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Choice International Ltd

| Audited Consolidated Financial Results for Quarter & Year Ended March 31, 2026

Report Source

⬤23rd Apr 26

Summary : Choice International shows strong growth, strategic acquisitions, and capital expansion.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated Employee Benefit Expenses: ₹32,585.72 Lakhs (FY26) vs ₹27,397.27 Lakhs (FY25).
  2. Consolidated Finance Costs: ₹8,908.85 Lakhs (FY26) vs ₹6,608.73 Lakhs (FY25).
  3. Consolidated Depreciation and Amortisation Expenses: ₹1,994.66 Lakhs (FY26) vs ₹849.68 Lakhs (FY25).
  4. Consolidated Administrative & Other Expenses: ₹39,321.73 Lakhs (FY26) vs ₹35,181.45 Lakhs (FY25).
  5. Consolidated Revenue from Operations: ₹111,913.10 Lakhs (FY26) vs ₹91,038.21 Lakhs (FY25).
  6. Consolidated Other Income: ₹2,537.05 Lakhs (FY26) vs ₹1,128.61 Lakhs (FY25).
  7. Segment Revenue - Broking & Distribution Services: ₹63,964.49 Lakhs (FY26).
  8. Segment Revenue - Advisory Services: ₹32,991.80 Lakhs (FY26).
  9. Segment Revenue - NBFC Services: ₹16,426.17 Lakhs (FY26).
  10. Consolidated Net cash used in Operating Activities: ₹(26,705.18) Lakhs (FY26) vs ₹(29,446.31) Lakhs (FY25).
  11. Consolidated Net cash used in Investing Activities: ₹(27,718.53) Lakhs (FY26) vs ₹(16,109.05) Lakhs (FY25).
  12. Consolidated Net Cash flow from Financing Activities: ₹59,989.14 Lakhs (FY26) vs ₹44,927.79 Lakhs (FY25).
  13. Consolidated Net Increase in cash and cash equivalents: ₹5,565.43 Lakhs (FY26) vs ₹(627.57) Lakhs (FY25).
  14. Consolidated Total Assets: ₹356,598.64 Lakhs (Mar 26) vs ₹261,932.06 Lakhs (Mar 25).
  15. Consolidated Equity Share Capital: ₹22,277.65 Lakhs (Mar 26) vs ₹19,965.55 Lakhs (Mar 25).
  16. Consolidated Other Equity: ₹144,873.14 Lakhs (Mar 26) vs ₹64,451.86 Lakhs (Mar 25).
  17. Consolidated Borrowings (Non-Current): ₹40,259.77 Lakhs (Mar 26) vs ₹29,217.74 Lakhs (Mar 25).
  18. Consolidated Trade Receivables: ₹43,667.68 Lakhs (Mar 26) vs ₹27,463.43 Lakhs (Mar 25).
  19. Consolidated Cash and Cash Equivalents: ₹19,444.77 Lakhs (Mar 26) vs ₹13,879.34 Lakhs (Mar 25).
  20. Both standalone and consolidated financial results are provided.

Corporate Overview

  1. All activities carried out within India
  2. Estimated incremental impact from new Labour Codes on employee costs.
  3. Broking & Distribution services
  4. Advisory services
  5. NBFC services
  6. Factual and formal, reporting financial results and strategic actions.
  7. Broking & Distribution Services
  8. Advisory Services
  9. NBFC Services
  10. Unallocable
  11. Allotted and converted warrants into equity shares.
  12. Subsidiary issued warrants, converted to equity shares.
  13. Subsidiary issued equity shares to directors.
  14. Advanced sum for 50% equity stake in Choice Insurance Broking India Private Limited, awaiting IRDAI approval.
  15. Invested in Choice AMC Private Limited, making it a wholly-owned subsidiary.
  16. Invested in subsidiary Choice Finserv Private Limited.
  17. Incorporated three new subsidiaries: Choice Green Energy MH1, MH2, Solutions Private Limited.
  18. Divested stake in two Green Energy subsidiaries, acquired Ayoleeza Consultants Private Limited.
  19. Acquired 51% stake in Fintoo Wealth Private Limited.
  20. Merger application for Choice Wealth Private Limited with Arete Capital Service Private Limited pending approval.

Risk Factors

  1. New Labour Codes impact employee costs.
  2. Regulatory approval for pending mergers.
  3. Reliance on other auditors' reports.
  4. Integration challenges from acquisitions.

Key Drivers

  1. Strong revenue and profit growth.
  2. Strategic acquisitions expanding business footprint.
  3. Increased capital base from warrants.
  4. Diversification into new service areas.

Auditor’s Report

  1. Unmodified opinion
  2. Unqualified opinion
  3. Reliance on other auditors' reports for subsidiaries and jointly controlled entities.
  4. Opinion not modified regarding balancing figures for the quarter.

Board Commentary

  1. Financial impact from new Labour Codes on employee costs.
  2. Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  3. Impact of new Labour Codes (Code on Wages, Industrial Relations, Social Security, Occupational Safety) on employee costs.
  4. IRDAI approval for acquisition of Choice Insurance Broking India Private Limited.
  5. Allotment and conversion of warrants into equity shares.
  6. Investment in Choice AMC Private Limited and Choice Finserv Private Limited.
  7. Acquisition of 50% equity stake in Choice Insurance Broking India Private Limited.
  8. Acquisition of 51% stake in Fintoo Wealth Private Limited.
  9. Incorporation of new subsidiaries for Green Energy.

Corporate Governance

  1. Auditors comply with Code of Ethics issued by ICAI.
  2. Audit Committee reviewed and approved financial results.

Management Discussion & Analysis

Future Strategy

  1. Strategic acquisitions and investments to expand business footprint.
  2. Diversification into new service areas like Green Energy and Wealth Management.

Performance Drivers

  1. Growth in Broking & Distribution services.
  2. Growth in Advisory services.
  3. Growth in NBFC services.

Risk Control Measures

  1. Monitoring finalization of new Labour Codes and clarifications from Government.

Critical Risks

  1. Potential financial impact from new Labour Codes on employee costs.