🔍

CHOLAFIN - Cholaman.Inv.&Fn

📊 NSE: CHOLAFIN 🏢 Finance & Investments 📅 Last Updated: 12/13/2025 21:04

📢 Recent Corporate Announcements

Cholamandalam Investment Allots 1,87,541 Equity Shares Under ESOP Scheme

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Mar 2026, 07:34 PM

Cholamandalam Investment and Finance Company Limited (CHOLAFIN) has announced the allotment of 1,87,541 equity shares to employees. These shares, with a face value of Rs. 2 each, were issued following the exercise of options under the company's Employee Stock Option Scheme. The allotment was approved by the Nomination and Remuneration Committee on March 12, 2026. The company is currently in the process of applying for final listing approvals from both the NSE and BSE.

Allotment of 1,87,541 equity shares to employees upon exercise of stock options
Equity shares issued have a face value of Rs. 2 per share
Nomination and Remuneration Committee approved the allotment on March 12, 2026
Company to apply for final listing of these shares on NSE and BSE

💡 This is a routine administrative update regarding ESOP exercises and requires no immediate action from investors. The resulting equity dilution is negligible given the company's large market capitalization.

CHOLAFIN Shareholders Approve Re-appointment of Anand Kumar as Independent Director with 96.6% Votes

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 10 Mar 2026, 04:07 PM

Cholamandalam Investment and Finance Company Limited (CHOLAFIN) has announced the successful passing of a special resolution via postal ballot for the re-appointment of Mr. Anand Kumar as an Independent Director. The resolution received strong support with 96.61% of total votes (745,027,765 shares) in favor. Mr. Kumar's second term will run for five consecutive years from March 16, 2026, to March 15, 2031. This move ensures continuity in the company's independent board oversight and governance framework.

Special resolution for re-appointment passed with 96.61% majority (745,027,765 votes in favor).
Mr. Anand Kumar re-appointed for a second 5-year term effective from March 16, 2026.
Promoter and Promoter Group voted 100% in favor with 419,465,805 shares.
Public Institutional support was high at 92.50% in favor, while Public Non-Institutions voted 99.37% in favor.
The voting process concluded on March 8, 2026, with results scrutinized by M/s. R. Sridharan & Associates.

💡 This is a routine governance update ensuring leadership continuity on the board. Investors should view this as a sign of stable corporate governance and no immediate portfolio action is required.

Cholamandalam Investment Allots ₹831 Crore Secured NCDs via Private Placement

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 27 Feb 2026, 07:39 PM

Cholamandalam Investment and Finance Company Limited (CHOLAFIN) has successfully allotted 83,100 secured non-convertible securities, raising ₹831 crores. This allotment is part of a larger ₹1,500 crore issue which includes a ₹1,000 crore green shoe option. The NCDs carry an 8.60% coupon rate with a yield of 7.79% and have a tenure of approximately 3 years. The funds raised through this private placement on the NSE EBP platform will support the company's ongoing business operations and capital requirements.

Allotted 83,100 secured NCDs raising a total of ₹831 crores via private placement.
Total issue size of ₹1,500 crores including a ₹1,000 crore green shoe option.
Fixed coupon rate of 8.60% with a reissue yield of 7.79%.
Tenure of 3 years and 6 days with maturity scheduled for March 5, 2029.
Securities are listed on the Wholesale Debt Market (WDM) segment of the NSE.

💡 This is a routine capital-raising activity for an NBFC to fuel its lending book; no immediate action is required. Investors should continue to monitor the company's cost of borrowing and net interest margins.

Cholamandalam Denies Rumours of Executive Chairman Vellayan Subbiah's Exit

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 26 Feb 2026, 12:45 PM

Cholamandalam Investment and Finance Company has officially refuted media reports suggesting the exit of Executive Chairman Vellayan Subbiah. The company clarified that Mr. Subbiah remains in his position as per his five-year appointment term running from April 1, 2025, to March 31, 2030. Additionally, the management confirmed that there are no changes to the ownership or control structure of the Murugappa Group businesses. This clarification aims to maintain market stability and dispel speculation regarding a family settlement affecting leadership.

