BOARDS REPORT
To,
The members of
Choice International Limited
Your Directors are pleased to present the 33rd Annual Report of Choice International Limited ("the Company"/"Choice"), together with the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026.
The Annual Report has been prepared to provide shareholders and other stakeholders with a holistic view of the Companys operations, performance, financial position, governance practices, key initiatives and overall business outlook. The Report should be read along with the Corporate Governance Report, Management Discussion and Analysis Report, Business Responsibility and Sustainability Report and the Financial Statements, which together reflect the performance and position of the Company and the Choice Group as a whole.
Wherever considered necessary, the consolidated performance of the Company, including its subsidiaries, has been suitably referred to in this Report.
The Annual Report is available on the Companys website at www.choiceindia.com
CHOICE AT A GLANCE
Over the course of almost two decades, under the stewardship of the current management, Choice International Limited has evolved as an integrated financial services organisation, focused on empowering clients through adiversified portfolio of customised solutions. By leveraging operational synergies across the Group, Choice continues to serve individuals, businesses, institutions and government bodies through a wide range of offerings across Stock Broking and Distribution, Non-Banking Financial Services, Investment Banking, AMC, Government Infrastructure Consultancy and Advisory.
The strength of Choice lies in its ability to bring together multiple financial and advisory capabilities under one ecosystem. The Group is positioned to support clients at different stages of their financial and growth journey.
Our philosophy, "The Joy of Earning", reflects our commitment to helping clients participate confidently in their financial journey. It represents not only the outcome of wealth creation, but also the satisfaction that comes from planning, discipline and progress.
Our identity is shaped by the values we mark every day:
COMMITMENT - We remain committed to our responsibilities, our clients and sustainable growth.
HARDWORK - Our growth is rooted in our unwavering commitment to hardwork.
OPTIMISM - We approach opportunities and challenges with a constructive and forward-looking mindset.
INNOVATION - We continuously adopt new ideas, technologies and processes to remain relevant, agile and future-ready.
CONSISTENCY - We believe that sustained efforts create trust, deliver results and build lasting relationships.
EMPOWERMENT - We work towards enabling individuals and businesses to make better financial decisions and build a stronger tomorrow.
At Choice, we are committed to creating value through trusted financial solutions, guided by innovation, integrity and consistent performance. Our promise is reflected in our belief:
At the core of Choices journey is its belief in creating opportunities for progress. The Company continues to strengthen its capabilities through technology, process discipline, people development and business innovation, while remaining committed to responsible growth and stakeholder value.
With its philosophy of "The Joy of Earning", Choice aims to make financial growth a more confident, inclusive and rewarding experience. The Companys promise - "Aap Kijiye Kaamyabi Ki Tayaari, Baki Humari Zimmedari" - reflects its commitment to being a dependable partner in the success journey of its clients.
1. FINANCIAL HIGHLIGHTS |
(Rs. in Millions) | |||
Particulars |
Consolidated 31-Mar-26 | Consolidated 31-Mar-25 | Standalone 31-Mar-26 | Standalone 31-Mar-25 |
Total Revenue |
11,445.01 | 9,216.68 | 284.41 | 249.62 |
Total Operating Expenses |
7,190.75 | 6,257.87 | 176.60 | 109.15 |
Profit Before Interest, Depreciation & Tax |
4,254.27 | 2,958.81 | 107.81 | 140.48 |
Interest |
890.89 | 660.87 | 22.19 | 21.36 |
Depreciation |
199.47 | 84.97 | 12.35 | 4.75 |
Profit Before Tax |
3,163.92 | 2,212.97 | 73.27 | 114.37 |
Tax Expense |
785.05 | 585.83 | 22.37 | 30.97 |
Net Profit for the Year |
2,378.87 | 1,627.14 | 50.90 | 83.40 |
Basic EPS (INR) |
11.30 | 8.16 | 0.24 | 0.42 |
Diluted EPS (INR) |
11.23 | 7.99 | 0.24 | 0.41 |
2. FINANCIAL HIGHLIGHTS DURING THE FINANCIAL YEAR 2025-26
Revenue increased from Rs.9,216 Mn in FY25 to Rs.11,445 Mn in FY26. This means the Company earned higher overall income during FY26. The growth is 24% year-on-year, which indicates strong business expansion across its operations.
EBITDA increased from Rs.2,959 Mn in FY25 to Rs.4,254 Mn in FY26. EBITDA means earnings before interest, tax, depreciation and amortisation. In simple terms, it shows the Companys operating profitability before certain financial and accounting expenses. The EBITDA growth is 44% year-on- year, which is higher than revenue growth. This means the Company did not just grow its topline, but also improved its operating efficiency and profitability.
PAT increased from Rs.1,627 Mn in FY25 to Rs.2,379 Mn in FY26. PAT means profit after tax, which is the final profit available after all expenses, interest, depreciation and taxes. The PAT growth is 46% year-on-year, showing strong bottom-line performance.
Overall, F Y26 was a STRONG YEAR for the Company. Revenue grew by 24%, while EBITDA and PAT grew faster at 44% and 46%, respectively. This indicates that the Company achieved both business growth and margin improvement. In simple words, Choice earned more revenue and was also able to convert a higher portion of that revenue into profits.
