Choice International Limited (CHOICEIN)
Large CapFinancial Services stocks · Large cap · NSE
Choice International Limited is a diversified financial services group offering broking & distribution, NBFC, advisory, and asset/wealth management services. The company leverages digital capabilities with an on-ground presence through its Choice Business Associates network, focusing on semi-urban geographies and secured lending.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +32% YoY · PAT +27% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹310 Cr | +31.9% | +1.0% |
| EBITDA | ₹105 Cr | +26.5% | -9.5% |
| Operating margin | 34.0% | -200 bps | -400 bps |
| PAT | ₹61 Cr | +27.1% | -10.3% |
| PAT margin | 19.7% | -75 bps | -247 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Choice International reports strong Q4 & FY26 consolidated revenue and PAT growth, driven by broking, distribution, and advisory segments. NBFC loan book grew, but overall wealth AUM declined due to debt MF redemptions.
The company delivered robust top-line and bottom-line growth for Q4 and FY26, with management projecting continued ~30% YoY growth. While wealth AUM saw a decline, it was attributed to a strategic shift from debt to higher-margin equity MFs. The advisory order book dip is explained by Q4 execution focus, with a strong pipeline. NBFC asset quality remains stable. The IPPB partnership and AMC AUM targets provide future growth visibility, though execution and diversification remain key.
Revenue by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Public Sector Advisory
Secured government mandates aggregating approximately Rs. 55 Cr in Q4 FY26, with an order book of Rs. 698 Cr providing 2-3 years visibility.
Wealth Management Expansion
Secured a digital investment platform mandate from India Post Payments Bank, providing access to a large distribution network.
Broking & Distribution Reach
Network of 67,000 Choice Business Associates and growing Demat account base (13 lakhs, +16% YoY) supports client acquisition and engagement.
Secured NBFC Lending
Focus on secured lending (MSME, micro-LAP, rooftop solar financing) supports stable growth and healthy NIMs.
AMC AUM Target
Targeting Rs. 1,000 Cr of AUM in the AMC business by the close of FY27.
IPPB Partnership Go-Live
Tech integration for India Post Payments Bank partnership is ongoing, expected to go live in Q1 FY27, with revenues and profitability starting from July 1st.
Active Fund Management
Building a team and planning to launch active schemes in the AMC business in the current financial year (FY27).
Stable Indian Economy
India maintained steady progress in FY26 backed by a stable policy environment and consistent execution, driving confidence across sectors.
Technology Leverage
Leveraging technology and stable fixed costs to expand net margins, as seen in PAT growth outpacing revenue growth.
Digital Adoption
Around 70% of broking revenue is generated through digital channels (mobile app, web trading platform).
Debt Mutual Fund Redemptions
Overall wealth AUM decline largely driven by redemptions in debt mutual funds, as clients shift capital to equities.
Corporate Insurance Decline
Decline in corporate insurance premium due to a high base from certain government contracts in the previous financial year.
Advisory Order Book Concentration
Contribution of certain states (e.g., Maharashtra) and sectors (e.g., infrastructure consulting) is high, though management aims to diversify.
NBFC Yield Compression
As the NBFC book scales and better credits are originated, there is an expectation of marginal rate reduction and NIM compression.
Market Volatility Impact
While current volatility has not significantly impacted volumes, a 'larger geopolitical issue' could affect overall revenues.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company reported both Q4 FY26 and full-year FY26 results on a YoY basis, providing insight into recent momentum and overall annual performance. NBFC asset quality metrics are point-in-time as of March 31, 2026, with trends discussed sequentially.
Consolidated Revenue Growth (YoY)
Q4 FY26 consolidated revenue of Rs. 314 Cr, representing a growth of 23% YoY. Full year FY26 consolidated revenue was Rs. 1,145 Cr, up 24% YoY.
Consolidated PAT Growth (YoY)
Q4 FY26 PAT came in at Rs. 68 Cr, a YoY growth of 27%. Full year FY26 PAT was Rs. 238 Cr, reflecting a growth of 46% YoY.
Stockbroking AUM Growth (YoY)
Stockbroking AUM at Rs. 52,482 Cr in Q4 FY26, growing 28% YoY.
NBFC Loan Book
The loan book stood at Rs. 800 Cr as of FY26.
Growth Guidance
Management projects maintaining a growth rate of around 30% YoY across revenues and profitability.
Segment Focus
All four segments (broking & distribution, NBFC, advisory, AMC) are core and expected to grow, with dedicated leadership for each.
Insurance Mix Target
Plans to maintain a 50-50 mix between corporate and retail insurance in the future.
AI Implementation
Dedicated team implementing AI for data analytics and back-office functions, with plans to expand to front-end customer-facing activities.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AMC AUM | Targeting Rs. 1,000 Cr by FY27 | Progress towards the FY27 AUM target and successful launch of active schemes. |
| Advisory Order Book | Rs. 698 Cr (Q4 FY26), declined QoQ | Reversal of QoQ decline in order book and fresh order wins exceeding execution in Q1 FY27. |
| NBFC Asset Quality (NNPA) | 1.86% (March 31, 2026) | Continued stability or improvement in NNPA, especially with potential yield compression. |
| IPPB Partnership Contribution | Tech integration ongoing, go-live Q1 FY27 | Explicit reporting of revenue and profitability contribution from the partnership starting Q1 FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -2.3% / mo · MACD −
Technical chart
CHOICEINdaily · 1Y · AUTO+10.7%Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 35.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.4% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 34% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- 10.5% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+0.2% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 43 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 43 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 19/25 to the score.
- Quality contributes 11/20 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -162.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 62nd percentile within Financial Services. Main check: cash conversion is weak at 52/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-267 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 62nd pctile, median 62 · Large: 26th pctile, median 73
48 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-267 Cr.
- ▸Promoter holding fell 3%.
- ▸ROCE trend is -3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 74.40
- P/B
- 10.15
- EV/EBITDA
- 40.13
- Market Cap
- 16952.00Cr
Profitability
- ROE
- 16.10%
- ROCE
- 18.00%
- ROA
- 7.04%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 45.00%
- EPS 5Y
- 67.00%
- Revenue 3Y
- 42.00%
- EPS 3Y
- 54.00%
Balance Sheet
- Debt/Equity
- 0.54
- Interest Coverage
- 4.39×
- Altman Z
- 6.83
- Book Value
- 75.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -267.00 Cr
- EPS TTM
- 10.44
Shareholding
- Promoter Hold
- 53.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.