Cholamandalam Financial Holdings Ltd · NSE:CHOLAHLDNG
Cholamandalam Financial — Q2 FY27 Earnings Presentation
69 slides from Cholamandalam Financial's earnings presentation, Nov 6, 2026
Slide 1: Cover letter to stock exchanges: presentation to analysts/investors
November 6, 2026 The Manager The Secretary Listing Department BSE Limited, National Stock Exchange of India Ltd 25th Floor, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor Dalal Street, Fort, Plot No.C-1, Block G Mumbai 400 001 Bandra-Kurla Complex Bandra (E) Mumbai 400 051 Symbol: CHOLAHLDNG S
Slide 2: Corporate Presentation – Q2-FY27
CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED CORPORATE PRESENTATION – Q2-FY27 1
Slide 3: Murugappa Group in a Nutshell
Murugappa Group in a Nutshell
Slide 4: Cholamandalam Financial Holdings Limited (Core Investment Company)
Cholamandalam Financial Holdings Limited (CFHL) (Core Investment Company) 43.48% 60.00% 49.50% Cholamandalam Cholamandalam MS Investment and Cholamandalam MS General Insurance Risk Services Limited Finance Company Company Limited Limited (CIFCL) (CMSRSL) (CMSGICL) • Subsidiary (as per Ind AS) • Join
Slide 5: Shareholding Pattern
Shareholding Pattern Shareholding Pattern Institutional Holders (More than 1%) as of September 30, 2026 Top Domestic Institutional Holdings CANARA ROBECO MUTUAL FUND A/C CANARA ROBECO AGGRES Others, 16.38% HDFC LARGE AND MID CAP FUND NIPPON LIFE INDIA TRUSTEE LTD- A/C NIPPON INDIA GR SUNDARAM MUTUAL
Slide 6: Performance Highlights - Consolidated
Performance Highlights - Consolidated Rs.in Cr. Revenue Profit after tax EPS (Rs.) Q2 FY27 11388 1520 34.22 19% 25% 17% Q2 FY26 9589 1214 29.28 Rs.in Cr. Revenue Profit after tax EPS (Rs.) H1 FY27 22572 3,309 77.14 19% 34% 28% H1 FY26 18972 2,474 60.19 5
Slide 7: Performance Highlights - Consolidated
Performance Highlights - Consolidated Profit After Tax (Rs.in crs) Profit After Tax (Rs. in crs) 1,800 3,500 3,309 1,631 3,287 1,600 1,520 3,000 1,400 1,214 2,474 1,155 2,500 1,200 2,291 1,000 2,000 800 600 1,500 400 9 13 1,000 200 46 500 - 165 CIFCL CMSGICL Others CFHL Consol 8 14 18 -200 -120 - CI
Slide 8: Financial Performance & Metrics
Financial Performance & Metrics CFHL - Standalone CIFCL H2 FY27 H2 FY26 Particulars (Rs. in Cr) H2 FY27 H2 FY26 Disbursements (Rs. in Cr) 35,872 24,442 As of As of Income 35.36 33.72 30-Sep-2026 31-Mar-2026 Expenses 1.67 1.60 Asset Under Management (Rs. in Cr) 268,009 242,630 Profit Before Tax 33.69
Slide 9: Regulatory Ratios of CFHL
Regulatory Ratios of CFHL Regulatory Ratios as at September 30, 2026 Rs Crs As of As of Particulars September 30, 2026 March 31, 2026 Owned Funds (A) 1,383.61 1,361.19 Adjusted Networth (B) 32,403.07 31,949.94 Risk Weighed Assets ( C) 1,306.67 1,295.57 Outside Liabilities (D) 4.20 4.53 Net assets (E
Slide 10: Cholamandalam Investment and Finance Company Limited
Cholamandalam Investment and Finance Company Limited 9
Slide 11: Disbursements
Disbursements VF – Vehicle Finance LAP – Loan Against Property SBPL – Secured Business & Personal Loan SME – Small & Medium Enterprises CSEL – Consumer & Small Enterprise Loan HL – Home Loan
Slide 12: Assets Under Management
Assets Under Management VF – Vehicle Finance LAP – Loan Against Property SBPL – Secured Business & Personal Loan SME – Small & 13 Medium Enterprises CSEL – Consumer & Small Enterprise Loan HL – Home Loan
