Elevated vehicle finance credit costs
Vehicle finance credit costs remain above historical levels at ~2%, with stage-3 at 4.17%. Recovery may take longer if macro conditions weaken.
CHOLAFIN / Q3-FY26 / risks
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Cholamandalam Investment and Finance Company · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Competition from banks in HCV segment
Analyst raised concern about banks targeting large fleet operators in M&HCV, which could pressure Chola's market share in that segment.
SBPL credit cost trajectory
SBPL net credit costs have been rising; management expects stabilization but resolution of non-serviced pool may take 2-3 years.
Seasonal weakness in H1 FY27
Analyst noted that Q4 improvement may be followed by seasonally weaker first half of next fiscal, potentially reversing asset quality gains.