Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Cholamandalam Investment and Finance Company Limited
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.93x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.49x, which is below 1.
Fixed-asset turnover is 16.89x. Compare it with other names in the same basket.
Physical asset ratio
0.8%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 18.67BpropertyPlantAndEquipmentNetInventoryINR 0.00Not reported, treated as 0Total assetsINR 2,454.48BtotalAssetsInventory was not reported and is treated as zero.Result 0.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
16.89xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 315.39BtotalRevenueNet PP&EINR 18.67BpropertyPlantAndEquipmentNetResult 16.89x
Revenue per dollar of the physical asset base.
Capex / D&A
0.93xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 2.65BcapitalExpendituresD&AINR 2.84BdepreciationAndAmortizationResult 0.93x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
INR 359.39Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 2,454.48BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 435.60MintangibleAssetsLiabilitiesINR 2,149.90BtotalLiabTangible bookINR 304.15BShares846,290,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 359.39
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.41xPrice / tangible bookPrice / tangible book per sharePriceINR 1.59KLatest quoteTangible book / shareINR 359.392026-03-31Result 4.41x
Price INR 1.59K.
Fixed-charge coverage
0.49xFixed-charge coverage · 2026-03-31(EBITDA − capex) / interestEBITDAINR 72.61BebitdaCapexINR 2.65BcapitalExpendituresInterestINR 143.84BinterestExpenseEBITDA − capexINR 69.96BShort-term debt was not reported, so the denominator is interest only.Result 0.49x
EBITDA minus capex, divided by interest only.
FCF yield
10.9%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flowINR 148.35BfreeCashFlowMarket capINR 1,360.35BMarketCapitalizationResult 10.9%
Latest free cash flow divided by current market cap (INR 1,360.35B).
ROIC
3.5%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 105.09BoperatingIncomeTax expenseINR 17.44BincomeTaxExpensePretax incomeINR 69.77BincomeBeforeTaxTax rate25.0%EquityINR 304.58BtotalStockholderEquityDebtINR 2,110.70BshortLongTermDebtTotalCashINR 146.95BcashInvested capitalINR 2,268.33BResult 3.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 5.63x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 6.8%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 1.45BpropertyPlantEquipmentInventoryINR 37.89BinventoryTotal assetsINR 574.90BtotalAssetsResult 6.8% | 48.88xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueINR 70.87BtotalRevenueNet PP&EINR 1.45BpropertyPlantEquipmentResult 48.88x | 1.35xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexINR 768.60McapitalExpendituresD&AINR 569.90MdepreciationAndAmortizationResult 1.35x | INR 72.83Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 574.90BtotalAssetsGoodwillINR 4.75BgoodWillIntangiblesINR 361.70MintangibleAssetsLiabilitiesINR 512.81BtotalLiabTangible bookINR 56.97BShares782,309,195commonStockSharesOutstandingResult INR 72.83 | 0.20xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 18.89BebitdaCapexINR 768.60McapitalExpendituresInterestINR 35.74BinterestExpenseShort-term debtINR 54.96BshortLongTermDebtEBITDA − capexINR 18.12BPrincipal due is the current portion of debt.Result 0.20x | -INR 93.94BFree cash flow · 2019-03-31Reported free cash flowOperating cash flow-INR 93.17BtotalCashFromOperatingActivitiesCapexINR 768.60McapitalExpendituresFree cash flow-INR 93.94BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 93.94B | 1.9%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 18.32BoperatingIncomeTax expenseINR 6.35BincomeTaxExpensePretax incomeINR 18.32BincomeBeforeTaxTax rate34.6%EquityINR 62.09BtotalStockholderEquityDebtINR 596.89BshortLongTermDebtTotalCashINR 32.21BcashAndShortTermInvestmentsInvested capitalINR 626.77BResult 1.9% | 12.63xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeINR 18.32BoperatingIncomeNet PP&EINR 1.45BpropertyPlantEquipmentResult 12.63x |
