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Vehicle & business finance (NBFC) Historical case study · data as of 03 Jul 2026 · published 08 Oct 2026 (97 days later)

Cholamandalam Investment and Finance — 100-point case study

How Cholamandalam Investment and Finance looked on 50 technical and 50 fundamental measures on 03 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: CHOLAFIN · BSE: 511243
Close on 03 Jul 2026	₹1,789.80
Market cap then	₹1,52,398 crore
Valuation	P/E 29.1× · P/B 5.00×
Momentum	RSI (14) 69 · 1-year return +17.2%
Next 3 months	-13.7% vs Nifty 50 -6.9% (to 08 Oct 2026)

Scorecard

Technical — 50 points

22 bullish · 22 neutral · 2 caution · 3 bearish — the picture leaned positive.

Fundamental — 50 points

11 bullish · 33 neutral · 4 caution · 1 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Technical analysis — 50 points

Calculated by code from daily prices up to 03 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +1.21%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 1.21% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +32.1%	Neutral	The 100-session trend line was down (-0.01%/day) and the stock was +32.1% over three months, so the medium-term picture was neutral. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +17.2%	Bullish	Compared with a year earlier the price was +17.2%. A strong positive year. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 1,621.45 / 30W 1,623.41	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 1,734.80→1,629.90; lows 1,444.60→1,449.30	Neutral	The two most recent swing points showed a lower high but a higher low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	34.3	Bullish	ADX at 34.3 shows a strong trend in force. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 35.7 / –DI 12.0	Bullish	+DI was above –DI: upward price pressure outweighed downward pressure. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	1,666.39 (+7.4%)	Bullish	Close of 1,789.80 was 7.4% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	1,605.47 (+11.5%)	Bullish	Close of 1,789.80 was 11.5% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	1,635.08 (+9.5%)	Bullish	Close of 1,789.80 was 9.5% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 1,763.44 / 21E 1,695.45	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 15 Jun 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	last death cross 06 Apr 2026	Bearish	The 50-day average was 1.8% below the 200-day. The most recent signal was a death cross on 06 Apr 2026. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+5.0% in 20 sessions	Bullish	The 50-day average rose 5.0% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	1,666 / 1,605 / 1,599 / 1,635	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	1,796.33 (-0.4%)	Bearish	Anchored to the start of July, the volume-weighted average price was 1,796.33; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	68.5	Bullish	RSI at 68.5 showed positive momentum without being overbought. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 67.04 / signal 55.40	Bullish	MACD was above its signal line — momentum turning or staying positive. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	23.93 → 11.64	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	67.04	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 89.4 / %D 90.6	Caution	Slow stochastic at 89.4 was in overbought territory (>80). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-15.7	Caution	%R of -15.7 put the close near the top of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	84	Neutral	CCI at 84 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	+6.0%	Bullish	Price changed +6.0% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.74 (bands 1,411.15–1,921.64)	Neutral	%B of 0.74 — inside the bands, upper half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 30.6% (96th pct of 6M)	Neutral	Band width was at the 96th percentile of the last six months, so volatility was elevated. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹45.32 (2.5% of price)	Neutral	A typical day's range was about ₹45.32, or 2.5% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	37.3% vs 1Y 32.2%	Neutral	Annualised 30-day volatility was 37.3%, close to the one-year level of 32.2%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	1,612.88–1,786.76	Bullish	The close was above the upper channel — a strong trending push. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.70	Neutral	A beta of 1.70 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.48× / 5-day 0.89×	Neutral	The final session traded 0.48× its 20-day average volume and the last five sessions averaged 0.89× — normal participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.14	Neutral	Average volume on up days was 1.14× that on down days — balanced. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price rose — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.09	Bullish	CMF at +0.09 indicated net inflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	76.3	Bullish	MFI, a volume-weighted RSI, was 76.3. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹330 cr/day	Neutral	About ₹330 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	1,641.75 / 1,558.17 / 1,487.72	Neutral	Nearest support (prior swing lows) sat at 1,641.75, 9.0% below the close, then 1,558.17, 1,487.72. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	1,827.70	Neutral	Nearest resistance (prior swing highs) sat at 1,827.70, 2.1% above the close. How to read: Information only.
