Choice International Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Broking Services: 54.0% • Outsourcing: 27.9% • NBFC Operations: 13.9%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has delivered good profit growth of 70.1% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 23.5%
- Company has a healthy return on capital (ROCE) of 22.3%
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 46.0% CAGR over last 5 years
- Operating margins have improved to 35.8% from 28.0%
CONS
- Net NPA is elevated at 1.9% - provisioning cushion is thin
- Promoter holding has decreased over last 2 years: -4.6pp
- Free cash flow has been persistently negative
- Stock is trading at 8.5x its book value
- Though reporting repeated profits, the company pays out little dividend (0.0%)
- Growth is decelerating - 3Y profit CAGR (58.2%) trails the 5Y trend (70.1%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MCX | 3340.05 | 55.24 | 85168.55 | 0.24 | 413.44 | 103.47 | 702.00 | 88.10 | 48.10 | 70.40 |
| MOTILALOFS | 1023.00 | 31.12 | 61617.67 | 0.59 | 1273.71 | 9.53 | 3425.76 | 25.49 | 12.68 | 57.49 |
| 360ONE | 1096.25 | 35.40 | 44679.26 | 1.09 | 330.53 | 16.11 | 1226.09 | 26.85 | 12.28 | 63.01 |
| NUVAMA | 1784.20 | 30.39 | 32909.41 | 1.56 | 305.64 | 15.83 | 1376.22 | 22.59 | 17.52 | 52.80 |
| ANGELONE | 299.40 | 26.52 | 27366.25 | 1.35 | 2313.98 | 1921.51 | 14296.91 | 1153.53 | 14.87 | 33.92 |
| CHOICEIN | 749.85 | 70.28 | 16704.90 | 0.00 | 60.61 | 26.37 | 309.79 | 32.46 | 19.43 | 33.83 |
| IIFLCAPS | 337.65 | 18.67 | 10642.01 | 0.89 | 184.16 | 4.92 | 631.48 | 3.13 | 23.27 | 35.76 |
| SHAREINDIA | 189.75 | 11.42 | 4152.21 | 0.84 | 124.41 | 47.45 | 448.09 | 31.25 | 21.00 | 44.76 |
| ARSSBL | 505.70 | 24.57 | 3189.27 | 0.99 | 23.35 | 2.35 | 246.10 | 22.37 | 19.72 | 39.54 |
| MONARCH | 370.95 | 16.24 | 2941.94 | 0.27 | 45.18 | -0.15 | 90.89 | -7.25 | 33.26 | 66.00 |
| GEOJITFSL | 80.02 | 30.80 | 2233.54 | 1.87 | 19.83 | -30.83 | 160.40 | 7.46 | 9.35 | 20.55 |
| ALGOQUANT | 63.80 | 39.47 | 1793.39 | 0.00 | 164.80 | 3610.04 | 778.70 | 1328.81 | 33.57 | 33.64 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 138 | 191 | 207 | 215 | 201 | 247 | 209 | 253 | 234 | 274 | 303 | 307 | 310 | |
| 102 | 142 | 141 | 147 | 148 | 172 | 150 | 157 | 151 | 185 | 192 | 191 | 239 | |
| Operating Profit | 36 | 49 | 67 | 67 | 53 | 76 | 60 | 96 | 83 | 89 | 112 | 115 | 71 |
| OPM % | 26.07% | 25.48% | 32.19% | 31.46% | 26.39% | 30.66% | 28.45% | 38.04% | 35.37% | 32.54% | 36.84% | 37.66% | 22.82% |
| 2 | 3 | 3 | 2 | 5 | 2 | 2 | 2 | 4 | 10 | 5 | 7 | 9 | |
| Interest | 7 | 10 | 11 | 12 | 13 | 15 | 16 | 22 | 21 | 21 | 21 | 26 | 28 |
| Depreciation | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 4 | 3 | 10 | 6 |
| Profit before Tax | 29 | 40 | 56 | 55 | 43 | 61 | 43 | 74 | 63 | 74 | 92 | 87 | 80 |
| Tax % | 27.66% | 25.20% | 28.34% | 28.62% | 26.24% | 23.40% | 29.02% | 27.63% | 23.74% | 24.12% | 28.98% | 21.74% | 24.17% |
| Net Profit | 0 | 0 | 0 | 0 | 32 | 46 | 31 | 54 | 48 | 56 | 66 | 68 | 61 |
| 2.14 | 3.01 | 4.05 | 1.98 | 1.61 | 2.33 | 1.54 | 2.68 | 2.38 | 2.75 | 3.09 | 3.05 | 2.72 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 130 | 143 | 127 | 129 | 169 | 284 | 389 | 751 | 910 | 1,119 | 1,194 | |
| 103 | 113 | 103 | 96 | 134 | 194 | 287 | 531 | 626 | 719 | 807 | |
| Operating Profit | 27 | 30 | 24 | 33 | 34 | 89 | 102 | 219 | 285 | 400 | 387 |
