Cholamandalam Investment & Finance Company Ltd Guidance Report

Cholamandalam Investment and Finance Company is the financial services arm of the 125-year-old Murugappa Group, and it has spent over four decades turning a simple vehicle-financing operation into one of India’s largest and most diversified non-banking lenders. It was built on a recurring approach: start with a deep, often rural, customer relationship in vehicle finance, then use that branch network, local knowledge, and underwriting data to cross-sell a widening circle of secured and unsecured loans to the same self-employed and small-business customers. That is how a company that began financing trucks now also funds homes, small factories, consumer gadgets, and gold, serving more than 50 lakh customers through over 1,700 branches, nearly nine out of ten of which sit in Tier-III towns and beyond.

Business segments

Seven lending engines, all anchored by a four-decade-old vehicle-finance franchise that provides the customer relationships, branch network, and data that the newer businesses are built on.

1. Vehicle Finance: the foundation that everything else is built on

A four-decade-old lending franchise that finances the vehicles India moves on - from trucks and tractors to cars and two-wheelers - and provides the customer base, branch network, and credit data that feed the company’s other businesses.

The largest and oldest engine - with assets under management of ₹1,19,558 crore, it accounts for 53% of the company’s total loan book and serves over 32 lakh customers, giving it the scale to support a nationwide branch network of 1,761 locations.
A deliberately broad portfolio - the book is spread across used vehicles (27%), light commercial vehicles (18%), multi-utility vehicles and cars (26% combined), heavy commercial vehicles, two-wheelers, construction equipment, tractors, and three-wheelers, so no single vehicle type dominates the risk.
Deep relationships with manufacturers and dealers - long-standing ties with original equipment manufacturers like Tata Motors, Mahindra & Mahindra, Ashok Leyland, and John Deere give it a steady flow of customers at the point of vehicle sale.
A digital marketplace, not just a lender - its Gaadi Bazaar platform is a used-vehicle marketplace that attracts over 19 lakh unique visitors a month, lists more than 10,500 new vehicles monthly, and sells over 6,000 vehicles a month, creating a self-reinforcing loop of vehicle buyers who also need financing.
Co-lending expands reach without stretching capital - a co-lending programme with banks, launched in 2020, lets Chola serve top-of-pyramid customers in construction equipment and heavy commercial vehicles while sharing the funding burden with partner banks.

2. Loan Against Property: the second engine, built on the same branch map

A secured lending business that lets small-business owners borrow against their own homes or commercial property, using the same branch network and underwriting skills developed in vehicle finance.

A business of self-employed borrowers - 97% of its customers are self-employed non-professionals such as traders and small manufacturers, with an average loan size of about ₹52 lakh, and more than three-quarters of the book is backed by self-occupied residential property.
Conservative lending from the start - the average loan-to-value ratio at origination is kept around 50%, meaning the borrower has significant skin in the game and the lender has a wide cushion if property values fall.
Branch-sharing keeps costs low - of its 814 branches, 804 are co-located with vehicle-finance branches, and additional branches from other business lines are also co-located with VF, so the business expands into new geographies without bearing the full cost of a standalone network.
Rural push is deliberate - 76% of branches are in rural areas, and those branches generated ₹7,094 crore of disbursements in FY26, about 35% of total LAP disbursements, reflecting a strategy of going wide into Tier-3 and Tier-4 markets.

3. Home Loans: affordable housing for the cash-salaried and self-built

A home-loan business focused on lower-middle-income families who build their own houses or buy in small towns, where formal income documents are scarce but repayment intent is strong.

Small tickets, big reach - the average loan size is ₹18.5 lakh with an average loan-to-value of 49.5%, and the Home Loans portfolio is from Tier II, III, IV cities and towns, far from the metro housing bubbles.
Self-construction is the signature product - a significant share of the book funds borrowers building their own homes, a segment that demands expertise in assessing cash flows rather than relying on formal salary slips.
No exposure to builder finance - the business carries no construction-finance exposure to developers and no material under-construction exposure to developer-supplied houses, so it avoids the completion risk that plagues many housing lenders.
Distribution piggybacks on vehicle finance - 679 of its 712 branches are co-located with vehicle-finance branches, giving it an instant physical presence in small towns without building from scratch.

4. Consumer and Small Enterprise Loans: unsecured lending to known customers

An unsecured loan business that started by offering personal and business loans to Chola’s own captive customer base, then expanded into financing consumer electronics at the point of sale.

Pre-approved to existing customers first - the direct-to-customer channel, launched through the Chola One app, offers fully digital loans to people whose repayment behaviour Chola already knows from their vehicle or property loans, reducing the guesswork in unsecured lending.
Consumer durables at the checkout counter - the Consumer Durables vertical, launched via a tie-up with Samsung and now spanning brands like Vivo, Oppo, Xiaomi, and Whirlpool, disbursed over ₹2,174 crore in FY26 and acquired more than 10 lakh customers across roughly 10,000 pincodes.
A deliberate exit from fintech partnerships - the company chose to wind down its partnership-led unsecured lending book in FY26, which explains the segment’s muted 4% AUM growth that year, as it refocused on loans to its own customer base where it controls underwriting.

5. SME Loans: term loans and equipment finance for small factories

A full-spectrum secured lending business for small and medium enterprises, offering everything from machinery loans to supply-chain finance, built on partnerships with more than 40 equipment manufacturers.

