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Cholamandalam Investment and Finance Company Limited (CHOLAFIN)

₹1,574.40 -0.73% last close, 16 Oct

📊 NSE: CHOLAFIN 🏢 Finance & Investments 📢 Latest filing: 30 Sep 2026 📝 Analysis written: 13 Dec 2025

Q2 FY27 results

📅 Next results: 28 Oct 2026 (board meeting)

Cholamandalam Investment and Finance Company Limited's board meets on 28 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q3 FY26, Cholamandalam Investment's revenue was ₹7,898 Cr (+17.3% year on year, +5.4% on the previous quarter), and net profit ₹1,290 Cr (+18.6% year on year).

Q3 FY26 (₹ Cr)	Value	YoY vs Q3 FY25	QoQ
Revenue	₹7,898	+17.3%	+5.4%
Net profit	₹1,290	+18.6%	+11.2%
EPS (₹)	15.28	+18.1%	+10.9%

Full quarterly financials → Results calendar →

CHOLAFIN delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 54.91% of the CHOLAFIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.34%. That is lower than usual for this stock. In CHOLAFIN futures, open interest rose 0.29% while the futures price fell 0.81%: short buildup (new short positions).

54.91%Delivery, 16 Oct

60.34%Own 20-session average

0.6×Volume vs its average

+0.29%Futures open interest

₹1,574.40NSE close · -0.73%

Delivery in the last 5 sessions: 62.7% · 61.5% · 63.4% · 61.6% · 54.9%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

CHOLAFIN converts 43,000 CCDs into 30.55 lakh equity shares at Rs 1,407.59/share

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 30 Sep 2026, 08:41 PM

Cholamandalam Investment and Finance Company approved the mandatory conversion of 43,000 Compulsorily Convertible Debentures (CCDs) on their maturity date of September 30, 2026. This resulted in the allotment of 30,54,849 equity shares of face value Rs 2 each at a conversion price of Rs 1,407.59 per share (a 16.50% discount to the 7-day VWAP). The conversion increases paid-up share capital from 85.45 crore shares to 85.75 crore shares, representing a minimal equity dilution of approximately 0.36%.

Conversion of 43,000 CCDs of face value Rs 1,00,000 each into 30,54,849 equity shares
Conversion price fixed at Rs 1,407.59 per share (computed at a 16.50% discount to 7-day VWAP)
Paid-up equity share capital increases from 85,44,55,957 to 85,75,10,806 shares
Dilution impact is marginal at ~0.36% of pre-allotment paid-up capital

💡 Track the listing and trading approval of the 30.55 lakh new equity shares on BSE and NSE, and check for any impact on upcoming Q3 FY27 EPS calculations.

Cholamandalam Allots 2,44,596 Equity Shares Under ESOP Scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Sep 2026, 08:20 PM

Cholamandalam Investment and Finance Company Limited has approved the allotment of 2,44,596 equity shares of face value Rs. 2 each pursuant to the exercise of employee stock options. The allotment represents an immaterial fraction of the company's total equity base (market cap Rs 1,56,531 Cr). The company will proceed to complete post-allotment formalities and file for listing on the NSE and BSE.

Allotment of 2,44,596 equity shares approved under ESOP scheme
Face value of Rs. 2 per share
Approval granted by Nomination and Remuneration Committee on September 11, 2026
Application to be made for final listing on NSE and BSE

💡 Track subsequent exchange listing notifications and quarterly shareholding pattern updates for marginal changes in share capital.

Cholamandalam Investment Allots ₹2,000 Cr Perpetual Debt at 8.97% Coupon

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 01 Sep 2026, 09:16 PM

Cholamandalam Investment and Finance Company has allotted 2,000 Unsecured Perpetual Non-Convertible Securities worth ₹2,000 crore on private placement via the NSE EBP platform. The perpetual debt carries a coupon rate of 8.97% per annum, payable annually on September 1. A call option is scheduled after 10 years on September 2, 2036. The fundraise of ₹2,000 crore represents approximately 6.6% of the company's net worth of ₹30,404 crore and will support ongoing lending operations.

Allotted 2,000 Unsecured Perpetual Non-Convertible Securities aggregating to ₹2,000 cr
Issued on private placement via NSE EBP platform with no green shoe option
Fixed annual coupon rate of 8.97% payable on September 1 each year
Perpetual tenure with a 10-year Call Option exercisable on September 2, 2036

💡 Track how the capital infusion impacts the company's Tier-1 capital adequacy and net interest margins (NIMs) in upcoming quarterly results.

