Cholamandalam Financial Holdings Limited (CFHL) is a part of the Murugappa Group. The Co. is a Core Investment Company registered with the RBI, offering a diverse range of financial products and risk management services to individual and corporate customers through its group companies.[1]
ServicesNBFC: The Co. provides financial services through its subsidiary Cholamandalam Investment and Finance Company Limited (CIFCL) by offering vehicle finance, home loans, loan against property, etc to a wide range of customers, wherein it holds 45.41% as of June 2022.General Insurance: The Co. offers a wide range of insurance including motor, travel, health, accident, home, and other types of insurance for corporate customers through its subsidiary Cholamandalam MS General Insurance Company Limited (CMSGICL), wherein it holds 60% as on June 2022.Risk Management & Engineering Solutions: The Co. provides risk management and engineering solutions in the field of Safety, Health, and Environment through its Joint Venture with Mitsui Sumitomo Insurance Group, Japan through Cholamandalam MS Risk Services Ltd (CMSRSL), wherein it holds 49.5% as on June 2022.[1]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Jio Financial | 278.90 | 111.98 | 177219.99 | 0.18 | 268.98 | -8.75 | 900.90 | 105.52 | 1.47 | 2987.99 | 68.21 | 1582.65 | 268.98 | 1.31 | 1.16 | 0.08 |
| 2. | Aditya Birla Cap | 361.70 | 29.01 | 94645.05 | 0.00 | 882.47 | -14.09 | 10594.96 | 2.64 | 9.33 | 41693.04 | 36.34 | 3262.92 | 855.24 | 2.94 | 1.32 | 4.86 |
| 3. | Chola Financial | 1775.00 | 485.02 | 33349.82 | 0.07 | 27.16 | 15.48 | 30.07 | 3.23 | 6.26 | 88.21 | 95.76 | 68.76 | 27.16 | 24.58 | 4.87 | 0.00 |
| 4. | Tata Inv.Corpn. | 658.70 | 94.74 | 33329.63 | 0.41 | 148.16 | 19.78 | 153.98 | 8.07 | 1.21 | 319.58 | 87.61 | 351.79 | 148.16 | 1.05 | 0.92 | 0.00 |
| 5. | TVS Holdings | 14030.10 | 19.70 | 28370.80 | 0.66 | 880.08 | 59.15 | 14549.15 | 25.92 | 15.21 | 50450.82 | 15.80 | 1440.16 | 442.87 | 5.14 | 4.78 | 6.25 |
| 6. | JSW Holdings | 17885.95 | 167.79 | 19757.72 | 0.00 | 59.61 | -49.60 | 83.57 | -48.47 | 0.85 | 172.32 | 91.61 | 117.75 | 59.61 | 0.61 | 0.56 | 0.00 |
| 7. | Mah. Scooters | 13834.00 | 51.33 | 15941.55 | 1.16 | 4.12 | 24.85 | 6.44 | 11.23 | 0.59 | 313.38 | 98.38 | 310.57 | 4.12 | 0.48 | 0.55 | 0.00 |
| – | Median: 40 Co. | 457.65 | 42.05 | 901.71 | 0.0 | 6.88 | -8.52 | 14.43 | 2.73 | 1.98 | 53.62 | 51.93 | 29.41 | 6.88 | 0.74 | 1.05 | 0.0 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 29 | 2 | 51 | 3 | 29 | 3 | 52 | 3 | 29 | 3 | 52 | 4 | 30 |
Expenses | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Operating Profit | 28 | 2 | 50 | 2 | 28 | 2 | 50 | 2 | 28 | 2 | 50 | 3 | 29 |
Other Income | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
Profit before tax | 26 | 0 | 48 | 1 | 28 | 1 | 49 | 2 | 28 | 2 | 50 | 3 | 29 |
Tax % | 15% | 25% | 25% | 25% | 16% | 25% | 25% | 25% | 17% | 17% | 25% | 25% | 7% |
Net Profit | 22 | 0 | 36 | 1 | 23 | 1 | 37 | 1 | 24 | 2 | 38 | 2 | 27 |
EPS in Rs | 1.18 | 0.00 | 1.91 | 0.04 | 1.23 | 0.05 | 1.96 | 0.07 | 1.25 | 0.10 | 2.00 | 0.11 | 1.45 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 3,539 | 3,836 | 4,769 | 40 | 65 | 74 | 91 | 58 | 84 | 84 | 86 | 86 | 88 |
