Company Valuation: Cholamandalam Investment and Finance Company Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 5,89,754 6,26,066 9,71,508 12,78,412 11,53,531 14,73,787 - -
Change - 6.16% 55.18% 31.59% -9.77% 27.76% - -
Enterprise Value (EV) 1 5,89,754 15,70,012 22,73,042 29,33,867 31,16,082 38,48,797 43,90,990 50,70,833
Change - 166.21% 44.78% 29.07% 6.21% 23.51% 14.09% 15.48%
P/E 27.5x 23.5x 28.1x 30.1x 21.9x 22.4x 18.2x 14.8x
PBR 5.04x 4.38x 4.97x 5.41x 3.8x 4.02x 3.31x 2.73x
PEG - 1x 1x 1.3x 1x 0.9x 0.8x 0.7x
Capitalization / Revenue 10.1x 8.66x 9.73x 9.42x 6.76x 7.16x 5.93x 4.96x
EV / Revenue 10.1x 21.7x 22.8x 21.6x 18.3x 18.7x 17.7x 17.1x
EV / EBITDA 21.1x 46.5x 54x 54.1x 46x 45.4x 41.1x 38.8x
EV / EBIT 15.6x 123x 38.5x 35.6x 29.7x 30.4x 28.7x 27.1x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 2 2 2 2 - 2.829 3.144 3.708
Rate of return 0.28% 0.26% 0.17% 0.13% - 0.16% 0.18% 0.21%
EPS 2 26.11 32.4 41.09 50.55 61.68 76.93 94.93 116.4
Distribution rate 7.66% 6.17% 4.87% 3.96% - 3.68% 3.31% 3.19%
Net sales 1 58,400 72,292 99,857 1,35,699 1,70,706 2,05,965 2,48,402 2,97,267
EBITDA 1 28,005 33,788 42,110 54,277 67,789 84,739 1,06,932 1,30,681
EBIT 1 37,712 12,731 59,039 82,311 1,04,965 1,26,542 1,53,193 1,86,838
Net income 1 21,467 26,662 34,228 42,585 52,196 65,600 81,278 1,00,541
Net Debt 1 - 9,43,946 13,01,534 16,55,454 19,62,552 23,75,010 29,17,203 35,97,045
Reference price 2 718.30 761.60 1,156.60 1,519.55 1,353.85 1,725.70 1,725.70 1,725.70
Nbr of stocks (in thousands) 8,21,041 8,22,040 8,39,969 8,41,310 8,52,037 8,54,023 - -
Announcement Date 05/05/22 03/05/23 30/04/24 25/04/25 30/04/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
22.43x18.69x45.42x0.16% 1.53TCr
25.24x16.59x - 0.68% 6.54TCr
25.68x4.37x14.79x-.--% 3.69TCr
25.28x5.15x25.56x0.08% 3.12TCr
16.27x11.87x22.96x1.21% 2.46TCr
7.75x1.83x3.45x1.76% 2.37TCr
27.56x4.06x11.92x-.--% 2.11TCr
28.45x - - - 1.5TCr
12.55x - - 1.32% 1.25TCr
Average 21.25x 8.94x 20.68x 0.65% 2.73TCr
Weighted average by Cap. 22.30x 9.69x 19.21x 0.6%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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