Choice International financials and balance sheet

NSE: CHOICEINBSE: 531358FinanceSmall Cap

₹686.65₹27.35 (3.83%)BSE ₹688.15

Share price at the NSE close on 23 Oct 2026. Previous close ₹714.00.

52-week range of traded prices to 23 Oct 2026

₹568.70Low, 23 Mar 2026₹860.50High, 5 Jan 2026

Market cap: ₹15,297 Cr411th largest listed
P/E: 63.0
P/B: 9.2
Dividend yield: Nonein the last 12 months
ROE: 18.0%
ROCE: 14.7%
Debt to equity: 0.48
Volume, NSE: 2,30,46336.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Choice International annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2023, the company's revenue for that year, ₹385 Cr, differs from its quarters added, ₹381 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,119
Employee costs−326
Other expenses−393
Operating profit400
Depreciation−20
Other income+25
One-off items0.0
Finance costs−89
Profit before tax316
Tax−79
Net profit238

What the company owns

Plant, investments and other assets₹2,485 Cr
Cash and bank₹519 Cr
Receivables₹437 Cr
Current investments₹125 Cr

What pays for it: net worth and liabilities

Net worth₹1,824 Cr
Borrowings₹884 Cr
Other liabilities₹808 Cr
Owed to suppliers₹50 Cr

Choice International business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Choice International segment results by quarter

Revenue by segment

₹1,134 CrTotal

Broking and distribution services₹640 Cr56.4% of total
Advisory Services₹330 Cr29.1% of total
NBFC Services₹164 Cr14.5% of total

Profit by segment

Broking and distribution services₹178 Cr56.4% of total
Advisory Services₹120 Cr38.2% of total
NBFC Services₹17 Cr5.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Broking and distribution services
Revenue, ₹ crore
75
85
111
174
248
455
551
640
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
20
9
51
49
91
135
178
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Advisory Services
Revenue, ₹ crore
33
44
69
98
226
250
330
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
1
5
30
90
80
120
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
NBFC Services
Revenue, ₹ crore
15
29
39
47
87
115
164
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
21
29
12
8
7
17
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	140	143	194	292	393	767	916	1,134
Company revenue, as in its results	127	127	169	272	385	751	910	1,119
Revenue	75	85	111	174	248	455	551	640
Revenue growth	–	13.0%	30.8%	56.5%	42.6%	83.0%	21.2%	16.0%
Profit	1	20	9	51	49	91	135	178
Profit growth	–	1,374.6%	−54.7%	469.1%	−4.1%	87.1%	47.0%	32.0%
Margin	1.8%	23.2%	8.1%	29.3%	19.7%	20.1%	24.4%	27.8%
Return on capital	–	32.9%	16.2%	34.9%	33.1%	39.1%	34.5%	32.4%
Assets	–	246	298	470	539	977	1,287	1,534
Liabilities	–	186	243	324	391	743	897	986
Capital employed	–	60	55	146	148	234	390	547
Revenue	–	33	44	69	98	226	250	330
Revenue growth	–	–	32.7%	55.0%	42.9%	130.6%	10.8%	31.8%
Profit	–	1	1	5	30	90	80	120
Profit growth	–	–	36.6%	365.5%	447.8%	201.8%	−10.9%	50.6%
Margin	–	2.6%	2.6%	7.9%	30.3%	39.6%	31.9%	36.4%
Return on capital	–	1.4%	3.5%	28.4%	65.3%	84.5%	45.6%	26.1%
Assets	–	92	81	43	98	171	217	581
Liabilities	–	30	48	24	53	65	42	121
Capital employed	–	62	33	19	45	106	175	460
Revenue	–	15	29	39	47	87	115	164
Revenue growth	–	–	93.6%	34.3%	19.4%	84.6%	32.2%	43.1%
Profit	–	3	21	29	12	8	7	17
Profit growth	–	–	743.0%	37.3%	−60.5%	−27.6%	−11.1%	129.6%
Margin	–	16.7%	72.6%	74.2%	24.5%	9.6%	6.5%	10.4%
Return on capital	–	3.6%	12.6%	12.5%	5.1%	3.4%	2.1%	3.7%
Assets	–	130	247	386	359	563	904	1,060
Liabilities	–	59	78	153	134	318	555	602
Capital employed	–	71	168	233	225	245	349	458
Revenue	–	9	9	10	–	–	–	–
Revenue growth	–	–	2.6%	9.1%	–	–	–	–
Profit	–	0	−6	−6	–	–	–	–
Margin	–	−2.7%	−64.9%	−61.0%	–	–	–	–
Return on capital	–	−8.1%	–	−1,667.3%	–	–	–	–
Assets	–	5	2	3	–	–	–	–
Liabilities	–	2	5	2	–	–	–	–
Capital employed	–	3	−2	0	–	–	–	–
Revenue	29	–	–	–	–	–	–	–
Profit	4	–	–	–	–	–	–	–
Margin	14.8%	–	–	–	–	–	–	–
Revenue	23	–	–	–	–	–	–	–
Profit	1	–	–	–	–	–	–	–
Margin	5.0%	–	–	–	–	–	–	–
Revenue	6	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Margin	6.1%	–	–	–	–	–	–	–
Revenue	6	–	–	–	–	–	–	–
Profit	1	–	–	–	–	–	–	–
Margin	17.7%	–	–	–	–	–	–	–
Revenue	5	2	3	14	15	17	33	50
Profit	0	0	0	0	0	0	0	0
Assets	0	0	27	0	112	95	210	391
Liabilities	0	0	19	0	48	0	19	33