OEM partnerships provide the deal flow - strategic tie-ups with over 40 original equipment manufacturers across industrial equipment, gensets, medical equipment, and solar finance mean customers are sourced at the point of equipment purchase, much like vehicle finance.
Solar finance as the first green bet - the segment launched solar funding as the company’s first Green Finance product, financing rooftop and small-scale solar installations for businesses.

6. Secured Business and Personal Loans: collateral-backed credit for the unbanked micro-entrepreneur

A small-ticket secured lending business for grocery-shop owners, dairy farmers, and cash-salaried workers in Tier-III to Tier-VI towns, using cash-flow assessments instead of formal income proof.

Tiny loans against property - with an average ticket size of ₹4.49 lakh and a maximum loan-to-value of 50%, these are loans to people who own a small property but have no formal income documents, a segment traditionally served only by local moneylenders.
Cash-flow underwriting, not payslips - the credit assessment uses a form-based methodology that projects the borrower’s cash flows rather than demanding income-tax returns or salary slips, which is how it reaches customers who are new to formal credit.
Doorstep service in small towns - the business operates through 414 branches, all co-located with vehicle-finance branches, and offers personalised doorstep service, recognising that its customers may not walk into a branch.

7. Gold Loans: the newest engine, launched where customers already keep their wealth

A newly launched gold-loan business that monetises the jewellery Indian households already own, starting in South and East India with 119 dedicated branches.

A ₹1,804 crore book in its first year - the business launched in FY26 and already holds over 1,800 kg of gold as security across more than 26,000 customers, with an average ticket size of around ₹2 lakh and an average branch AUM of over ₹15 crore.
Existing customers already use gold loans - the company estimates that 30-35% of its own vehicle-finance and other loan customers already take gold loans elsewhere, so the demand is proven within its own base.
Security infrastructure built from day one - the business operates a 10-layer security framework with advanced vaults, centralised one-time-password-based access, 24-hour CCTV surveillance, and RFID tagging of pledged ornaments, because physical gold custody is the operational risk that defines this business.

Digital Platforms and Technology

A unified technology backbone that digitises the entire loan journey - from customer acquisition to collections - and feeds data back into credit models that get smarter with every loan.

Three-layer architecture - the IT stack is organised into Systems of Engagement (customer-facing apps), Systems of Record (core loan and customer data), and Systems of Intelligence (analytics and AI models), all moving to cloud-native infrastructure.
Fully digital origination - the loan-origination system handles eKYC with biometric and facial recognition, automated bureau checks, bank-statement analysis, e-sign, e-stamping, and system-based underwriting, so a loan can be approved and disbursed on the same day.
Chola One as the super-app - a single app that offers personal loans, vehicle finance, home loans, insurance, and mutual funds, while also serving as a service channel for existing customers across any product and any branch.
AI embedded across the lifecycle - artificial intelligence is used for lead nurturing, facial-verification KYC, alternate-data credit models for thin-file customers, generative AI for legal summarisation and credit memos, and AI voice agents for collections, with the explicit goal of improving the Gini coefficient of underwriting models to reduce credit losses.

Group structure and partners

Chola is the lending engine of the Murugappa Group, a 125-year-old conglomerate with ten listed companies and a $40.83 billion group market capitalisation, and it operates through a parent company with three subsidiaries and two associates that extend its reach into securities broking, payments, and fintech.

Promoter holding and leadership - the promoter group holds 49.25% of Chola, led by Cholamandalam Financial Holdings Limited (43.76%), and Vellayan Subbiah continues as Executive Chairman with a term running to March 2030.
Cholamandalam Securities - a wholly-owned subsidiary that is a member of the NSE and BSE, a depository participant, and a distributor of mutual funds and insurance, providing a technology-led investment platform that sits alongside the lending business.
Payswiff Technologies - a 72.12%-held subsidiary that provides offline payment-aggregator services and point-of-sale solutions to over 3 lakh small and mid-sized merchants, acquired in 2022 to build digital-payment capabilities into the SME lending ecosystem.
Fintech associates - Chola holds a 21% stake in Vishvakarma Payments, a consortium that applied for a retail-payments licence from the RBI, and a 16.29% stake in Paytail Commerce, a buy-now-pay-later platform where Chola provides checkout financing to customers in Tier-II to Tier-IV markets who lack credit cards.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	4,623	5,007	5,410	5,812	6,255	6,733	7,046	7,267	7,491	7,898	8,417	8,856
Growth YoY Revenue Growth YoY%	53.2	49.2	44.6	41.8	35.3	34.5	30.2	25.0	19.8	17.3	19.5	21.9
Interest Expended Interest ExpendedCr	2,204	2,441	2,579	2,796	3,059	3,275	3,365	3,468	3,517	3,646	3,753	4,007
Expenses ExpensesCr	1,387	1,411	1,417	1,727	1,897	2,038	2,010	2,286	2,460	2,554	2,597	2,652
Financing Profit Financing ProfitCr	1,031	1,155	1,414	1,289	1,300	1,420	1,671	1,512	1,514	1,698	2,067	2,197
FPM FPM%	22.3	23.1	26.1	22.2	20.8	21.1	23.7	20.8	20.2	21.5	24.6	24.8
Other Income Other IncomeCr	73	47	89	44	67	104	91	86	122	110	147	100
Depreciation DepreciationCr	39	46	75	59	63	59	64	67	71	74	72	75
PBT PBTCr	1,062	1,156	1,444	1,275	1,305	1,466	1,699	1,532	1,566	1,736	2,143	2,224
Tax TaxCr	289	284	379	328	337	377	439	394	406	446	498	567
PAT PATCr	773	872	1,065	947	968	1,088	1,260	1,138	1,160	1,290	1,645	1,656
Growth YoY PAT Growth YoY%	37.3	27.3	24.6	33.4	25.2	24.8	18.2	20.1	19.8	18.5	30.6	45.6
NPM NPM%	16.7	17.4	19.7	16.3	15.5	16.2	17.9	15.7	15.5	16.3	19.6	18.7
EPS EPS₹	9.4	10.4	12.7	11.3	11.5	12.9	15.0	13.5	13.8	15.3	19.3	19.4

