Choice Intl Q1FY27: consol PAT +26% YoY to ₹60.6 Cr as advisory margins nearly halve
PAT +26.37% YoY · revenue +32.45% · margins compressing
₹309.79 Cr
+32.45% YoY
₹60.61 Cr
+26.37% YoY
19%
-1.2pp YoY
₹2.72
Choice International's consolidated revenue rose 32.45% YoY to ₹309.79 Cr (+1.00% QoQ), while PAT grew a slower 26.37% YoY to ₹60.61 Cr and actually fell 10.66% QoQ from ₹67.84 Cr. Owners' share of PAT was ₹55.30 Cr (+22.83% YoY). PAT growth trailing revenue growth YoY is a margin-compression signal: net profit margin came in at 19.0% of total income versus 20.2% a year ago and 21.6% last quarter, while operating margin (revenue less employee and other operating costs) was 33.8% versus 35.4% YoY and 37.7% QoQ. Basic EPS was ₹2.72, up from ₹2.38 YoY but down from ₹3.05 QoQ.
Q1 FY-2027 vs prior quarters
The compression is concentrated in the Advisory segment, where PBT margin nearly halved to 28.0% from 40.3% a year ago — PBT grew just 5.9% YoY to ₹25.55 Cr even as segment revenue jumped 52.2% YoY to ₹91.28 Cr. NBFC segment PBT fell 36.9% YoY to ₹4.46 Cr (margin 10.0% vs 18.3% YoY), though it more than doubled sequentially from ₹2.28 Cr in Q4FY26. Offsetting both, Broking & Distribution — still the largest segment at ₹172.25 Cr of revenue — expanded PBT margin to 28.0% from 22.4% YoY on PBT of ₹48.27 Cr (+58.9% YoY) and alone accounted for over 60% of total segment PBT. Group finance costs rose 31% YoY to ₹27.68 Cr and depreciation more than doubled to ₹6.44 Cr from ₹2.79 Cr, tracking balance sheet growth (total segment assets ₹3,736 Cr vs ₹2,803 Cr YoY).
The stock went into the print at ₹844.75, up 1.2% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.
No street/consensus estimates for this specific quarter turned up after searching, and the company has no formal guidance or prior concall commentary on record — both vsStreet and vsGuidance are unknown rather than assumed. Standalone (holding-company-only) PAT was ₹4.50 Cr versus ₹1.56 Cr YoY, not comparable in scale or nature to the consolidated print given the entity's disclosed role as pure capital-allocation/managerial oversight vehicle with no operating segments. During the quarter the company completed two small 100%-stake bolt-on acquisitions — Choice Unified Services Private Limited (formerly Optimo Investment Adviser, ₹0.1 Cr) and Ellora Solutions Private Limited (₹0.12 Cr) — both immaterial in size. Alongside these results, the board also approved a CFO transition (Ayush Sharma replacing Manoj Singhania, who continues in another management role).
W1
Whether Advisory segment PBT margin (28.0% in Q1FY27, down from 40.3% YoY) stabilizes or recovers in Q2FY27
W2
Completion and final terms of the ₹900 Cr NH Investment & Securities CCPS deal in Choice Equity Broking, and its impact on group leverage/minority interest
W3
NBFC segment PBT trajectory (₹4.46 Cr this quarter vs ₹7.06 Cr YoY) — watch for continued sequential recovery from Q4FY26's ₹2.28 Cr trough
Consolidated PAT of ₹60.607 Cr is total profit for the period including NCI of ₹5.311 Cr (owners' share ₹55.296 Cr); this matches our records' PAT convention (verified against Q4FY26/Q1FY26 context figures, which tie exactly). No exceptional/one-off items disclosed. Standalone is a pure holding-company number (no operating segments) and immaterial next to consolidated. Figures converted from Rs. In Millions (÷10).