The document is a regulatory filing containing the transcript of the Q2 FY27 Earnings Conference Call held on October 28, 2026.
The event was an earnings call to discuss the audited standalone and consolidated financial statements for the quarter and half-year ended September 30, 2026.
Management participants included Mr. Vellayan Subbiah (Executive Chairman), Mr. Ravindra Kundu (Managing Director and CEO), and Mr. Arul Selvan (Chief Financial Officer). The call was moderated by Mr. Nischint Chawathe of Kotak Securities Limited.
The transcript was uploaded to the company's website at https://www.cholamandalam.com/investors/call-transcript on November 4, 2026, following a prior intimation on October 28, 2026, regarding the audio recording.
Financial & Business Highlights (As Disclosed in Transcript)
Business Performance: Aggregate disbursements grew 47% YoY to INR 35,872 crores. Assets Under Management (AUM) stood at INR 2,68,009 crores, a growth of 25% YoY.
Segment-wise AUM & Disbursements:
Vehicle Finance: Disbursements up 31% YoY to INR 17,801 crores; AUM of INR 1,29,787 crores (21% YoY growth).
SME Finance: Disbursements up 42% YoY to INR 9,345 crores; AUM of INR 72,356 crores (27% YoY growth), comprising LAP (INR 57,447 crores, +24%), SME (INR 10,943 crores, +45%), and SBPL (INR 3,966 crores, +35%).
Consumer Loans: Disbursements up 103% YoY to INR 8,726 crores; AUM of INR 45,902 crores (32% YoY growth), comprising Housing Loans (INR 25,240 crores), CSEL (INR 17,216 crores), and Gold Loans (INR 3,446 crores). Disbursement growth was 43% for housing, 103% for CSEL, and 320% for gold loans.
Profitability & Asset Quality: Net Interest Margins (NIMs) maintained at healthy levels. Credit cost reduced by 37 bps. PBT ROA expanded by 40 bps YoY. Return on Equity (ROE) improved to 19.4% from 18.1% a year ago. Gross Stage 3 improved to 3.25% (from 3.29% in Jun '26). Gross NPA (RBI norms) improved to 4.44% (from 4.50% in Jun '26).
Capital & Liquidity: Capital Adequacy Ratio (CAR) stood at 20.62% with Tier 1 capital at 16.02% as of September 2026. Total liquid assets were INR 21,974 crores, including undrawn sanctioned credit lines. The conversion of CCDs into equity shares was completed.
Capital Raise: The Board approved a proposal to raise up to INR 5,000 crores of capital, subject to shareholder and regulatory approvals, to support future growth aspirations.
Guidance: Management reiterated full-year growth guidance of 20-23% and net credit cost guidance of ~1.4%. They expect Q3 and Q4 to be seasonally stronger. The Opex ratio is expected to remain in the 3.0%-3.1% range near-term, with a long-term goal of reducing it to ~2.8%.
Additional Notes Section
The filing includes the full transcript of the earnings call as an enclosure.
The transcript contains detailed management commentary and Q&A with analysts but no new unpublished price sensitive information (UPSI) beyond the results already declared.
Financial figures and guidance are presented as disclosed by management during the call.