The Company demonstrated strong year-on-year growth in Q4 FY26. Revenue increased by 23% YoY to Rs.3,138 Mn, compared to Rs.2,550 Mn in Q4 FY25. EBITDA grew by 25% YoY to Rs.1,226 Mn, from Rs.983 Mn, while PAT increased by 27% YoY to Rs.678 Mn, compared to Rs.535 Mn in Q4 FY25.
During FY26, Revenue stood at Rs.2,380 Mn, Rs.2,841 Mn, Rs.3,086 Mn and T3.138 Mn across Ql, Q2, Q3 and Q4 respectively. EBITDA was Rs.868 Mn, Rs.990 Mn,Rs.l,170 Mn and Rs.1,226 Mn. while PAT stood at Rs.480 Mn, Rs.565 Mn, Rs.656 Mn and Rs.678 Mn during the respective quarters.
The higher growth in PAT as compared to revenue indicates improved profitability, better cost management and enhanced operating leverage. The quarterly performances also reflect sustained momentum, with revenue and PAT showing steady improvement over the years despite business fluctuations. Overall, the Companys financial performance highlights its ability to scale its operations while strengthening its bottom-line performance.
3. RESERVES
As per Standalone Financial statements, the balance as at the end of the year in the reserves of the Company for FY 26 & FY 25 is as follows: (Rs. in Lakhs)
Particulars |
As on March 31,2026 | As on March 31,2025 |
Capital Reserve |
8.70 | 8.70 |
Securities Premium |
71,277.81 | 4,226.91 |
Statutory Reserves |
382.73 | 382.73 |
Revaluation Reserve |
4,170.22 | 4.170.22 |
Retained Earnings |
3,296.78 | 2.787.81 |
General Reserve |
13.81 | 13.81 |
Share Based Payment Reserve |
2,164.86 | 1,921.21 |
Other Comprehensive Income |
(9.71) | (27.86) |
The Board of Directors has decided to retain the entire profits for the financial year ended March 31,2026 in the Profit and Loss Account of the Company, with a view to support future growth and business requirements.
4. SHARE CAPITAL Authorised Capital:
During the financial year 2025-26, there was no change in the authorised share capital of the Company. The authorised share capital of the Company remained the same as in the previous financial year, i.e., Rs.2,25,00,00,000/- (Rupees Two Elundred and Twenty-Five Crore only), divided into 22,50,00.000 equity shares of Rs.10/- each.
Issued,Subscribed & Paid-up Capital:
During the financial year 2025-26, the issued, subscribed and paid-up share capital of the Company increased from Rs.1.99.65,55,000/- (Rupees One Hundred Ninety-Nine Crore Sixty-Five Lakh Fifty-Five Thousand only), divided into 19.96.55.500 equity shares of face value of Rs.10/- each, to Rs.2,22,77.65.000/- (Rupees Two Hundred Twenty-two Crore Seventy-Seven Lakh Sixty-Five Thousand only), divided into 22.27.76.500 equity shares of face value of Rs.10/- each.
The details of the changes in the paid-up share capital of the Company (ISIN: IN E102B01014) are provided below:
Sr No |
Name of Allottee |
Promoter/ Non Promoter | Date of Allotment | No. of Shares Allotted | Face Value of Shares Allotted (Rs.) | Cumulative Paid-up Share Capital (Rs.) |
i. |
M/s Plutus Wealth Management LLP |
Non Promoter | 04-Jun-25 | 60.00.000 | 6.00,00,000 | 2.05.65.55.000 |
2. |
M/s Plutus Wealth Management LLP |
Non Promoter | 12-Nov-25 | 33.33.333 | 3.33.33.330 | 2.08.98.88.330 |
3 |
M/s Plutus Wealth Management LLP |
Non Promoter | 28-Nov-25 | 40.00,000 | 4,00.00.000 | 2,12,98,88,330 |
4 |
M/sSoansrishti Properties Private Limited |
Promoter | 2 8-Nov-25 | 18.00,000 | 1.80.00.000 | 2,14.78.88.330 |
5 |
M/s Plutus Wealth Management LLP |
Non Promoter | 05-Dec-25 | 66,66,667 | 6.66.66.670 | 2.21.45.55.000 |
6 |
M/sSoansrishti Properties Private Limited |
Promoter | 05-Dec-25 | 13,21,000 | 1.32.10,000 | 2.22.77.65,000 |
CHOICE EMPLOYEE STOCK OPTION PLAN 2022
With a view to attract, retain, motivate and reward employees for their contribution to the growth and performance of the Company, and to create a sense of ownership and long-term association with the Company, the Members of the Company had approved the" Choice Employee Stock Option Plan 2022 (ESOP PIan) at the 29th Annual General Meeting held on September 15, 2022.
The ESOP PIan has been implemented to provide an opportunity to the eligible employees to participate in the growth journey of the Company and to align their interests with the long-term objectives of the Company and its shareholders. The Plan is also intended to encourage performance-driven culture, foster employee commitment and support retention of key talent.
The ESOP Plan is administered in accordance with the applicable provisions of law and the terms approved by the Members of the Company. The grant, vesting and exercise of stock options under the ESOP Plan are governed by the terms of the Plan and such other conditions as may be determined by the Nomination and Remuneration Committee/Compensation Committee, in accordance with the applicable regulatory framework.