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

4,623

5,007

5,410

5,812

6,255

6,733

7,046

7,267

7,491

7,898

8,417

8,856

Growth YoY

Revenue Growth YoY%

53.2

49.2

44.6

41.8

35.3

34.5

30.2

25.0

19.8

17.3

19.5

21.9

Interest Expended

Interest ExpendedCr

2,204

2,441

2,579

2,796

3,059

3,275

3,365

3,468

3,517

3,646

3,753

4,007

Expenses

ExpensesCr

1,387

1,411

1,417

1,727

1,897

2,038

2,010

2,286

2,460

2,554

2,597

2,652

Financing Profit

Financing ProfitCr

1,031

1,155

1,414

1,289

1,300

1,420

1,671

1,512

1,514

1,698

2,067

2,197

FPM

FPM%

22.3

23.1

26.1

22.2

20.8

21.1

23.7

20.8

20.2

21.5

24.6

24.8

Other Income

Other IncomeCr

104

122

110

147

100

Depreciation

DepreciationCr

PBT

PBTCr

1,062

1,156

1,444

1,275

1,305

1,466

1,699

1,532

1,566

1,736

2,143

2,224

Tax

TaxCr

289

284

379

328

337

377

439

394

406

446

498

567

PAT

PATCr

773

872

1,065

947

968

1,088

1,260

1,138

1,160

1,290

1,645

1,656

Growth YoY

PAT Growth YoY%

37.3

27.3

24.6

33.4

25.2

24.8

18.2

20.1

19.8

18.5

30.6

45.6

NPM

NPM%

16.7

17.4

19.7

16.3

15.5

16.2

17.9

15.7

15.5

16.3

19.6

18.7

EPS

EPS₹

9.4

10.4

12.7

11.3

11.5

12.9

15.0

13.5

13.8

15.3

19.3

19.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	4,623	5,007	5,410	5,812	6,255	6,733	7,046	7,267	7,491	7,898	8,417	8,856
Growth YoY Revenue Growth YoY%	53.2	49.2	44.6	41.8	35.3	34.5	30.2	25.0	19.8	17.3	19.5	21.9
Interest Expended Interest ExpendedCr	2,204	2,441	2,579	2,796	3,059	3,275	3,365	3,468	3,517	3,646	3,753	4,007
Expenses ExpensesCr	1,387	1,411	1,417	1,727	1,897	2,038	2,010	2,286	2,460	2,554	2,597	2,652
Financing Profit Financing ProfitCr	1,031	1,155	1,414	1,289	1,300	1,420	1,671	1,512	1,514	1,698	2,067	2,197
FPM FPM%	22.3	23.1	26.1	22.2	20.8	21.1	23.7	20.8	20.2	21.5	24.6	24.8
Other Income Other IncomeCr	73	47	89	44	67	104	91	86	122	110	147	100
Depreciation DepreciationCr	39	46	75	59	63	59	64	67	71	74	72	75
PBT PBTCr	1,062	1,156	1,444	1,275	1,305	1,466	1,699	1,532	1,566	1,736	2,143	2,224
Tax TaxCr	289	284	379	328	337	377	439	394	406	446	498	567
PAT PATCr	773	872	1,065	947	968	1,088	1,260	1,138	1,160	1,290	1,645	1,656
Growth YoY PAT Growth YoY%	37.3	27.3	24.6	33.4	25.2	24.8	18.2	20.1	19.8	18.5	30.6	45.6
NPM NPM%	16.7	17.4	19.7	16.3	15.5	16.2	17.9	15.7	15.5	16.3	19.6	18.7
EPS EPS₹	9.4	10.4	12.7	11.3	11.5	12.9	15.0	13.5	13.8	15.3	19.3	19.4