40	Monthly pivot points (for next month)	P 1,795.47 \| R1 1,814.33 \| S1 1,770.93	Neutral	Classic pivots from July's high/low/close gave a pivot of 1,795.47; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 1,425 \| 38.2% 1,503 \| 50.0% 1,565 \| 61.8% 1,628	Neutral	Measuring the 6-month fall from 1,831.50 to 1,299.40, the close was nearest the 61.8% retracement at 1,628.24. How to read: Information only.
42	52-week high / low	H 1,831.50 / L 1,299.40	Bullish	The close was 2.3% below the 52-week high and 37.7% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	3 open; latest gap-up 15 Jun at 1,577.60	Neutral	There were 3 unfilled gap(s). The latest, a gap-up on 15 Jun 2026, left an open level at 1,577.60 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	broad sideways range	Neutral	Rule-based pattern scan: broad sideways range. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 1,449.30–1,823.90	Neutral	The close was inside the prior 20-day range of 1,449.30–1,823.90. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary red candle	Neutral	On 03 Jul the candle opened 1,800.00, ranged 1,784.90–1,820.00 and closed 1,789.80: Ordinary red candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 1,517.10–1,574.53; Tenkan 1,759.40 / Kijun 1,634.25	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +18.0% / 3M +23.4%	Bullish	The stock outperformed the Nifty 50 by 23.4 points over three months and outperformed by 18.0 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +12.6%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 12.6 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	22 bullish · 3 bearish · 22 neutral · 2 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 1,641.75, resistance 1,827.70. This is a description of the chart on 03 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 03 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 03 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	29.1×	Neutral	At ₹1,789.80 the market valued the company at about ₹1,52,398 crore, or 29.1× the ₹5,233 crore profit of the four quarters to Mar 2026. That is a moderate multiple. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	5.00×	Neutral	Market cap was 5.00× the Mar 2026 book value (equity + reserves) of ₹30,458 crore. For a bank, P/B is the main valuation yardstick. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Revenue (interest earned)	4.90×	Neutral	Market cap was 4.90× trailing-12-month revenue (mainly interest earned) of ₹31,073 crore. How to read: Information only.
4	Profit / Book (earnings power)	17.2%	Neutral	Trailing profit was 17.2% of book value — the return the bank was generating on the equity investors were paying 5.00× for. How to read: Information only.
5	Earnings yield	3.4%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹3.4 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	1.15	Neutral	P/E of 29.1 divided by 3-year profit growth of 25.2% a year gives a PEG of 1.15. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Note: revenue jumped more than 40% in Mar 2024, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.11%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹2 a share, a 0.11% yield on the ₹1,789.80 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹1,52,398 cr	Neutral	At about ₹1.52 lakh crore the company was a large-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹703.30 vs ₹1,789.80	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹703.30; the price was 154% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+20.2%	Bullish	Revenue (interest earned) for FY26 was ₹31,120 crore, +20.2% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+19.5%	Bullish	The Jan–Mar 2026 quarter brought ₹8,417 crore of revenue, +19.5% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+22.8%	Bullish	FY26 net profit was ₹5,233 crore, +22.8% on FY25's ₹4,263 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+30.6%	Bullish	Quarterly profit was ₹1,645 crore versus ₹1,260 crore a year earlier (+30.6%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	34.2%	Caution	Revenue compounded at 34.2% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2024, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	25.2%	Caution	Net profit compounded at 25.2% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2024, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	26.6%	Caution	Over five years (FY21–FY26) revenue compounded at 26.6% a year. Note: revenue jumped more than 40% in Mar 2024, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+21.1%	Bullish	Reported EPS went from ₹50.69 to ₹61.41 (+21.1%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Net interest margin (Q4 FY26)	n/a	Neutral	Not reported in our sources. Bullish 3.5% or more · Bearish below 3.0% · Neutral 3.0–3.5%.
19	Net interest income growth (Q4 FY26)	n/a	Neutral	Not available. Bullish above 10% · Bearish below 5% · Neutral 5–10%.
20	Net profit margin FY26	16.8%	Neutral	₹16.8 of every ₹100 of interest-led revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	19.3%	Bullish	FY26 profit was 19.3% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	Leverage (assets ÷ equity)	8.1×	Neutral	Total assets were 8.1× equity — normal for banks, which fund most assets with deposits. How to read: Information only — banks normally run high leverage.
23	Return on assets FY26	2.13%	Bullish	Net profit was 2.13% of total assets. For banks, ROA above 1% is considered healthy. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	25%	Neutral	The company paid about 25% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Q4 FY26 standalone profit (reported)	n/a	Neutral	Not available. Bullish above 12% year on year · Bearish below 0% · Neutral 0–12%.