During the year under review, the Company has granted 3,57,250 stock options to the eligible employees of the company and its subsidiaries companies. The details of Options granted & exercised under the scheme "Choice Employee Stock Option Plan 2022" during the year is table below:
No of Options Granted |
No of Options exercised | No of options vested but not exercised |
3,57,250 |
Nil | Nil |
The details of Options granted & exercised under the scheme "Choice Employee Stock Option Plan 2022" as on March 31,2026 is table below:
No of Options Granted |
No of Options exercised | No of options vested but not exercised |
23,17,250 |
6,30,250 | 3,37,250 |
Note: The No of options mentioned above includes the effect of Bonus Issue in the ratio of 1:1 in the Month of February 2024.
The ESOP Scheme has been administered in compliance with the provisions of the Act and the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, including any statutory modification(s) and/or re-enactment(s) thereof for the time being in force ("SEBI SBEB Regulations").
The Company has obtained a certificate from the Secretarial Auditor confirming that the ESOP Scheme has been implemented in accordance with the SEBI (SBEB) Regulations.
The said certificate is available on the website of the Company at https://choiceindia.com.
The certificate shall also be available for inspection by the Members on all working days at the Registered Office of the Company and will be placed before the Members at the ensuing Annual General Meeting scheduled tobeheldon26th- superscript September, 2026.
5. MATERIAL CHANGES DURING THE YEAR UNDER REVIEW
I) CONVERSION OF WARRANTS INTO EQUITY SHARES OF THE COMPANY
On April 29,2024, the Board of Directors of the Company approved the proposal to raise funds to support the growth objectives of the Company by way of preferential issue of 2,31,21,000 warrants, each convertible into one equity share of the Company, at an issue price of Rs.300/- per warrant, in accordance with the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The aggregate consideration for the said preferential issue amounted to Rs.693.63 crore.
The requisite approval of the shareholders was obtained at the Extra-Ordinary General Meeting of the Company held on May 16,2024. Further, the approvals of the Stock Exchanges were received on May 23,2024.
During the year under review, the Company converted the warrants into equity shares on June 4, 2025, November 12, 2025, November 28, 2025 and December 5, 2025, in accordance with the applicable provisions of law. the relevant details have been set out in the share capital clause.
Summary of the Shareholding of the Company Pre & Post
Issue:
Pre Issue |
Post Issue* |
|||
Category |
No of Shares | % of Shares held | No of Shares | % of Shares held |
Promoter & Promoter Group |
11,60,57,000 | 58.13 | 11,91,78,000 | 53.56 |
Public |
8,33,22,000 | 41.87 | 10,33,22,000 | 46.44 |
Total |
19,93,79,000 | 100 | 22,25,00,000 | 100 |
Allotment pursuant to Exercise of ESOP Options on January 15, 2024 & on January 29,2025 has not been included in the Post Issue percentage.
II) OPTIONS GRANTED AND EXERCISE UNDER THE CHOICE EMPLOYEE STOCK OPTION PLAN 2022
During the year under review, the Company granted 3,57,250 stock options to eligible employees under the "Choice Employee Stock Option Plan 2022", in accordance with the terms of the Plan and the applicable regulatory requirements.
No stock options were exercised by the eligible employees during the financial year under review.
III) RECEIPT OF SEBI APPROVAL BY CHOICE AMC PRIVATE LIMITED
During the year under review, Choice AMC Private Limited, a wholly owned subsidiary of the Company, received final approval from the Securities and Exchange Board of India ("SEBI") to act as the Asset Management Company of Choice Mutual Fund. Upon receipt of the said approval, Choice Trustees Services Private Limited acted as the Trustee Company of Choice Mutual Fund.
The receipt of this approval marked a significant milestone for the Group and strengthened its position as a diversified financial services platform. It enabled the Group to formally enter the asset management business and deepen its presence across the investment management and financial products ecosystem. Subsequent to the closure of the financial year, Choice AMC Private Limited received registration from the Securities and Exchange Board of India ("SEBI") as a Category II Alternative Investment Fund ("AIF"), bearing Registration No. IN/AIF2/24-25/1735.
IV) STRATEGIC MANDATE FROM INDIA POST PAYMENTS BANK
During the year under review, Choice Wealth Private Limited, a step-down subsidiary of the Company, secured a mandate from India Post Payments Bank ("IPPB") to act as a mutual fund aggregator and investment service provider. Under the arrangement, Choice Wealth will deploy a comprehensive digital investment platform offering mutual fund aggregation and other investment services to IPPBs existing and prospective customers.
The engagement combines IPPBs extensive nationwide distribution network with Choice Wealths technology-led wealth management capabilities, thereby enabling wider access to structured investment products, particularly in semi-urban and rural markets. The mandate reflects IPPBs confidence in the Groups technical expertise, operational capabilities and domain knowledge, and is expected to strengthen the Groups presence in the financial services ecosystem while supporting greater financial inclusion.
Subsequent to the close of the financial year, Choice Wealth Private Limited was merged with Arete Capital Services Private Limited with effect from May 11, 2026. Thereafter, the name of Arete Capital Services Private Limited was changed to Choice Wealth Private Limited with effect from July 14, 2026.
