Source: Cholamandalam Investment and Finance Company Limited Annual Report 2025-26
Quick Facts / Company Snapshot
| Metric | Details |
|---|---|
| Company Name | Cholamandalam Investment and Finance Company Limited |
| CIN | L65993TN1978PLC007576 |
| Stock Exchange Identifiers | NSE: CHOLAFIN, BSE: 511243 |
| Year of Incorporation | 1978 |
| Registered Office | Chola Crest, C54-55 & Super B-4, Thiru-Vi-Ka Industrial Estate, Guindy, Chennai – 600032 |
| Executive Chairman | Mr. Vellayan Subbiah |
| Managing Director & CEO | Mr. Ravindra Kumar Kundu |
| Parent Group | Murugappa Group |
| Holding Company | Cholamandalam Financial Holdings Limited |
| Total Branch Network | 1,761 branches |
| Customer Base | 47.5+ lakh customers |
| Total Workforce | 73,689 (including off-roll employees) |
Company Overview
Cholamandalam Investment and Finance Company Limited (Chola) was incorporated in 1978 as the financial services arm of the Murugappa Group. Initially established as an equipment financing firm, the company has expanded into a comprehensive non-banking financial company (NBFC) categorized as an NBFC in Upper Layer (NBFC-UL) and an Investment and Credit Company (NBFC-ICC). The company also holds a license for factoring business (NBFC-F) and a Composite Corporate Agency License issued by the Insurance Regulatory and Development Authority of India (IRDAI).
Operating with the corporate vision to “Enable Customers to Enter a Better Life,” Chola caters primarily to underserved, self-employed non-professional (SENP), rural, and semi-urban customer segments across India. Its core operational model combines high-touch physical presence with digital lending infrastructure across vehicle finance, mortgage lending, micro and small enterprise loans, and retail consumer finance.
Business Segments
The company reports its operating activities across defined business segments:
- Vehicle Finance: Comprises financing of new and used commercial vehicles, passenger vehicles, multi-utility vehicles, light commercial vehicles, tractors, two-wheelers, three-wheelers, and construction equipment, as well as loans to automobile dealers. Segment revenue from operations for FY 2025-26 stood at ₹ 16,335.41 crores.
- Loan Against Property (LAP): Provides collateral-backed financing against residential and commercial properties primarily to self-employed non-professionals for business expansion and working capital requirements. Segment revenue from operations for FY 2025-26 stood at ₹ 5,985.88 crores.
- Home Loans: Offers housing finance to middle and lower-middle-income borrowers across Tier II, III, and IV locations for home construction, acquisition of ready or resale properties, plot purchase, and home extensions. Segment revenue from operations for FY 2025-26 stood at ₹ 3,174.19 crores.
- Other Loans: Encompasses Consumer & Small Enterprise Loans (CSEL), Secured Business & Personal Loans (SBPL), Small & Medium Enterprise (SME) loans, Consumer Durable (CD) loans, and Gold Loans. Segment revenue from operations for FY 2025-26 stood at ₹ 4,562.21 crores.
- Unallocable: Represents investment income, corporate treasury operations, and other centralized corporate revenues. Segment revenue from operations for FY 2025-26 stood at ₹ 924.05 crores.
History and Evolution
Chola has evolved over four decades through systematic product expansion and geographical diversification:
- 1978–2005: Incorporated in 1978; commenced equipment financing and vehicle finance operations, and established Cholamandalam Securities Limited.
- 2006–2010: Formed a joint venture partnership with DBS Bank, Singapore; entered the Consumer Finance and Loan Against Property (LAP) businesses; expanded branch presence to 171 locations.
- 2011–2015: Introduced mobile applications for field sales and collections; launched tractor finance, home loans, and construction equipment lending verticals.
- 2016–2020: Rolled out the Gaadi Bazaar platform; completed debut issues of Masala Bonds with CDC and External Commercial Borrowings (ECB) with IFC; expanded branch count past 1,000 locations.
- 2021–2025: Launched new business verticals including Consumer and Small Enterprise Loans (CSEL), Secured Business and Personal Loans (SBPL), SME lending, and Consumer Durable loans; completed a ₹ 4,000 crore Qualified Institutional Placement (QIP) and maiden public issue of Non-Convertible Debentures (NCDs).
