CHOICEIN · Financial Services
Choice International Ltd. reported revenue of ₹307 cr for January to March 2026, +21.3% on the year and +1.3% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹1,119 cr, +23.0% on the four before.
Operating profit (EBITDA) was ₹116 cr, a margin of 37.8%, −16 bps on the year and +82 bps on the quarter. Over the last 8 quarters the margin has ranged from 26.4% to 37.9%, averaging 33.3%. Operating costs grew +21.7%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹68.0 cr, +25.9% on the year and +3.0% on the quarter, with earnings per share of ₹2.71. Profit before other income, one-offs and tax grew 11.1%, so 15 points of the headline growth came from outside the core business. The tax rate was 22% against an average of 27% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹238 cr, +46.3% on the four before.
Asset managers and brokers earn fees on assets and activity, so revenue follows market levels and flows; treasury income can lift other income in a good market quarter. The quarterly statements do not carry assets under management, flows and the yield on assets; those come with the filing read.
On earnings per share of ₹10.21 over the last four quarters, the stock at ₹740.00 trades at 72.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Equity share of AUM | 2,023% |
| SIP flows (₹ cr) | 10.9 |
| Market share | 1.31% |
| MTF book (₹ cr) | 384.2 |
| Total Demat Accounts (thousand) | 1,205 |
Read using the AMCs and capital market intermediaries framework (named in the filing read). Primary valuation lens: P/E against AUM growth and yield.
Read more closely in this sector: Treasury and float income inside profit · F&O share of revenue against regulatory change.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹207 cr | ₹215 cr | ₹201 cr | ₹247 cr | ₹209 cr | ₹253 cr | ₹235 cr | ₹274 cr | ₹303 cr | ₹307 cr | ₹310 cr | ₹373 cr |
| YoY | — | — | +46% | +29% | +1% | +18% | +17% | +11% | +45% | +21% | +32% | +36% |
| EBITDA margin | 32.4% | 31.2% | 26.4% | 30.8% | 28.7% | 37.9% | 35.3% | 32.5% | 37.0% | 37.8% | 33.8% | 33.4% |
| Other income, % of PBT | 5% | 4% | 12% | 3% | 5% | 3% | 5% | 13% | 5% | 8% | 12% | 7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 28% | 29% | 26% | 23% | 29% | 28% | 24% | 24% | 29% | 22% | 24% | 26% |
| Net profit | ₹40.0 cr | ₹39.0 cr | ₹32.0 cr | ₹46.0 cr | ₹31.0 cr | ₹54.0 cr | ₹48.0 cr | ₹56.5 cr | ₹66.0 cr | ₹68.0 cr | ₹60.6 cr | ₹69.5 cr |
| YoY | — | — | +52% | +53% | −22% | +38% | +50% | +23% | +113% | +26% | +26% | +23% |
| Core profit YoY | — | — | +41% | +59% | −23% | +36% | +58% | +10% | +112% | +11% | +18% | +35% |
| EPS | ₹1.98 | ₹1.93 | ₹1.48 | ₹2.31 | ₹1.47 | ₹2.59 | ₹2.19 | ₹2.75 | ₹2.56 | ₹2.71 | ₹2.72 | ₹3.12 |
| Flags | · | · | 1 | 1 | 2 | 1 | 1 | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Choice International Ltd. reported revenue of ₹307 cr (+21.3% on the year) and net profit of ₹68.0 cr (+25.9% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +11.1% on the year, against +25.9% for reported profit.
None of the 7 checks that could run raised a question.
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