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 1 589,754 626,066 971,508 1,278,412 1,153,531 1,351,918 - -
Change - 6.16% 55.18% 31.59% -9.77% 17.2% - -
Enterprise Value (EV) 1 589,754 1,570,012 2,273,042 2,933,867 3,116,082 3,711,915 4,248,409 4,925,982
Change - 166.21% 44.78% 29.07% 6.21% 19.12% 14.45% 15.95%
P/E 27.5x 23.5x 28.1x 30.1x 21.9x 20.1x 16.3x 13.3x
PBR 5.04x 4.38x 4.97x 5.41x 3.8x 3.67x 3.01x 2.45x
PEG - 1x 1x 1.3x 1x 0.7x 0.7x 0.6x
Capitalization / Revenue 10.1x 8.66x 9.73x 9.42x 6.76x 6.47x 5.37x 4.47x
EV / Revenue 10.1x 21.7x 22.8x 21.6x 18.3x 17.8x 16.9x 16.3x
EV / EBITDA 21.1x 46.5x 54x 54.1x 46x 42.2x 39.2x 37.4x
EV / EBIT 15.6x 123x 38.5x 35.6x 29.7x 28.7x 27.1x 25.9x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 2 2 2 2 2 2.859 3.225 3.982
Rate of return 0.28% 0.26% 0.17% 0.13% 0.15% 0.18% 0.2% 0.25%
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% 3.24% 3.62% 3.32% 3.35%
Net sales 1 58,400 72,292 99,857 135,699 170,706 208,819 251,803 302,693
EBITDA 1 28,005 33,788 42,110 54,277 67,789 88,056 108,509 131,559
EBIT 1 37,712 12,731 59,039 82,311 104,965 129,238 156,836 190,159
Net income 1 21,467 26,662 34,228 42,585 52,196 67,962 83,110 102,041
Net Debt 1 - 943,946 1,301,534 1,655,454 1,962,552 2,359,997 2,896,490 3,574,064
Reference price 2 718.30 761.60 1,156.60 1,519.55 1,353.85 1,583.00 1,583.00 1,583.00
Nbr of stocks (in thousands) 821,041 822,040 839,969 841,310 852,037 854,023 - -
Announcement Date 5/5/22 5/3/23 4/30/24 4/25/25 4/30/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.13x - - 1.25% 204B
11.8x2.37x3.88x1.66% 119B
22.88x15.83x - 0.76% 61.34B
34.96x4.89x16.75x-.--% 33.13B
22.68x4.95x24.52x0.08% 28.81B
7.6x1.81x3.41x1.78% 23.35B
15.8x11.33x21.25x1.26% 23.08B
26.6x3.54x10.63x-.--% 20.37B
Average 19.93x 6.39x 13.41x 0.85% 64.25B
Weighted average by Cap. 17.92x 6.25x 10.12x 1.12%

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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  5. Valuation Cholamandalam Investment and Finance Company Limited