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Aarti Drugs Ltd Aarti Industries Aavas Financiers Ltd ABB India Ltd ACC Ltd Adani Ports & Special Economic Zone Ltd Adani Power Ltd Aditya Birla Fashion and Retail Ltd Aditya Birla Sunlife AMC Aether Industries Ltd Ajanta Pharma Ltd Alembic Pharmaceuticals Ltd Alkem Laboratories Ltd Amber Enterprises Ambuja Cements Ltd Ami Organics Ltd Anupam Rasayan India Ltd Apex Frozen Foods Ltd APL Apollo Tubes Apollo Tyres Ltd Ashok Leyland Ashoka Buildcon Ltd Asian Paints Limited Astec Lifesciences Ltd Astral Ltd. Atul Ltd AU Small Finance Bank Aurobindo Pharma Avalon Technologies Avanti Feeds Ltd Axis Bank Bajaj Auto Bajaj Finance Ltd Balkrishna Industries Ltd Balrampur Chini Mills Ltd Bank of Baroda Bank of India BCL Industries Ltd Berger Paints India Limited Bharat Dynamics Ltd Bharat Electronics Ltd Bharat Forge Bharat Heavy Electricals Bharat Petroleum Birla Corporation Ltd Birlasoft Blue Dart Express Ltd Blue Jet Healthcare Bosch Ltd Britannia Industries Ltd Camlin Fine Sciences Canara Bank Century Plyboards Cera Sanitaryware Cholamandalam Investment and Finance Company Cipla Ltd Clean Science and Technology Coal India Coastal Corp Ltd Coforge Limited Colgate Palmolive India Container Corp of India Ltd Coromandel International Ltd CreditAccess Grameen Ltd Crompton Greaves Consumer Electricals Cummins India Ltd Cyient DLM Ltd Cyient Limited Dabur India Ltd Dalmia Bharat Ltd Data Patterns (India) Ltd Deepak Fertilisers & Petrochemicals Corp. Ltd. Deepak Nitrite Ltd Delhivery Dilip Buildcon Ltd Divi's Laboratories Dixon Technologies Dr Reddy's Laboratories Ltd Dr. Lal Pathlabs Ltd. Eicher Motors Ltd Elin Electronics Emami Ltd Endurance Technologies Ltd Epigral Ltd Equitas Small Finance Bank Limited Escorts Kubota Ltd Ethos Limited Exide Industries Ltd Federal Bank Finolex Cables Finolex Industries FSN Ecommerce Fusion Finance Limited GAIL India Galaxy Surfactants Ltd Gland Pharma Ltd Globus Spirits Ltd Godrej Consumer Products Ltd Granules India Ltd Gujarat Fluorochemicals Ltd Gujarat Gas Gujarat Pipavav Port Ltd Gulshan Polyols Ltd Havells India HCL Technologies HDFC AMC HDFC Bank HEG Limited Heidelberg Cement India Ltd Hero MotoCorp Hindalco Industries Ltd Hindustan Aeronautics Ltd Hindustan Petroleum Hindustan Unilever Ltd Home First Finance company Housing Development Fin. Hyundai Motor India ICICI Bank IKIO Lighting India Pesticides Ltd Indian Oil Corp Indoco Remedies Ltd Indraprastha Gas IndusInd Bank Infosys InterGlobe Aviation Ltd Ipca Laboratories Ltd IRB Infrastructure Developers Ltd IRB InvIT Fund J K Cement Ltd JB Chemicals & Pharmaceuticals Ltd Jindal Steel and Power JK Lakshmi Cement JSW Infrastructure Ltd JSW Steel Jubilant Ingrevia Ltd Jyothy Labs Limited Kajaria Ceramics Kalpataru Projects International Limited Kansai Nerolac Paints Limited Kaveri Seed Co Ltd Kaynes Technology KEC International Ltd KEI Industries KNR Constructions Ltd Kotak Mahindra Bank L&T Infotech L&T Technology Services Ltd Larsen & Toubro Ltd Laurus Labs Laxmi Organic Industries Ltd Lloyds Metals & Energy Ltd LTIMindtree Ltd Lupin Ltd Mahanagar Gas Mahindra & Mahindra Mahindra & Mahindra Finance Marico Ltd Maruti Suzuki Metropolis Healthcare Ltd. Mindtree Ltd Mphasis MTAR Technologies Limited Muthoot Finance Ltd Natco Pharma Ltd National Aluminium Co Ltd Navin Fluorine International Ltd NCC Ltd Nestle India Ltd Nippon Life India Asset Management Ltd NMDC NTPC Ltd Oil & Natural Gas Oil India Orient Cement Orient Electric Persistent Systems Ltd Petronet LNG PG Electroplast PI Industries Ltd Pidilite Industries Limited PNC Infratech Ltd Polycab India Prism Johnson Ltd Punjab National Bank Rallis India Ltd Ramco Cements Ltd Raymond Ltd Samvardhana Motherson International Ltd SBI Cards SBI Life Insurance Schaeffler India Ltd Shree Cement Ltd Shriram Finance Limited Siemens Ltd SKF India Ltd Skipper Limited Som Distilleries & Breweries Ltd Sonata Software Spandana Sphoorty Financial SpiceJet Ltd SRF Limited State Bank of India Steel Authority of India Sun Pharmaceutical Industries Supreme Industries Swiggy Ltd Syrma SGS Technology Tata Consultancy Services Tata Elxsi Ltd Tata Motors Tata Steel Tata Technologies Ltd TCPL Packaging Ltd Tech Mahindra Thermax Ltd Thyrocare Technologies Ltd. Timken Ltd Titan Co Ltd Torrent Pharmaceuticals Ltd Triveni Engineering and Industries Ltd TVS Motor Co Ltd Ugro Capital UltraTech Cement Ltd UPL Limited UTI AMC V-Guard Industries Vinati Organics VIP Industries Limited Voltas Ltd VRL Logistics Ltd Wipro Zydus Lifesciences
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Abhishek SHINDADKAR Anirvan DIVAKERA Himanshu Marfatia InCred Institutional Equities Research Meghna LUTHRA Niharika AGARWAL Nishant BAGRECHA Nitin AWASTHI Pramod AMTHE Rajarshi MAITRA Ravi GUPTA Ritik GUPTA Rohan KALLE SALES-BLOOM Kamal Satish KUMAR Saurabh SINGH Shakthi Karanam Shivam AGARWAL Tushar WAVHAL Yogesh SONI
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Cholamandalam Investment and Finance Company