- 2025–2026: Launched exclusive Gold Loan operations across branch catchments; increased total branch count to 1,761; crossed 47.5 lakh active customers.
Products and Services
The company offers structured financing and related financial services across commercial and retail sectors:
- Commercial Vehicle Loans: Financing solutions for heavy, medium, light, and small commercial vehicles covering new and pre-owned units.
- Passenger Vehicle Loans: Retail auto loans for new and pre-owned cars and multi-utility vehicles.
- Tractor & Farm Equipment Loans: Financing for agricultural tractors and allied farming machinery.
- Construction Equipment Loans: Asset-backed facilities for infrastructure and earthmoving equipment.
- Two-Wheeler & Three-Wheeler Loans: Retail credit products with accelerated turnaround times.
- Loan Against Property (LAP): Term facilities extended against mortgage of residential or commercial properties.
- Home Loans: Affordable housing loans for self-construction, acquisition, and renovation.
- Secured Business & Personal Loans (SBPL): Small-ticket secured lending evaluated through cash-flow underwriting.
- Consumer & Small Enterprise Loans (CSEL): Collateral-free business loans, professional loans, and personal financing.
- Consumer Durable Loans: Point-of-sale financing for consumer electronics and appliances.
- Small and Medium Enterprise (SME) Loans: Term loans, micro term loans, industrial equipment finance, supply chain finance, and rooftop solar project financing.
- Gold Loans: Short-term credit secured against pledged gold ornaments.
- Broking & Financial Distribution: Stockbroking and depository participant services through Cholamandalam Securities Limited, and corporate insurance agency distribution.
- Merchant Solutions: Offline payment aggregation and POS transaction processing via subsidiary Payswiff Technologies Private Limited.
Brand Portfolio
The company operates under established brands and platforms within the Murugappa Group corporate stable:
- Chola: Primary masterbrand for retail asset financing and mortgage operations.
- Chola One: Centralized digital customer engagement, onboarding, and self-service mobile application.
- CholaKaart: In-house digital Loan Origination System (LOS) platform powering consumer durable financing.
- Gaadi Bazaar: Digital platform connecting vehicle buyers, sellers, dealerships, and auctions with integrated trade financing.
Geographical Presence
As of March 31, 2026, Chola operates a pan-India network comprising 1,761 branches and 691 resident locations across 26 States and 7 Union Territories. Approximately 88% of the company’s branch network is situated in Tier III to Tier VI semi-urban and rural centers. Key state branch distributions include:
- Tamil Nadu: 178 branches
- Maharashtra: 164 branches
- Karnataka: 138 branches
- Rajasthan: 121 branches
- Uttar Pradesh: 121 branches
- West Bengal: 107 branches
- Madhya Pradesh: 105 branches
- Telangana: 93 branches
- Andhra Pradesh: 88 branches
- Chhattisgarh: 86 branches
- Kerala: 79 branches
- Bihar: 77 branches
- Gujarat: 77 branches
- Odisha: 65 branches
- Haryana: 52 branches
- Assam: 43 branches
- Jharkhand: 38 branches
- Punjab: 35 branches
- Himachal Pradesh: 25 branches
- Uttarakhand: 23 branches
- Jammu & Kashmir: 10 branches
- Delhi: 9 branches
- Other States & Union Territories: 27 branches across Goa, Tripura, Meghalaya, Sikkim, Puducherry, Andaman & Nicobar, Arunachal Pradesh, Chandigarh, Dadra & Nagar Haveli, Ladakh, and Mizoram.
Board of Directors and Leadership Team
The Board of Directors comprises professionals across financial services, technology, corporate governance, and operations:
- Mr. Vellayan Subbiah: Executive Chairman
- Mr. Ravindra Kumar Kundu: Managing Director & CEO
- Mr. N. Ramesh Rajan: Independent Director
- Ms. Bhama Krishnamurthy: Independent Director
- Mr. M. A. M. Arunachalam: Non-Executive Director
- Mr. Anand Kumar: Independent Director
- Mr. M. R. Kumar: Independent Director
- Mr. Ramkumar Ramamoorthy: Independent Director
At Chola, our journey of progress is anchored in strong values, guided by a clear purpose and driven by an unwavering commitment to serving India’s evolving financial needs. Our mission of “Enabling Customers to Enter a Better Life” remains the cornerstone of every decision we make. It shapes how we expand, serve customers, strengthen capabilities and create sustainable value. In FY 2025–26, we continued to grow with discipline, resilience and a strong commitment to integrity, customer centricity and long-term value creation.