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Choice International quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 13 May	Mar 2024Filed 7 May	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr
Revenue from operations	130	143	127	127	169	272	385	751	910	1,119
	103	113	–	93	134	194	287	532	626	719
Materials and goods bought	62	22	20	0	0	0	0	0	0	0
Employee costs	–	–	–	47	42	57	109	221	274	326
Other expenses	–	–	–	46	93	137	178	311	352	393
Operating profit before depreciation	27	30	–	34	34	78	99	219	285	400
Operating margin	20.6%	21.1%	–	26.4%	20.3%	28.8%	25.6%	29.2%	31.3%	35.7%
Materials, % of revenue	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	–	–	37.4%	24.9%	21.0%	28.3%	29.4%	30.1%	29.1%
Other expenses, % of revenue	–	–	–	36.2%	54.8%	50.3%	46.1%	41.4%	38.6%	35.1%
Depreciation and amortisation	2	3	–	3	3	3	5	7	8	20
Operating profit after depreciation	25	27	–	30	31	75	94	213	276	380
Other income	5	9	4	5	7	14	10	9	11	25
Finance costs	19	21	20	17	15	15	22	40	66	89
One-off items	0	0	–	0	0	0	0	0	0	0
Profit before tax	10	16	5	18	23	74	82	181	221	316
	4	4	–	6	6	20	22	50	59	79
Current tax	–	–	–	5	10	20	23	50	58	86
Deferred tax	–	–	–	1	−4	0	−2	0	1	−8
Share of profit of joint ventures and associates	0	0	0	–	–	–	–	–	–	–
	6	12	0	12	17	54	60	131	163	238
Belonging to the company's shareholders	6	12	0	12	–	–	60	131	163	218
Belonging to outside owners of subsidiaries	–	–	–	0	–	–	0	–	–	20
Other comprehensive income	–	–	–	1	0	0	0	−1	1	−2
Total comprehensive income	–	–	–	14	17	54	60	130	163	235
Net margin	4.8%	8.6%	0.3%	9.8%	9.9%	19.7%	15.6%	17.4%	17.9%	21.3%
Net margin without joint ventures and associates	4.6%	8.4%	0.4%	–	–	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Tax is left blank for the year to Mar 2019: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2019: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given. Belonging to the company's shareholders is left blank for the years to Mar 2021 and Mar 2022: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share count moved by more than 5% across the period.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 7 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 13 May	Mar 2024Filed 7 May	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr
	167	213	263	411	482	640	1,106	1,824
	167	213	263	410	477	631	1,027	1,672
Share capital	20	20	29	50	100	199	200	223
Reserves	147	193	234	360	378	432	828	1,449
Belonging to outside owners of subsidiaries	0	0	–	1	5	9	78	152
	165	142	148	216	206	455	461	884
Repayable after a year	4	4	26	37	89	224	292	403
Repayable within a year	161	139	122	179	116	231	168	481
	287	274	357	518	506	906	1,194	1,285
Trade payables	–	7	14	19	29	27	27	50
Other financial liabilities	–	1	202	293	300	602	921	675
Other liabilities	115	126	12	18	54	35	71	58
Provisions	1	1	8	8	8	6	5	8
Tax owed	–	0	–	–	0	5	2	13
	12	16	35	49	120	260	319	457
Other financial liabilities	–	0	0	0	6	24	13	36
Other liabilities	2	2	2	4	16	0	–	0
Provisions	1	2	2	3	5	7	10	16
Deferred tax	4	8	5	5	4	4	4	3
Total assets	465	503	656	978	1,108	1,806	2,619	3,566
	133	113	98	120	235	394	732	913
Plant in use, after depreciation	98	72	71	73	96	104	126	127
Plant being built	–	0	–	–	0	0	1	10
Intangible assets	13	6	5	5	21	20	11	71
Goodwill	–	8	8	9	8	8	88	100
Intangible assets being developed	–	0	0	1	5	7	4	20
Property held to earn rent	–	1	1	1	2	2	2	75
Investments	23	20	7	10	11	22	31	53
Loans given	10	1	0	13	81	195	398	379
Other financial assets	–	4	5	4	8	24	31	58
Deferred tax	0	1	1	1	1	1	6	15
Other assets	0	0	0	3	2	11	34	4
	333	390	557	857	873	1,412	1,888	2,653
Inventories	25	31	0	24	8	0	19	0
Trade receivables	67	91	76	82	116	187	275	437
Cash and cash equivalents	24	37	30	26	87	145	139	194
Other bank balances	0	14	18	113	165	241	352	325
Current investments	0	0	0	1	1	1	28	125
Loans given	188	118	247	323	155	279	331	944
Other financial assets	–	91	170	261	326	545	714	561
Tax paid in advance	–	4	3	4	6	0	6	14
Other assets	29	5	13	24	11	13	24	54
Net debt	141	91	100	76	−47	68	−58	240