| OPM % | 20.69% | 21.16% | 19.04% | 25.79% | 20.34% | 31.47% | 26.27% | 29.23% | 31.27% | 35.76% | 32.43% |
| 5 | 9 | 4 | 6 | 7 | 3 | 7 | 9 | 11 | 25 | 31 | |
| Interest | 19 | 21 | 20 | 17 | 15 | 15 | 22 | 41 | 66 | 89 | 96 |
| Depreciation | 2 | 3 | 4 | 3 | 3 | 3 | 5 | 7 | 8 | 20 | 24 |
| Profit before Tax | 10 | 16 | 5 | 18 | 23 | 74 | 82 | 181 | 221 | 316 | 333 |
| Tax % | 41.43% | 23.63% | 26.31% | 31.71% | 26.76% | 27.20% | 26.70% | 27.62% | 26.47% | 24.81% | 24.86% |
| Net Profit | 6 | 12 | 3 | 12 | 17 | 54 | 60 | 131 | 163 | 238 | 251 |
| EPS | 3.03 | 6.02 | 0.21 | 12.43 | 5.11 | 6.04 | 3.01 | 6.66 | 7.84 | 9.77 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 20%
- 5 Years:
- 46%
- 3 Years:
- 42%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 48%
- 5 Years:
- 67%
- 3 Years:
- 54%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 55%
- 1 Year:
- -2%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 21%
- 3 Years:
- 23%
- Last Year:
- 20%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 20 | 20 | 20 | 29 | 50 | 100 | 199 | 200 | 223 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 1 | 5 | 9 | 78 | 152 |
| 60 | 146 | 147 | 168 | 220 | 360 | 371 | 408 | 625 | 1,419 | |
| 147 | 179 | 169 | 145 | 154 | 219 | 231 | 473 | 477 | 705 | |
| Trade Payables | 6 | 10 | 9 | 7 | 14 | 17 | 28 | 27 | 27 | 50 |
| 63 | 73 | 121 | 162 | 238 | 329 | 373 | 688 | 1,212 | 1,065 | |
| Total Liabilities | 287 | 428 | 465 | 502 | 655 | 976 | 1,107 | 1,805 | 2,619 | 3,614 |
| 37 | 78 | 98 | 86 | 84 | 87 | 125 | 132 | 258 | 298 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 10 |
| 26 | 47 | 23 | 20 | 7 | 11 | 11 | 23 | 59 | 178 | |
| 9 | 17 | 25 | 31 | 9 | 24 | 8 | 1 | 19 | 24 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 187 | 275 | 437 | |
| Cash & Bank | 41 | 62 | 24 | 51 | 48 | 139 | 252 | 386 | 491 | 519 |
| 173 | 224 | 294 | 314 | 507 | 716 | 712 | 1,075 | 1,517 | 2,148 | |
| Total Assets | 287 | 428 | 465 | 502 | 655 | 976 | 1,107 | 1,805 | 2,619 | 3,614 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -17 | 8 | -9 | 30 | -40 | -11 | 163 | -148 | -294 | -267 | |
| Cash from Investing | -11 | -22 | 31 | 13 | 15 | -126 | -48 | -18 | -161 | -277 |
| Cash from Financing | 21 | 39 | -29 | -15 | 23 | 152 | -29 | 224 | 449 | 600 |
| -9 | 21 | -11 | 24 | -7 | -8 | 62 | 58 | -6 | 56 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Intimation of Schedule of Analyst/Investors Meet.
2026-09-05 - Newspaper Advertisment for the 33rd Annual General Meeting of the Company to be held on September 26, 2026.
2026-09-04 - Letter to Shareholders- Intimation of Annual General Meeting
2026-09-04 - Notice of the 33rd Annual General Meeting and Annual Report for the Financial year 2025-26
2026-08-20 - Update on Acquisition of 100% stake of Choice Proptech Solutions Private Limited.
2026-08-17 - Earnings Call Transcript for Q1 and FY 27 Results.
2026-08-12 - Newspaper Publication for the Un-audited (Standalone and Consolidated) Financial results for the quarter ended June 30, 2026.
2026-08-11 - Earnings Conference call - Audio Recording for Q1 FY27
2026-08-10 - Press Release for the Un-audited financial results for the quarter ended June 30, 2026.
News
Recent coverage and analyst commentary for CHOICEIN
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Choice International Ltd.
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