V) ACQUISITION OF SHARES AND FURTHER INVESTMENTS BY THE COMPANY AND ITS SUBSIDIARIES:
CHOICE AMC PRIVATE LIMITED
During the year under review, the Company acquired an entire shareholding of "Choice AMC Private Limited", which was earlier a step-down subsidiary of the Company, from Choice Equity Broking Private Limited, a wholly owned subsidiary of the Company. Pursuant to the said acquisition, and further capital infusion by the Company to meet the applicable net worth requirements, Choice AMC Private Limited became a wholly owned subsidiary of Choice International Limited, w.e.f. April 04, 2025.
The said acquisition and capital infusion were undertaken in connection with the Companys proposed mutual fund business. As Choice International Limited is acting as the Sponsor for the proposed Mutual Fund, it is required to have an Asset Management Company for managing the schemes of the Mutual Fund. Accordingly, Choice AMC Private Limited has been established/strengthened as the Asset Management Company, and the Company has infused the required capital to ensure compliance with the net worth requirements prescribed under the SEBI (Mutual.. Funds) Regulations, 1996, as amended from time to time.
CHOICE FINSERV PRIVATE LIMITED
During the year under review, the Company made a further investment in its material subsidiary, Choice Finserv Private Limited, by subscribing to 92,14,585 equity shares of face value of Rs.10/- each. Consequent to the said investment, the Companys shareholding in Choice Finserv Private Limited increased from 80.60% to 82.34%. The investment was made to support the growth and expansion of the subsidiarys business operations and to meet its long-term working capital requirements.
CHOICE INSURANCE BROKING INDIA PRIVATE LIMITED
During the year under review, the Company entered into an arrangemnt for acquistion of the remaining 50% equity stake in Choice Insurance Broking India Private Limited ("Choice Insurance") in June 2025. The acquisition marked the Companys strategic entry into the insurance broking business and formed part of its broader objective of expanding its presence across the financial services ecosystem.
Subsequently, upon receipt of the requisite approval from the Insurance Regulatory and Development Authority of India ("IRDAI") and completion of the applicable regulatory and procedural requirements, the Company acquired the remaining 50% equity stake in Choice Insurance. Consequent to the said acquisition, the Companys shareholding in Choice Insurance increased from 50% to 100%, and Choice Insurance became a wholly owned subsidiary of the Company, wef. March 10,2026.
The acquisition is aligned with the Companys longterm strategy of strengthening its insurance broking capabilities, broadening its financial services portfolio and capitalising on the emerging opportunities in the insurance sector. The complete ownership of Choice Insurance is expected to provide greater strategic and operational flexibility, facilitate integration with the Groups existing distribution network and enable the Company to offer a wider range of financial solutions to its clients.
FINTOO WEALTH PRIVATE LIMITED
During the year under review, the Company acquired a 51% equity stake in Fintoo Wealth Private Limited. Consequently, Fintoo Wealth Private Limited became a subsidiary of the Company. The acquisition is aligned with the Companys strategy to strengthen its presence in the technology-enabled investment advisory and wealth management segment. Fintoo Wealth Private Limited operates an Al-driven digital advisory platform that complements the Groups existing financial services offerings.
The acquisition is expected to enhance the Companys advisory capabilities, broaden its customer reach and create opportunities for cross-selling financial products and services across the Groups distribution network. The business of Fintoo Wealth Private Limited is closely aligned with the Companys core financial services operations and is expected to contribute to the continued expansion
of its integrated wealth management ecosystem.
AYOLEEZA CONSULTANTS PRIVATE LIMITED
During the year under review, Choice Consultancy Services Private Limited, a material subsidiary of the Company, acquired 100% equity stake in Ayoleeza Consultants Private Limited. Consequent to the said acquisition, Ayoleeza Consultants Private Limited became a wholly owned subsidiary of Choice Consultancy Services Private Limited and a step-down subsidiary of the Company.
The acquisition is aligned with the Groups strategy to strengthen and expand its advisory and consultancy capabilities across key infrastructure sectors. Ayoleeza Consultants Private Limited brings with it an established track record of around two decades in providing specialised and high-value consultancy services. The acquisition is expected to enhance the Groups domain expertise, broaden its service offerings and support its continued growth in the infrastructure advisory and consultancy space.
VI) INCORPORATION OF NEW STEP DOWN SUBSIDIARIES AND STRATEGIC PARTNERSHIP WITH SOLARERA FOR SOLAR PROJECTS
During the year under review, Choice Green Energy MH-1 Private Limited, Choice Green Energy MH-2 Private Limited, were incorporated on 14th May 2025 and 15th May 2025 respectively under Choice Consultancy Services Private Limited, a material subsidiary of the Company. The said entities have been incorporated to undertake activities relating to the development of solar and other renewable energy projects, including generation, supply and sale of power, construction and development of non- conventional and renewable energy facilities, and other allied and ancillary activities. The incorporation of these entities is intended to support the Groups expansion into the renewable energy and infrastructure sector and enable it to participate in emerging opportunities in this space.
