HDFC Bank Limited
NSE: HDFCBANK
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Research updated
Choice International Limited
NSE: CHOICEINFinancial ServicesCapital Markets
- Last close
- ₹686.65
- Day change
- −₹27.35 (−3.83%)vs
- Market cap
- ₹16,498 crIndian rupees
- Research updated
- 1 report
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About Choice International
Choice International Limited is a diversified financial services company headquartered in Mumbai, India, established in 1993. Its primary purpose is to deliver a broad spectrum of financial solutions for individuals, businesses, and institutions. The company's operations span four key segments: Broking & Distribution, Advisory Services, NBFC (Non-Banking Financial Company) Services, and Other Services. It provides equity broking, wealth management—including asset allocation, risk management, investment products, and estate planning—as well as insurance services in health, life, and commercial lines. Its NBFC arm enables lending products such as solar, business, vehicle loans, and loans against securities. The advisory division supports corporates and government entities with strategic, regulatory, and compliance advice. The company’s integrated structure allows it to impact financial markets through its capital market activities, investment banking, retail loan distribution, and mutual fund and technical services. Choice International has shown strong growth in revenue and profits over recent years, supported by substantial market capitalization and robust financial metrics, playing a significant role within India's financial services sector.
- Sector
- Financial Services
- Industry
- Capital Markets
- Listing
- NSE: CHOICEIN
- Chief executive
- Mr. Arun Kumar Poddar CA
- Employees
- 5,258
- Headquarters
- Mumbai, India
- ISIN
- INE102B01014
- Website
- choiceindia.com
Public research · Report of
Business model & financial foundation
Choice International (NSE: CHOICEIN), Broking, lending and infrastructure advisory: revenue of ₹1,119 crore in FY26 (+22.9% on FY25), an EBITDA margin of 38.0% and net profit of ₹217.7 crore.
- Revenue, FY26 (₹ crore)
- 1,119
- consolidated
- Revenue growth, FY26
- +22.9%
- on FY25
- EBITDA margin, FY26
- 38.0%
- EBITDA including other income / revenue
- Net profit, FY26 (₹ crore)
- 217.7
- to owners
- Return on equity, FY26
- 16.1%
- on average equity
- Market capitalisation (₹ crore)
- 16,166
- at the close of 17 Oct 2026
Company profile
Choice earns from securities broking and distribution, government infrastructure consultancy and NBFC lending. Its branch and franchise network targets smaller cities; advisory order execution diversifies market-sensitive broking revenue. Funding and minority ownership in subsidiaries make consolidated PAT an imperfect proxy for earnings attributable to Choice shareholders.
| Item | Value |
|---|---|
| Legal name | Choice International Limited |
| Exchange and ticker | NSE: CHOICEIN; BSE: 531358 |
| ISIN | INE102B01014 |
| Sector | Financial Services |
| Industry | Broking, lending and infrastructure advisory |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | M S K A & Associates LLP |
| Market capitalisation | ₹16,166 crore (17 Oct 2026) |
| Shares outstanding | 22.28 crore shares (FY26) |
| Price | ₹740.5 (close, 17 Oct 2026) |
| 52-week range | ₹568.7 - ₹860.5 (to 17 Oct 2026) |
| Website | https://choiceindia.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Choice Equity Broking Private Limited | 90% | Broking and distribution; holding before NH CCPS conversion |
| Choice Consultancy Services Private Limited | 90% | Infrastructure and government advisory |
| Choice Finserv Private Limited | 82.34% | NBFC: MSME, LAP and solar finance |
| Choice Capital Advisors Private Limited | 100% | Merchant banking |
NH Investment Rs900cr CCPS transaction announced July 2026; conversion and final dilution not yet verified.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 53.65% | 53.65% | 53.65% | |
| Promoter holding pledged | 7.48% | 6.38% | 6.38% | |
| Foreign institutions | 12.16% | 11.41% | 10.10% | |
| Domestic institutions | 0.30% | 0.35% | 0.28% | |
| of which mutual funds | 0.25% | 0.29% | 0.25% | |
| Other | 33.89% | 34.59% | 35.97% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Choice International is a holding company whose operations are in subsidiaries. Choice Equity Broking (90% owned before the NH CCPS converts) runs broking and distribution through 154 broking branches, 1,795 registered franchisees and a business-associate network, aimed at Tier 3-5 cities. Choice Consultancy (90%) and Ayoleeza run government infrastructure and e-governance consulting. Choice Capital Advisors is a Category-I merchant banker. Choice Finserv (82.34%) lends to MSMEs, against property and for rooftop solar. In FY26, gross segment revenue was: broking and distribution 639.6cr, advisory 329.9cr, NBFC 164.3cr. Segment PBT was 177.5cr, 120.1cr and 17.0cr. Advisory is the highest-margin business at 36% of revenue; NBFC is the lowest at 10%. Consolidated revenue from operations was 1,119.1cr and other income 25.4cr. Group PAT was 237.9cr, of which 217.7cr was attributable to owners. Choice controls distribution and client acquisition. It does not control market turnover or the regulation of derivatives. Government clients control when advisory revenue is billed and paid.