| 2020 | 11.2%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 2.62BpropertyPlantEquipmentInventoryINR 69.15BinventoryTotal assetsINR 640.49BtotalAssetsResult 11.2% | 33.20xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueINR 87.10BtotalRevenueNet PP&EINR 2.62BpropertyPlantEquipmentResult 33.20x | 0.64xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexINR 715.60McapitalExpendituresD&AINR 1.11BdepreciationAndAmortizationResult 0.64x | INR 96.91Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 640.49BtotalAssetsGoodwillINR 5.32BgoodWillIntangiblesINR 312.70MintangibleAssetsLiabilitiesINR 558.49BtotalLiabTangible bookINR 76.37BShares788,063,000commonStockSharesOutstandingResult INR 96.91 | 0.08xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 16.99BebitdaCapexINR 715.60McapitalExpendituresInterestINR 45.78BinterestExpenseShort-term debtINR 165.70BshortTermDebtEBITDA − capexINR 16.28BPrincipal due is short-term debt.Result 0.08x | -INR 21.46BFree cash flow · 2020-03-31Reported free cash flowOperating cash flow-INR 20.75BtotalCashFromOperatingActivitiesCapexINR 715.60McapitalExpendituresFree cash flow-INR 21.46BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 21.46B | 1.9%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 15.88BoperatingIncomeTax expenseINR 5.34BincomeTaxExpensePretax incomeINR 15.88BincomeBeforeTaxTax rate33.6%EquityINR 82.00BtotalStockholderEquityDebtINR 551.30BshortLongTermDebtTotalCashINR 66.71BcashAndShortTermInvestmentsInvested capitalINR 566.58BResult 1.9% | 6.05xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeINR 15.88BoperatingIncomeNet PP&EINR 2.62BpropertyPlantEquipmentResult 6.05x |
| 2021 | 7.2%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 2.08BpropertyPlantEquipmentInventoryINR 51.58BinventoryTotal assetsINR 746.44BtotalAssetsResult 7.2% | 46.00xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueINR 95.81BtotalRevenueNet PP&EINR 2.08BpropertyPlantEquipmentResult 46.00x | 0.32xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexINR 328.90McapitalExpendituresD&AINR 1.02BdepreciationAndAmortizationResult 0.32x | INR 107.16Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 746.44BtotalAssetsGoodwillINR 7.72BgoodWillIntangiblesINR 291.10MintangibleAssetsLiabilitiesINR 650.44BtotalLiabTangible bookINR 87.99BShares821,099,000commonStockSharesOutstandingResult INR 107.16 | 0.07xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 21.50BebitdaCapexINR 328.90McapitalExpendituresInterestINR 45.60BinterestExpenseShort-term debtINR 240.30BshortTermDebtEBITDA − capexINR 21.17BPrincipal due is short-term debt.Result 0.07x | -INR 88.75BFree cash flow · 2021-03-31Reported free cash flowOperating cash flow-INR 88.42BtotalCashFromOperatingActivitiesCapexINR 328.90McapitalExpendituresFree cash flow-INR 88.75BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 88.75B | 2.2%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 20.48BoperatingIncomeTax expenseINR 5.27BincomeTaxExpensePretax incomeINR 20.48BincomeBeforeTaxTax rate25.7%EquityINR 96.00BtotalStockholderEquityDebtINR 638.23BshortLongTermDebtTotalCashINR 44.43BcashAndShortTermInvestmentsInvested capitalINR 689.79BResult 2.2% | 9.83xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeINR 20.48BoperatingIncomeNet PP&EINR 2.08BpropertyPlantEquipmentResult 9.83x |
| 2022 | 5.1%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 2.65BpropertyPlantEquipmentInventoryINR 39.01BinventoryTotal assetsINR 824.79BtotalAssetsResult 5.1% | 38.25xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueINR 101.43BtotalRevenueNet PP&EINR 2.65BpropertyPlantEquipmentResult 38.25x | 0.95xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexINR 959.10McapitalExpendituresD&AINR 1.01BdepreciationAndAmortizationResult 0.95x | INR 134.56Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 824.79BtotalAssetsGoodwillINR 6.75BgoodWillIntangiblesINR 306.40MintangibleAssetsLiabilitiesINR 707.10BtotalLiabTangible bookINR 110.63BShares822,172,911commonStockSharesOutstandingResult INR 134.56 | 0.10xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 30.08BebitdaCapexINR 959.10McapitalExpendituresInterestINR 42.79BinterestExpenseShort-term debtINR 250.51BshortTermDebtEBITDA − capexINR 29.12BPrincipal due is short-term debt.Result 0.10x | -INR 56.67BFree cash flow · 2022-03-31Reported free cash flowOperating cash flow-INR 55.71BtotalCashFromOperatingActivitiesCapexINR 959.10McapitalExpendituresFree cash flow-INR 56.67BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 56.67B | 2.1%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 29.08BoperatingIncomeTax expenseINR 7.49BincomeTaxExpensePretax incomeINR 29.08BincomeBeforeTaxTax rate25.8%EquityINR 117.69BtotalStockholderEquityDebtINR 942.25BshortLongTermDebtTotalCashINR 26.99BcashAndShortTermInvestmentsInvested capitalINR 1,032.95BResult 2.1% | 10.96xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeINR 29.08BoperatingIncomeNet PP&EINR 2.65BpropertyPlantEquipmentResult 10.96x |
| 2023 | 3.2%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 4.10BpropertyPlantEquipmentInventoryINR 31.94BinventoryTotal assetsINR 1,136.27BtotalAssetsResult 3.2% | 31.38xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueINR 128.79BtotalRevenueNet PP&EINR 4.10BpropertyPlantEquipmentResult 31.38x | 1.46xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexINR 1.77BcapitalExpendituresD&AINR 1.21BdepreciationAndAmortizationResult 1.46x | INR 166.08Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 1,136.27BtotalAssetsGoodwillINR 6.26BgoodWillIntangiblesINR 526.20MintangibleAssetsLiabilitiesINR 992.81BtotalLiabTangible bookINR 136.67BShares822,909,227commonStockSharesOutstandingResult INR 166.08 | 0.09xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 37.36BebitdaCapexINR 1.77BcapitalExpendituresInterestINR 57.33BinterestExpenseShort-term debtINR 343.28BshortTermDebtEBITDA − capexINR 35.59BPrincipal due is short-term debt.Result 0.09x | -INR 272.82BFree cash flow · 2023-03-31Reported free cash flowOperating cash flow-INR 271.05BtotalCashFromOperatingActivitiesCapexINR 1.77BcapitalExpendituresFree cash flow-INR 272.82BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 272.82B | 3.5%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 36.15BoperatingIncomeTax expenseINR 9.38BincomeTaxExpensePretax incomeINR 36.15BincomeBeforeTaxTax rate25.9%EquityINR 143.46BtotalStockholderEquityDebtINR 630.82BlongTermDebt + shortLongTermDebtCashINR 9.12BcashAndShortTermInvestmentsInvested capitalINR 765.17BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 3.5% | 8.81xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeINR 36.15BoperatingIncomeNet PP&EINR 4.10BpropertyPlantEquipmentResult 8.81x |
| 2024 | 1.0%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 15.47BpropertyPlantAndEquipmentNetInventoryINR 0.00Not reported, treated as 0Total assetsINR 1,566.86BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 12.38xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueINR 191.52BtotalRevenueNet PP&EINR 15.47BpropertyPlantAndEquipmentNetResult 12.38x | 5.43xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexINR 10.76BcapitalExpendituresD&AINR 1.98BdepreciationAndAmortizationResult 5.43x | INR 226.52Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 1,566.86BtotalAssetsGoodwillINR 6.89BgoodWillIntangiblesINR 364.40MintangibleAssetsLiabilitiesINR 1,370.93BtotalLiabTangible bookINR 188.68BShares832,915,000commonStockSharesOutstandingResult INR 226.52 | 0.07xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 48.03BebitdaCapexINR 10.76BcapitalExpendituresInterestINR 92.31BinterestExpenseShort-term debtINR 475.16BshortLongTermDebtTotal − longTermDebtEBITDA − capexINR 37.27BShort-term debt is total debt minus long-term debt.Result 0.07x | -INR 367.59BFree cash flow · 2024-03-31Reported free cash flowOperating cash flow-INR 356.83BtotalCashFromOperatingActivitiesCapexINR 10.76BcapitalExpendituresFree cash flow-INR 367.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 367.59B | 3.3%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 46.05BoperatingIncomeTax expenseINR 11.95BincomeTaxExpensePretax incomeINR 46.05BincomeBeforeTaxTax rate25.9%EquityINR 195.93BtotalStockholderEquityDebtINR 869.59BlongTermDebt + shortLongTermDebtCashINR 43.94BcashAndShortTermInvestmentsInvested capitalINR 1,021.59BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 3.3% | 2.98xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeINR 46.05BoperatingIncomeNet PP&EINR 15.47BpropertyPlantAndEquipmentNetResult 2.98x |