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

4,623

5,007

5,410

5,812

6,255

6,733

7,046

7,267

7,491

7,898

8,417

8,856

Growth YoY

Revenue Growth YoY%

53.2

49.2

44.6

41.8

35.3

34.5

30.2

25.0

19.8

17.3

19.5

21.9

Interest Expended

Interest ExpendedCr

2,204

2,441

2,579

2,796

3,059

3,275

3,365

3,468

3,517

3,646

3,753

4,007

Expenses

ExpensesCr

1,387

1,411

1,417

1,727

1,897

2,038

2,010

2,286

2,460

2,554

2,597

2,652

Financing Profit

Financing ProfitCr

1,031

1,155

1,414

1,289

1,300

1,420

1,671

1,512

1,514

1,698

2,067

2,197

FPM

FPM%

22.3

23.1

26.1

22.2

20.8

21.1

23.7

20.8

20.2

21.5

24.6

24.8

Other Income

Other IncomeCr

104

122

110

147

100

Depreciation

DepreciationCr

PBT

PBTCr

1,062

1,156

1,444

1,275

1,305

1,466

1,699

1,532

1,566

1,736

2,143

2,224

Tax

TaxCr

289

284

379

328

337

377

439

394

406

446

498

567

PAT

PATCr

773

872

1,065

947

968

1,088

1,260

1,138

1,160

1,290

1,645

1,656

Growth YoY

PAT Growth YoY%

37.3

27.3

24.6

33.4

25.2

24.8

18.2

20.1

19.8

18.5

30.6

45.6

NPM

NPM%

16.7

17.4

19.7

16.3

15.5

16.2

17.9

15.7

15.5

16.3

19.6

18.7

EPS

EPS₹

9.4

10.4

12.7

11.3

11.5

12.9

15.0

13.5

13.8

15.3

19.3

19.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	4,214	4,693	5,559	7,088	8,712	9,579	10,141	12,884	19,140	25,846	31,073	32,663
Growth Revenue Growth%	13.4	11.4	18.4	27.5	22.9	10.0	5.9	27.1	48.5	35.0	20.2	19.6
Interest Expended Interest ExpendedCr	2,048	2,228	2,657	3,588	4,592	4,576	4,298	5,748	9,231	12,495	14,384	14,923
Expenses ExpensesCr	1,267	1,322	1,451	1,632	2,421	2,858	2,926	3,622	5,386	7,672	9,898	10,264
Financing Profit Financing ProfitCr	899	1,143	1,451	1,867	1,699	2,146	2,917	3,514	4,523	5,680	6,791	7,476
FPM FPM%	21.3	24.4	26.1	26.3	19.5	22.4	28.8	27.3	23.6	22.0	21.9	22.9
Other Income Other IncomeCr	2	3	1	21	1	4	91	221	280	307	466	480
Depreciation DepreciationCr	22	39	51	57	111	102	101	121	198	245	284	292
PBT PBTCr	879	1,107	1,401	1,832	1,588	2,048	2,908	3,615	4,605	5,741	6,973	7,668
Tax TaxCr	305	390	483	635	534	527	749	938	1,195	1,481	1,744	1,917
PAT PATCr	575	718	918	1,197	1,054	1,521	2,159	2,677	3,411	4,260	5,229	5,751
Growth PAT Growth%	29.4	24.9	27.8	30.4	-11.9	44.3	41.9	24.0	27.4	24.9	22.7	29.1
NPM NPM%	13.6	15.3	16.5	16.9	12.1	15.9	21.3	20.8	17.8	16.5	16.8	17.6
EPS EPS₹	7.6	9.2	12.5	15.3	13.4	18.6	26.2	32.4	41.2	50.7	62.0	67.8

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

4,214

4,693

5,559

7,088

8,712

9,579

10,141

12,884

19,140

25,846

31,073

32,663

Growth

Revenue Growth%

13.4

11.4

18.4

27.5

22.9

10.0

5.9

27.1

48.5

35.0

20.2

19.6

Interest Expended

Interest ExpendedCr

2,048

2,228

2,657

3,588

4,592

4,576

4,298

5,748

9,231

12,495

14,384

14,923

Expenses

ExpensesCr

1,267

1,322

1,451

1,632

2,421

2,858

2,926

3,622

5,386

7,672

9,898

10,264

Financing Profit

Financing ProfitCr

899

1,143

1,451

1,867

1,699

2,146

2,917

3,514

4,523

5,680

6,791

7,476

FPM

FPM%

21.3

24.4

26.1

26.3

19.5

22.4

28.8

27.3

23.6

22.0

21.9

22.9

Other Income

Other IncomeCr

221

280

307

466

480

Depreciation

DepreciationCr

111

102

101

121

198

245

284

292

PBT

PBTCr

879

1,107

1,401

1,832

1,588

2,048

2,908

3,615

4,605

5,741

6,973

7,668

Tax

TaxCr

305

390

483

635

534

527

749

938

1,195

1,481

1,744

1,917

PAT

PATCr

575

718

918

1,197

1,054

1,521

2,159

2,677

3,411

4,260

5,229

5,751

Growth

PAT Growth%

29.4

24.9

27.8

30.4

-11.9

44.3

41.9

24.0

27.4

24.9

22.7

29.1

NPM

NPM%

13.6

15.3

16.5

16.9

12.1

15.9

21.3

20.8

17.8

16.5

16.8

17.6

EPS

EPS₹

7.6

9.2

12.5

15.3

13.4

18.6

26.2

32.4

41.2

50.7

62.0

67.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	4,214	4,693	5,559	7,088	8,712	9,579	10,141	12,884	19,140	25,846	31,073	32,663
Growth Revenue Growth%	13.4	11.4	18.4	27.5	22.9	10.0	5.9	27.1	48.5	35.0	20.2	19.6
Interest Expended Interest ExpendedCr	2,048	2,228	2,657	3,588	4,592	4,576	4,298	5,748	9,231	12,495	14,384	14,923
Expenses ExpensesCr	1,267	1,322	1,451	1,632	2,421	2,858	2,926	3,622	5,386	7,672	9,898	10,264
Financing Profit Financing ProfitCr	899	1,143	1,451	1,867	1,699	2,146	2,917	3,514	4,523	5,680	6,791	7,476
FPM FPM%	21.3	24.4	26.1	26.3	19.5	22.4	28.8	27.3	23.6	22.0	21.9	22.9
Other Income Other IncomeCr	2	3	1	21	1	4	91	221	280	307	466	480
Depreciation DepreciationCr	22	39	51	57	111	102	101	121	198	245	284	292
PBT PBTCr	879	1,107	1,401	1,832	1,588	2,048	2,908	3,615	4,605	5,741	6,973	7,668
Tax TaxCr	305	390	483	635	534	527	749	938	1,195	1,481	1,744	1,917
PAT PATCr	575	718	918	1,197	1,054	1,521	2,159	2,677	3,411	4,260	5,229	5,751
Growth PAT Growth%	29.4	24.9	27.8	30.4	-11.9	44.3	41.9	24.0	27.4	24.9	22.7	29.1
NPM NPM%	13.6	15.3	16.5	16.9	12.1	15.9	21.3	20.8	17.8	16.5	16.8	17.6
EPS EPS₹	7.6	9.2	12.5	15.3	13.4	18.6	26.2	32.4	41.2	50.7	62.0	67.8