| Segment | revenue, FY26 (₹ crore) | Share | pbt, FY26 (₹ crore) | Share | external income, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Broking and distribution | 639.6 | 55.9% | 177.5 | 56.1% | 629.6 | 55.0% |
| Advisory services | 329.9 | 28.8% | 120.1 | 38.0% | 327.1 | 28.6% |
| NBFC services | 164.3 | 14.4% | 17.0 | 5.4% | 164.0 | 14.3% |
| Unallocated income and net PBT contribution | 50.2 | 4.4% | 1.67 | 0.5% | 23.8 | 2.1% |
| Intersegment income eliminations signed negative | -39.5 | -3.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Angel One (ANGELONE) | Retail broking and MTF; activity sensitivity |
| Motilal Oswal Financial Services (MOTILALOFS) | Diversified broking, wealth and lending |
| IIFL Capital Services (IIFLCAPS) | Broking and investment banking |
| Geojit Financial Services (GEOJITFSL) | Phygital retail broking and distribution |
| 5paisa Capital (5PAISA) | Digital retail broking |
| Anand Rathi Wealth (ANANDRATHI) | Wealth distribution comparator, not pure broking |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 271.8 | 389.3 | 750.8 | 910.4 | 1,119 |
| Cost of revenue (vendor classification) * | 120.6 | 187.3 | 318.2 | 478.9 | 503.1 |
| Other operating costs (vendor classification) * | 69.0 | 79.7 | 184.6 | 112.9 | 173.2 |
| EBITDA (vendor classification) * | 83.0 | 112.5 | 224.6 | 290.8 | 423.5 |
| EBIT * | 87.8 | 102.0 | 217.5 | 284.0 | 401.1 |
| Finance costs | 14.2 | 20.0 | 40.4 | 66.1 | 89.1 |
| Profit before tax | 73.6 | 82.0 | 180.8 | 221.3 | 316.4 |
| Tax expense | 20.0 | 21.9 | 49.9 | 58.6 | 78.5 |
| Profit after tax before NCI allocation | 53.6 | 60.1 | 130.9 | 162.7 | 237.9 |
| Diluted EPS (₹) | 3.02 | 3.01 | 6.52 | 7.99 | 11.23 |
| Other income | 8.52 | 11.3 | 25.4 | ||
| Employee benefit expenses | 221.1 | 274.0 | 325.9 | ||
| Administrative and other expenses | 310.5 | 351.8 | 393.2 | ||
| EBITDA including other income | 227.8 | 295.9 | 425.4 | ||
| Depreciation and amortisation | 6.60 | 8.50 | 19.9 | ||
| PAT attributable to owners | n.r. | 156.5 | 217.7 | ||
| PAT attributable to NCI | n.r. | 6.19 | 20.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners including warrants | 410.8 | 482.1 | 631.4 | 1,027 | 1,672 |
| Borrowings current plus non-current excluding leases | 219.8 | 206.7 | 455.5 | 677.2 | 883.8 |
| Cash and bank balances including restricted balances | 25.6 | 87.3 | 386.1 | 490.6 | 519.0 |
| Trade receivables net of ECL | 81.7 | 115.6 | 187.4 | 274.6 | 436.7 |
| Trade payables * | 17.5 | 28.1 | 27.1 | 26.9 | 50.3 |
| Net property plant and equipment | 0.40 | 17.9 | 18.7 | 125.7 | 127.2 |
| Capital work in progress | 0.00 | 0.18 | 0.00 | 1.35 | 10.1 |
| Total assets | 977.6 | 1,109 | 1,806 | 2,619 | 3,566 |
| Non-controlling interest in equity | 8.80 | 78.3 | 152.2 | ||
| Loans current plus non-current | 474.3 | 942.5 | 1,323 | ||
| Reported cash and cash equivalents | 138.8 | 194.4 | |||
| Other bank balances | 351.8 | 324.5 | |||
| Own-funded fixed deposits under bank-guarantee lien | 73.5 | 128.7 | |||
| Fixed deposits lien bucket incl client-funded deposits | 244.3 | 153.6 | |||
| Other fixed deposits restriction status unconfirmed | 34.0 | 42.2 | |||
| Client-funded deposits cited in note17 footnote | 200.3 | ||||
| Current investments mutual funds and bonds | 27.6 | 125.1 | |||
| Non-current investments AIFs equity ARC and warrants | 31.2 | 52.9 | |||
| Margin money assets not treasury cash | 471.7 | 471.7 | |||
| Margin money received from customers | 635.3 | 645.6 | |||
| Lease liabilities current plus non-current | 2.31 | 23.8 | |||
| Verified unrestricted surplus liquidity | n.r. | n.r. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -22.7 | 141.6 | -153.0 | -294.5 | -267.1 |
| Free cash flow (vendor definition) * | -37.8 | 91.3 | -164.3 | -451.2 | -369.2 |