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 13 May	Mar 2024Filed 7 May	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr
	−45	−34	263	−148	−294	−267
	−40	−11	288	−98	−236	−184
	−78	−34	178	−98	−280	−616
Receivables	13	8	−36	−78	−91	−174
Inventories	22	−15	14	6	−18	−4
Payables	7	5	11	−1	5	23
Other working capital	−119	−32	189	−25	−176	−461
Tax paid	−4	−23	−25	−50	−58	−83
Capital spending	1	3	26	13	28	16
Free cash flow	−46	−38	237	−161	−323	−283
	15	−113	−180	−18	−161	−277
Plant and property sold	0	0	0	0	0	6
Interest received	6	13	0	0	5	11
	23	139	−21	224	449	600
Borrowings raised	5	61	0	250	222	207
Borrowings repaid	0	0	−13	0	0	0
Interest paid	−15	−15	−14	−40	−66	−89
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	44	93	7	15	–	544
Net change in cash	−7	−8	62	58	−6	56

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares issued is left blank for the year to Mar 2025: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 13 May	Mar 2024Filed 7 May	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr
	₹0.76	₹1.64	₹0.05	₹1.55	₹1.95	₹3.46	₹3.02	₹6.57	₹8.16	₹11.30
As stated that year	₹3.03	₹6.54	₹0.21	₹6.21	₹7.78	₹13.84	₹6.04	₹6.57	₹8.16	₹11.30
	–	₹1.51	₹0.05	₹1.47	₹1.28	₹3.46	₹3.01	₹6.52	₹7.99	₹11.23
As stated that year	–	₹6.02	₹0.21	₹5.86	₹5.11	₹13.84	₹6.01	₹6.52	₹7.99	₹11.23
	–	–	₹20.82	₹26.64	₹23.02	₹20.60	₹23.98	₹31.67	₹51.46	₹75.03
On that year's share count	–	–	₹83.28	₹106.58	₹92.07	₹82.40	₹47.96	₹31.67	₹51.46	₹75.03
Shareholder yield	–	–	–	–	−15.7%	−10.3%	−0.2%	−0.3%	–	−4.0%
Market cap at the year end (₹ crore)	55	250	139	152	278	909	2,809	5,451	10,006	13,592

