions in environment, health and safety |
Murugappa Group member; no legal parent asserted. Holdings dated 30 June 2026. CIFCL 37.2885889 crore shares confirmed unchanged at June 2026 (S77:p9), representing 43.74%; percentage drifts with CIFCL issuance. CMSRSL is an equity-accounted JV, not fully consolidated.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 46.38% | 46.38% | 46.43% | 46.39% |
| Promoter holding pledged | 0.02% | 0.02% | 0.02% | |
| Foreign institutions | 16.50% | 13.81% | 13.00% | 12.57% |
| Domestic institutions | 24.00% | 26.60% | 27.40% | 27.78% |
| of which mutual funds | 21.06% | 23.62% | 24.22% | |
| Retail | 13.10% | 13.26% | 13.21% | 13.26% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
CFHL is a Murugappa core investment company, NSE CHOLAHLDNG/BSE504973, with no parent borrowings at FY26. Its economic exposure is37.2885889crore shares of listed CIFCL,60% of Chola MS General Insurance and49.5% of Chola MS Risk Services. CIFCL holding is43.74% at June2026, down from44.34% March2025 despite no sale of held shares. De-facto control under IndAS110 makes CIFCL a consolidated subsidiary. A sum of equity stakes must therefore not deduct consolidated lending debt a second time. CIFCL lends across vehicle finance, LAP, housing and newer consumer/MSME products; AUM, lending yields, funding and losses drive earnings. Chola MS earns premium and investment income on float. The parent receives dividends and a brand fee; it does not have unfettered access to group profits. Parent FY26 dividend income74.88cr is dominated by CIFCL74.58cr; insurer dividend nil. Primary earnings basis is consolidated IndAS, INRcrore, April-March fiscal periods. Total income includes other income; insurance commissions are already in other expenses. PBT is before post-tax associates. Insurance regulatory IGAAP combined ratio, premium and solvency are kept separate from consolidated IndAS claims, earned premium and profits.
| Segment | pat contribution, FY26 (₹ crore) | Share | revenue, FY26 (₹ crore) | Share | pbt, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Vehicle finance & lending subsidiary (CIFCL) | 5,220 | 95.2% | 31,073 | 78.6% | 6,973 | 94.2% |
| General insurance (CMSGICL) | 253.0 | 4.6% | 8,352 | 21.1% | 341.6 | 4.6% |
| Others (CFHL standalone, CMSRSL JV, consol adjustments) | 12.0 | 0.2% | 89.8 | 0.2% | 85.9 | 1.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Bajaj Finserv (BAJAJFINSV) | |
| Sundaram Finance (SUNDARMFIN) | Analyst-selected operating NBFC and diversified financial-services comparable; not a pure holdco discount peer. |
| Cholamandalam Investment and Finance Company (CHOLAFIN) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total income (model revenue) | 15,634 | 19,374 | 26,087 | 33,460 | 39,576 |
| Cost of revenue (vendor classification) * | 8,306 | 10,585 | 16,819 | 23,994 | 27,725 |
| Other operating costs (vendor classification) * | 2,271 | 2,464 | 1,820 | 4,546 | 6,010 |
| EBITDA (vendor classification) * | 5,212 | 6,285 | 8,842 | 6,499 | 7,308 |
| EBIT (not a company-reported financial-sector metric) | 4,262 | 5,478 | n.a. | n.a. | n.a. |
| Finance costs | 1,218 | 1,654 | 9,249 | 12,494 | 14,388 |
| PBT before post-tax associate and JV share | 3,044 | 3,824 | 5,200 | 6,400 | 7,326 |
| Net tax expense | 801.3 | 1,006 | 1,361 | 1,666 | 1,848 |
| Group PAT including non-controlling interests | 2,239 | 2,810 | 3,851 | 4,740 | 5,485 |
| Diluted EPS attributable to owners (₹) | 54.49 | 68.72 | 94.39 | 115.8 | 130.0 |
| Employee benefits expense | 2,994 | 3,790 | 4,686 | ||
| Impairment of financial instruments | 1,309 | 2,452 | 3,542 | ||
| Insurance claims net of reinsurance | 3,874 | 4,298 | 5,288 | ||
| Depreciation and amortisation | 247.5 | 295.7 | 332.6 | ||