Company labels reports of Vellayan Subbiah's exit as factually incorrect and entirely baseless
Vellayan Subbiah's 5-year term as Executive Chairman is confirmed until March 31, 2030
No changes reported in the management control structure or ownership of the Group's businesses
Current leadership oversight for Tube Investments, Cholamandalam, and CG Power remains unchanged

💡 Investors should take comfort in the management's swift clarification and the confirmed continuity of leadership. The stability at the top level is a positive sign for the company's strategic execution.

CHOLAFIN Denies Reports of Executive Chairman Vellayan Subbiah's Exit

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 26 Feb 2026, 12:33 PM

Cholamandalam Investment and Finance Company (CHOLAFIN) has officially refuted media reports regarding the exit of its Executive Chairman, Vellayan Subbiah. The company clarified that the speculation about his departure as part of a Murugappa family settlement is factually incorrect and baseless. Mr. Subbiah is confirmed to continue his five-year term as Executive Chairman, which runs from April 1, 2025, to March 31, 2030. Furthermore, the company stated there is no change in the management control structure or ownership of the group's businesses.

Company denies news reports of Vellayan Subbiah's exit as 'factually incorrect and entirely baseless'
Vellayan Subbiah to continue his 5-year term as Executive Chairman from April 1, 2025, to March 31, 2030
Management confirms no change in ownership or management control structure of the Group's businesses
Vellayan Subbiah and M A M Arunachalam continue to oversee Tube Investments, CHOLAFIN, and CG Power

💡 Investors should take comfort in the management's clarification regarding leadership stability. No immediate action is required as the current governance and management structure remains unchanged.

Cholamandalam Investment Allots ₹1,000 Crore Unsecured NCDs at 8.66% Coupon

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 23 Feb 2026, 08:28 PM

Cholamandalam Investment and Finance Company Limited (CHOLAFIN) has successfully allotted unsecured subordinated non-convertible securities worth ₹1,000 crores. The fundraise was conducted via private placement and includes a green shoe option of ₹500 crores, reflecting strong institutional interest. These securities carry a fixed coupon rate of 8.66% per annum with a long-term tenure of 7 years. This capital infusion is expected to strengthen the company's Tier-II capital adequacy and support its ongoing lending expansion.

Total allotment of ₹1,000 crores through 100,000 unsecured subordinated NCDs
Issue includes a ₹500 crore base size and a ₹500 crore green shoe option
Fixed coupon rate set at 8.66% per annum with annual interest payments
Long-term maturity period of 7 years with the final redemption date on February 23, 2033
Securities to be listed on the Wholesale Debt Market (WDM) segment of the NSE

💡 Investors should view this as a positive step for capital adequacy and growth funding. Monitor the company's ability to maintain net interest margins (NIMs) against this 8.66% cost of subordinated debt.

Cholamandalam Investment Allots 1,60,176 Equity Shares Under ESOP Scheme

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Feb 2026, 06:09 PM

Cholamandalam Investment and Finance Company Limited has announced the allotment of 1,60,176 equity shares following the exercise of options under its Employee Stock Option Scheme. The allotment was approved by the Nomination and Remuneration Committee on February 20, 2026. These shares carry a face value of Rs. 2 each. The company is currently in the process of completing listing formalities with both the NSE and BSE.

Allotment of 1,60,176 equity shares to employees under ESOP
Face value of the newly allotted shares is Rs. 2 per share
Approved by the Nomination and Remuneration Committee on February 20, 2026
Listing applications for the new shares to be filed with NSE and BSE

💡 This is a routine corporate action with minimal impact on the overall share capital. Investors should treat this as a neutral administrative update.

Cholamandalam Investment Allots ₹1,040 Crore via Secured Non-Convertible Securities

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 10 Feb 2026, 07:43 PM

Cholamandalam Investment and Finance Company Limited has successfully allotted 104,000 secured non-convertible securities through a private placement on the NSE EBP platform. The company raised ₹1,040 crores out of a total issue size of ₹1,500 crores, which included a green shoe option of ₹500 crores. These securities carry a coupon rate of 8.40% and a reissue yield of 7.77%, with a tenure of approximately 585 days. The funds raised will likely support the company's lending operations and liquidity management.