Further, Choice Green Energy Solutions Private Limited
was incorporated on 25,h June 2025 under Choice Consultancy Services Private Limited, a material subsidiary of the Company. This incorporation is intended to support the business activities such as the development of solar projects, including the generation, supply and sale of power, the construction of non-conventional/ renewable energy facilities as well as engaging in the various ancillary activities and to carry on the business of leasing, sub-leasing, renting, or licensing of solar power systems.
During theyear under review, Choice Consultancy Services Private Limited, a material subsidiary of the Company entered into a strategic partnership with SolarEra Green Renewables Private Limited for the development of solar power projects through Choice Green Energy MH-1 Private Limited and Choice Green Energy MH-2 Private Limited.
The partnership combines the Groups infrastructure consultancy capabilities with SolarEras expertise in renewable energy asset management, turnkey EPC and operation and maintenance services. The collaboration is expected to support the efficient development of the solar projects, optimise plant performance and strengthen the Groups presence in the renewable energy sector.
6. MATERIAL CHANGES POST THE CLOSURE OF THE YEAR UNDER REVIEW
Subsequent to the closure of the financial year under review, the following material changes took place:
ACQUISITION OF CHOICE UNIFIED SERVICES PRIVATE LIMITED
Post closure of the year under review, Choice International Limited completed the acquisition of 100% equity stake in Choice Unified Services Private Limited on 1st April 2026, formerly known as Optimo Investment Adviser Private Limited ("Choice Unified"). The acquisition was undertaken with the objective of aligning the business operations of Choice Unified towards a support services model. This is expected to strengthen group-wide operational support, enhance efficiency, optimise costs and support the overall strategic requirements of the Company and its subsidiaries.
The acquisition and restructuring of Choice Unified are aligned with the Companys objective of streamlining support functions, strengthening operational capabilities and creating a more efficient support framework across the Group.
ACQUISITION OF ELLORA SOLUTIONS PRIVATE LIMITED
Post closure of the year under review, the Company acquired 100% equity stake in Ellora Solutions Private Limited ("Ellora") on 25th May 2026, making Ellora a wholly owned subsidiary. The acquisition was undertaken to facilitate property-related activities and other incidental or ancillary activities considered beneficial to the Company.
7. PERFORMANCE AND ACHIEVEMENTS OF CHOICE GROUP AND ITS SUBSIDIARIES
As on March 31, 2026, the Company had 18 active subsidiaries, including 10 step-down subsidiaries. The business model of the Group, together with the performance highlights of the respective subsidiaries, is provided in the relevant sections of this Annual Report. Further, material changes, if any, in the nature of business or operations of the subsidiaries during the financial year under review have been suitably disclosed in the subsequent sections of this Report. The financial impact of such changes, wherever applicable, has been appropriately reflected in the Financial Statements of the Company.
In terms of Section 136 of the Companies Act, 2013, the financial statements and other relevant documents of the subsidiary companies shall be available for inspection by the Members at the Registered Office of the Company during business hours on all working days, except Saturdays, Sundays and public holidays, up to the date of the Annual General Meeting. Any Member desirous of obtaining a copy of the financial statements of the subsidiary companies may write to the Company Secretary at the Registered Office of the Company.
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013, the Consolidated Financial Statements of the Company, including its subsidiaries, have been prepared in accordance with the applicable Accounting Standards
Our organization structure as on 31st March 2026 is as follows –prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules framed thereunder. The Consolidated Financial Statements form an integral part of this Annual Report.
The Standalone and Consolidated Financial Statements, along with other relevant documents required to be attached to the Boards Report, have been uploaded on the Companys website – choiceindia.com.
‘Dormant Company
" Subsequent to the closure of the financial year, Choice Wealth Private Limited, a subsidiary of Choice Equity Broking Private Limited ("CEBPL"), was amalgamated with Arete Capital Services Private Limited on May 11,2026. Further, renaming to Choice Wealth Private Limited on July 14, 2026.
Choice Group operates through various business verticals, each of which plays an important role in strengthening the overall business portfolio of the Company. These verticals enable the Group to offer diversified financial and advisory solutions to its clients while creating synergies across businesses. The details of the key business verticals, along with their performance and major developments during the year under review, are set out below:
Broking, Wealth Management and Distribution
Under this business vertical, the Group provides broking and distribution services through the following subsidiaries:
1. Choice Equity Broking Private Limited (CEBPL) - Subsidiary of CIL
The securities broking and depository participant business of the Group is carried out through Choice Equity Broking Private Limited ("CEBPL"), a subsidiary of the Company. CEBPL is a member broker of NSE, BSE, NCDEX and MCX, and is also registered as a Depository Participant with CDSL and NSDL.
During thefinancialyear2025-26,CEBPLcont in uedtodeliver strong operational and financial performance. The gross revenue of CEBPL stood at 747952.18 Lakh as compared to 742,680.03 Lakh in the previous financial year. Further, the profit before tax for the year stood at 714,710.10 Lakh as against 710,936.09 Lakh in the previous financial year.
Pursuant to the requisite approvals, CEBPL had, on December 6, 2023. allotted 8.90,200 warrants, each convertible into one equity share of the Company, to its Directors. These warrants were converted into equity shares on June 3, 2025, resulting in the issuance of fresh equity shares by CEBPL and a corresponding increase in its paid-up equity share capital. Consequent to such conversion, CEBPL ceased to be a wholly owned subsidiary of the Company and became a subsidiary, with the Company holding 90% of the total equity share capital of CEBPL. The equity shares allotted upon conversion rank pari passu in all respects with the existing equity shares of CEBPL.