Mr. Vellayan Subbiah, Executive Chairman
Parent
Chola is a subsidiary of Cholamandalam Financial Holdings Limited (which holds 43.76% of the equity capital) and is part of the 125-year-old Murugappa Group. The Murugappa Group is an Indian conglomerate with an aggregate turnover of ₹ 90,178 crores (INR 902 billion) spanning engineering, agriculture, abrasives, financial services, auto components, and industrial products, operating under the guiding philosophy of the “Five Lights”: integrity, passion, quality, respect, and responsibility.
Future Strategy
The strategic priorities of the company include:
- Deepening Granular Distribution: Expanding physical reach across rural and Tier IV to VI locations, with targeted expansion of over 300 dedicated Gold Loan branches in FY 2026-27.
- Technology & AI Integration: Embedding artificial intelligence across origination, underwriting, and collections workflows, utilizing AI voice agents, optical character recognition (OCR), and biometric authentication.
- Risk Segmentation: Implementing continuous recalibration of credit scorecards, automated portfolio monitoring, and early warning systems across retail and MSME lending books.
- Diversified Sourcing: Broadening retail direct-to-customer (D2C) channels and expanding OEM partnerships across commercial equipment and green financing initiatives.
Key Strengths
- Extensive Rural & Semi-Urban Distribution: Network of 1,761 branches with 88% concentration across Tier III to Tier VI locations providing direct access to underserved borrowers.
- Asset-Backed Portfolio Structure: High proportion of lending secured by tangible assets (vehicles, machinery, gold, and residential properties).
- Diversified Liability Architecture: Balanced borrowing profile spanning bank term loans, ECBs, domestic NCDs, commercial papers, and securitization channels.
- Institutional Governance & Group Heritage: Backed by the Murugappa Group, maintaining a capital adequacy ratio well above regulatory requirements.
Key Challenges and Risks
- Geopolitical Headwinds & Inflationary Shocks: Volatility in crude oil and commodity prices impacting borrower operating costs, freight margins, and cash flows in commercial transport and MSME sectors.
- Asset Quality Vulnerabilities in Unsecured Segments: Potential credit stress among micro-enterprises and informal self-employed borrowers during macroeconomic adjustments.
- Interest Rate Volatility: Fluctuations in systemic cost of funds impacting net interest margins and borrowing spreads.
- Cybersecurity and Information Security: Escalating sophistication of cyber threats and stringent compliance requirements under the Digital Personal Data Protection (DPDP) Act.
Conclusion and Strategic Outlook
Cholamandalam Investment and Finance Company Limited continues to maintain steady growth across core retail asset classes while scaling new lending verticals. Underpinned by conservative capital adequacy, a diversified collateralized asset base, and deepening penetration in Tier III–VI markets, the company remains positioned to navigate near-term macroeconomic variations while supporting long-term credit expansion in India’s real economy.
Official Site
Website: https://www.cholamandalam.com
Profit and loss
The following table presents the Consolidated Statement of Profit and Loss of Cholamandalam Investment and Finance Company Limited for the years ended March 31, 2026, and March 31, 2025.