Expenses | 3,200 | 3,547 | 3,600 | 4 | 3 | 3 | 2 | 3 | 3 | 3 | 3 | 4 | 4 |
Operating Profit | 339 | 289 | 1,169 | 36 | 61 | 71 | 88 | 55 | 81 | 81 | 83 | 83 | 84 |
Other Income | 12 | 103 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Interest | 125 | 140 | 137 | 0 | 0 | 0 | 1 | 22 | 10 | 7 | 4 | 0 | 0 |
Depreciation | 84 | 97 | 111 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Profit before tax | 141 | 155 | 924 | 36 | 61 | 71 | 87 | 34 | 71 | 74 | 79 | 83 | 84 |
Net Profit | 94 | 121 | 730 | 36 | 59 | 67 | 83 | 22 | 56 | 58 | 62 | 64 | 69 |
EPS in Rs | 5.03 | 6.46 | 38.97 | 1.94 | 3.17 | 3.54 | 4.44 | 1.16 | 2.96 | 3.08 | 3.29 | 3.43 | 3.66 |
Dividend Payout % | 40% | 31% | 13% | 65% | 39% | 35% | 15% | 48% | 19% | 18% | 17% | 38% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 37 | 37 | 37 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 |
Reserves | 1,201 | 1,283 | 1,902 | 950 | 1,001 | 1,046 | 1,100 | 1,122 | 1,168 | 1,218 | 1,269 | 1,333 | 1,338 |
Borrowings | 1,363 | 1,421 | 1,374 | 0 | 0 | 0 | 201 | 150 | 100 | 50 | 0 | 0 | 0 |
Other Liabilities | 773 | 822 | 865 | 2 | 3 | 3 | 3 | 12 | 3 | 2 | 2 | 4 | 3 |
Total Liabilities | 3,375 | 3,563 | 4,178 | 971 | 1,023 | 1,068 | 1,322 | 1,303 | 1,290 | 1,288 | 1,289 | 1,355 | 1,359 |
Fixed Assets | 694 | 904 | 832 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Gross Block | 1,433.19 | 1,732.20 | 1,795.36 | 0.00 | 0.00 | 0.00 | 0.04 | 0.04 | 0.06 | 0.06 | 0.12 | 0.14 | – |
Accumulated Depreciation | 738.91 | 827.95 | 963.76 | 0.00 | 0.00 | 0.00 | 0.01 | 0.02 | 0.04 | 0.05 | 0.06 | 0.09 | – |
CWIP | 197 | 36 | 56 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 1,506 | 1,523 | 1,461 | 914 | 940 | 956 | 1,278 | 1,279 | 1,280 | 1,280 | 1,279 | 1,291 | 1,291 |
Other Assets | 978 | 1,100 | 1,829 | 57 | 83 | 112 | 44 | 24 | 10 | 8 | 10 | 65 | 68 |
Total Assets | 3,375 | 3,563 | 4,178 | 971 | 1,023 | 1,068 | 1,322 | 1,303 | 1,290 | 1,288 | 1,289 | 1,355 | 1,359 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 279 | 167 | 135 | -19 | 66 | -34 | -161 | 52 | 58 | 53 | 67 | 3 |
Cash from Investing Activity | -186 | -54 | 794 | -608 | 0 | 0 | -0 | 0 | -0 | 0 | -0 | -0 |
Cash from Financing Activity | -96 | -117 | -220 | -106 | -11 | -21 | 170 | -50 | -60 | -59 | -61 | -10 |
Net Cash Flow | -3 | -4 | 709 | -733 | 55 | -55 | 9 | 2 | -2 | -6 | 6 | -8 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 46 | 45 | 38 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Inventory Days | 62 | 70 | 69 | – | – | – | – | – | – | – | – | – |
Days Payable | 98 | 94 | 92 | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 10 | 22 | 14 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Days | -58 | -37 | -60 | 478 | -17 | -16 | -12 | -75 | -13 | -5 | -3 | -9 |
ROCE % | 10% | 10% | 8% | 2% | 6% | 7% | 7% | 4% | 6% | 6% | 6% | 6% |
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Stock Analysis
Cholamandalam Financial Holdings Limited (CFHL) is part of the Murugappa Group and operates as a Core Investment Company, offering a diverse range of financial products and risk management services to individual and corporate customers through its group companies.
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