Subsequent to the closure of the financial year, Choice Wealth Private Limited, a subsidiary of CEBPL, merged with Arete Capital Services Private Limited, another subsidiary of CEBPL. The merger is expected to streamline operations, consolidate business capabilities and strengthen the wealth and distribution platform within the Group.
2. Choice Wealth Private Limited - Wholly Owned Subsidiary of Choice Equity Broking Private Limited
Choice Wealth Private Limited is primarily engaged in the distribution of investment products and the provision of advisory services to HNIs and institutional investors. With a client-focused approach and in-depth understanding of financial markets, Arete Capital provides customised investment solutions aimed at facilitating long-term wealth creation and sustainable portfolio growth. Together, these businesses strengthen the Groups presence in the wealth management and financial products distribution segment.
The Revenue of the Choice Wealth Private Limited FY 2026 stood at Rs.3263.30 Lakhs (Previous Year: atRs.2011.76 Lakhs). During the year under review, this company earned a Profit before tax of Rs. 1123.88 Lakhs (Previous Year: Rs. 181.46 Lakhs).
3. Choice Connect Private Limited (Choice Connect) – Wholly Owned Subsidiary of Choice Equity Broking Private Limited
Choice Connect Private Limited, through its flagship digital platform Choice Connect, serves as the integrated distribution channel for the comprehensive range of financial products and services offered by the Choice Group. The platform has built a nationwide network of Business Associates who contribute to expanding the Companys market presence. Choice Connect has developed a PAN-Indian network of Business Associates that serves as a key component of the Companys distribution framework. The platform enables these associates to function as comprehensive financial advisors through its proprietary distribution engine, structured training and capability-building initiatives, and end-to-end digital execution infrastructure, thereby enhancing their ability to deliver a wide spectrum of financial products and services to customers.
The Company functions as a key distribution arm of the Choice Group, facilitating wider outreach and efficient delivery of financial services across the country. Choice Connect Private Limited is a wholly owned subsidiary of Choice Equity Broking Private Limited, which holds 100% of its equity share capital and step down subsidiary of the Company.
For the financial year 2025–26, Choice Connect reported a Revenue of ? 6,972.83 Lakhs, compared to ? 5,538.52 Lakhs in the previous year. The company achieved a Profit before tax of ? 117.99 Lakhs, improving from a Profit before tax of ? 37.93 Lakhs in the prior fiscal year.
4. Choice Insurance Broking India Private Limited (Choice Insurance) – Wholly Owned Subsidiary of Choice Equity Broking Private Limited
Choice Insurance is dedicated to making insurance solutions more accessible and customer-centric by simplifying the insurance buying experience. Through its strong partnerships with leading insurance companies, the Company offers a comprehensive portfolio of insurance products and customized risk protection solutions, enabling customers to choose offerings best suited to their diverse requirements.
As an entity registered with the Insurance Regulatory and Development Authority of India (IRDAI) as an Insurance Distributor, Choice Insurance adheres to the highest standards of regulatory compliance, transparency, and ethical business practices. Backed by its robust distribution network and customer-focused approach, the Company is well-positioned to deliver trusted insurance solutions while fostering long-term financial security for its customers.
During the year under review, the Company acquired the remaining 50% stake in Choice Insurance on March 10, 2026, pursuant to which Choice Insurance became a wholly owned subsidiary of the Company.
For the financial year 2025–26, Choice Insurance reported a Revenue of ? 1,737.80 Lakhs, compared to ? 970.85 Lakhs in the previous year. The company achieved a Profit before tax of ? 459.10 Lakhs, improving from a Profit before tax of ? 150.48 Lakhs in the prior fiscal year.
Mutual Fund
1. Choice AMC Private Limited (Choice AMC) – Wholly Owned Subsidiary of CIL
Choice Mutual Fund (the Mutual Fund/ the Fund) was set up as a Trust by the Settlor, Choice International Limited on March 20, 2025 with Choice Trustee Services Private Limited (the Trustee) as the Trustee in accordance with the provisions of the Indian Trust Act, 1882 and is duly registered under the Indian Registration Act, 1908. The Trustee has entered into an Investment Management Agreement dated March 20, 2025, with Choice AMC to function as the Investment Manager for all the schemes of the Fund. The Fund was registered with SEBI on August 01, 2025, under Registration Code MF/087/25/13.
During the Financial Year under review, upon receipt of the requisite regulatory approvals from the Securities and Exchange Board of India ("SEBI") in relation to the commencement of the mutual fund business, the Companys asset management operations became operational. Following this milestone, the Company undertook various initiatives towards the establishment and launch of its mutual fund business, with a strategic focus on passive investment products.
During the year under review, Choice
AMC launched the following open-ended scheme in the market:
Scheme Name |
Scheme Type |
Structure |
Choice Gold ETF |
An open-ended Exchange Traded Fund scheme replicating/tracking domestic price of Gold |
Open-ended |
The Assets under Management of the schemes of CHOICE MUTUAL FUND as of March 31, 2026. was Rs. 53.04. crores. The total number of investor folios under all schemes of CHOICE MUTUAL FUND as of March 31.2026. were 17.315.
