Choice International assets rise to Rs 4,142.78 crore

Choice International Limited reported consolidated assets of Rs 4,142.78 crore at September 30, 2026, up Rs 570.73 crore from March 31, 2026, as current loans, receivables and investments increased. Choice International’s current borrowings rose to Rs 1,104.83 crore, while net cash used in operating activities reached Rs 281.18 crore in the half year.

Why did Choice International’s assets increase?

Choice International’s assets increased mainly because current loans, trade receivables and current investments were higher at September 30, 2026 than at March 31, 2026. Total assets rose 16% from Rs 3,572.05 crore, based on the unaudited September balance sheet and audited March balance sheet. Current assets accounted for much of the movement, while cash and cash equivalents changed little.

Current loans rose by Rs 209.94 crore to Rs 1,153.47 crore, trade receivables increased by Rs 80.40 crore to Rs 519.89 crore, and current investments rose by Rs 86.98 crore to Rs 212.08 crore. Securities held for trade increased by Rs 17.76 crore to Rs 41.63 crore, while other current financial assets rose by Rs 38.41 crore to Rs 101.46 crore.

Cash and cash equivalents rose by Rs 0.54 crore to Rs 320.49 crore, and bank balances other than cash equivalents increased by Rs 10.33 crore to Rs 219.19 crore. Non-current investments also rose by Rs 43.81 crore to Rs 423.22 crore, although other non-current financial assets declined by Rs 39.58 crore to Rs 479.82 crore. The filing therefore shows asset growth concentrated in lending and working-capital-related positions rather than cash.

Which Choice International segments held the most assets?

Choice International’s Broking & Distribution Services segment held the largest asset base at Rs 1,816.16 crore on September 30, 2026. The segment’s assets increased by Rs 256.25 crore from Rs 1,559.91 crore at March 31, 2026. Non-banking financial company, or NBFC, Services was the second-largest segment by assets at Rs 1,242.16 crore.

NBFC Services recorded the largest absolute asset increase among the operating segments, adding Rs 182.09 crore from Rs 1,060.07 crore at March 31. Advisory Services assets increased by Rs 85.47 crore to Rs 666.76 crore, while unallocable assets increased by Rs 46.93 crore to Rs 417.70 crore. All four reported categories recorded growth over the six-month period.

Compared with September 30, 2025, total segment assets were Rs 1,290.84 crore higher than Rs 2,851.94 crore. Broking & Distribution Services assets were up Rs 468.81 crore year on year, while NBFC Services assets were Rs 313.08 crore higher. Advisory Services assets rose by Rs 359.75 crore from Rs 307.01 crore, exceeding its six-month increase from March 2026.

How did Choice International’s borrowing mix change?

Choice International shifted more of its borrowing balance into current liabilities during the six months to September 30, 2026. Current borrowings rose by Rs 623.45 crore to Rs 1,104.83 crore from Rs 481.38 crore at March 31. The filing does not specify the purpose of this increase, but it coincided with higher current loans and other current financial assets.

Non-current borrowings moved in the opposite direction, falling by Rs 318.66 crore to Rs 83.79 crore from Rs 402.45 crore. Combined current and non-current borrowings were Rs 1,188.61 crore at September 30, compared with Rs 883.82 crore at March 31, an increase of Rs 304.79 crore. The change reflects both a higher overall borrowing balance and a shorter-term funding profile.

Other current financial liabilities increased by Rs 120.75 crore to Rs 795.72 crore, while current tax liabilities rose by Rs 18.68 crore to Rs 31.91 crore. Total segment liabilities were Rs 2,177.31 crore at September 30, compared with Rs 1,742.23 crore at March 31. Broking & Distribution Services reported Rs 1,161.14 crore of segment liabilities, ahead of NBFC Services at Rs 782.93 crore.

What does Choice International’s operating cash flow show?

Choice International used Rs 281.18 crore in operating activities in the half year ended September 30, 2026, compared with Rs 66.51 crore used in the corresponding 2025 half year. The cash-flow statement reported operating profit before working-capital changes of Rs 95.75 crore, followed by a Rs 332.46 crore movement in assets and liabilities.

The disclosed working-capital movements included a Rs 110.53 crore increase in trade receivables, a Rs 38.41 crore increase in other current financial assets and a Rs 17.76 crore increase in securities held for trade. The half-year statement also recorded an increase in loans, without presenting a legible amount in the supplied table. These movements occurred alongside the September balance-sheet increases in receivables, financial assets and current loans.

Financing activities generated Rs 249.63 crore, compared with Rs 133.50 crore in the prior-year half, including net proceeds from borrowings of Rs 304.79 crore. Investing activities generated Rs 32.10 crore, compared with cash used of Rs 70.97 crore a year earlier, aided by Rs 184.91 crore of interest received. The three cash-flow categories produced a Rs 0.54 crore increase in cash and cash equivalents.

How did Choice International’s earnings and equity move?

Choice International reported revenue from operations of Rs 682.65 crore for the half year ended September 30, 2026, up from Rs 509.06 crore in the previous-year half. Profit before tax increased to Rs 173.74 crore from Rs 137.30 crore, while profit after tax rose to Rs 130.07 crore from Rs 104.42 crore. Finance costs increased to Rs 58.32 crore from Rs 41.73 crore over the same comparison.

Other equity increased by Rs 127.68 crore to Rs 1,582.47 crore at September 30, while equity share capital was unchanged at Rs 222.78 crore. Non-controlling interest rose by Rs 7.98 crore to Rs 160.22 crore. During the half year, Choice International acquired 100% stakes in Choice Unified Services Private Limited for Rs 1,000 and Ellora Solutions Private Limited for Rs 11.60 lakh.

Advisory Services reported the largest half-year revenue increase among the operating segments, rising to Rs 235.81 crore from Rs 139.02 crore in the prior-year half. Broking & Distribution Services revenue rose to Rs 350.49 crore from Rs 296.46 crore, while NBFC Services revenue increased to Rs 90.79 crore from Rs 81.48 crore. NBFC Services segment profit before tax, however, declined to Rs 8.11 crore from Rs 11.08 crore.

Conclusion

Choice International’s September 2026 balance sheet combines a Rs 570.73 crore asset increase with higher current loans, receivables and investments. The funding side also changed materially: current borrowings rose by Rs 623.45 crore, non-current borrowings declined by Rs 318.66 crore, and operating activities used Rs 281.18 crore of cash in the half year.

The next disclosed development is the Rs 900 crore received on October 27, 2026 from Choice Equity Broking Private Limited’s issue of 42,25,350 compulsorily convertible preference shares to NH Investment & Securities Co. Ltd., following their July 9, 2026 strategic partnership. Choice International’s board also recommended a 1:1 bonus issue on November 2, 2026, subject to shareholder and regulatory approvals, with the record date yet to be determined.