Cholamandalam Financial Holdings Limited (CHOLAHLDNG.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+6277.0%

₹89,852.58

vs ₹1,409.00 price

Levered DCF

-₹1,120,132.11

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	10.5×	14.78×	12.1×	7.93×	11.35×	13.64×	9.88×	13.09×
P/B	1.66×	2.57×	2.09×	1.34×	1.8×	2.09×	1.19×	2.31×
P/S	0.65×	0.92×	0.79×	0.53×	0.74×	0.78×	0.4×	0.85×
EV / EBITDA	29.69×	29.84×	28.22×	26.47×	24.25×	19.75×	28.87×	23.56×
Gross margin	48.6%	31.4%	29.9%	36.9%	39.2%	43.5%	33.3%	36.2%
Operating margin	27.5%	16.7%	17.5%	18.1%	17.9%	31.1%	13.4%	21.6%
Net margin	6.2%	6.2%	6.5%	6.7%	6.5%	5.7%	4.1%	6.5%
Current ratio	0.78×	0.93×	0.83×	0.87×	0.94×	0.99×	1.18×	1.16×
Debt / equity	13.61×	13.93×	13.09×	12.69×	10.74×	11.88×	12.02×	12.79×
Interest coverage	0×	130.37×	177.9×	0.61×	0.65×	0.98×	109.75×	1.12×
Dividend yield	0.5%	0.3%	0.5%	1.0%	0.9%	0.5%	2.6%	1.2%
Payout ratio	4.9%	4.8%	5.8%	7.8%	9.8%	7.1%	25.7%	16.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.8%	17.4%	17.3%	16.8%	15.9%	15.3%	12.0%	17.7%
Return on invested capital	2.5%	2.0%	1.6%	2.0%	2.2%	4.0%	1.6%	2.4%
Return on assets	0.9%	1.0%	1.0%	1.0%	1.0%	0.9%	0.7%	1.0%
Free cash flow yield	60.5%	-107.5%	-172.0%	-289.3%	-50.6%	-87.0%	-37.0%	-102.8%
Earnings yield	9.5%	6.8%	8.3%	12.6%	8.8%	7.3%	10.1%	7.6%
Enterprise value	₹2.3T	₹2T	₹1.5T	₹1.1T	₹780.4B	₹736.1B	₹569.4B	₹562.9B
Net debt / EBITDA	26.34×	25.07×	24.3×	23.93×	20.64×	16.74×	26.11×	19.74×
Cash conversion cycle (days)	2,007	-11	-13	-16	-14	-16	-13	37