Slide 13: Profitability and Net worth
Profitability and Net worth Profit after tax (₹Cr) Networth (₹Cr) *34,474 3,284 *32,078 172 171 *25,895 *24,715 168 2,291 168 1,654 34,303 1,630 31,908 24,547 25,726 1,136 1,155 Q1 Q1 Q2 Q2 H1 H1 Q1 Q1 Q2 Q2 FY26 FY27 FY26 FY27 FY26 FY27 FY26 FY27 FY26 FY27 Reserves and Surplus Equity Share Capital
Slide 14: Asset Ratios
Net Income Margin (%) Expenses Ratio (%) H1 3.1% | 3.1% a1 at a2 a2 H1 HL a a a2 FY26 FY27 FY26 FY27 FY26 FY27 FY26 FY27 FY26 wy FY26 FY27 Loan Losses & Provisions (%) ROA - PBT (%) ' 3.7% { ' 3 t 3.5% 1 % 3.0% | Bg 1 1 ' ' 1 1 i) 1 1 1 1 1 ! 1 1 qi al a2 Q2 H1 HI aq al a a Hl HL FY26 FY27 FY26 FY27
Slide 15: Shareholders’ Returns Ratios
Shareholders’ Returns Ratios 17
Slide 16: Chola – Assets Trend
Chola — Assets Trend As per revised RBI norms GNPA% & NNPA% as of Sep26 is at 4.44% and 2.92%, respective 4729% 50.00% 12.00% (45.27% 45.73% 45.32% aaaon 44.10% 43.72% 43.23% 43.03% 45 .00%6| 10.00% 40.00% m 8.00% & 35.00%] BD) | c.co% ; £ D1] sco 3.05% 3.29% 30.00%] 2.00% 25.00% 0.0036 20.0085 Dec
Slide 17: Business Overview
Business Overview 16
Slide 18: Vehicle Finance
VEHICLE FINANCE G Ch Financial Holdings murugappa
Slide 19: Vehicle Finance: Q2 & H1 FY27 Performance
Vehicle Finance: Q2 & H1 FY27 Performance 36
Slide 20: Sector outlook – Vehicle Finance business (1/2)
Sector outlook – Vehicle Finance business (1/2) 28
Slide 21: Sector outlook – Vehicle Finance business (2/2)
Sector outlook – Vehicle Finance business (2/2) Cholas Position: 29
Slide 22: Auto Industry Outlook
loo ‘o In Trend in Domestic LCV Sales Trend in Domestic SCV Sales CAGR @ 5% ss 195587 A year CAGR 3% CAGR @ 2% wy 55490 135400 40743 Q2 FY'24 Q2 FY'25 Q2 FY'26 Q2 FY27 Q2 FY'30 (E) Q2 FY'24 Q2 FY'25 Q2 FY'26 Q2 FY'27 Q2 FY'30(E) Growth driven by replacement demand, last-mile needs, and supportive ma
Slide 23: Auto Industry Outlook
to Industry Outlook Trend in Domestic HCV Sales Trend in Domestic Car & MUV Sales (in Units) CAGR @ 7% 115486 Q2FY'24 = Q2FY'25 = Q2FY'26 = Q2FY'27— Q2 FY'30 (E) Q2FY24 = Q2FY'25 —Q2FY26 = Q2FY'27,_—«Q2FY'30(E) * Growth aided by industrial recovery, steady agri- * Rising incomes and new model launch
Slide 24: Vehicle Finance - Disbursement/Portfolio Mix Statewise – Q2 FY27
Vehicle Finance - Disbursement/Portfolio Mix Statewise – Q2 FY27 Diversified across geography Disbursements - State wise Portfolio - State wise Dadra and Nagar Haveli Dadra and Nagar Haveli & & Daman and Diu Daman & Diu MP AP Karnataka MP AP 0.05% 0.04% Karnataka Maharashtra Maharashtra 5% 5% 6% 5%
Slide 25: Vehicle Finance - Disbursement/Portfolio Mix – Q2 FY27
Vehicle Finance - Disbursement/Portfolio Mix – Q2 FY27 33
Slide 26: Vehicle Finance - Disbursement Mix – Quarter-wise
Vehicle Finance - Disbursement Mix – Quarter-wise 34
Slide 27: Vehicle Finance - Portfolio Mix – Quarter-wise
Vehicle Finance - Portfolio Mix – Quarter-wise 35
Slide 28: Vehicle Finance - Disbursements and Asset Under Management
Vehicle Finance - Disbursements and Asset Under Management 37
Slide 29: Vehicle Finance - Income and Profit before tax
Vehicle Finance - Income and Profit before tax 38
Slide 30: Loan Against Property
Loan Against Property axe murugappa
Slide 31: Loan Against Property – Q2 & H1 FY27 Performance
Loan Against Property – Q2 & H1 FY27 Performance 50