Allotment of 104,000 secured NCDs raising a total of ₹1,040 crores
Coupon rate fixed at 8.40% with a reissue yield of 7.77%
Tenure of the securities is set at 1 year 7 months 8 days, maturing on September 18, 2027
The issue was part of a larger ₹1,500 crore issue size including a ₹500 crore green shoe option
Securities are secured at 1x and will be listed on the WDM segment of NSE

💡 This is a routine capital-raising activity for an NBFC to fund growth and manage its liability profile. Investors should monitor the company's cost of funds and net interest margins in upcoming quarterly results.

Cholamandalam Q3 FY26: AUM Grows 20% to ₹2.28 Lakh Cr; ROA Strong at 3.2%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 06:59 PM

Cholamandalam Investment and Finance reported a robust 20% YoY growth in AUM, reaching INR 2,27,770 crores, driven by steady momentum across vehicle and mortgage segments. Disbursements grew 16% YoY to INR 29,962 crores, with significant contributions from LAP and SBPL verticals which grew 26% and 30% respectively. Profitability remained healthy with an ROA of 3.2% and ROE of 19.11%, supported by a 33 bps improvement in NIMs following RBI rate cuts. The company also declared an interim dividend of INR 1.30 per share while maintaining a comfortable capital adequacy ratio of 19.16%.

Aggregate disbursements rose 16% YoY to INR 29,962 crores, led by a 17% rise in Vehicle Finance.
Net Interest Margin (NIM) improved by 33 bps YoY, benefiting from a favorable impact on cost of funds.
Asset quality in Vehicle Finance showed stability with Stage 3 at 4.17% and Stage 2 improving to 3.6%.
Home Loan segment ROA remained strong at 4.2% despite a one-off INR 65 crore asset sale to an ARC.
Capital position remains robust with Tier 1 capital at 14.12% and further improvement expected from CCD conversions.

💡 Investors should take confidence in the steady AUM growth and NIM expansion which indicate strong operational efficiency. The successful transition away from fintech-based lending and focus on secured assets like Gold Loans provide a stable long-term outlook.

CHOLAFIN Seeks Re-appointment of Anand Kumar as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 06 Feb 2026, 10:17 PM

Cholamandalam Investment and Finance Company has initiated a postal ballot to seek shareholder approval for the re-appointment of Mr. Anand Kumar as an Independent Director. The proposed second term will run for five consecutive years from March 16, 2026, to March 15, 2031. Mr. Kumar, a co-founder of Gateway Partners, possesses over 34 years of experience in the BFSI and M&A sectors. Shareholders can participate in the remote e-voting process starting February 7, 2026, with results expected by March 10, 2026.

Proposed re-appointment of Mr. Anand Kumar for a second 5-year term ending March 15, 2031
Remote e-voting period set from February 7, 2026, to March 8, 2026
Mr. Kumar received a commission of ₹20 lakhs for his services in FY 2024-25
Candidate brings 34+ years of experience in investment banking and growth capital across Southeast Asia and Africa
The resolution is proposed as a Special Resolution, requiring 75% majority for approval

💡 This is a routine governance matter to ensure board continuity; shareholders should review the director's profile and participate in the e-voting process before the March 8 deadline.

Cholamandalam Investment Files for Reclassification of Algavista Greentech to Public Category

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 04 Feb 2026, 04:52 PM

Cholamandalam Investment and Finance Company has officially filed an application with NSE and BSE for the reclassification of Algavista Greentech Private Limited. Algavista Greentech, currently part of the 'Promoter Group', is seeking to move to the 'Public' category. This follows the Board's approval granted on January 30, 2026. The move is a procedural step under Regulation 31A of SEBI Listing Regulations and typically indicates that the entity no longer exercises control or holds significant influence over the company.

Application filed with NSE and BSE on February 4, 2026, for promoter reclassification.
Algavista Greentech Private Limited to move from 'Promoter Group' to 'Public' category.
The Board of Directors had previously approved this request on January 30, 2026.
The process is being conducted under Regulation 31A of SEBI (LODR) Regulations, 2015.

💡 This is a routine administrative filing regarding the company's shareholding structure and does not impact business fundamentals. No immediate action is required from investors.

Cholamandalam Investment Allots 40,600 Equity Shares Under ESOP Scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Feb 2026, 10:21 PM

Cholamandalam Investment and Finance Company Limited has allotted 40,600 equity shares to employees following the exercise of options under its Employee Stock Option Scheme. The shares have a face value of Rs. 2 each and were approved by the Nomination and Remuneration Committee. The company is now proceeding with the final listing formalities on both the NSE and BSE. This is a routine administrative action that slightly increases the company's total outstanding equity capital.