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

4,214

4,693

5,559

7,088

8,712

9,579

10,141

12,884

19,140

25,846

31,073

32,663

Growth

Revenue Growth%

13.4

11.4

18.4

27.5

22.9

10.0

5.9

27.1

48.5

35.0

20.2

19.6

Interest Expended

Interest ExpendedCr

2,048

2,228

2,657

3,588

4,592

4,576

4,298

5,748

9,231

12,495

14,384

14,923

Expenses

ExpensesCr

1,267

1,322

1,451

1,632

2,421

2,858

2,926

3,622

5,386

7,672

9,898

10,264

Financing Profit

Financing ProfitCr

899

1,143

1,451

1,867

1,699

2,146

2,917

3,514

4,523

5,680

6,791

7,476

FPM

FPM%

21.3

24.4

26.1

26.3

19.5

22.4

28.8

27.3

23.6

22.0

21.9

22.9

Other Income

Other IncomeCr

221

280

307

466

480

Depreciation

DepreciationCr

111

102

101

121

198

245

284

292

PBT

PBTCr

879

1,107

1,401

1,832

1,588

2,048

2,908

3,615

4,605

5,741

6,973

7,668

Tax

TaxCr

305

390

483

635

534

527

749

938

1,195

1,481

1,744

1,917

PAT

PATCr

575

718

918

1,197

1,054

1,521

2,159

2,677

3,411

4,260

5,229

5,751

Growth

PAT Growth%

29.4

24.9

27.8

30.4

-11.9

44.3

41.9

24.0

27.4

24.9

22.7

29.1

NPM

NPM%

13.6

15.3

16.5

16.9

12.1

15.9

21.3

20.8

17.8

16.5

16.8

17.6

EPS

EPS₹

7.6

9.2

12.5

15.3

13.4

18.6

26.2

32.4

41.2

50.7

62.0

67.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	156	156	156	156	164	164	164	164	168	168	170
Reserves ReservesCr	3,513	4,141	4,969	6,052	8,036	9,436	11,605	14,182	19,424	23,498	30,272
Borrowings BorrowingsCr	14,902	18,335	38,330	50,567	55,005	63,730	69,174	97,358	1,34,475	1,75,036	2,11,070
Other Liabilities Other LiabilitiesCr	9,317	7,965	711	715	853	1,314	1,536	1,923	2,620	3,184	3,936
Total Liabilities Total LiabilitiesCr	27,889	30,598	44,167	57,490	64,058	74,644	82,479	1,13,627	1,56,686	2,01,887	2,45,448
Fixed Assets Fixed AssetsCr	113	143	167	181	294	238	273	427	1,576	1,787	1,883
Cash Equivalents Cash EquivalentsCr	509	494	952	3,708	7,001	5,280	4,302	3,007	4,394	9,501	14,695
Other Assets Other AssetsCr	27,267	29,962	43,048	53,600	56,764	69,127	77,904	1,10,192	1,50,717	1,90,599	2,28,870
Total Assets Total AssetsCr	27,889	30,598	44,167	57,490	64,058	74,644	82,479	1,13,627	1,56,686	2,01,887	2,45,448