Cholamandalam Investment and F...
28 Apr 2025 Company Note
CMP ₹ 1,526
Target Price ₹ 1,550
Persistence over speed; priced in

CIFC posts healthy 4Q PAT of Rs13bn, +20% yoy/+17% qoq, led by improving NIM, slow opex & contained asset qualit...

H HOLD
Cholamandalam Investment and F...
01 Feb 2025 Company Note
CMP ₹ 1,286
Target Price ₹ 1,300
The dawn is still far away

CIFC reported a better-than-estimate 3Q PAT of Rs10.9bn (InCred est: Rs9.9bn) amid improved operating performanc...

H HOLD
Cholamandalam Investment and F...
16 Dec 2024 Company Note
CMP ₹ 1,288
Target Price ₹ 1,300
Unfavourable risk-reward ratio

We downgrade CIFC to HOLD (ADD earlier) with a new target price of Rs1,300 (Rs1,550 earlier), ~3.9x FY26F BV, as...

H HOLD
Cholamandalam Investment and F...
28 Oct 2024 Company Note
CMP ₹ 1,372
Target Price ₹ 1,550
Seasonal headwinds likely to stay

CIFC has reported a weak 2Q PAT of Rs9.6bn amid a ~10bp dip in margin to ~7.5% as well as higher credit costs at...