Slide 32: Sector outlook: Loan Against Property
Sector outlook: Loan Against Property 51 Source: https://www.icra.in/Research/FullReportView/growth-momentum-to-sustain-at-a-range-bound-pace-in-fy2027/6907 https://www.crisili360.com/#/industry/special-reports/over-view?specialReport=true&serviceId=1442&widgetCode=NBFC&serviceTypeID=26§ionId=33
Slide 33: Loan Against Property - Disbursements and Asset Under Management
Loan Against Property - Disbursements and Asset Under Management 52
Slide 34: Loan Against Property – Income and Profit before tax
Loan Against Property – Income and Profit before tax 53
Slide 35: Home Loans
Home Loans
Slide 36: Home Loans – Q2 & H1 FY27 Performance
Home Loans – Q2 & H1 FY27 Performance 66
Slide 37: Sector outlook: Home loans
Sector outlook: Home loans Source: ICRA research report 67
Slide 38: Home Loans - Disbursements and Asset Under Management
Home Loans - Disbursements and Asset Under Management 68
Slide 39: Home Loans - Income and Profit before tax
Home Loans - Income and Profit before tax
Slide 40: Funding Profile
Funding Profile eer ae ‘Ki aa RTP HL —_— 2
Slide 41: Diversified Borrowings Profile (I/II)
Diversified Borrowings Profile (I/I) ₹ Cr Borrowing mix by instrument type * 1,87,515 * 1,97,810 * 2,10,867 * 2,20,247 * 2,31,522 1% 2% 2% 0.3% 2% 0.3% 2% 0% 2% 1% 5% 5% 4% 5% 6% 1% 2% 2% 1% 3% 15% 16% 16% 15% 15% 7% 7% 7% 7% 7% 6% 5% 7% 6% 7% 13% 11% 11% 14% 12% 43% 43% 44% 43% 42% 6% 6% 6% 7% 8% Q
Slide 42: Diversified Borrowings Profile (II/II)
Diversified Borrowings Profile (II/II) ₹ Cr Borrowing mix by investor type * 1,87,515 * 1,97,810 * 2,10,867 * 2,20,247 * 2,31,522 6% 6% 7% 7% 6% 16% 15% 15% 15% 16% 0.3% 3% 0.2% 2% 0.5% 2% 0.2% 3% 3% 7% 7% 0.2% 7% 7% 7% 51% 52% 52% 51% 51% 0.7% 0.6% 0.6% 0.5% 0.5% 6% 6% 7% 7% 7% 7% 8% 6% 8% 7% 3% 3%
Slide 43: ALM Statement as of 30th Sep 2026 (As per IND AS)
ALM Statement as of 30th Sep 2026 (As per IND AS) ₹ Cr Particulars 1m >1 to 2m >2 to 3m >3 to 6m >6m to 1 yr >1 to 3 yr >3 to 5 yr >5 yr Total Cash & Bank Balances 5,230.24 193.84 1,549.89 3,944.14 4,394.88 4,307.93 1,591.72 138.92 21,351.56 Advances 8,162.61 8,629.77 9,382.51 22,817.45 36,302.60 90
Slide 44: CAR and Credit Rating
and Credit Rating Capital Adequacy Ratio (CAR) — As per RBI guideline BTierl| = mTierll 18.57 19.75 19.21 19.81 20.62 16.02 FY24 FY25 FY26 Ql FY27 Q2 FY27 Minimum CAR Stipulated by RBI is 15% & for Tier | is 10% Loan type India ratings care ICRA crisil Ist cP/weL . CARE A1+ [ICRA] A+ [CRISIL] AL+ Cr
Slide 45: Consolidated Financials
Consolidated Financials 44
Slide 46: Consolidated Profit & Loss
Consolidated Profit & Loss ₹ Cr Growth % Growth % Particulars Q1FY26 Q1FY27 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Q2-o-Q2 H1-o-H1 Income 7,353 8,957 7,614 9,395 23% 14,967 18,351 23% Expenses 5,822 6,735 6,050 7,207 19% 11,872 13,942 17% PBT 1,531 2,222 1,564 2,187 40% 3,096 4,409 42% PAT 1,138 1,656 1,15
Slide 47: Cholamandalam MS General Insurance Company Limited
Cholamandalam MS General Insurance Company Limited 46
Slide 48: Table of Contents
Table of Contents #1 Overview of the Company #2 Financial Summary #3 Distribution & Product Strategy 47
Slide 49: Chola MS General Insurance: Brief Overview
