Cholamandalam Investment and Finance Company Limited has uploaded the audio recording of its earnings call for the quarter ended 31 March 2026. The call was conducted on 4 May 2026 at 10.00 a.m., and the recording was made available on the company's website within the timelines prescribed under applicable regulatory requirements.

Regulatory Compliance and Disclosure

The company informed the stock exchanges through a formal communication that the audio recording has been uploaded in accordance with Regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This disclosure follows an earlier intimation letter dated 21 April 2026, which had notified exchanges of the scheduled earnings call.

The key details of the disclosure are summarised below:

Access to Recording

Investors and stakeholders can access the audio recording of the Q4FY26 earnings call through the company's official investor relations page. The recording is available at the following link: https://www.cholamandalam.com/investors/call-transcript .

The disclosure was signed by P Sujatha, Company Secretary of Cholamandalam Investment and Finance Company Limited, on 4 May 2026.

Cholamandalam Investment and Finance Company has attracted divergent analyst views, with Jefferies maintaining a Buy rating at a revised target price of ₹1,960 and Nomura initiating coverage with a Neutral rating and a target price of ₹1,760. Both brokerages acknowledge a strong Q4 performance, with profit after tax rising approximately 30% year-on-year, beating analyst estimates, driven by higher net interest income and fee income.

Analyst Ratings at a Glance

The two brokerage assessments reflect differing perspectives on the company's growth trajectory and valuation. The key parameters from each are summarised below:

Strong Q4 Earnings Performance

Cholamandalam Investment and Finance Company delivered a notable Q4 earnings beat, with profit after tax rising approximately 30% year-on-year, surpassing analyst estimates. Jefferies attributed this outperformance primarily to higher net interest income and fee income, which together provided a solid top-line boost. Nomura also acknowledged the Q4 PAT beat at approximately 10%, noting that provisioning buffers support near-term stability. The quarter also saw robust auto disbursals and recovery in the SME segment, contributing to the overall earnings strength.

AUM Expansion, Margins, and Asset Quality

Assets under management recorded strong growth of approximately 21%, driven by healthy disbursement activity during the quarter. Net interest margins improved by 5 basis points quarter-on-quarter, indicating a gradual recovery in the spread environment. On the asset quality front, the company reported lower gross Stage 3 assets and reduced slippages, pointing to improved collection efficiency and portfolio health. The credit cost stood at approximately 1.53%, with the outlook pointing to easing credit costs going forward. The key operational metrics are presented below:

Divergent Brokerage Outlooks

Jefferies holds a constructive view, supported by the combination of earnings beat, balance sheet expansion, margin improvement, and asset quality gains. The brokerage projects an AUM CAGR of approximately 21%, an EPS CAGR of approximately 24%, and a return on equity of approximately 20% over FY26–28, making valuations attractive at the revised target of ₹1,960. Nomura, on the other hand, takes a more cautious stance with a Neutral rating and a target price of ₹1,760, acknowledging the Q4 beat and provisioning buffers but noting that overall growth is expected to remain range-bound after a weak year, even as FY27 AUM growth guidance of 20–23% and a lower credit cost outlook provide some support.