For the financial year 2025-26, Choice AMC reported revenue of Rs. 331.17 Lakhs, as compared to Rs. 61.83 Lakhs in the previous year. During the year under review, the Company reported a loss before tax of Rs. 745.71 Lakhs as compared toRs. 21.24 Lakhs in the previous year.
2. Choice Trustees Services Private Limited (Choice Trustee) - Wholly Owned Subsidiary of CIL
As part of the infrastructure established for carrying out Asset Management Company (AMC) operations, the Company has appointed Choice Trustees. The Trustee Company is responsible for overseeing and supervising the activities of the AMC, while ensuring compliance with applicable regulatory reguirements and maintaining appropriate governance standards.
Consistent with regulatory expectations, the Board of the Trustee Company comprises a majority of Independent Directors to ensure effective oversight and independence. Choice Trustees is wholly owned subsidiary of the
Company.
For the financial year 2025-26, Choice Trustee commenced revenue generation and reported revenue of Rs. 0.93 Lakhs, as compared to Nil in the previous year. During the year, the Company reported a loss of Rs. 23.47 Lakhs, as compared to Nil in the previous year, reflecting the Companys initial stage of operations.
Non-Banking Financial Services
Choice Finserv Private Limited ("CFPL"), a subsidiary of the CIL provides a diversified range of financing solutions, including MSME Loans, Loan Against Property (LAP), Supply Chain Finance, Vehicle Loans, Rooftop Solar Loans, designed to meet the varied financing reguirements of businesses and individuals. These offerings provide tailored financing solutions based on a comprehensive evaluation of the borrowers financial position, cash flow generation, repayment capacity and creditworthiness, supporting business expansion, working capital requirements, asset acquisition andotherfinancing needs.
CFPL follows a robust and disciplined credit underwriting framework, with a focus on extending credit to customers demonstrating sound financial health, stable income streams and a proven track record of timely repayments.
During the year under review. CFPL strengthened its technology-driven lending platform by digitising the entire loan lifecycle, including customer onboarding, documentation, credit assessment, workflow management and borrower communications. The
Company also introduced several new lending products with fully integrated digital processes, enabling scalable growth while enhancing operational efficiency and governance.
During the year, CFPLs improved financial performance and asset quality were recognised through credit rating upgrades. "Acuite Ratings & Research Limited" assigned an "ACUITE A-/Stable" rating, while "India Ratings & Research" upgraded the Companys rating from "IND BBB/ Stable" to "IND A-/Stable" for its Bank Loan Facilities and Non-Convertible Debentures ("NCDs").
For the financial year 2025-26. CFPL reported a Revenue of Rs. 15,909.59 Lakhs, compared to Rs. 11,606.09 Lakhs in the previous year. The company achieved a Profit before tax of Rs. 1,562.03 Lakhs, improving from a Profit before tax of Rs. 1,192.93 Lakhs in the previous year.
Advisory Services
The Group delivers its advisory services through the following subsidiaries:
1. Choice Capital Advisors Private Limited (Choice Capital Advisors) - Wholly Owned Subsidiary of CIL
Choice Capital Advisors Private Limited ("CCAPL"), a SE Bl- registered Category-1 Merchant Banker, provides end- to-end financial advisory and capital market solutions, covering the entire transaction lifecycle from strategy and structuring to execution. Its service offerings span Main Board IPOs, SME IPOs, Rights Issues. Preferential Issues and Open Offers, supported by strong execution capabilities and a disciplined approach towards regulatory compliance.
CCAPLs key strengths include robust deal origination capabilities, deep industry relationships and the ability to manage complex capital market transactions with a high degree of process transparency and regulatory adherence. Its boutique and client-focused approach, backed by the strength and experience of a diversified financial services group, enables it to deliver customised, unbiased and execution-oriented financial solutions.
During the year, CCAPL continued to strengthen its capital markets franchise and build a healthy transaction pipeline. It is presently handling 34 ongoing IPO mandates, with an aggregate tentative fund-raising potential of approximately Rs. 75.5 billion, reflecting its growing presence in the merchant banking and capital markets advisory space.
For the financial year 2025-26. Choice Capital Advisors reported a Revenue from operation of Rs. 11,408 Lakhs, compared to Rs. 4,664.86 Lakhs in the previous year. The company achieved a Profit before tax of Rs. 8,928.87 Lakhs, improving from a Profit before tax of Rs. 2,729.95 Lakhs in the previous year.
2. Choice Consultancy Services Private Limited (Choice Consultancy) - Subsidiary of CIL
Choice Consultancy Services Private Limited, a subsidiary of the Company, continues to play an important role in the Groups Infrastructure Consultancy and Government Advisory business. The company provides advisory, technical and project management support across sectors such as roads and highways, bridges, water resource management, affordable housing, solid waste management, urban development, public financial reforms, information technology, e-governance, e-learning and smart education.
Choice Consultancy continues to work on high-impact infrastructure and development projects by providing services including research and surveys, bid process management, policy advisory, monitoring and evaluation and other project-related consultancy services. Through its domain expertise and execution capabilities, Choice Consultancy remains committed to supporting sustainable development and contributing to Indias infrastructure growth and modernisation.