| Financial Metric | Year ended March 31, 2026 (₹ in crores) | Year ended March 31, 2025 (₹ in crores) | YoY Growth (%) |
|---|---|---|---|
| Revenue from Operations | – | ||
| Interest income | 28,403.26 | 23,747.74 | +19.60% |
| Net gain on derecognition of financial instruments under amortised cost category | 439.11 | 159.04 | +176.10% |
| Fee & commission income | 2,114.21 | 1,739.08 | +21.57% |
| Net gain on fair value change on financial instruments | 111.38 | 196.57 | -43.34% |
| Sale of services | 5.14 | 3.55 | +44.79% |
| Total Revenue from Operations (I) | 31,073.10 | 25,845.98 | +20.22% |
| Other income (II) | 465.63 | 306.58 | +51.88% |
| Total Income (III = I + II) | 31,538.73 | 26,152.56 | +20.60% |
| Expenses | – | ||
| Finance costs | 14,384.13 | 12,494.53 | +15.12% |
| Impairment of financial instruments | 3,536.34 | 2,494.31 | +41.78% |
| Employee benefits expense | 4,195.08 | 3,327.75 | +26.06% |
| Depreciation and amortisation expense | 283.89 | 244.83 | +15.95% |
| Other expenses | 2,166.25 | 1,849.69 | +17.11% |
| Total Expenses (IV) | 24,565.69 | 20,411.11 | +20.35% |
| Profit Before Tax (V = III – IV) | 6,973.04 | 5,741.45 | +21.45% |
| Tax Expense / (Benefit) | – | ||
| Current tax – Pertaining to profit for the current year | 2,052.56 | 1,716.38 | +19.59% |
| Current tax – Adjustment of tax relating to earlier year(s) | (38.75) | 10.22 | +279.16% |
| Deferred tax | (269.65) | (245.15) | +9.99% |
| Net Tax Expense (VI) | 1,744.16 | 1,481.45 | +17.73% |
| Profit after Tax before Share of Profit from Associates & Joint Ventures | 5,228.88 | 4,260.00 | +22.74% |
| Share of profit / (loss) from Associates (net of tax) | 0.00 | 0.00 | N/A |
| Share of profit / (loss) from Joint Ventures (net of tax) | 3.73 | 2.70 | +38.15% |
| Profit for the Year | 5,232.61 | 4,262.70 | +22.75% |
| Other Comprehensive Income / (Loss), Net of Tax | – | ||
| Items that will not be reclassified to profit or loss: Re-measurement gain / (loss) of post-employment benefit obligations (net of tax) | (2.81) | (10.20) | -72.45% |
| Items that will be reclassified to profit or loss: Net gain / (loss) on cash flow hedge reserve (net of tax) | 175.31 | (130.89) | +33.94% |
| Other Comprehensive Income / (Loss) for the Year (Net of Tax) | 172.50 | (141.09) | +22.26% |
| Total Comprehensive Income for the Year | 5,405.11 | 4,121.61 | +31.14% |
Balance sheet
The following table presents the Consolidated Balance Sheet of Cholamandalam Investment and Finance Company Limited as at March 31, 2026, and March 31, 2025.
| Balance Sheet Item | As at March 31, 2026 (₹ in crores) | As at March 31, 2025 (₹ in crores) | YoY Growth (%) |
|---|---|---|---|
| ASSETS | – | ||
| Financial Assets | – | ||
| Cash and cash equivalents | 8,314.85 | 5,279.65 | +57.49% |
| Bank balances other than cash and cash equivalents | 6,380.23 | 4,221.10 | +51.15% |
| Derivative financial instruments | 1,701.06 | 203.32 | +736.64% |
| Trade receivables | 327.05 | 204.83 | +59.67% |
| Other receivables | 202.00 | 116.33 | +73.64% |
| Loans | 2,17,743.72 | 1,82,037.64 | +19.61% |
| Investments in Joint Venture | 462.49 | 458.76 | +0.81% |
| Other Investments | 6,183.32 | 5,908.65 | +4.65% |
| Other financial assets | 892.12 | 369.08 | +141.71% |
| Total Financial Assets | 2,42,206.84 | 1,98,799.36 | +21.83% |
| Non-Financial Assets | – | ||
| Current tax assets (Net) | 29.73 | 218.08 | -86.37% |
| Deferred tax assets (Net) | 1,160.23 | 948.60 | +22.31% |
| Investment property | 0.13 | 0.13 | 0.00% |
| Property, plant and equipment | 1,839.45 | 1,754.00 | +4.87% |
| Capital work-in-progress | 27.51 | 3.69 | +645.53% |
| Intangible assets under development | 14.50 | 7.22 | +100.83% |