Allotment of 40,600 equity shares to employees under the ESOP scheme
Equity shares issued have a face value of Rs. 2 per share
Approved by the Nomination and Remuneration Committee on February 2, 2026
Company to apply for final listing on NSE and BSE to complete formalities

💡 No action is required as this is a routine corporate exercise of employee stock options. The resulting equity dilution is negligible for existing shareholders.

CHOLAFIN Releases Audio Recording for Q3 FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Feb 2026, 09:36 PM

Cholamandalam Investment and Finance Company Limited (CHOLAFIN) has informed the exchanges that the audio recording of its Q3 FY26 earnings call is now available. The call was conducted on February 2, 2026, at 10:00 AM following the release of financial results for the quarter ended December 31, 2025. This disclosure is a mandatory regulatory requirement under SEBI Listing Obligations and Disclosure Requirements. Investors can access the recording via the company's official website to understand management's commentary on the quarter's performance.

Earnings call for the quarter ended December 31, 2025, was held on February 2, 2026.
Audio recording has been uploaded to the company's website within prescribed SEBI timelines.
The filing follows the initial intimation of the call schedule sent on January 23, 2026.
Recording provides access to management's detailed discussion on financial results and future outlook.

💡 Investors should listen to the recording to gain insights into management's views on asset quality and growth guidance. This is a routine procedural update and does not necessitate any immediate trade action.

Chola Finance Q3 FY26: AUM Crosses ₹2.1 Lakh Cr, PAT Grows 18% YoY to ₹1,288 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 Jan 2026, 08:47 PM

Cholamandalam Investment and Finance (Chola) reported a robust 21% YoY growth in AUM, reaching ₹2,10,722 Cr for Q3 FY26. Quarterly disbursements rose 16% to ₹29,962 Cr, supported by a diversified portfolio where Vehicle Finance and LAP remain the primary drivers. While Net Interest Margin (NIM) improved to 8.0% from 7.7% YoY, asset quality saw slight pressure with GNPA rising to 4.63% compared to 4.00% in the previous year. Profit After Tax (PAT) for the quarter stood at ₹1,288 Cr, maintaining a healthy Return on Equity (ROE) of 19.1%.

Total Assets Under Management (AUM) grew 21% YoY to reach ₹2,10,722 Cr as of December 2025.
Quarterly disbursements increased by 16% YoY to ₹29,962 Cr, while YTD disbursements grew 6% to ₹78,729 Cr.
Net Interest Margin (NIM) improved to 8.0% in Q3 FY26, up from 7.7% in the same quarter last year.
Asset quality showed some stress with Stage 3 assets at 3.36% and GNPA at 4.63% versus 4.00% YoY.
Branch network expanded to 1,757 locations, with 92% of branches situated in Tier-III to Tier-VI towns.

💡 Investors should remain positive on the company's strong AUM growth and improving NIMs, which indicate efficient capital management. However, the slight uptick in NPAs requires monitoring to ensure credit costs do not erode the healthy 19%+ ROE profile.

Cholamandalam Investment Declares Rs 1.30 Interim Dividend; Sets Feb 5 as Record Date

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 30 Jan 2026, 05:15 PM

Cholamandalam Investment and Finance (CHOLAFIN) has declared an interim dividend of Rs 1.30 per equity share (65% of face value) for the financial year ending March 31, 2026. The company has fixed February 5, 2026, as the record date to determine shareholder eligibility for this payout. Alongside the dividend, the board approved the unaudited financial results for the quarter and nine months ended December 31, 2025. Additionally, the board recommended the re-appointment of Mr. Anand Kumar as an Independent Director for a second five-year term.

Interim dividend of Rs 1.30 per equity share of face value Rs 2 each declared.
Record date for dividend eligibility is fixed as February 5, 2026.
Dividend payment to be completed on or before February 28, 2026.
Approval of standalone and consolidated financial results for Q3 and 9M FY26.
Recommendation for re-appointment of Mr. Anand Kumar as Independent Director for 5 years.

💡 Investors should ensure they hold shares by the record date of February 5 to be eligible for the dividend. It is also advised to review the detailed Q3 financial results to assess the company's growth trajectory and asset quality.

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.