Cholamandalam Receives Stock Exchange NOC for Promoter Reclassification

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 26 Aug 2026, 11:05 PM

Cholamandalam Investment and Finance Company Limited has received no-objection approvals from both the NSE and BSE on August 26, 2026, under Regulation 31A(8) of SEBI LODR. The approvals permit the re-classification of outgoing promoter group entity M/s. Algavista Greentech Private Limited (AGPL) from the 'Promoter' category to the 'Public' category. This follows the company's reclassification application originally submitted on February 03, 2026.

NSE approval letter (NSE/LIST/COMP/CHOLAFIN/565/2025-2026) issued on August 26, 2026
BSE approval letter (LIST/COMP/SJ/180/2026-27) issued on August 26, 2026
Reclassification of Algavista Greentech Private Limited from Promoter to Public category approved following application on February 03, 2026

💡 Track the upcoming quarterly shareholding pattern to observe the revised classification between promoter and public shareholding.

Cholamandalam Finance Allots ₹350 Cr Secured NCDs on Private Placement via NSE EBP

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 21 Aug 2026, 09:57 PM

Cholamandalam Investment and Finance Company Limited has completed the allotment of 35,000 secured Non-Convertible Debentures (NCDs) aggregating to ₹350 crore on private placement through the NSE EBP platform. The total issue size was ₹1,000 crore, including a green shoe option of ₹650 crore. The debentures carry a coupon rate of 8.64% (re-issue yield of 7.98%) with a tenure of 1,046 days, maturing on July 2, 2029. This represents routine liability and liquidity management for the NBFC, amounting to ~1.18% of its TTM revenue.

Allotted 35,000 secured Non-Convertible Securities raising ₹350 crore
Total issue size of ₹1,000 crore, comprising a base and ₹650 crore green shoe option
Fixed coupon rate of 8.64% with an effective re-issue yield of 7.98%
Tenure of 2 years 10 months 11 days (1,046 days) maturing on July 2, 2029
Securities are secured at 1x asset cover and to be listed on NSE Wholesale Debt Market

💡 Track overall borrowing costs, net interest margin (NIM) trends, and asset quality metrics in upcoming quarterly disclosures.

43,050 equity shares allotted under ESOP scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Aug 2026, 07:38 AM

Cholamandalam Investment and Finance Company Limited (CHOLAFIN) has announced the allotment of 43,050 equity shares to employees. These shares were issued following the exercise of options under the company's Employee Stock Option (ESOP) scheme. The allotment was approved by the Nomination and Remuneration Committee on August 12, 2026. Given the company's massive market capitalization of Rs 1,61,482 Cr, this issuance is immaterial to existing shareholders.

Allotment of 43,050 equity shares approved on August 12, 2026
Shares issued at a face value of Rs 2 each
Issuance is pursuant to the exercise of options under the Employee Stock Option Scheme
Company to complete listing formalities on NSE and BSE for the new shares

💡 No action is required as this is a routine administrative filing. Investors should focus on upcoming quarterly results and rural credit cost trends mentioned in previous filings.

22% Disbursement Growth: CHOLAFIN Q1 FY27 Earnings Call Highlights

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 04 Aug 2026, 08:47 PM

CHOLAFIN reported a strong Q1 FY27 with aggregate disbursements growing 22% YoY to INR 29,612 Cr, driving a 23% increase in AUM to INR 2,54,392 Cr. Profitability metrics improved significantly, with Return on Assets (ROA) rising to 3.7% from 3.1% YoY, aided by a 42 bps expansion in NIMs and a reduction in credit costs to 1.5%. The company is aggressively expanding its footprint, planning to convert 125 resident locations into full branches and add 360 gold loan branches this year. Capital adequacy remains healthy at 19.81%, with a final INR 430 Cr CCD conversion expected in October 2026.

Aggregate disbursements reached INR 29,612 Cr in Q1 FY27, a 22% YoY increase.
Total Assets Under Management (AUM) grew 23% YoY to INR 2,54,392 Cr.
Net Interest Margins (NIMs) improved by 42 bps YoY, supported by lower funding costs.
Credit costs declined to 1.5% from 1.8% in the previous year, meeting management targets.
Planned expansion includes 360 new gold loan branches and converting 125 resident locations to full branches.

💡 Watch for the impact of monsoon progress on rural cash flows in Q3 and the execution of the gold loan branch expansion strategy. Monitor the final conversion of INR 430 Cr CCDs in October 2026 for its impact on equity dilution and capital ratios.