| Other intangible assets | 29.06 | 25.72 | +12.99% |
| Other non-financial assets | 140.78 | 129.96 | +8.33% |
| Total Non-Financial Assets | 3,241.39 | 3,087.40 | +4.99% |
| TOTAL ASSETS | 2,45,448.23 | 2,01,886.76 | +21.58% |
| LIABILITIES AND EQUITY | – | ||
| Financial Liabilities | – | ||
| Derivative financial instruments | 86.45 | 284.60 | -69.62% |
| Trade payables – Micro and small enterprises | 13.19 | 14.33 | -7.96% |
| Trade payables – Other than micro and small enterprises | 198.86 | 221.58 | -10.25% |
| Other payables – Other than micro and small enterprises | 2,226.49 | 1,574.80 | +41.38% |
| Debt securities | 40,824.10 | 30,222.70 | +35.08% |
| Borrowings (Other than Debt Securities) | 1,56,542.80 | 1,33,791.98 | +17.00% |
| Subordinated liabilities | 13,702.71 | 11,021.32 | +24.33% |
| Other financial liabilities | 1,030.27 | 754.04 | +36.63% |
| Total Financial Liabilities | 2,14,624.87 | 1,77,885.35 | +20.65% |
| Non-Financial Liabilities | – | ||
| Provisions | 281.40 | 235.55 | +19.47% |
| Other non-financial liabilities | 83.56 | 97.17 | -14.01% |
| Total Non-Financial Liabilities | 364.96 | 332.72 | +9.69% |
| Equity | – | ||
| Equity share capital | 170.48 | 168.25 | +1.33% |
| Other equity | 30,287.92 | 23,500.44 | +28.88% |
| Total Equity | 30,458.40 | 23,668.69 | +28.69% |
| TOTAL LIABILITIES AND EQUITY | 2,45,448.23 | 2,01,886.76 | +21.58% |
Cash flow
The following table presents the Consolidated Statement of Cash Flows of Cholamandalam Investment and Finance Company Limited for the years ended March 31, 2026, and March 31, 2025.
| Cash Flow Activity | Year ended March 31, 2026 (₹ in crores) | Year ended March 31, 2025 (₹ in crores) | YoY Growth (%) |
|---|---|---|---|
| Operating Activities | – | ||
| Profit before tax | 6,973.04 | 5,741.45 | +21.45% |
| Total non-cash and non-operating adjustments | 16,867.22 | 14,252.61 | +18.34% |
| Operating Profit Before Working Capital Changes | 23,840.26 | 19,994.06 | +19.24% |
| Adjustments for increase / decrease in operating assets | (45,423.96) | (41,812.21) | +8.64% |
| Proceeds from de-recognition of financial assets at amortised cost | 5,878.90 | 2,000.21 | +193.91% |
| Adjustments for increase / decrease in operating liabilities & provisions | 878.37 | 262.31 | +234.86% |
| Cash Flow used in Operations | (14,826.43) | (19,555.63) | -24.18% |
| Finance costs paid | (14,227.95) | (11,976.87) | +18.80% |
| Dividend received | 0.05 | 0.07 | -28.57% |
| Interest received on bank deposits and other investments | 814.29 | 660.67 | +23.25% |
| Income tax paid (net of refunds) | (1,780.76) | (1,541.39) | +15.53% |
| Net Cash Used in Operating Activities (A) | (30,020.80) | (32,413.15) | -7.38% |
| Investing Activities | – | ||
| Purchase of PPE, intangible assets, CWIP and intangible assets under development | (265.11) | (199.53) | +32.87% |
| Proceeds from sale of PPE | 23.36 | 12.86 | +81.65% |
| Purchase of mutual fund units | (1,61,227.71) | (1,97,683.41) | -18.44% |
| Redemption of mutual fund units | 1,61,325.10 | 1,97,829.91 | -18.45% |
| Investment in Treasury Bills (Net) | 621.89 | (281.24) | +121.12% |
| Investment in STRIPS (Net) | (57.46) | (172.66) | -66.72% |
| Investment in Government Securities (Net) | (776.74) | (1,836.24) | -57.70% |
| Sale of investments – asset held for sale | 0.00 | 48.86 | -100.00% |
| Investment in security receipts – ARC | (47.14) | 0.00 | N/A |
| Purchase / proceeds from sale of investments | (1.24) | (0.10) | +1140.00% |
| Investment in bank fixed deposits (net of withdrawals) | (2,148.96) | (666.57) | +222.39% |
| Net Cash Used in Investing Activities (B) | (2,554.01) | (2,948.12) | -13.37% |
| Financing Activities | – | ||