Chola MS General Insurance: Brief Overview Murugappa Group Mitsui Sumitomo Insurance, Japan ◼ Murugappa Group - India's leading business ◼ Mitsui Sumitomo Insurance - part of MS&AD – one of conglomerate the largest insurance group in the world. ◼ Founded in 1900, Headquartered in Chennai, the INR ◼
Slide 50: Financial Summary
#2 Financial Summary &} Chola ae murugappa Financial Holdings 49 SAPP:
Slide 51: Key Financial Parameters (Rs. Crs)
Key Financial Parameters (Rs. Crs) Particulars – In Rs. Cr FY’25 FY’26 Q2 FY’26 Q2 FY’27 H1 FY’26 H1 FY’27 Gross Written Premium# 8,328 8,904 2,221 2,386 4,217 4,517 GDPI 8,124 7,762 1,835 1,845 3,647 3,705 NWP 6,046 6,648 1,619 1,492 3,030 2,908 NEP 5,806 6,604 1,670 1,643 3,190 3,314 U/W Results -
Slide 52: Financial Performance (Rs. Crs)
Financial Performance (Rs. Crs) Excluding 1/n impact With 1/n impact Particulars (In Rs. Crs) Q2 FY 27 H1 FY27 Q2 FY 27 H1 FY27 GWP 2,446 4,641 2,386 4,517 GWP growth 5.4% 5.0% 7.4% 7.1% PAT 6 116 -8 78 PAT Growth -95.1% -53.0% -108.5% -60.4% RONW (not annualised) 0.2% 3.3% -0.2% 2.3% COR 126.2% 122
Slide 53: Among the Top ranked GI Players
Among the Top ranked GI Players Rs In Crs GWP growth in last 5 years H1 FY’2027 (CAGR FY2022 - FY 2026 = 16.4%) 8328 8904 2.46% 7598 Market share 6200 4854 4217 4517 4.86% Market share in FY'22 FY'23 FY'24 FY'25 FY'26 H1 FY'26 H1 FY'27 Motor Insurance Growth vis-à-vis peers / industry Stronger growt
Slide 54: LOB Wise – GDPI Growth Trends of Multi-line Insurers
LOB Wise – GDPI Growth Trends of Multi-line Insurers Other Particulars Months Fire Motor Health Accident Crop Others Total Comml Lines Q1 FY'27 -27.8% 20.5% 13.9% 15.3% 46.1% -78.6% 11.3% 8.3% Industry Q2 FY'26 -24.4% 15.3% 12.4% 18.2% -7.0% 7.1% 16.8% 9.9% H1 FY'26 -26.6% 18.2% 13.1% 16.7% 18.9% -4
Slide 55: Key Financial Indicators
Key Financial Indicators GWP (INR Cr) and Growth (%) Return on Net Worth – Not Annualized (%) Includes RI Inwards 100 00 251 410 100 93 202 188 12. 0% 18.5% 900 0 10. 0% 8904 800 0 700 0 9.6% 7.4% 8.0 % 600 0 500 0 1.4% 7.1% 6.0 % 10.4% 400 0 6.9% 2221 300 0 8328 4217 4517 4.0 % 6.4% 2.0% 200 0 100
Slide 56: Capital Efficiency & Networth
Capital Efficiency & Networth Rs In Crs Net Worth 2,999 3,329 3,197 3,408 2,557 2,887 2,755 2,966 442 442 442 442 FY 25 FY 26 H1 FY'26 H1 FY'27 Capital Invested Reserves • Accumulated profits @ 87.0% of Net worth (Rs.3,408 Crs) as on H1 FY’27. • Total Capital infused till date is Rs. 442 Crs. • Tier
Slide 57: Loss Ratio (%)
Loss Ratio (%) Q2 FY’27 H1 FY’27 Line of Business FY25 FY’26 Q2 FY’26 Q2 FY’27 H1 FY’26 H1 FY’27 Exc. NatCat Exc. NatCat Motor OD 73.6% 84.1% 85.8% 98.0% 93.9% 83.2% 91.8% 89.9% Motor TP 72.2% 78.4% 78.1% 83.9% 83.9% 79.3% 84.2% 84.2% Motor Total 72.6% 80.3% 80.7% 88.5% 87.1% 80.6% 86.7% 86.1% Healt
Slide 58: Investment Book Overview (Rs In Crs)
Investment Book Overview (Rs In Crs) Category Mar-25 Mar-26 Sep-25 Sep-26 Govt Securities 7,871 6,540 6,863 8,240 PSU / Corporate Bonds 8,779 10,828 9,911 9,006 Equity 1,001 1,326 1,140 1,498 Others 600 550 468 504 Grand Total 18,251 19,048 18,382 19,052 Yield with profit on sale 7.5% 7.7% 7.1% 7.3%
Slide 59: Distribution & Product Strategy
#3 Distribution & Product Strategy 58
Slide 60: Multi-Channel Model Ensures Less Concentration & Diversified Revenue Stream
Multi-Channel Model Ensures Less Concentration & Diversified Revenue Stream Channel wise Mix% 1% 1% 1% 1% 22% 20% 18% 19% 6% 6% 7% 12% 14% 14% 15% 12% 11% 11% 10% 11% 42% 49% 51% 49% FY'25 FY'26 H1 FY'26 H1 FY'27 Brokers Banks Other Corporate Agents Direct Business Agents & POSPs Others Bancassuranc