D. Asset quality & capital

#	Point	Reading	Tag	Commentary
26	Gross NPA (Q4 FY26)	n/a	Neutral	Not reported in our sources for this period. Bullish below 2% · Bearish above 4% · Neutral 2–4%.
27	Net NPA (Q4 FY26)	n/a	Neutral	Not reported in our sources for this period. Bullish below 0.6% · Bearish above 1.5% · Neutral 0.6–1.5%.
28	CASA ratio	n/a	Neutral	Not reported in our sources for this period. Bullish above 40% · Bearish below 30% · Neutral 30–40%.
29	Capital adequacy (CRAR)	n/a	Neutral	Not reported in our sources for this period. Bullish above 16% · Bearish below 13% · Neutral 13–16%. RBI minimum incl. buffer is 11.5%.
30	Loan (advances) growth	n/a	Neutral	Not reported in our sources for this period. Bullish above 14% · Bearish below 8% · Neutral 8–14%.
31	Deposit growth	n/a	Neutral	Not reported in our sources for this period. Bullish above 12% · Bearish below 7% · Neutral 7–12%.
32	Borrowings (consolidated)	₹2,11,070 cr	Neutral	Borrowings were ₹2,11,070 crore at Mar 2026 — lenders that don't take deposits fund their loans this way. How to read: Information only.
33	Book value growth	+28.7%	Bullish	Equity grew +28.7% to ₹30,458 crore — banks need book growth to support loan growth. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹-30,021 cr	Neutral	Operating cash flow was ₹-30,021 crore. For banks this swings with deposit and loan flows, so it says little about profitability. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Investing cash flow FY26	₹-2,554 cr	Neutral	Investing flows for banks mostly reflect securities and fixed-asset purchases. How to read: Information only — for banks these swing with deposit and loan flows.
36	Financing cash flow FY26	₹35,610 cr	Neutral	Financing flows reflect borrowings raised/repaid and dividends paid. How to read: Information only — for banks these swing with deposit and loan flows.
37	Net cash flow FY26	₹3,035 cr	Neutral	Overall cash and balances changed by ₹3,035 crore in FY26. How to read: Information only — for banks these swing with deposit and loan flows.
38	Investment book growth	+4.4%	Neutral	The investment portfolio (mostly government securities) moved +4.4% to ₹6,646 crore. How to read: Information only.
39	Loan growth minus deposit growth	n/a	Neutral	Not available. How to read: Caution when loans grew more than 4 points faster than deposits (funding pressure). Neutral otherwise.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	3%	Neutral	The company paid out about 3% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	5% / 4% / 3%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+1.2%	Caution	Paid-up equity capital changed +1.2% (₹168 cr → ₹170 cr). A fall indicates a buyback; a rise indicates new shares were issued. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	49.25% (-0.67 pts YoY)	Neutral	Promoters owned 49.25% at Mar 2026 versus 49.92% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	24.87% (-3.36 pts YoY)	Bearish	FIIs held 24.87% at Mar 2026, down from 28.23% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	19.91% (+4.42 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 19.91%, up from 15.49%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	1.6 lakh (-10.1% YoY)	Neutral	The shareholder count moved from 1.8 lakh to 1.6 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 5 tests)	5/5	Bullish	Passed: positive profit, profit grew, ROA ≥ 1%, ROE ≥ 12%, no meaningful dilution (<3%). Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	2 strength(s) · 3 weakness(es)	Neutral	Strengths: Company has delivered good profit growth of 28.0% CAGR over last 5 years; Company's median sales growth is 21.4% of last 10 years. Weaknesses: Stock is trading at 4.32 times its book value; Company has low interest coverage ratio; Company might be capitalizing the interest cost. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	11 bullish · 1 bearish · 33 neutral · 4 caution	Bullish	On the numbers published by 03 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 29.1×, P/B 5.00×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 03 Apr 2026 – 03 Jul 2026 that an investor could have known on the snapshot date.