| Proceeds from issue of share capital (including premium and conversion of CCDs) | 1,468.07 | 47.52 | +2989.37% |
| Payment of lease liabilities | (153.25) | (133.55) | +14.75% |
| Proceeds from issue of debt securities | 30,416.33 | 23,665.27 | +28.53% |
| Redemption of debt securities (including conversion of CCDs) | (19,757.94) | (18,544.12) | +6.55% |
| Proceeds from borrowings other than debt securities | 1,28,806.95 | 1,31,326.24 | -1.92% |
| Repayment of borrowings other than debt securities | (1,07,602.63) | (1,02,045.57) | +5.45% |
| Proceeds from issue of subordinated liabilities | 2,602.00 | 5,760.00 | -54.83% |
| Repayment of subordinated liabilities | 0.00 | (112.40) | -100.00% |
| Dividends paid | (169.52) | (168.11) | +0.84% |
| Net Cash Generated from Financing Activities (C) | 35,610.01 | 39,795.28 | -10.52% |
| Net Increase / (Decrease) in Cash and Cash Equivalents (A + B + C) | 3,035.20 | 4,434.01 | -31.55% |
| Cash and Cash Equivalents at the Beginning of the Year | 5,279.65 | 845.64 | +524.34% |
| Cash and Cash Equivalents at the End of the Year | 8,314.85 | 5,279.65 | +57.49% |
Subsidiaries, associates, joint ventures
The details of subsidiaries, associates, and joint ventures as per Note 3A, Note 38, Note 46, and Form AOC-1 are presented below:
1. Subsidiaries
- Cholamandalam Securities Limited (CSEC):
- Jurisdiction: India
- Proportion of Ownership Interest: 100% (92% directly held, 8% held through Cholamandalam Leasing Limited)
- Nature of Operations: Broking and distribution of financial products
- Paid-up Share Capital: ₹ 24.48 crores
- Reserves and Surplus: ₹ 60.29 crores
- Total Assets: ₹ 398.04 crores
- Total Liabilities: ₹ 313.27 crores
- Total Turnover: ₹ 92.54 crores
- Profit After Tax: ₹ 8.04 crores
- Cholamandalam Leasing Limited (CLL) (formerly known as Cholamandalam Home Finance Limited):
- Jurisdiction: India
- Proportion of Ownership Interest: 100%
- Nature of Operations: Financing and allied services
- Paid-up Share Capital: ₹ 42.40 crores
- Reserves and Surplus: ₹ 12.45 crores
- Total Assets: ₹ 64.79 crores
- Total Liabilities: ₹ 9.93 crores
- Total Turnover: ₹ 2.71 crores
- Profit After Tax: ₹ 0.92 crores
2. Joint Ventures
- Payswiff Technologies Private Limited:
- Jurisdiction: India
- Proportion of Ownership Interest: 74.63% (classified as a Joint Venture under Ind AS 28 / Ind AS 110 due to founder-reserved matters and dispute resolution mechanisms)
- Nature of Operations: Omni-channel payment transaction processing services, mPOS and POS solutions
- Carrying Value of Investment: ₹ 462.49 crores (FY25: ₹ 458.76 crores)
- Original Cost of Investment: ₹ 456.83 crores
- Total Profit for the Year: ₹ 5.00 crores
- Group’s Share of Profit for the Year: ₹ 3.73 crores (FY25: ₹ 2.70 crores)
- Group’s Share in Net Equity: ₹ 26.83 crores
- Chola Foundation:
- Jurisdiction: India
- Status: Jointly controlled entity (Public Trust managed jointly by Cholamandalam Investment and Finance Company Limited, Tube Investments of India Limited, and CG Power and Industrial Solutions Limited)
- Proportion of Control: 50.00% (two trustees out of four)
- Nature of Operations: Promotion of corporate social responsibility projects
- Investment Amount: ₹ 0.01 crores (fully adjusted for cumulative loss share, net book value ₹ 0.00)
- Surplus / (Deficit) for the Year: ₹ 2.85 crores (not consolidated in net income)
3. Associates
- Vishvakarma Payments Private Limited:
- Jurisdiction: India
- Proportion of Ownership Interest: 21.00%
- Nature of Operations: Formed to apply for RBI New Umbrella Entity (NUE) license (yet to commence operations)
- Cost of Investment: ₹ 9.75 crores
- Cumulative Impairment Provision: ₹ 9.75 crores