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

156

164

168

170

Reserves

ReservesCr

3,513

4,141

4,969

6,052

8,036

9,436

11,605

14,182

19,424

23,498

30,272

Borrowings

BorrowingsCr

14,902

18,335

38,330

50,567

55,005

63,730

69,174

97,358

1,34,475

1,75,036

2,11,070

Other Liabilities

Other LiabilitiesCr

9,317

7,965

711

715

853

1,314

1,536

1,923

2,620

3,184

3,936

Total Liabilities

Total LiabilitiesCr

27,889

30,598

44,167

57,490

64,058

74,644

82,479

1,13,627

1,56,686

2,01,887

2,45,448

Fixed Assets

Fixed AssetsCr

113

143

167

181

294

238

273

427

1,576

1,787

1,883

Cash Equivalents

Cash EquivalentsCr

509

494

952

3,708

7,001

5,280

4,302

3,007

4,394

9,501

14,695

Other Assets

Other AssetsCr

27,267

29,962

43,048

53,600

56,764

69,127

77,904

1,10,192

1,50,717

1,90,599

2,28,870

Total Assets

Total AssetsCr

27,889

30,598

44,167

57,490

64,058

74,644

82,479

1,13,627

1,56,686

2,01,887

2,45,448

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	156	156	156	156	164	164	164	164	168	168	170
Reserves ReservesCr	3,513	4,141	4,969	6,052	8,036	9,436	11,605	14,182	19,424	23,498	30,272
Borrowings BorrowingsCr	14,902	18,335	38,330	50,567	55,005	63,730	69,174	97,358	1,34,475	1,75,036	2,11,070
Other Liabilities Other LiabilitiesCr	9,317	7,965	711	715	853	1,314	1,536	1,923	2,620	3,184	3,936
Total Liabilities Total LiabilitiesCr	27,889	30,598	44,167	57,490	64,058	74,644	82,479	1,13,627	1,56,686	2,01,887	2,45,448
Fixed Assets Fixed AssetsCr	113	143	167	181	294	238	273	427	1,576	1,787	1,883
Cash Equivalents Cash EquivalentsCr	509	494	952	3,708	7,001	5,280	4,302	3,007	4,394	9,501	14,695
Other Assets Other AssetsCr	27,267	29,962	43,048	53,600	56,764	69,127	77,904	1,10,192	1,50,717	1,90,599	2,28,870
Total Assets Total AssetsCr	27,889	30,598	44,167	57,490	64,058	74,644	82,479	1,13,627	1,56,686	2,01,887	2,45,448

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

156

164

168

170

Reserves

ReservesCr

3,513

4,141

4,969

6,052

8,036

9,436

11,605

14,182

19,424

23,498

30,272

Borrowings

BorrowingsCr

14,902

18,335

38,330

50,567

55,005

63,730

69,174

97,358

1,34,475

1,75,036

2,11,070

Other Liabilities

Other LiabilitiesCr

9,317

7,965

711

715

853

1,314

1,536

1,923

2,620

3,184

3,936

Total Liabilities

Total LiabilitiesCr

27,889

30,598

44,167

57,490

64,058

74,644

82,479

1,13,627

1,56,686

2,01,887

2,45,448

Fixed Assets

Fixed AssetsCr

113

143

167

181

294

238

273

427

1,576

1,787

1,883

Cash Equivalents

Cash EquivalentsCr

509

494

952

3,708

7,001

5,280

4,302

3,007

4,394

9,501

14,695

Other Assets

Other AssetsCr

27,267

29,962

43,048

53,600

56,764

69,127

77,904

1,10,192

1,50,717

1,90,599

2,28,870

Total Assets

Total AssetsCr

27,889

30,598

44,167

57,490

64,058

74,644

82,479

1,13,627

1,56,686

2,01,887

2,45,448

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-2,809	-1,468	-7,926	-9,317	-2,075	-8,842	-5,571	-27,105	-35,683	-32,413	-30,021
Investing Cash Flow Investing Cash FlowCr	-140	-222	-60	-11	-54	-1,572	1,640	-2,148	-2,855	-2,948	-2,554
Financing Cash Flow Financing Cash FlowCr	3,031	1,692	8,009	12,191	2,452	8,516	5,150	27,466	38,471	39,795	35,610
Net Cash Flow Net Cash FlowCr	82	2	22	2,862	323	-1,898	1,218	-1,787	-66	4,434	3,035
Free Cash Flow Free Cash FlowCr	-2,885	-1,525	-7,994	-9,391	-2,145	-8,873	-5,642	-27,293	-36,754	-32,600	-30,263
CFO To EBITDA CFO To EBITDA%	-312.5	-128.4	-546.2	-499.0	-122.1	-412.1	-191.0	-771.3	-788.9	-570.7	-442.1

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

-2,809

-1,468

-7,926

-9,317

-2,075

-8,842

-5,571

-27,105

-35,683

-32,413

-30,021

Investing Cash Flow

Investing Cash FlowCr

-140

-222

-60

-11

-54

-1,572

1,640

-2,148

-2,855

-2,948

-2,554

Financing Cash Flow

Financing Cash FlowCr

3,031

1,692

8,009

12,191

2,452

8,516

5,150

27,466

38,471

39,795

35,610

Net Cash Flow

Net Cash FlowCr

2,862

323

-1,898

1,218

-1,787

-66

4,434

3,035

Free Cash Flow

Free Cash FlowCr

-2,885

-1,525

-7,994

-9,391

-2,145

-8,873

-5,642

-27,293

-36,754

-32,600

-30,263

CFO To EBITDA

CFO To EBITDA%

-312.5

-128.4

-546.2

-499.0

-122.1

-412.1

-191.0

-771.3

-788.9

-570.7

-442.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-2,809	-1,468	-7,926	-9,317	-2,075	-8,842	-5,571	-27,105	-35,683	-32,413	-30,021
Investing Cash Flow Investing Cash FlowCr	-140	-222	-60	-11	-54	-1,572	1,640	-2,148	-2,855	-2,948	-2,554
Financing Cash Flow Financing Cash FlowCr	3,031	1,692	8,009	12,191	2,452	8,516	5,150	27,466	38,471	39,795	35,610
Net Cash Flow Net Cash FlowCr	82	2	22	2,862	323	-1,898	1,218	-1,787	-66	4,434	3,035
Free Cash Flow Free Cash FlowCr	-2,885	-1,525	-7,994	-9,391	-2,145	-8,873	-5,642	-27,293	-36,754	-32,600	-30,263
CFO To EBITDA CFO To EBITDA%	-312.5	-128.4	-546.2	-499.0	-122.1	-412.1	-191.0	-771.3	-788.9	-570.7	-442.1

