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'Buy' Cholamandalam Shares Maintains Axis Securities Post Inline Q2 Results On Improved H2 Outlook
Axis Securities reiterates Buy recommendation on Cholamandalam and raises target price implying an upside of 10% from the currnet market price.
10 Nov 2025, 11:53 AM IST 
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With improved visibility on asset quality improvement, Cholamandalam expects credit costs to gravitate lower and settle at ~1.6% for FY26 vs 1.8% in H1. (Photo: Usha Kunji/NDTV Profit)
After a muted disbursement growth in H1, the management expects a strong rebound in H2. The disbursement momentum in Oct’25 has remained robust. While disbursement growth could likely fall a shade short of the earlier guidance of 10% in FY26, the management does not see a risk to maintaining AUM growth at 20+% in FY26.
