Cholamandalam Financial Holdings exposure done earlier – so: Mahindra & Mahindra Financial Services Ltd.

e finances tractors, UVs, and rural borrowers, tightly linked to M&M’s vehicle franchise. ​ Rural recovery and farm incomes drive disbursement growth. ​ Asset quality has improved after earlier stress, with focus on collections and write‑backs. ​ Risks include monsoon dependency, rural distress, and higher cost of funds vs banks. ​