- Net Carrying Value: ₹ 0.00
Other Investments
The detailed breakdown of investments held by the Group (disclosed in Note 10 and Note 12) is as follows:
- Government Securities (at Amortised Cost):
- Carrying Amount: ₹ 4,152.05 crores (March 31, 2025: ₹ 3,375.31 crores)
- Fair Value: ₹ 4,016.51 crores (March 31, 2025: ₹ 3,289.21 crores)
- Treasury Bills (at Amortised Cost):
- Carrying Amount: ₹ 1,099.52 crores (March 31, 2025: ₹ 1,721.41 crores)
- Fair Value: ₹ 1,091.61 crores (March 31, 2025: ₹ 1,719.53 crores)
- Separate Trading of Registered Interest and Principal of Securities (STRIPS) (at Amortised Cost):
- Carrying Amount: ₹ 829.37 crores (March 31, 2025: ₹ 771.91 crores)
- Fair Value: ₹ 835.20 crores (March 31, 2025: ₹ 782.01 crores)
- Mutual Fund Units (at Fair Value through Profit or Loss):
- Consolidated Carrying Value: ₹ 64.06 crores (March 31, 2025: ₹ 38.29 crores)
- Security Receipts of Asset Reconstruction Company (ARC):
- Fair Value: ₹ 35.36 crores (March 31, 2025: ₹ 0.00)
- Net Unrealised Fair Value Loss recognised during FY 2025-26: ₹ 11.78 crores
- Convertible Notes:
- Acquisition Cost: ₹ 10.00 crores
- Carrying Value: ₹ 0.00 (March 31, 2025: ₹ 0.00)
- Unquoted Equity Instruments:
- Equity Shares at FVOCI: Gross Value ₹ 1.41 crores, Allowance for Impairment ₹ 1.29 crores, Net Value ₹ 0.12 crores
- Equity Shares at FVTPL: Gross and Net Value ₹ 2.84 crores (March 31, 2025: ₹ 1.61 crores)
- Other Unquoted Equity Investments: Standalone Net Carrying Value ₹ 0.02 crores (March 31, 2025: ₹ 0.03 crores)
Physical properties
The details of physical assets, properties, and branch infrastructure across the organization are summarized below:
- Corporate and Registered Office:
- Location: “Chola Crest”, C54-55 & Super B-4, Thiru-Vi-Ka Industrial Estate, Guindy, Chennai – 600032, Tamil Nadu.
- Operating Branch Network:
- Total Branch Count: 1,761 branches across India.
- Geographical Coverage: 26 States and 7 Union Territories. Over 90% of branches are situated in Tier-III, Tier-IV, Tier-V, and Tier-VI towns.
- Property, Plant and Equipment – Asset Category Breakdown (Consolidated Carrying Values):
- Freehold Land: ₹ 864.10 crores (March 31, 2025: ₹ 842.82 crores)
- Buildings (Owned): Net book value ₹ 49.91 crores; Gross book value ₹ 55.47 crores; Accumulated depreciation ₹ 5.56 crores
- Buildings (Right-of-Use Assets under Leases): Net book value ₹ 563.11 crores; Gross book value ₹ 846.32 crores; Accumulated depreciation ₹ 283.21 crores
- Plant and Machinery: Net book value ₹ 3.04 crores; Gross book value ₹ 3.66 crores; Accumulated depreciation ₹ 0.62 crores
- Computer Equipment: Net book value ₹ 74.81 crores; Gross book value ₹ 232.41 crores; Accumulated depreciation ₹ 157.60 crores
- Office Equipment: Net book value ₹ 39.91 crores; Gross book value ₹ 80.66 crores; Accumulated depreciation ₹ 40.75 crores
- Furniture and Fixtures: Net book value ₹ 26.83 crores; Gross book value ₹ 63.68 crores; Accumulated depreciation ₹ 36.85 crores
- Leasehold Improvements: Net book value ₹ 87.38 crores; Gross book value ₹ 176.17 crores; Accumulated depreciation ₹ 88.79 crores
- Vehicles: Net book value ₹ 130.36 crores; Gross book value ₹ 186.53 crores; Accumulated depreciation ₹ 56.17 crores
- Capital Work-in-Progress (CWIP):
- Consolidated Balance: ₹ 27.51 crores (March 31, 2025: ₹ 3.69 crores)
- Standalone Balance: ₹ 18.29 crores (March 31, 2025: ₹ 3.69 crores)
- CWIP Projects in Progress: Less than 1 year: ₹ 23.82 crores; 1 to 2 years: ₹ 3.69 crores
- Investment Property:
- Net Carrying Value: ₹ 0.13 crores (March 31, 2025: ₹ 0.13 crores)
- Properties Count: 4 properties, including one let-out commercial property.
