Motilal Oswal Reaffirms 'BUY' for Cholamandalam Inv & Fin; Target INR 2000

• Cobrapost released a report on Dec 22, 2025, alleging large-scale related-party transactions, cash handling irregularities, governance lapses, and regulatory non-compliance at CIFC.
• CIFC's management promptly refuted the allegations, calling them malicious, distorted, and baseless, and held an investor call to address queries.
• The company stated no change in business strategy, operating performance, or guidance, reiterating confidence in growth, profitability, and asset quality.
• Motilal Oswal maintains a 'BUY' rating on CIFC with a target price of INR 2000 (4x Dec’27E BVPS).
• Motilal Oswal projects CIFC to be a robust franchise with ~20% AUM CAGR and ~25% PAT CAGR over FY25-28, and RoA/RoE of 2.7%/20% in FY28.

Why It Matters: Motilal Oswal reiterates 'BUY' on CIFC, confident in its outlook despite recent allegations.