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Motilal Oswal Report
Cholamandalam Investment and Finance Ltd. is a franchise equipped to deliver strong assets under management growth with benign credit costs (versus peers), translating into sustainable return on equity of ~21-22% across economic cycles.
The stock trades at 3.8 times FY26E price/book value. We believe that the premium valuation multiple will sustain as investors continue to have confidence in the company's execution capability in new product lines.
We reiterate our Buy rating on the stock with target price of Rs 1,660 (based on 4.5 times March-26 price/book value).
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