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Choice International Ltd
NSE: CHOICEIN BSE: 531358 INE102B01014 Financial Services NBFC 🔎 Screen
₹14,798 Cr
Market Cap
10.21
P/B
NIM
16.1%
ROE
GNPA
29.0%
Fin. Margin
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Incorporated in 1993, Choice International Ltd provides services like Broking & Distribution, Investment Banking, Financial services, etc.

✓ Strengths 2
  • Company has delivered good profit growth of 67.0% CAGR over last 5 years
  • Company's median sales growth is 21.7% of last 10 years
! Concerns

No concerns data yet.

Key Ratios Snapshot
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📈 Growth Pattern
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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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Strong beat: revenue grew 23% YoY to ₹313.8 Cr, PAT up 27% to ₹67.8 Cr, driven by NBFC NIM expansion and broad-based growth across segments. quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹313.8 Cr
+23% YoY (Q4 FY25: ₹255 Cr)
EBITDA Margin
31.3%
Slight contraction from 31.5% in Q4 FY25
PAT
₹67.8 Cr
+27% YoY (Q4 FY25: ₹48 Cr)
Demat Accounts
1.263 Mn
+16% YoY; market share slipped to 1.19%
What Went Right
  • Revenue grew 23% YoY to ₹313.8 Cr, with broking & distribution segment revenue up 39% to ₹179.2 Cr.
  • PAT rose 27% YoY to ₹67.8 Cr, driven by operating leverage and higher net interest income.
  • NBFC net interest margin expanded 229 bps YoY to 12.25%, reflecting improved asset pricing and mix.
  • Wealth products AUM increased 23% YoY to ₹4,268 Cr, with equity MF AUM up 35%.
  • Demat accounts grew 16% to 1.263 Mn, supported by expanded branch and franchisee network.
What to Watch
  • Retail broking market share slipped to 1.19% from 1.21% in Q3, despite higher ADTO of ₹17,833 Mn.
  • EBITDA margin contracted 20 bps to 31.3% as staff and technology costs outpaced revenue growth.
  • NBFC gross NPAs stood at 2.74% (NNPA 1.86%), indicating asset quality pressure in the MSME book.
  • Insurance corporate premium growth of 16% lagged retail's 28%, reflecting uneven segment recovery.
  • No explicit near-term guidance was provided; long-term NBFC AUM targets extend to 2030 only.
Management Guidance
  • NBFC Green Finance AUM target of ~₹10 Bn by 2030.
  • NBFC MSME Finance AUM target of ~₹25 Bn by 2030.
Investor Lens
The thesis remains intact: Choice is executing well across diversified verticals, with Q4 FY26 revenue up 23% YoY and PAT up 27%. The NBFC segment is a key driver, with NIM expanding 229 bps to 12.25%, but asset quality (GNPA 2.74%) demands close watch. Broking market share slipped to 1.19%, though demat accounts grew 16% to 1.263 Mn. The IPPB partnership and AI integration are promising catalysts. Investors should monitor NBFC credit costs, broking ADTO trends, and any concrete 1-2 year revenue guidance in the upcoming calls. Near-term visibility is limited without explicit management targets.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Net Profit up 25.9% to ₹68 Cr
Revenue
Revenue rose 21.3% YoY to ₹307 Cr, up 1.3% QoQ. This growth indicates a strong top-line performance. Revenue has been steadily increasing, with a significant YoY jump.
Profitability
Net Profit increased 25.9% YoY to ₹68 Cr, with EPS at ₹2.71. PAT growth outpaced revenue growth, driven by operating profit. Profitability has been improving, with a notable increase in Net Profit.
Margins
OPM remained steady at 38%, indicating stable operating efficiency. Margins have been consistent, with minimal QoQ variation. The company has maintained its operating profitability.
Balance Sheet
Borrowings stood at ₹908 Cr, with reserves at ₹1,449 Cr. Total Assets were ₹3,566 Cr, indicating a stable balance sheet. The debt-to-equity ratio is 0.54, reflecting a manageable debt level.
Key Risks
High debt levels and interest expenses could impact profitability. The company's reliance on operating efficiency is a risk, as any decline in OPM could affect profitability. Additionally, the tax rate of 22% may fluctuate, impacting Net Profit.
Outlook
The company's strong revenue and profitability growth trends are expected to continue, driven by its stable operating efficiency. However, the company must manage its debt levels and interest expenses to maintain its profitability momentum.
Generated by AI · Mar 2026 results · Not investment advice
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Revenue by Segment

Segment Q3FY26 Q4FY26 Trend
Advisory Services
100
EBIT 38
91
EBIT 31
Broking & Distribution Services
179
EBIT 55
NBFC Services
40
EBIT 4
43
EBIT 2
Unallocable
14
EBIT 2
17
EBIT 0
Broking Services
164
EBIT 49
Total 318 330

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

🏦 Banking KPIs

NIM, GNPA, CASA, CAR, ROA, ROE and more — extracted from investor presentations
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📊 Analysis Methodology

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Investment Risk:
Investing in securities, including equities and mutual funds, involves inherent risks, including the potential loss of principal. All investments are subject to market fluctuations, regulatory changes, and other risks that may affect their value. Past performance is not indicative of future results. This report is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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