| Other expenses including insurance commissions | 3,213 | 3,731 | 4,013 | ||
| Other income (already included in total income) | 283.2 | 334.6 | 503.1 | ||
| Post-tax share of associates and joint ventures | 12.1 | 5.90 | 7.26 | ||
| PAT attributable to non-controlling interests | 2,078 | 2,566 | 3,044 | ||
| PAT attributable to owners of CFHL | 1,773 | 2,174 | 2,441 | ||
| Net premium income | 5,074 | 5,785 | 6,568 | ||
| Insurance commissions (within other expenses) | 1,377 | 1,634 | 1,656 | ||
| Exceptional items (no separate line disclosed) | n.d. | n.d. | n.d. | ||
| EBITDA (not a company-reported financial-sector metric) | n.a. | n.a. | n.a. | ||
| Total expenses (six reported categories) | 20,887 | 27,060 | 32,250 | ||
| Revenue from operations (reference, not model revenue) | 25,804 | 33,125 | 39,073 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners of CFHL (excluding NCI) | 13,629 | 16,258 | 10,242 | 12,515 | 15,454 |
| Total debt: debt securities, other borrowings, subordinated debt | 69,229 | 97,191 | 1,34,014 | 1,74,366 | 2,10,400 |
| Cash and cash equivalents | 2,801 | 1,055 | 973.2 | 5,386 | 8,475 |
| Trade receivables (excludes lending loan book) | 71.3 | 99.1 | 214.2 | 204.2 | 327.1 |
| Trade payables excluding other payables and insurers | 751.3 | 957.7 | 498.6 | 666.4 | 339.4 |
| Net property, plant and equipment | 356.7 | 506.6 | 1,670 | 1,901 | 2,046 |
| Capital work in progress | 26.1 | 35.7 | 0.00 | 3.69 | 27.5 |
| Total assets | 97,772 | 1,31,034 | 1,76,918 | 2,24,616 | 2,68,333 |
| Non-controlling interests equity | 11,882 | 14,434 | 18,426 | ||
| Total group equity including NCI | 22,124 | 26,949 | 33,880 | ||
| Other bank balances including restricted deposits | 3,575 | 4,294 | 6,501 | ||
| Other investments net; NOT all freely available liquidity | 19,581 | 23,788 | 24,478 | ||
| Verified unrestricted liquid investments | n.r. | n.r. | n.r. | ||
| Net debt including verified liquid investments | n.r. | n.r. | n.r. | ||
| Loans: lending receivables net of impairment | 1,44,463 | 1,82,038 | 2,17,744 | ||
| Debt securities | 24,813 | 30,223 | 40,824 | ||
| Borrowings other than debt securities | 1,04,511 | 1,33,792 | 1,56,543 | ||
| Subordinated liabilities | 4,690 | 10,352 | 13,033 | ||
| Mutual funds FVTPL (type/free availability not verified) | n.r. | 401.2 | 783.8 | ||
| Deposits over three months excluding separately restricted accounts | 1,210 | 1,239 | 2,578 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after interest and tax | -2,888 | -25,502 | -35,726 | -34,201 | -30,033 |
| Free cash flow (vendor definition) * | -5,877 | -29,589 | -36,895 | -34,543 | -30,393 |
| Dividends paid (cash outflow; group consolidated) | -100.1 | -100.3 | -103.1 | -104.0 | -119.3 |
| Purchases of PPE and intangible assets (cash outflow) | -135.5 | -257.0 | -1,169 | -341.5 | -360.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| CFHL issued and outstanding equity shares | 18.77 | 18.78 | 18.78 | 18.78 | 18.78 |
| CFHL weighted-average diluted equity shares | 18.78 | 18.78 | 18.78 | ||
| Standalone CFHL cash and cash equivalents | 8.49 | 0.78 | 0.52 | ||
| Standalone CFHL other bank balances incl unpaid dividends | 0.49 | 63.8 | 110.1 | ||
| Standalone CFHL borrowings (no debt) | 0.00 | 0.00 | 0.00 | ||
| Standalone strategic equity investments (not liquidity) | 1,279 | 1,291 | 1,293 | ||
| CFHL exact CIFCL shares held | 37.29 | 37.29 | 37.29 | ||
| CMSGICL Ind AS networth: AOC-1 capital plus reserves | n.r. | 3,145 | 3,234 | ||
| Standalone parent deposits excluding unpaid dividends | n.r. | 63.4 | 109.7 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total income (model revenue) | 8,180 | 8,593 | 9,009 | 9,383 | 9,589 | 10,084 | 10,520 | 11,214 |