30 Apr 2026 Cholamandalam Investment FY26 PAT rises 23%; targets 23% AUM growth in FY27 — Board approved audited FY26 results on 30 Apr 2026. Q4 FY26 net profit about Rs 1,641 crore (up ~30% YoY); FY26 PAT about Rs 5,220 crore (up 23%). AUM Rs 2,42,630 crore, up 21% YoY. Final dividend of Rs 0.70 per share recommended. source
04 May 2026 Cholamandalam Investment recommends 35% dividend as annual profit rises 23% — Filing-based report on the final dividend recommendation of Rs 0.70 per share (35%) alongside FY26 results, subject to AGM approval. source
12 May 2026 Q4 FY26 call: disbursements up 25%, Rs 200 crore precautionary overlay — Q4 disbursements Rs 32,913 crore (up 25% YoY). Management created a Rs 200 crore management overlay for global risks; CAR 19.21%. FY27 guidance: AUM growth 20-23%, credit cost about 1.5%, NIM about 8%. source
25 Jun 2026 Cholamandalam Investment raises Rs 2,000 crore through subordinated debt — Company allotted unsecured subordinated non-convertible securities worth Rs 2,000 crore (including Rs 1,400 crore green shoe) at an 8.88% coupon, maturing June 2033. source

What happened next (03 Jul 2026 → 08 Oct 2026)

Price went from ₹1,789.80 to ₹1,544.00 by 08 Oct 2026 (-13.7%) while the Nifty 50 moved -6.9% — underperforming by 6.9 points.
Highest ₹1,952.50 on 06 Aug 2026; lowest ₹1,543.10 on 08 Oct 2026.
S1 1,641.75: broken on a closing basis on 28 Sep 2026.
S2 1,558.17: broken on a closing basis on 08 Oct 2026.
R1 1,827.70: cleared on a closing basis on 06 Jul 2026.
200-day SMA: price was above it at the snapshot and crossed below on 24 Sep 2026.
Apr–Jun 2026 results (reported 28 Jul 2026): revenue ₹8,856 crore (+21.9% YoY), net profit ₹1,656 crore (+45.5% YoY) (Screener consolidated figures).

Later news

17 Jul 2026 Cholamandalam Investment board to meet on July 28 — Company informed the exchange that its board would meet on 28 July 2026 to consider, among other items, issuance of secured and unsecured NCDs. source
28 Jul 2026 Cholamandalam Investment Q1 FY27 consolidated net profit up 46% to Rs 1,656 crore — Q1 FY27 consolidated net profit Rs 1,656.22 crore vs Rs 1,137.83 crore a year earlier; total income Rs 8,956.68 crore (up 22%); AUM Rs 2,54,392 crore (up 23%); CAR 19.81%. Board approved NCD issuance of up to Rs 55,000 crore. source
28 Jul 2026 Chola Invest Q1: PBT up 45% YoY, NIM widens to 8.2% — Disbursements Rs 29,612 crore (up 22%); NIM 8.2% vs 7.8%; ROE 21.2%. GNPA under RBI norms reported at 4.50% and NNPA 2.95%. source
01 Sep 2026 Cholamandalam Investment allots Rs 2,000 crore perpetual securities — Company allotted Rs 2,000 crore of unsecured perpetual non-convertible securities by private placement at an 8.97% coupon, with a call option date of 2 Sep 2036. source

Educational summary. On 03 Jul 2026 the technical picture leaned positive and the fundamental picture leaned positive. Over the next three months the stock moved -13.7% against -6.9% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Cholamandalam Investment and Finance today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 08 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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