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

-2,809

-1,468

-7,926

-9,317

-2,075

-8,842

-5,571

-27,105

-35,683

-32,413

-30,021

Investing Cash Flow

Investing Cash FlowCr

-140

-222

-60

-11

-54

-1,572

1,640

-2,148

-2,855

-2,948

-2,554

Financing Cash Flow

Financing Cash FlowCr

3,031

1,692

8,009

12,191

2,452

8,516

5,150

27,466

38,471

39,795

35,610

Net Cash Flow

Net Cash FlowCr

2,862

323

-1,898

1,218

-1,787

-66

4,434

3,035

Free Cash Flow

Free Cash FlowCr

-2,885

-1,525

-7,994

-9,391

-2,145

-8,873

-5,642

-27,293

-36,754

-32,600

-30,263

CFO To EBITDA

CFO To EBITDA%

-312.5

-128.4

-546.2

-499.0

-122.1

-412.1

-191.0

-771.3

-788.9

-570.7

-442.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	11,140	15,072	22,662	22,633	12,535	45,824	58,975	62,598	97,151	1,27,785	1,15,353	1,32,697
Price To Earnings Price To Earnings	20.0	21.3	24.7	18.9	11.9	30.1	27.4	23.5	28.4	30.0	22.1	22.9
Price To Sales Price To Sales	2.6	3.2	4.1	3.2	1.4	4.8	5.8	4.9	5.1	4.9	3.7	4.1
Price To Book Price To Book	3.0	3.5	4.4	3.6	1.5	4.8	5.0	4.4	5.0	5.4	3.8	4.3
EV To EBITDA EV To EBITDA	28.4	28.8	41.4	37.2	35.6	48.6	42.5	44.7	50.2	51.6	45.9	44.3
Profitability Ratios Profitability Ratios
FPM FPM%	21.3	24.4	26.1	26.4	19.5	22.4	28.8	27.3	23.6	22.0	21.9	22.9
NPM NPM%	13.6	15.3	16.5	16.9	12.1	15.9	21.3	20.8	17.8	16.5	16.8	17.6
ROCE ROCE%	15.8	14.7	9.3	9.6	9.8	9.0	8.9	8.4	9.0	9.2	8.8	8.8
ROE ROE%	15.7	16.7	17.9	19.3	12.9	15.8	18.3	18.7	17.4	18.0	17.2	17.2
ROA ROA%	2.1	2.4	2.1	2.1	1.6	2.0	2.6	2.4	2.2	2.1	2.1	2.1
Solvency Ratios Solvency Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

11,140

15,072

22,662

22,633

12,535

45,824

58,975

62,598

97,151

1,27,785

1,15,353

1,32,697

Price To Earnings

20.0

21.3

24.7

18.9

11.9

30.1

27.4

23.5

28.4

30.0

22.1

22.9

Price To Sales

2.6

3.2

4.1

3.2

1.4

4.8

5.8

4.9

5.1

4.9

3.7

4.1

Price To Book

3.0

3.5

4.4

3.6

1.5

4.8

5.0

4.4

5.0

5.4

3.8

4.3

EV To EBITDA

28.4

28.8

41.4

37.2

35.6

48.6

42.5

44.7

50.2

51.6

45.9

44.3

Profitability Ratios

FPM

FPM%

21.3

24.4

26.1

26.4

19.5

22.4

28.8

27.3

23.6

22.0

21.9

22.9

NPM

NPM%

13.6

15.3

16.5

16.9

12.1

15.9

21.3

20.8

17.8

16.5

16.8

17.6

ROCE

ROCE%

15.8

14.7

9.3

9.6

9.8

9.0

8.9

8.4

9.0

9.2

8.8

ROE

ROE%

15.7

16.7

17.9

19.3

12.9

15.8

18.3

18.7

17.4

18.0

17.2

ROA

ROA%

2.1

2.4

2.1

1.6

2.0

2.6

2.4

2.2

2.1

Solvency Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	11,140	15,072	22,662	22,633	12,535	45,824	58,975	62,598	97,151	1,27,785	1,15,353	1,32,697
Price To Earnings Price To Earnings	20.0	21.3	24.7	18.9	11.9	30.1	27.4	23.5	28.4	30.0	22.1	22.9
Price To Sales Price To Sales	2.6	3.2	4.1	3.2	1.4	4.8	5.8	4.9	5.1	4.9	3.7	4.1
Price To Book Price To Book	3.0	3.5	4.4	3.6	1.5	4.8	5.0	4.4	5.0	5.4	3.8	4.3
EV To EBITDA EV To EBITDA	28.4	28.8	41.4	37.2	35.6	48.6	42.5	44.7	50.2	51.6	45.9	44.3
Profitability Ratios Profitability Ratios
FPM FPM%	21.3	24.4	26.1	26.4	19.5	22.4	28.8	27.3	23.6	22.0	21.9	22.9
NPM NPM%	13.6	15.3	16.5	16.9	12.1	15.9	21.3	20.8	17.8	16.5	16.8	17.6
ROCE ROCE%	15.8	14.7	9.3	9.6	9.8	9.0	8.9	8.4	9.0	9.2	8.8	8.8
ROE ROE%	15.7	16.7	17.9	19.3	12.9	15.8	18.3	18.7	17.4	18.0	17.2	17.2
ROA ROA%	2.1	2.4	2.1	2.1	1.6	2.0	2.6	2.4	2.2	2.1	2.1	2.1
Solvency Ratios Solvency Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

