1QF27: good quarter; raising forecasts and price target, but staying EW

研报英文原文证据摘录

1QF27: good quarter; raising forecasts and price target, but staying EW

Update

July 28, 2026 10:49 PM GMT

Morgan Stanley India Company Private Limited+MCholamandalam Finance | Asia Pacific Subramanian Iyer

Equity Analyst

1QF27: good quarter; raising Subramanian.Iyer@morganstanley.comKushan Parikh, CFA +91 22 6118-2234

Kushan.Parikh@morganstanley.com +91 22 6118-1082

forecasts and price target, but Sakshi V Chaplot

Research Associate

Sakshi.Chaplot@morganstanley.com +91 22 6118-2228

staying EW

What’s Changed

Cholamandalam Investment and Fin Co Ltd (CHLA.NS) From To

Price Target Rs1,720.00 Rs1,900.00

Cholamandalam Investment and Fin Co Ltd (CHLA.NS,

We raise our F27 forecasts sharply – these were depressed by CIFC IS)

macro concerns that now appear manageable. We raise F28e India Financials | India

and F29e to a lesser extent. We lift our price target 10% but Stock Rating Equal-weight

Industry View Attractive

remain EW given limited upside and relatively higher Price target Rs1,900.00

vulnerability of growth to macro risks and NIM to higher rates. Up/downsideShr price, closeto(Julprice28,target2026)(%) Rs1,753.008

Mkt cap, curr (bn) US$15.6

We raise our EPS forecasts 9.2% for F27, 4.5% for F28 and 4% for F29: Our F27 Avg daily trading value (mn) US$28.9

forecasts were more depressed in particular vis-à-vis F28 and F29, as we were Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

assuming transient pressure on credit costs, loan growth, and NIM in F27 owing to EPS (Rs)** 61.63 77.18 98.16 120.69

Prior EPS (Rs)** - 70.70 93.97 116.10

macro headwinds (geopolitical risks, El Niño). 1QF27 has been a good quarter overall ModelWare net inc (Rs 52,196 66,182 84,286 103,640

for CIFC with earnings beating our estimate by 12% and also consensus by a good mn)

P/E 21.9 22.7 17.9 14.5