| 2025 | 0.9%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 17.58BpropertyPlantEquipmentInventoryINR 0.00Not reported, treated as 0Total assetsINR 2,018.87BtotalAssetsInventory was not reported and is treated as zero.Result 0.9% | 14.73xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueINR 258.87BtotalRevenueNet PP&EINR 17.58BpropertyPlantEquipmentResult 14.73x | 0.81xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexINR 2.00BcapitalExpendituresD&AINR 2.45BdepreciationAndAmortizationResult 0.81x | INR 280.57Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 2,018.87BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 329.40MintangibleAssetsLiabilitiesINR 1,782.18BtotalLiabTangible bookINR 236.36BShares842,431,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 280.57 | 0.46xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 59.86BebitdaCapexINR 2.00BcapitalExpendituresInterestINR 124.95BinterestExpenseShort-term debtINR 0.00shortTermDebtEBITDA − capexINR 57.87BPrincipal due is short-term debt.Result 0.46x | -INR 326.13BFree cash flow · 2025-03-31Reported free cash flowOperating cash flow-INR 324.13BtotalCashFromOperatingActivitiesCapexINR 2.00BcapitalExpendituresFree cash flow-INR 326.13BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 326.13B | 2.3%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 57.41BoperatingIncomeTax expenseINR 14.81BincomeTaxExpensePretax incomeINR 57.41BincomeBeforeTaxTax rate25.8%EquityINR 236.69BtotalStockholderEquityDebtINR 1,750.36BshortLongTermDebtTotalCashINR 95.01BcashAndShortTermInvestmentsInvested capitalINR 1,892.04BResult 2.3% | 3.27xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeINR 57.41BoperatingIncomeNet PP&EINR 17.58BpropertyPlantEquipmentResult 3.27x |
| 2026 | 0.8%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 18.67BpropertyPlantAndEquipmentNetInventoryINR 0.00Not reported, treated as 0Total assetsINR 2,454.48BtotalAssetsInventory was not reported and is treated as zero.Result 0.8% | 16.89xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 315.39BtotalRevenueNet PP&EINR 18.67BpropertyPlantAndEquipmentNetResult 16.89x | 0.93xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 2.65BcapitalExpendituresD&AINR 2.84BdepreciationAndAmortizationResult 0.93x | INR 359.39Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 2,454.48BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 435.60MintangibleAssetsLiabilitiesINR 2,149.90BtotalLiabTangible bookINR 304.15BShares846,290,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 359.39 | 0.49xFixed-charge coverage · 2026-03-31(EBITDA − capex) / interestEBITDAINR 72.61BebitdaCapexINR 2.65BcapitalExpendituresInterestINR 143.84BinterestExpenseEBITDA − capexINR 69.96BShort-term debt was not reported, so the denominator is interest only.Result 0.49x | INR 148.35BFree cash flow · 2026-03-31Reported free cash flowOperating cash flowINR 151.00BtotalCashFromOperatingActivitiesCapexINR 2.65BcapitalExpendituresFree cash flowINR 148.35BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 148.35B | 3.5%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 105.09BoperatingIncomeTax expenseINR 17.44BincomeTaxExpensePretax incomeINR 69.77BincomeBeforeTaxTax rate25.0%EquityINR 304.58BtotalStockholderEquityDebtINR 2,110.70BshortLongTermDebtTotalCashINR 146.95BcashInvested capitalINR 2,268.33BResult 3.5% | 5.63xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeINR 105.09BoperatingIncomeNet PP&EINR 18.67BpropertyPlantAndEquipmentNetResult 5.63x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
Latest year inputs (2026)
Net PP&E: INR 18.67B
Inventory: INR 0.00
Total assets: INR 2,454.48B
Goodwill: INR 0.00
Intangibles: INR 435.60M
Liabilities: INR 2,149.90B
Tangible book: INR 304.15B
Shares: 846,290,000
Revenue: INR 315.39B
Capex: INR 2.65B
D&A: INR 2.84B
EBITDA: INR 72.61B
Interest: INR 143.84B
Short-term debt: —
Free cash flow: INR 148.35B
Operating income: INR 105.09B
Invested capital: INR 2,268.33B
Tax rate: 25.0%