NSE: CHOICEIN · BSE: 531358
CHOICE INTERNATIONAL LTD
Operates as a holding company for a financial services group generating Rs. 1,119.13 crore in FY26 revenue, with Broking & Distribution Services the largest segment at Rs. 639.64 crore (54% of segment revenue) and EBIT of Rs. 177.55 crore. Advisory Services contributes Rs. 329.92 crore (27.9%) and Rs. 120.15 crore EBIT, covering investment banking with 34 ongoing IPO mandates and tentative fund raising of Rs. 75.5 billion. NBFC Services adds Rs. 164.26 crore (13.9%), with an NBFC loan book of Rs. 8 billion and net interest margin of 12.25%. Operating scale includes 12.63 lakh demat accounts, client assets of Rs. 52,482 crore, equity mutual fund AUM of Rs. 2,311 crore and wealth AUM of Rs. 42.7 billion. The material subsidiary Choice Equity Broking accounts for 51% of group turnover and is raising about Rs. 900 crore from South Korea's NH Investment & Securities via CCPS issuance. Subsidiaries also secured government consultancy mandates worth Rs. 191.38 crore covering e-governance, railway infrastructure and project management. Employee cost is the largest expense at 29.1% of revenue, followed by other operating expenses at 35.1%, with minimal capex of 1.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Broking & Distribution Services (54%), Advisory Services (28%), NBFC Services (14%), Unallocable (4%). Asset-light, people-driven financial services holding company spanning broking, advisory and lending
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 272 | 385 | 751 | 910 | 1,119 |
| EBITDA (ex other income) | 78 | 99 | 219 | 285 | 400 |
| margin % | 28.8 | 25.6 | 29.2 | 31.3 | 35.7 |
| Owners' profit | 54 | 0 | 131 | 157 | 218 |
| EPS, as reported (₹) | 13.84 | 6.04 | 6.57 | 8.16 | 11.30 |
| ROE % · ROCE % | 13.0 · 19.4 | 12.5 · 17.3 | 20.4 · 24.6 | 14.7 · 20.2 | 13.0 · 17.8 |
| Debt / equity (x) | 0.53 | 0.43 | 0.71 | 0.42 | 0.48 |
| Cash from operations | (34) | 263 | (148) | (294) | (267) |
| Capex | (3) | (26) | (13) | (28) | (16) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 247 | 209 | 253 | 234 | 274 | 303 | 307 | 310 |
| Profit before tax | 61 | 43 | 74 | 63 | 74 | 92 | 87 | 80 |
| Net profit | 46 | 31 | 54 | 48 | 56 | 66 | 68 | 61 |
| EPS (₹) | 2.33 | 1.54 | 2.68 | 2.38 | 2.75 | 3.09 | 3.05 | 2.72 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Broking & Distribution Services | 179 | 15.1 |
| Advisory Services | 330 | 27.9 |
| NBFC Services | 164 | 13.9 |
| Unallocable | 50 | 4.2 |
| Broking Services | 460 | 38.9 |
| Total, before eliminations | 1,184 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINSERV LTD. | 2,68,128 | 26.4 | 1.90 | — | 14.0 | — | 20.0 | 40.8 |
| BAJAJ HOLDINGS & INVS LTD | 1,21,311 | 13.7 | 1.47 | — | 11.9 | — | 21.8 | 92.9 |
| CHOICE INTERNATIONAL LTD ◆ | 16,040 | 62.0 | 8.80 | 39.3 | 13.0 | 13.9 | 46.0 | 36.8 |
| EDELWEISS FIN SERV LTD | 11,661 | 16.3 | 1.96 | — | 11.4 | — | 2.2 | 29.3 |
| JM FINANCIAL LIMITED | 10,465 | 10.1 | 0.92 | — | 10.6 | — | 5.1 | 60.3 |
| RANE HOLDINGS LIMITED | 2,153 | 25.5 | 1.51 | 6.2 | 9.6 | 11.7 | 23.7 | 7.5 |
| BF INVESTMENT LIMITED | 1,470 | 3.8 | 0.17 | — | 3.3 | — | 36.0 | 90.4 |
| BALMER LAWRIE INVSTS. L | 1,393 | 10.8 | 0.62 | — | 12.4 | — | 12.2 | 18.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 62.0 | 10.8 | 13 of 13 | 0% |
| P/B | 8.8 | 1.4 | 14 of 14 | 0% |
| ROCE | 13.9 | 11.2 | 3 of 8 | 71% |
| ROE | 13.0 | 10.1 | 3 of 14 | 85% |
| Debt / Equity | 0.5 | 0.5 | 4 of 7 | 50% |
| EBITDA margin | 36.8 | 29.6 | 5 of 14 | 69% |
| Revenue growth | 32.5 | 18.6 | 4 of 15 | 79% |
| Profit growth | 26.4 | 18.1 | 7 of 15 | 57% |
| Market cap | 16040 | 1208 | 3 of 16 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 results and consider bonus shares | results | low | — | — |
| 27 Oct 2026 · Rs 900 crore NHIS investment completed in Choice Equity Broking | compliance | low | — | — |
| 27 Oct 2026 · CEBPL allots about Rs 900 crore CCPS to NH Investment | fund raising | high | — | — |
| 8 Oct 2026 · Compliance certificate for share dematerialisation, Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Shareholder reports loss of share certificates - newspaper notice published | compliance | minimal | — | — |
| 29 Sept 2026 · 33rd AGM voting results: all 4 resolutions passed by shareholders | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure Until Q2 FY27 Results Declaration | compliance | minimal | — | — |
| 26 Sept 2026 · 33rd AGM held; 4 resolutions passed including related party transactions | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · Choice International to attend Arihant Capital Rising Stars virtual conference | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Choice International to attend Arihant Capital's Rising Stars conference on Sep 28 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.