CHOLAFIN Shareholders Approve FY26 Financials, Dividend, and Increased Borrowing Powers at 48th AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 29 Jul 2026, 11:47 PM

Cholamandalam Investment and Finance Company (CHOLAFIN) has successfully passed all five resolutions at its 48th Annual General Meeting held on July 28, 2026. Shareholders approved the FY26 financial statements, confirmed the final dividend, and re-appointed Mr. Ravindra Kumar Kundu as Director. Crucially, a special resolution to increase the company's borrowing powers was passed with a near-unanimous 99.99% majority, providing the necessary headroom for future capital requirements. The voting process involved 1,57,461 shareholders on record as of July 21, 2026.

Special resolution to increase borrowing powers passed with 99.99% majority (77.69 crore votes in favour).
Final dividend for the financial year ended March 31, 2026, was formally declared and approved.
Re-appointment of Mr. Ravindra Kumar Kundu as Director approved with 99.24% of votes polled.
Total of 1,57,461 shareholders were on record for the meeting as of the July 21, 2026 record date.
Adoption of both Standalone and Consolidated Audited Financial Statements for FY26 completed.

💡 Investors should monitor the company's upcoming quarterly results to see how the newly authorized borrowing capacity is utilized to fund its 20% growth target and rural expansion strategy.

Cholamandalam Investment releases audio recording for Q1 FY27 earnings call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Jul 2026, 10:14 PM

Cholamandalam Investment and Finance Company Limited (CHOLAFIN) has made the audio recording of its earnings conference call for the quarter ended June 30, 2026, available to the public. The call was held on July 28, 2026, at 4:30 p.m. IST, following the company's prior notification on July 17, 2026. This is a standard regulatory filing to ensure transparency and provide all investors access to management's discussion on recent financial performance and future outlook.

Earnings call conducted on July 28, 2026, at 4:30 p.m. IST
Recording pertains to the financial performance for the quarter ended June 30, 2026
Filing made in compliance with Regulation 46 of SEBI (LODR) Regulations, 2015
Follows the initial intimation letter sent to exchanges on July 17, 2026

💡 Investors should listen to the recording to understand management's commentary on rural cash flows and the performance of new verticals like Gold Loans and SME finance.

Rs 4,00,000 Cr Borrowing Limit Approved at CHOLAFIN 48th AGM; Rs 0.70 Final Dividend Declared

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 28 Jul 2026, 06:27 PM

Cholamandalam Investment and Finance (CHOLAFIN) concluded its 48th AGM on July 28, 2026, where shareholders approved a significant increase in borrowing powers to Rs 4,00,000 crores. This new limit provides substantial balance sheet headroom, representing approximately 13.16x the company's current net worth of Rs 30,404 crores. Shareholders also ratified a final dividend of Rs 0.70 per share, bringing the total dividend for FY26 to Rs 2.00. The meeting confirmed the re-appointment of Managing Director Ravindra Kumar Kundu and highlighted the company's ongoing expansion into Tier III-VI cities and new verticals like Gold Loans.

Shareholders approved an increase in borrowing powers up to a limit of Rs 4,00,000 crores.
Final dividend of Rs 0.70 per share declared, following an interim dividend of Rs 1.30 per share.
Managing Director Ravindra Kumar Kundu re-appointed as Director retiring by rotation.
Auditor reports for the financial year ended March 31, 2026, contained no qualifications or adverse remarks.
Management reiterated a 20% expected growth rate driven by rural penetration and SME finance.

💡 Monitor the pace of debt utilization under the new Rs 4 lakh crore limit and track if the expansion into higher-risk segments like Gold Loans and D2C lending impacts overall credit costs.

45% PBT Growth in Q1 FY27; Disbursements Rise 22% to ₹29,612 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 28 Jul 2026, 03:22 PM

CHOLAFIN reported a strong start to FY27 with disbursements growing 22% YoY to ₹29,612 Cr and Assets Under Management (AUM) reaching ₹2,33,586 Cr. Profitability saw a significant jump as Profit Before Tax (PBT) rose 45% to ₹2,220 Cr, aided by Net Interest Margin (NIM) expansion to 8.2% from 7.8%. While growth and margins were robust, asset quality showed slight pressure with GNPA increasing to 4.50% from 4.29% YoY. The company continues to diversify, with non-vehicle segments now accounting for 44% of total disbursements.