- Fair Market Valuation: ₹ 2.35 crores (March 31, 2025: ₹ 3.21 crores) based on independent valuation (valuation range ₹ 7,050 to ₹ 8,500 per sq. ft.).
- Intangible Assets and Under Development:
- Computer Software (Net Carrying Amount): ₹ 29.06 crores (March 31, 2025: ₹ 25.72 crores)
- Intangible Assets Under Development: ₹ 14.50 crores (March 31, 2025: ₹ 7.22 crores), comprising projects in progress (< 1 year: ₹ 13.47 crores; 1-2 years: ₹ 0.77 crores; 2-3 years: ₹ 0.26 crores)
Investments and capital expenditure
The details of additions, capital expenditures, and development outlays for the period are summarized below:
- Research and Development (R&D) Total:
- R&D Expenditure: Not Applicable (service sector finance entity; reported as Nil in BRSR disclosures).
- Environmental & Energy-Efficiency Capital Expenditure:
- Specific Technology Capex (BRSR Principle 2): ₹ 27.02 crores, representing 11.38% of total capex investments (FY 2024-25: ₹ 24.50 crores).
- Scope: Electric mobility, digital software assets, energy-efficient smart air conditioning, LED lighting, RFID-enabled devices, safety signage, and UPS systems.
- Gross Capital Expenditure on Fixed Assets (Consolidated):
- Purchase of Property, Plant and Equipment, Intangible Assets, CWIP, and Intangible Assets Under Development (Cash Flow): ₹ 265.11 crores (FY 2024-25: ₹ 199.53 crores).
- Gross additions to owned PPE: ₹ 219.54 crores.
- Gross additions to Right-of-Use assets: ₹ 165.87 crores (FY 2024-25: ₹ 314.59 crores).
- Additions to Intangible Assets (Computer Software): ₹ 23.15 crores (FY 2024-25: ₹ 20.36 crores).
- Capital Commitments pending execution: ₹ 602.62 crores (March 31, 2025: ₹ 58.95 crores).
Shareholding pattern
The table below details the shareholding pattern of the Company as at March 31, 2026, compared with March 31, 2025.
| Category of Shareholder | Number of Shares Held (March 31, 2026) | Percentage of Total Share Capital (March 31, 2026) | Percentage of Total Share Capital (March 31, 2025) |
|---|---|---|---|
| Promoter and Promoter Group | 41,96,40,045 | 49.25% | 49.92% |
| Foreign Portfolio Investors / Foreign Institutional Investors | 21,19,35,396 | 24.87% | 24.77% |
| Mutual Funds / Trust / Banks / Financial Institutions / AIFs / QIBs | 16,96,46,426 | 19.91% | 19.63% |
| Private Corporate Bodies / NBFCs | 49,96,585 | 0.59% | 0.62% |
| Resident Individuals and Others | 4,58,18,717 | 5.38% | 5.06% |
| Total Share Capital | 85,20,37,169 | 100.00% | 100.00% |
Frequently Asked Questions
What is the core business of Cholamandalam Investment and Finance Company Limited?
Cholamandalam Investment and Finance Company Limited provides comprehensive asset financing and retail lending solutions, including vehicle finance (commercial vehicles, cars, two-wheelers, tractors), loans against property (LAP), affordable home loans, SME term loans, secured business personal loans, consumer durable loans, and gold loans.
Who is the promoter and holding entity of Chola?
The company is part of the Murugappa Group, with Cholamandalam Financial Holdings Limited serving as its holding company with a 43.76% equity shareholding as of March 31, 2026.
Where is the registered headquarters of the company?
The registered office is located at Chola Crest, C54-55 & Super B-4, Thiru-Vi-Ka Industrial Estate, Guindy, Chennai, Tamil Nadu, India – 600032.
What is the composition of Chola’s branch network across India?
As of March 31, 2026, Chola operates across 1,761 branches and 691 resident locations in 26 States and 7 Union Territories, with 88% of branches situated in Tier III to Tier VI semi-urban and rural centers.