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. Shareholder yield is left blank for the year to Mar 2025: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Consolidated, years to March.Choice International PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 13 May	Mar 2024Filed 7 May	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr
Revenue growth	–	9.6%	−11.1%	−0.1%	32.9%	61.1%	–	94.9%	21.3%	22.9%
Operating profit growth	–	12.0%	–	–	2.2%	128.1%	–	122.3%	29.9%	40.6%
Net profit growth	–	94.7%	−96.6%	2,858.4%	34.4%	220.8%	12.1%	117.9%	24.3%	46.2%
Earnings per share growth	–	115.8%	−96.8%	2,857.1%	25.3%	77.9%	−12.7%	117.5%	24.2%	38.5%
	–	–	0.3%	6.5%	–	–	13.5%	23.6%	19.6%	16.1%
	–	–	–	6.3 pts	–	–	–	10.1 pts	−4.0 pts	−3.5 pts
From the net margin	–	–	–	7.2 pts	–	–	–	1.6 pts	0.6 pts	1.7 pts
From asset turnover	–	–	–	−0.3 pts	–	–	–	6.0 pts	−4.9 pts	−2.6 pts
From borrowing	–	–	–	−0.6 pts	–	–	–	2.5 pts	0.3 pts	−2.6 pts
Return on capital employed	–	–	–	8.5%	7.6%	11.9%	13.6%	19.4%	17.6%	14.0%
Cash conversion	–	–	–	–	−267.8%	−63.9%	438.6%	−113.3%	−181.0%	−112.3%
Interest cover	1.3	1.3	–	1.7	2.0	4.9	4.3	5.3	4.2	4.3
Debt to equity	–	–	0.99	0.67	0.56	0.53	0.43	0.71	0.42	0.48
Receivable days	–	–	192	262	165	110	109	91	110	142
Inventory days	–	–	466	–	–	–	–	–	–	–
Working capital days	–	–	526	586	592	509	219	170	138	393
Asset turnover	–	–	0.27	0.26	0.29	0.33	0.37	0.52	0.41	0.36
Assets per rupee of net worth	–	–	2.79	2.55	2.43	2.43	2.35	2.63	2.67	2.29
Sales per rupee of plant	–	–	1.29	1.76	2.37	3.74	4.03	7.24	7.24	8.80
Capital spending to depreciation	–	–	–	–	0.41	1.01	5.48	1.95	3.35	0.78
Plant being built, % of plant in use	–	–	–	0.0%	–	–	0.2%	0.0%	1.1%	8.0%

Revenue growth and operating profit growth are left blank for the year to Mar 2023: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 7.0%
Cash from operations against operating profit: −66.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	46.0%	42.7%
Profit growth, yearly rate	–	–	53.6%
Return on equity, average	–	18.2%	19.8%
Return on capital employed, average	–	15.3%	17.0%
Operating margin, average	26.6%	30.1%	32.1%
Net margin, average	12.5%	18.4%	18.9%
Asset turnover, average	–	0.40	0.43
Interest cover, average	3.3	4.6	4.6
Debt to equity, average	–	0.51	0.54

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−481	−710	−267
Cash from investing	−749	−456	−277
Cash from financing	1,391	1,273	600
Capital spending	87	57	16
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	–	–	544
Borrowings raised	739	678	207
Borrowings repaid	13	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	5	4	3	3	3
Altman Z-scorePublished threshold 1.1	–	–	–	4.02	4.26	4.85	4.72	4.02	4.27	5.70
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.17	−1.71	−2.12	−1.02	−1.04	−1.41
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	8.02	24.54	−2.20	20.38	27.94	25.29
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.41	0.33	−0.51	−1.34
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	36.00	−49.29	−53.91	−0.10	−32.68	25.25	36.07
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	122.67	–	–	–	–	–	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−92.20	51.47	37.67	13.90	28.81	20.38	−10.30
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	–	0.01	0.00	0.04	0.47
Effective tax ratePublished threshold 17.16 per cent	41.42	23.63	26.31	31.71	26.76	27.20	26.70	27.62	26.47	24.81
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.95	−3.24	−0.21	0.25	−1.55

A threshold marked as ours has no published figure; it is the line we read the check against.