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 15,70,548 - -
Change - 6.16% 55.18% 31.59% -9.77% 36.15% - -
Enterprise Value (EV) 1 5,89,754 15,70,012 22,73,042 29,33,867 31,16,082 39,30,545 44,67,039 51,44,612
Change - 166.21% 44.78% 29.07% 6.21% 26.14% 13.65% 15.17%
P/E 27.5x 23.5x 28.1x 30.1x 21.9x 23.3x 18.9x 15.5x
PBR 5.04x 4.38x 4.97x 5.41x 3.8x 4.26x 3.5x 2.85x
PEG - 1x 1x 1.3x 1x 0.8x 0.8x 0.7x
Capitalization / Revenue 10.1x 8.66x 9.73x 9.42x 6.76x 7.52x 6.24x 5.18x
EV / Revenue 10.1x 21.7x 22.8x 21.6x 18.3x 18.8x 17.7x 17x
EV / EBITDA 21.1x 46.5x 54x 54.1x 46x 44.4x 40.8x 38.6x
EV / EBIT 15.6x 123x 38.5x 35.6x 29.7x 30.4x 28.5x 27.1x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 2 2 2 2 - 2.861 3.229 3.993
Rate of return 0.28% 0.26% 0.17% 0.13% - 0.16% 0.18% 0.22%
EPS 2 26.11 32.4 41.09 50.55 61.68 78.88 97.06 119
Distribution rate 7.66% 6.17% 4.87% 3.96% - 3.63% 3.33% 3.36%
Net sales 1 58,400 72,292 99,857 1,35,699 1,70,706 2,08,804 2,51,892 3,02,926
EBITDA 1 28,005 33,788 42,110 54,277 67,789 88,448 1,09,418 1,33,415
EBIT 1 37,712 12,731 59,039 82,311 1,04,965 1,29,089 1,56,776 1,90,159
Net income 1 21,467 26,662 34,228 42,585 52,196 67,506 83,057 1,02,041
Net Debt 1 - 9,43,946 13,01,534 16,55,454 19,62,552 23,59,997 28,96,490 35,74,064
Reference price 2 718.30 761.60 1,156.60 1,519.55 1,353.85 1,839.00 1,839.00 1,839.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.56x18.9x44.62x0.15% 1.68TCr
25.31x16.8x - 0.69% 6.9TCr
42.91x4.89x16.54x-.--% 4.03TCr
26.08x5.2x25.74x0.07% 3.37TCr
17.59x12.07x23.45x1.13% 2.61TCr
8.49x1.98x3.73x1.6% 2.6TCr
30.95x4.25x12.78x-.--% 2.39TCr
22.78x22.64x - 0.23% 1.66TCr
10.87x13.64x - 1.23% 1.24TCr
Average 23.17x 11.15x 21.14x 0.57% 2.94TCr
Weighted average by Cap. 25.23x 10.81x 19.77x 0.54%

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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