Disbursements grew 22% YoY to ₹29,612 Cr for the quarter ended June 2026
Profit Before Tax (PBT) increased by 45% to ₹2,220 Cr compared to the same quarter last year
Net Interest Margin (NIM) improved to 8.2% from 7.8% in Q1 FY26
Return on Equity (ROE) strengthened to 21.2% from 18.8% YoY
Gross NPA (RBI) stood at 4.50% in Q1 FY27 versus 4.29% in Q1 FY26

💡 Investors should monitor the asset quality trend (GNPA/NNPA) in upcoming quarters to ensure the slight uptick is not a structural concern. Additionally, watch the execution of the new Gold Loan and Consumer (CSEL) verticals as they scale to contribute more to the bottom line.

Rs 55,000 Cr NCD Fundraise Approved; Q1 PAT Jumps 46% YoY to Rs 1,654 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Jul 2026, 02:41 PM

CHOLAFIN reported a robust Q1 FY27 with standalone Net Profit rising 46% YoY to Rs 1,654 cr, supported by a 22% growth in total income. The Board has approved a massive fundraise of Rs 55,000 cr through Non-Convertible Debentures (NCDs) to fuel its lending operations. Assets Under Management (AUM) grew 23% YoY to Rs 2,54,392 cr, while disbursements rose 22% to Rs 29,612 cr. However, asset quality saw a slight seasonal dip with Stage 3 assets increasing to 3.29% from 3.05% in the previous quarter.

Standalone Net Profit (PAT) increased 46% YoY to Rs 1,654 cr for the quarter ended June 30, 2026.
Board approved a fundraise of Rs 55,000 cr via NCDs on a private placement basis.
Assets Under Management (AUM) reached Rs 2,54,392 cr, a 23% growth over June 2025.
Return on Equity (ROE) for Q1 FY27 remained strong at 21.2%.
Stage 3 assets (90+ DPD) stood at 3.29% as of June 2026, compared to 3.05% in March 2026.

💡 Monitor the cost of borrowing for the new Rs 55,000 cr debt and observe if the Stage 3 asset quality (3.29%) improves as rural cash flows stabilize post-monsoon.

46% PAT Growth in Q1 FY27; Board Approves ₹55,000 Cr NCD Fundraise

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Jul 2026, 02:39 PM

CHOLAFIN reported a strong 46% YoY growth in standalone Profit After Tax (PAT) to ₹1,654 Cr for Q1 FY27. This was supported by a 22% increase in disbursements to ₹29,612 Cr and a 23% growth in Assets Under Management (AUM) to ₹2,54,392 Cr. While profitability remains high with an ROE of 21.2%, asset quality saw a slight seasonal deterioration with Stage 3 assets rising to 3.29% from 3.05% in the previous quarter. The board also approved a massive fundraise of ₹55,000 Cr via NCDs to fuel future growth.

Standalone PAT grew 46% YoY to ₹1,654 Cr for the quarter ended June 30, 2026
Total Disbursements increased by 22% YoY to ₹29,612 Cr, led by strong growth in SME and Vehicle Finance
Assets Under Management (AUM) reached ₹2,54,392 Cr, representing a 23% YoY growth
Board approved a significant fundraise of ₹55,000 Cr through Non-Convertible Debentures (NCDs)
Return on Equity (ROE) for the quarter stood at 21.2% with a Capital Adequacy Ratio of 19.81%

💡 Investors should monitor the asset quality trend in the next quarter to see if the Stage 3 asset increase (to 3.29%) is purely seasonal or a structural concern. The massive ₹55,000 Cr fundraise approval indicates aggressive growth plans for FY27.

9,910 Equity Shares Allotted Under ESOP Scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Jul 2026, 10:33 PM

Cholamandalam Investment and Finance Company Limited (CHOLAFIN) has announced the allotment of 9,910 equity shares to employees who exercised their options under the company's ESOP scheme. The allotment was approved by the Nomination and Remuneration Committee on July 20, 2026. With a market capitalization of approximately Rs 1,50,131 Cr, this issuance is extremely small and will have a negligible impact on equity dilution or earnings per share. The company is currently proceeding with the final listing formalities for these shares on the NSE and BSE.

Allotment of 9,910 equity shares to eligible employees under the ESOP scheme.
Face value of the newly issued shares is Rs 2 per share.
Approval for the allotment was granted by the Nomination and Remuneration Committee on July 20, 2026.
The company will apply for final listing of these shares on both NSE and BSE.

💡 No specific action is required as this is a routine administrative filing. Investors should continue to monitor core business metrics like AUM growth and credit costs.

July 28 Earnings Call Scheduled for Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Jul 2026, 07:58 PM

Cholamandalam Investment and Finance Company Limited (CHOLAFIN) has scheduled its earnings conference call for the quarter ended June 30, 2026, on July 28, 2026, at 16:30 IST. The call is organized by Kotak Institutional Equities and will focus on the company's performance for the first quarter of the new fiscal year. This follows a strong TTM revenue performance of ‡29,702 Cr and a net profit of ‡1,290 Cr in the December 2025 quarter. Investors will be looking for updates on the company's 20% expected growth rate and rural penetration strategy.