A ADD
Cholamandalam Investment and F...
29 Jul 2024 Company Note
CMP ₹ 1,433
Target Price ₹ 1,650
Maintains focus on profitable growth

CIFC has reported a weak 1Q PAT of Rs9.4bn on ~20bp dip in margin to ~7.6% as well as higher credit costs at ~15...

A ADD
Cholamandalam Investment and F...
02 May 2024 Company Note
CMP ₹ 1,302
Target Price ₹ 1,400
AUM diversity to drive valuation premi...

CIFC posted a better-than-expected 4QFY24 PAT of Rs10.6bn amid improved margin at 7.8% and lower credit costs du...

A ADD
Cholamandalam Investment and F...
29 Jan 2024 Company Note
CMP ₹ 1,231
Target Price ₹ 1,400
Consistency justifies the valuation pr...

CIFC posted an in-line 3QFY24 PAT of Rs8.76bn amid sequentially flat margins (~7.4%) and a fall in credit costs ...

A ADD
Cholamandalam Investment and F...
03 Nov 2023 Company Note
CMP ₹ 1,177
Target Price ₹ 1,400
Believe in consistency over volatility

CIFC posted an in-line 2Q PAT of Rs7.2bn, amid healthy operating performance including sequential improvement in...

A ADD
Cholamandalam Investment and F...
02 Aug 2023 Company Note
CMP ₹ 1,130
Target Price ₹ 1,350
Capital raising to aid growth and marg...

CIFC posted a lower-than-estimated 1Q PAT of Rs7.26bn amid a steep fall in sequential margins & elevated provisi...

A ADD
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The Incred Research Team covers 17 sectors and 193 companies, with coverage to increase to 220 companies by the year’s end. Its senior analysts are rated by local and international fund managers.

