Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Oct - Newspaper Advertisment for Loss of Share Certificate.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 12:56 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
40NeutralSMA20 -4.2% / mo · MACD +
Stock trend: 36
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CHOICEIND candles · FIT view+3.1%Latest close ₹713.90 on 2026-10-21
Bar
-2.6%
RSI
38
MACD hist
1.49
52W pos
50%
2026-10-21O ₹733.00H ₹735.50L ₹707.00C ₹713.90Vol 2.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CHOICEINNifty Financial ServicesNifty 500
- CHOICEIN
- -12.6%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- -6.1 pp
Chart stats
21 Oct 2026- From 52W high
- -17.0%
- 52W range position
- 50%
- ATR (14)
- 2.6%
- Volume vs 20D
- 0.52x
- Avg traded value
- ₹25.5 Cr
- 20D price channel
- ₹706.8 - ₹799
₹860.5
₹568.7 - ₹860.5
₹18.3
Latest completed session
20-session average
21.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST43
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +31.9% · PAT +27.1% YoY
Technical
Neutral40
Price trend and sector-relative-strength timing.
Valuation
Legacy model-168.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +32% YoY · PAT +27% YoY
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 72.00
- P/B
- 9.79
- EV/EBITDA
- 38.90
- Market Cap
- 16403.00Cr
Profitability
- ROE
- 16.10%
- ROCE
- 17.90%
- ROA
- 7.04%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 45.00%
- EPS 5Y
- 67.00%
- Revenue 3Y
- 43.00%
- EPS 3Y
- 53.00%
Balance Sheet
- Debt/Equity
- 0.54
- Interest Coverage
- 4.39×
- Altman Z
- 6.67
- 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
- 57%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 310+1.0% vs prev
Net Profit
₹ CrLatest: 61.0-10.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 38.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~4.3% over last month) — short-term momentum negative.
- RSI(14) at 38 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 17% off 52W high · 26% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
50
RS percentile
Stage 1 Base / Transition
1M return
-8.7%
3M return
-12.6%
6M return
-0.5%
1Y return
-13.2%
RS 1D
-4
RS 20D
-12
Sector rank
#10
Industry rank
-
Stage evidence
- Price is within 2.3% of the 30-week proxy.
- The 30-week proxy changed +1.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 94.26-1.79%
RS vs Nifty 50094
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth19/25
Quality11/20
Balance Sheet7/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
43
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
43/100 · legacy band WATCHLIST
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 -168.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
72.0
PB
9.8
EV/EBITDA
38.9
ROE
16.1%
ROCE
17.9%
FCF Yield
—
Debt/Equity
0.5
MoS
-168.2%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
43
Previous: 43
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-168.2%
Previous: -175.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
43
43
43
43
43
43
43
43
43
43
43
43
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹132.73
-437.9% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹266.22
-168.2% MoS
PEG
1.17
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RELIGARE
Micro
Religare Enterprises Limited
Financial Services
match 77
22
151.0
3.2%
-462%
OVERVALUED
EFCIL
Small
EFC (I) Limited
Financial Services
match 59
79
9.8
33.4%
+66%
DEEP VALUE
PRUDENT
Micro
Prudent Corporate Advisory Services Limited
Financial Services
match 53
53
51.6
28.6%
-103%
FAIR VALUE
JAYKAY
Small
Jaykay Enterprises Limited
Financial Services
match 48
44
82.2
3.6%
+41%
WATCHLIST
IREDA
Mid
Indian Renewable Energy Development Agency Limited
Financial Services
match 47
41
15.5
15.6%
+40%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T16:58:07.290Z
Management commentary snapshot
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.
Current business mix
Revenue by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Broking & Distribution59.0%
Advisory28.0%
NBFC13.0%
Growth engines
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.
Capacity and execution
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).
Tailwinds
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).
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
66Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
57 docs text-extracted · 9 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · Financial Services: 62nd pctile, median 62 · Large: 26th pctile, median 73
Evidence depth
Financial-only
57 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
58
watch · capital discipline
Results
87
strong · quarterly consistency
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 -3.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Choice International Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Sep - Newpaper Advertisment for the 33rd Annual General Meeting of the Company to be held on September 26, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Company Ir
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Updates on Acquisition 20 Aug - Completed acquisition of 100% stake in Choice Proptech Solutions for ₹6.22 crore on August 20, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 10 Aug - Manoj Singhania resigns as CFO; Ayush Sharma appointed CFO effective August 10, 2026.
Source: Bse
Concall transcript
Announcement under Regulation 30 (LODR)-Earnings Call Transcript 17 Aug - Earnings Call Transcript for Q1 and FY 27 Results.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 14 Jul - Ashok Kumar Thakur ceased as Independent Director effective July 13, 2026; committee roles ended.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 14 Jul - Mr. Kanhaiya Lal Berwal ceases as Independent Director effective July 13, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 9 Jul - CEBPL signs agreements to issue CCPS worth Rs 900 crore to NH Investment & Securities.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.