| Purchase of PPE cash outflow negative | -3.41 | -26.1 | -12.8 | -28.4 | -15.6 |
| Intangible purchases incl development and ROU | -40.6 | -57.5 | |||
| Purchase of capital work in progress | -1.35 | -8.80 | |||
| Purchase of investment property | 0.00 | -73.1 | |||
| Purchase of goodwill | -86.4 | -20.3 | |||
| Operating cash movement increase in loans | -467.6 | -380.4 | |||
| Operating cash movement other bank balances | -110.8 | 27.3 | |||
| Finance costs paid | -66.1 | -89.1 | |||
| Net cash from investing activities | -161.1 | -277.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 17.74 | 19.90 | 19.91 | 19.94 | 22.28 |
| Weighted average shares basic EPS | 21.05 | ||||
| Weighted average shares diluted EPS | 21.19 | ||||
| Company reported gearing net debt not valuation adjustment | 538.4 | 689.4 | |||
| NBFC net loans and advances | 676.0 | 761.2 | |||
| Margin trading funding balance | 213.2 | 291.7 | |||
| EBITDA mechanically excluding other income | 400.1 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 247.4 | 209.3 | 253.0 | 234.6 | 274.4 | 303.4 | 306.7 | 309.8 |
| Cost of revenue (vendor classification) * | 69.6 | 65.5 | 275.9 | 70.0 | 87.6 | 91.1 | 94.0 | |
| Other operating costs (vendor classification) * | 102.0 | 84.3 | -204.4 | 81.2 | 104.0 | 100.1 | 111.0 | |
| EBITDA (vendor classification) * | 77.7 | 61.7 | 94.9 | 86.8 | 117.0 | 122.6 | 114.0 | |
| EBIT * | 75.7 | 59.6 | 92.1 | 84.0 | 113.9 | 112.6 | 107.6 | |
| Finance costs | 15.1 | 16.3 | 21.6 | 21.1 | 20.6 | 21.5 | 25.9 | 27.7 |
| Profit before tax | 60.6 | 43.3 | 74.0 | 62.9 | 74.4 | 92.4 | 86.7 | 79.9 |
| Tax expense | 14.2 | 12.6 | 20.4 | 14.9 | 18.0 | 26.8 | 18.9 | 19.3 |
| Profit after tax before NCI allocation | 46.5 | 30.7 | 53.5 | 48.0 | 56.5 | 65.6 | 67.8 | 60.6 |
| Diluted EPS (₹) | 2.28 | 1.52 | n.r. | 2.34 | n.r. | 3.07 | 3.02 | 2.70 |
| Other income | 1.81 | 2.14 | 2.04 | 3.33 | 9.67 | 5.24 | 7.14 | 9.24 |
| Employee benefit expenses | 69.6 | 65.5 | 70.9 | 70.0 | 77.2 | 87.6 | 91.1 | 94.0 |
| Administrative and other expenses | 102.0 | 84.3 | 85.8 | 81.2 | 107.9 | 104.0 | 100.1 | 111.0 |
| EBITDA as reported | 77.7 | 61.7 | 98.3 | 86.8 | 99.0 | 117.0 | 122.6 | 114.0 |
| Depreciation and amortisation | 1.97 | 2.08 | 2.76 | 2.79 | 3.97 | 3.13 | 10.1 | 6.44 |
| PAT attributable to owners | n.r. | n.r. | n.r. | n.r. | n.r. | 57.1 | 60.3 | 55.3 |
| PAT attributable to NCI | n.r. | n.r. | n.r. | n.r. | n.r. | 8.49 | 7.53 | 5.31 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 64.2% | 43.2% | 92.9% | 21.3% | 22.9% |
| EBITDA margin | 30.3% | 32.5% | 38.0% | ||
| Net margin | 17.2% | 19.4% | |||
| Return on equity | 18.9% | 16.1% | |||
| Return on capital employed | 16.8% | 15.5% | 24.5% | 20.3% | 18.8% |
| Return on assets | 7.1% | 7.0% | |||
| Borrowings less cash (₹ crore) | 194.1 | 119.4 | 69.4 | 186.6 | 364.9 |
| Borrowings less cash / EBITDA | 0.30x | 0.63x | 0.86x | ||
| Interest cover | 6.19x | 5.10x | 5.39x | 4.30x | 4.50x |
| Asset turnover | 0.33x | 0.37x | 0.52x | 0.41x | 0.36x |
| Receivable days | 110 | 108 | 91 | 110 | 142 |
| Payable days (on revenue) | 23 | 26 | 13 | 11 | 16 |
| Cash conversion | -1.88x | -1.23x | |||
| Capex intensity | 1.3% | 6.7% | 1.7% | 3.1% | 1.4% |
| Free cash flow (₹ crore) | -26.1 | 115.5 | -165.8 | -322.9 | -282.7 |
| EPS, diluted (₹) | 3.02 | 3.01 | 6.52 | 7.99 | 11.23 |
| Book value per share (₹) | 23.15 | 24.22 | 31.71 | 51.52 | 75.03 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA including other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA including other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- The 12-month rating and target
- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Choice International
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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