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Aarti Drugs Ltd Aarti Industries Aavas Financiers Ltd ABB India Ltd ACC Ltd Adani Ports & Special Economic Zone Ltd Adani Power Ltd Aditya Birla Fashion and Retail Ltd Aditya Birla Sunlife AMC Aether Industries Ltd Ajanta Pharma Ltd Alembic Pharmaceuticals Ltd Alkem Laboratories Ltd Amber Enterprises Ambuja Cements Ltd Ami Organics Ltd Anupam Rasayan India Ltd Apex Frozen Foods Ltd APL Apollo Tubes Apollo Tyres Ltd Ashok Leyland Ashoka Buildcon Ltd Asian Paints Limited Astec Lifesciences Ltd Astral Ltd. Atul Ltd AU Small Finance Bank Aurobindo Pharma Avalon Technologies Avanti Feeds Ltd Axis Bank Bajaj Auto Bajaj Finance Ltd Balkrishna Industries Ltd Balrampur Chini Mills Ltd Bank of Baroda Bank of India BCL Industries Ltd Berger Paints India Limited Bharat Dynamics Ltd Bharat Electronics Ltd Bharat Forge Bharat Heavy Electricals Bharat Petroleum Birla Corporation Ltd Birlasoft Blue Dart Express Ltd Blue Jet Healthcare Bosch Ltd Britannia Industries Ltd Camlin Fine Sciences Canara Bank Century Plyboards Cera Sanitaryware Cholamandalam Investment and Finance Company Cipla Ltd Clean Science and Technology Coal India Coastal Corp Ltd Coforge Limited Colgate Palmolive India Container Corp of India Ltd Coromandel International Ltd CreditAccess Grameen Ltd Crompton Greaves Consumer Electricals Cummins India Ltd Cyient DLM Ltd Cyient Limited Dabur India Ltd Dalmia Bharat Ltd Data Patterns (India) Ltd Deepak Fertilisers & Petrochemicals Corp. Ltd. Deepak Nitrite Ltd Delhivery Dilip Buildcon Ltd Divi's Laboratories Dixon Technologies Dr Reddy's Laboratories Ltd Dr. Lal Pathlabs Ltd. Eicher Motors Ltd Elin Electronics Emami Ltd Endurance Technologies Ltd Epigral Ltd Equitas Small Finance Bank Limited Escorts Kubota Ltd Ethos Limited Exide Industries Ltd Federal Bank Finolex Cables Finolex Industries FSN Ecommerce Fusion Finance Limited GAIL India Galaxy Surfactants Ltd Gland Pharma Ltd Globus Spirits Ltd Godrej Consumer Products Ltd Granules India Ltd Gujarat Fluorochemicals Ltd Gujarat Gas Gujarat Pipavav Port Ltd Gulshan Polyols Ltd Havells India HCL Technologies HDFC AMC HDFC Bank HEG Limited Heidelberg Cement India Ltd Hero MotoCorp Hindalco Industries Ltd Hindustan Aeronautics Ltd Hindustan Petroleum Hindustan Unilever Ltd Home First Finance company Housing Development Fin. Hyundai Motor India ICICI Bank IKIO Lighting India Pesticides Ltd Indian Oil Corp Indoco Remedies Ltd Indraprastha Gas IndusInd Bank Infosys InterGlobe Aviation Ltd Ipca Laboratories Ltd IRB Infrastructure Developers Ltd IRB InvIT Fund J K Cement Ltd JB Chemicals & Pharmaceuticals Ltd Jindal Steel and Power JK Lakshmi Cement JSW Infrastructure Ltd JSW Steel Jubilant Ingrevia Ltd Jyothy Labs Limited Kajaria Ceramics Kalpataru Projects International Limited Kansai Nerolac Paints Limited Kaveri Seed Co Ltd Kaynes Technology KEC International Ltd KEI Industries KNR Constructions Ltd Kotak Mahindra Bank L&T Infotech L&T Technology Services Ltd Larsen & Toubro Ltd Laurus Labs Laxmi Organic Industries Ltd Lloyds Metals & Energy Ltd LTIMindtree Ltd Lupin Ltd Mahanagar Gas Mahindra & Mahindra Mahindra & Mahindra Finance Marico Ltd Maruti Suzuki Metropolis Healthcare Ltd. Mindtree Ltd Mphasis MTAR Technologies Limited Muthoot Finance Ltd Natco Pharma Ltd National Aluminium Co Ltd Navin Fluorine International Ltd NCC Ltd Nestle India Ltd Nippon Life India Asset Management Ltd NMDC NTPC Ltd Oil & Natural Gas Oil India Orient Cement Orient Electric Persistent Systems Ltd Petronet LNG PG Electroplast PI Industries Ltd Pidilite Industries Limited PNC Infratech Ltd Polycab India Prism Johnson Ltd Punjab National Bank Rallis India Ltd Ramco Cements Ltd Raymond Ltd Samvardhana Motherson International Ltd SBI Cards SBI Life Insurance Schaeffler India Ltd Shree Cement Ltd Shriram Finance Limited Siemens Ltd SKF India Ltd Skipper Limited Som Distilleries & Breweries Ltd Sonata Software Spandana Sphoorty Financial SpiceJet Ltd SRF Limited State Bank of India Steel Authority of India Sun Pharmaceutical Industries Supreme Industries Swiggy Ltd Syrma SGS Technology Tata Consultancy Services Tata Elxsi Ltd Tata Motors Tata Steel Tata Technologies Ltd TCPL Packaging Ltd Tech Mahindra Thermax Ltd Thyrocare Technologies Ltd. Timken Ltd Titan Co Ltd Torrent Pharmaceuticals Ltd Triveni Engineering and Industries Ltd TVS Motor Co Ltd Ugro Capital UltraTech Cement Ltd UPL Limited UTI AMC V-Guard Industries Vinati Organics VIP Industries Limited Voltas Ltd VRL Logistics Ltd Wipro Zydus Lifesciences