Slide 61: Retail Focused Diversified Operations
Retail Focused Diversified Operations Retail dominated business mix Conscious reduction of volumes in TW, impacts NOP No. of policies issued (in Lacs) 137 130 Commercial 121 113 34.5% 54 Retail 37 65.5% FY'23 FY'24 FY'25 FY'26 H1 FY'26 H1 FY'27 Retail oriented policies over years Geographic Presence
Slide 62: Continuous Effort to Broad Base the Product Mix
Continuous Effort to Broad Base the Product Mix 1% 1% 1% 8% 12% 15% 15% 11% 15% 13% Crop & Others 14% 15% Commercial 40% 36% 38% Health, Travel & Accident 38% Motor TP Motor OD 29% 33% 33% 33% FY'25 FY'26 H1 FY'26 H1 FY'27 • Advance Premium on Long Term Business (non-motor) cumulative as at Sep’26 @
Slide 63: Product Portfolio: Motor
Product Portfolio: Motor Motor Market Share (Largest GI Segment) Strategized diversification across Motor eco-system GI Market Share by GWP 75.6% 75.1% 72.6% 80.3% 86.7% 44.6% 43.8% 42.8% 40.1% 41.7% 5.3% 5.4% 5.5% 5.3% 4.9% 35.9% 39.5% 42.3% 49.3% 49.5% 19.6% 16.7% 14.9% 10.6% 8.8% FY'23 FY'24 FY'2
Slide 64: Product Portfolio: Commercial Lines and Others
Product Portfolio: Commercial Lines and Others Particulars - Growth over H1 FY'25 FY'26 Growth over FY'25 H1 FY'26 H1 FY'27 GDPI (Rs. in Crs) FY'26 Fire 662 672 2% 398 390 -2% Marine 146 170 17% 99 137 39% Engineering 45 41 -8% 23 26 12% Liability 26 238 800% 18 20 15% Crop & Others 662 47 -93% 24 2
Slide 65: Product Portfolio: Health, Accident and Travel
Product Portfolio: Health, Accident and Travel Particulars - Growth over H1 FY'25 FY'26 Growth over FY'25 H1 FY'26 H1 FY'27 GDPI (Rs. in Crs) FY'26 Health Retail 520 370 -29% 177 159 -10% Health Group 363 517 42% 288 180 -38% Health Govt 6 0 -100% 0 0 - Travel 1 1 -30% 1 1 19% Accident 266 238 -11%
Slide 66: Overall Technology posture
Overall Technology posture | Strengthened thru several new capabilities online in FY27 Chola Website Partner Integration Chola MS Customer App • Website available in 3 languages • Integrated self-service platform for • 140+ strategic partner integrations supporting diverse customer base policy purch
Slide 67: Technology transformation complete across Motor LoB
Technology transformation complete across Motor LoB, enhancing capability range across key business process layers Capability Layer Technology Programs Completed Customer Support & Customer Acquisition Claims Servicing Retention Bancs Private Cars Core PAS Transformation Interface led policy issuanc
Slide 68: Centralized Data Platform Operational
Centralized Data Platform Operational | Foundational capability to power application and analytical models established Platform with 18 years data ingested to act as single source of data Digital Sales Apps Technical Reports Analytics Models Analytics COE Integrated Dashboards for Business and Techn
Slide 69: Thank You
Thank You Cautionary Statement: Certain expectations and projections regarding the future performance of the Company referenced in this presentation constitute forward-looking statements. These expectations and projections are based on currently available competitive, financial and economic data alo
Cholamandalam Financial Holdings — Q2 FY27 Earnings Presentation on 6ix