Earnings call for the quarter ended June 30, 2026, is set for July 28, 2026
The meeting is scheduled to commence at 16:30 hours IST
The session is organized by Kotak Institutional Equities as a group meeting
Company maintains a large network of 1,577 branches as of December 2024
TTM PAT stands at ‡4,848 Cr against a market cap of ‡1,51,992 Cr

💡 Monitor the official Q1 FY27 financial results release on or before July 28 and listen to the management commentary regarding credit costs in the vehicle finance segment.

View All CHOLAFIN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Vehicle Finance (VF) saw mixed growth in Q2 FY26 with LCV up 14% and SCV up 2%, while PV de-grew 1%. Loan Against Property (LAP) disbursements grew 8% YoY to INR 4,630 Cr, with AUM growing 21.5% YoY to INR 41,460 Cr. Home Loans (HL) net income grew 13% YoY to INR 872 Cr. MSME ecosystem disbursements were flat at INR 6,597 Cr in Q2 FY26.

Geographic Revenue Split

The company has a significant rural focus with 85% of its 1,577 branches located across Tier III to Tier VI cities in 29 states, driving revenue from underpenetrated markets.

Profitability Margins

Consolidated PAT for FY25 was INR 4,462.72 Cr, a 30.5% increase from INR 3,420.05 Cr in FY24. Home Loans Net Income Margin stood at 10.1% in Q2 FY26, down from 10.7% in Q2 FY25. ROA-PBT for the HL segment was 2.6% in Q2 FY26.

EBITDA Margin

PBT for FY25 was INR 5,737 Cr, up 25.2% from INR 4,582 Cr in FY24. PBT ROA at a company level was 3% in Q2 FY26, maintaining sequential stability.

Capital Expenditure

Not disclosed in available documents; however, the company added 10,872 net employees in FY25 to support expansion.

Credit Rating & Borrowing

Maintains [ICRA]AA+ (Positive) and [ICRA]A1+ ratings. Cost of funds remained stable at 7.3% in Q2 FY26. Total borrowings grew 34% YoY to INR 1,48,280 Cr as of March 2025.

⚙️ Operational Drivers

Raw Materials

Capital/Debt (100% of input cost for lending operations).

Key Suppliers

Banks and financial institutions provide fund-based facilities (e.g., INR 4,000 Cr fund-based limits from banks).

Capacity Expansion

Current network of 1,577 branches as of December 2024. Recent expansion focused on North and East India including UP, Bihar, West Bengal, Orissa, Assam, and Jharkhand.

Raw Material Costs

Cost of funds was 7.3% in Q2 FY26. Interest expenses (finance charges) for the HL segment grew 23% YoY to INR 1,246 Cr in H1 FY26.

Manufacturing Efficiency

Not applicable; productivity enhancements are pursued through process optimization and a low-cost branch operating model.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Achieving growth through deeper rural penetration (Tier III-VI), scaling new business verticals like CSEL (Consumer and Small Enterprise Loans) and SME finance, and launching digital-first products like D2C lending and Gold Loans (INR 500 Cr disbursement in Q2 FY26).

Products & Services

Vehicle loans (CV, PV, Used), Loan Against Property (LAP), Home Loans (affordable segment), MSME loans, Gold Loans, and Consumer Durable loans.

Brand Portfolio

Chola, Cholamandalam, Murugappa Group.

New Products/Services

Gold Loans (disbursed INR 500 Cr in Q2 FY26), Consumer Durables vertical, and D2C digital lending.

Market Expansion

Expansion into underserved rural areas and strengthening presence in North and East Indian states.

Market Share & Ranking

Not disclosed in available documents, though the company aims to reach 'at par with the best' in segments like Maruti passenger vehicles.

Strategic Alliances

Joint venture with Payswiff Technologies; associates include White Data Systems, Vishvakarma Payments, and Paytail Commerce.

🌍 External Factors

Industry Trends

NBFC retail growth moderated to 18% in FY25 from 29% in FY24. LAP segment is expected to grow 21-23% in FY26 driven by property ownership trends.

Competitive Landscape

Competes with banks and other NBFCs in the vehicle and housing finance sectors.

Competitive Moat

Sustainable moat derived from the Murugappa Group heritage and an extensive physical distribution network in Tier III-VI cities (85% of branches), which are difficult for larger banks to penetrate efficiently.