| Cost of revenue (vendor classification) * | 5,480 | 5,907 | 7,488 | 6,295 | 6,689 | 6,856 | 6,823 | 7,351 |
| Other operating costs (vendor classification) * | 951.5 | 989.9 | 1,304 | 1,798 | 1,828 | 1,944 | 2,062 | 1,988 |
| EBITDA (vendor classification) * | 2,460 | 2,797 | -995.4 | 1,420 | 1,636 | 1,508 | 2,070 | 1,706 |
| EBIT (not a company-reported financial-sector metric) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| PBT before post-tax associate and JV share | 1,512 | 1,469 | 1,860 | 1,695 | 1,630 | 1,862 | 2,140 | 2,398 |
| Net tax expense | 387.4 | 378.4 | 500.2 | 436.6 | 417.5 | 477.4 | 516.6 | 611.1 |
| Group PAT including non-controlling interests | 1,125 | 1,093 | 1,362 | 1,260 | 1,214 | 1,386 | 1,626 | 1,789 |
| Diluted EPS attributable to owners (₹) | 27.99 | 25.89 | 32.68 | 30.81 | 29.28 | 33.32 | 36.59 | 42.92 |
| Finance costs | 3,058 | 3,280 | 3,361 | 3,468 | 3,518 | 3,648 | 3,755 | 4,007 |
| Employee benefits expense | 928.1 | 1,001 | 1,052 | 1,050 | 1,198 | 1,221 | 1,217 | 1,275 |
| Impairment of financial instruments | 622.2 | 664.0 | 584.1 | 882.2 | 897.4 | 910.5 | 852.1 | 922.2 |
| Insurance claims net of reinsurance | 1,035 | 1,116 | 1,173 | 1,294 | 1,333 | 1,321 | 1,340 | 1,458 |
| Depreciation and amortisation | 74.4 | 72.4 | 79.3 | 78.6 | 82.6 | 87.2 | 84.2 | 87.4 |
| Other expenditure including insurance commissions | 951.5 | 989.9 | 900.4 | 915.4 | 931.1 | 1,034 | 1,133 | 1,066 |
| Other income (already included in total income) | 90.0 | 103.9 | 96.0 | 86.6 | 127.8 | 135.3 | 153.3 | 100.8 |
| Post-tax share of associates and joint ventures | 1.11 | 1.97 | 2.23 | 1.34 | 1.98 | 1.33 | 2.61 | 1.96 |
| PAT attributable to non-controlling interests | 599.7 | 606.7 | 748.6 | 681.0 | 664.4 | 760.1 | 938.4 | 983.0 |
| PAT attributable to owners of CFHL | 525.5 | 486.2 | 613.6 | 578.5 | 549.9 | 625.7 | 687.1 | 806.0 |
| Net premium income: gross less premium ceded | 1,412 | 1,500 | 1,555 | 1,519 | 1,670 | 1,682 | 1,697 | 1,688 |
| EBITDA (not a company-reported financial-sector metric) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Exceptional items (no separate line disclosed) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Insurance commissions (not separately retrieved quarterly) | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 8.2% | 23.9% | 34.6% | 28.3% | 18.3% |
| EBITDA margin | 33.3% | 32.4% | 33.9% | 19.4% | 18.5% |
| Net margin | 6.8% | 6.5% | 6.2% | ||
| Return on equity | 13.4% | 19.1% | 17.5% | ||
| Return on capital employed | 5.4% | 5.6% | |||
| Return on assets | 1.2% | 1.1% | 1.0% | ||
| Borrowings less cash (₹ crore) | 66,427 | 96,136 | 1,33,041 | 1,68,981 | 2,01,925 |
| Borrowings less cash / EBITDA | 12.7x | 15.3x | 15.0x | 26.0x | 27.6x |
| Interest cover | 3.50x | 3.31x | |||
| Asset turnover | 0.17x | 0.17x | 0.17x | 0.17x | 0.16x |
| Receivable days | 2 | 2 | 3 | 2 | 3 |
| Payable days (on revenue) | 18 | 18 | 7 | 7 | 3 |
| Cash conversion | -20.2x | -15.7x | -12.3x | ||
| Capex intensity | 0.9% | 1.3% | 4.5% | 1.0% | 0.9% |
| Free cash flow (₹ crore) | -3,024 | -25,759 | -36,895 | -34,543 | -30,393 |
| Dividend payout | 5.8% | 4.8% | 4.9% | ||
| EPS, diluted (₹) | 54.49 | 68.72 | 94.39 | 115.8 | 130.0 |
| Book value per share (₹) | 726.0 | 865.9 | 545.4 | 666.5 | 823.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (vendor classification) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (vendor classification).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS attributable to owners).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Cholamandalam Financial Holdings
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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