11,140

15,072

22,662

22,633

12,535

45,824

58,975

62,598

97,151

1,27,785

1,15,353

1,32,697

Price To Earnings

20.0

21.3

24.7

18.9

11.9

30.1

27.4

23.5

28.4

30.0

22.1

22.9

Price To Sales

2.6

3.2

4.1

3.2

1.4

4.8

5.8

4.9

5.1

4.9

3.7

4.1

Price To Book

3.0

3.5

4.4

3.6

1.5

4.8

5.0

4.4

5.0

5.4

3.8

4.3

EV To EBITDA

28.4

28.8

41.4

37.2

35.6

48.6

42.5

44.7

50.2

51.6

45.9

44.3

Profitability Ratios

FPM

FPM%

21.3

24.4

26.1

26.4

19.5

22.4

28.8

27.3

23.6

22.0

21.9

22.9

NPM

NPM%

13.6

15.3

16.5

16.9

12.1

15.9

21.3

20.8

17.8

16.5

16.8

17.6

ROCE

ROCE%

15.8

14.7

9.3

9.6

9.8

9.0

8.9

8.4

9.0

9.2

8.8

ROE

ROE%

15.7

16.7

17.9

19.3

12.9

15.8

18.3

18.7

17.4

18.0

17.2

ROA

ROA%

2.1

2.4

2.1

1.6

2.0

2.6

2.4

2.2

2.1

Solvency Ratios

	BAJFINANCE	JIOFIN	TATACAP	CHOLAFIN	ABCAPITAL	LTF	PIRAMALFIN
Market CapitalizationMkt CapCr	5,96,042	1,41,307	1,33,501	1,32,697	1,02,140	63,412	46,200
Close PriceClose₹	957.35	214.00	314.50	1,553.00	373.05	253.00	1,952.40
IndustryIndustry	Conglomerate Backed NBFC	Conglomerate Backed NBFC	Conglomerate Backed NBFC	Conglomerate Backed NBFC	Conglomerate Backed NBFC	Conglomerate Backed NBFC	Conglomerate Backed NBFC
Price To EarningsPE	29.31	81.37	24.40	22.90	24.53	18.52	26.16
Price To SalesPS	6.93	25.13	4.08	4.06	2.12	3.16	3.67
RevenueRevenueCr	90,331	5,623	32,695	32,663	48,186	20,046	13,357
Revenue Growth TTMRev Gr TTM%	19.1%	122.7%	11.1%	19.6%	16.3%	19.9%	19.4%
PAT Growth TTMPAT Gr TTM%	18.9%	5.0%	29.7%	29.1%	18.2%	27.4%	156.5%

Market CapitalizationMkt CapCr

5,96,042

1,41,307

1,33,501

1,32,697

1,02,140

63,412

46,200

Close PriceClose₹

957.35

214.00

314.50

1,553.00

373.05

253.00

1,952.40

IndustryIndustry

Conglomerate Backed NBFC

Price To EarningsPE

29.31

81.37

24.40

22.90

24.53

18.52

26.16

Price To SalesPS

6.93

25.13

4.08

4.06

2.12

3.16

3.67

RevenueRevenueCr

90,331

5,623

32,695

32,663

48,186

20,046

13,357

Revenue Growth TTMRev Gr TTM%

19.1%

122.7%

11.1%

19.6%

16.3%

19.9%

19.4%

PAT Growth TTMPAT Gr TTM%

18.9%

5.0%

29.7%

29.1%

18.2%

27.4%

156.5%

	BAJFINANCE	JIOFIN	TATACAP	CHOLAFIN	ABCAPITAL	LTF	PIRAMALFIN
Market CapitalizationMkt CapCr	5,96,042	1,41,307	1,33,501	1,32,697	1,02,140	63,412	46,200
Close PriceClose₹	957.35	214.00	314.50	1,553.00	373.05	253.00	1,952.40
IndustryIndustry	Conglomerate Backed NBFC	Conglomerate Backed NBFC	Conglomerate Backed NBFC	Conglomerate Backed NBFC	Conglomerate Backed NBFC	Conglomerate Backed NBFC	Conglomerate Backed NBFC
Price To EarningsPE	29.31	81.37	24.40	22.90	24.53	18.52	26.16
Price To SalesPS	6.93	25.13	4.08	4.06	2.12	3.16	3.67
RevenueRevenueCr	90,331	5,623	32,695	32,663	48,186	20,046	13,357
Revenue Growth TTMRev Gr TTM%	19.1%	122.7%	11.1%	19.6%	16.3%	19.9%	19.4%
PAT Growth TTMPAT Gr TTM%	18.9%	5.0%	29.7%	29.1%	18.2%	27.4%	156.5%

Market CapitalizationMkt CapCr

5,96,042

1,41,307

1,33,501

1,32,697

1,02,140

63,412

46,200

Close PriceClose₹

957.35

214.00

314.50

1,553.00

373.05

253.00

1,952.40

IndustryIndustry

Conglomerate Backed NBFC

Price To EarningsPE

29.31

81.37

24.40

22.90

24.53

18.52

26.16

Price To SalesPS

6.93

25.13

4.08

4.06

2.12

3.16

3.67

RevenueRevenueCr

90,331

5,623

32,695

32,663

48,186

20,046

13,357

Revenue Growth TTMRev Gr TTM%

19.1%

122.7%

11.1%

19.6%

16.3%

19.9%

19.4%

PAT Growth TTMPAT Gr TTM%

18.9%

5.0%

29.7%

29.1%

18.2%

27.4%

156.5%

Cholamandalam Investment & Finance Company Ltd

Cholamandalam Investment & Finance Company Ltd

Quick Ratios

Quarterly Results

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