As on March 31, 2026, the Company held 90% stake in Choice Consultancy Services Private Limited. During the year, the Companys holding in Choice Consultancy was reduced from 100% to 90% pursuant to the preferential allotment of equity shares by Choice Consultancy to its Directors, Mr. Bhalchandra Murarka and Mr. Nitesh Agarwal, on July 01,2025.
For the financial year 2025-26, Choice Consultancy reported a Revenue from operation of Rs. 19,850.05 Lakhs, compared to Rs. 20,141.91 Lakhs in the previous year. During the year under review, the companys Profit before tax of Rs. 3,922.30 Lakhs as compared to Rs. 5,040.06 Lakhs in the previous year.
As on March 31, 2026, Choice Consultancy held investments in the following subsidiaries/joint venture entities:
Choice Proptech Solutions Private Limited -100%
SKP Green Ventures Private Limited - 75%
Choice Global Advisory Services Limited -100% Choice Green Energy MH-1 Private Limited - 51% Choice Green Energy MFI-2 Private Limited - 51% Choice Green Energy Solutions Private Limited -100% Ayoleeza Consultants Private Limited -100%
The joint ventures/project-specific associations of Choice Consultancy include:
Thoughts Consultants Jaipur Private Limited JV with Choice Consultancy Services Private Limited - 50%
• CCSPL-I&R JV-50%
Choice Consultancy Services JV with Mars Planning & Engineering - 50%
• CCSPL - PD & EX JV - 65%
Further, Ayoleeza Consultants Private Limited, a wholly owned subsidiary of Choice Consultancy, also participates in joint venture arrangements, including:
Ayoleeza Consultants Private Limited JV
Almondz Global Infra-Consultant Limited JV
Satra Services & Solutions JV Choice Consultancy Services Private Limited, through its subsidiaries and step-down subsidiaries, continues to expand its capabilities across infrastructure consultancy, renewable energy, real estate technology and advisory services. These entities are aligned with the Groups broader objective of building specialised businesses and participating in emerging opportunities across sustainable infrastructure and development-oriented sectors.
A brief overview of the key subsidiaries/step-down subsidiaries is provided below:
Choice Proptech Solutions Private Limited, a wholly
owned subsidiary, has altered its object clause to undertake technology-driven real estate distribution, marketing and advisory activities. The company aims to create a structured marketplace connecting developers, channel partners, real estate agents, investors, tenants and homebuyers through digital platforms, data analytics and targeted marketing initiatives. Its focus is to support faster property transactions, improved sales visibility and efficient inventory absorption for real estate developers.
SKP Green Ventures Private Limited operates in the renewable energy sector and is engaged in activities relating to solar power projects. The company supports the Groups participation in sustainable infrastructure and green energy opportunities. Choice Consultancy Services Private Limited holds 75% stake in the company.
Choice Green Energy MH-1 Private Limited is engaged in renewable energy and solar project-related activities. The company has been structured to undertake project- specific green energy initiatives and support the Groups focus on sustainable infrastructure opportunities. Choice Consultancy Services Private Limited holds 51% stake in the company.
Choice Green Energy MH-2 Private Limited operates in the renewable energy space and supports the Groups solar power project initiatives. The company forms part of the Groups green energy portfolio and is focused on project-specific renewable energy opportunities. Choice Consultancy Services Private Limited holds 51% stake in the company.
Choice Green Energy Solutions Private Limited, a wholly owned subsidiary, is focused on renewable energy and related infrastructure opportunities. The company supports the Groups objective of expanding its presence in the sustainable energy sector and participating in green infrastructure projects.
Ayoleeza Consultants Private Limited, a wholly owned subsidiary, strengthens the Groups infrastructure consultancy and advisory capabilities. The company is engaged in project-specific consultancy assignments and also participates in joint venture arrangements for specialised infrastructure and development projects.
Technology Platform
Choice Tech Lab Solutions Private Limited "Choice Tech Lab" functions as the dedicated technology arm of the Choice Group, driving and enabling its digital transformation initiatives.
Choice FinX embodies the vision of "One Customer, One Platform", offering an integrated financial services super app that brings together a comprehensive range of financial solutions through a single digital interface. The platform is designed to provide customers with a seamless, convenient, and technology-driven experience across their financial journey.
Choice Tech Lab serves as the technology backbone of the Choice Group, driving innovation and digital transformation across its businesses. By developing robust technology platforms and scalable digital solutions, Choice Tech Lab has transformed the Group from a conventional financial services provider into a technology-enabled fintech ecosystem. As the Groups dedicated technology arm, it continues to strengthen operational capabilities, accelerate digital innovation, and support the delivery of efficient, customer-centric financial services.
During the year under the review
For the financial year 2025-26, Choice Tech Lab reported a Revenue of INR 3706.79 Lakhs, compared to INR 2510.71 Lakhs in the previous year. The company achieved a Profit before tax of INR 206.13 Lakhs, improving from a loss before tax of INR 153.73 Lakhs in the previous year.
8. MATERIAL SUBSIDIARIES OF THE COMPANY
The Company has formulated and adopted a Policy for Determination of Material Subsidiaries in accordance with Regulation 16 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR Regulations"). The said policy has been approved by the Board of Directors and is hosted on the Companys website under the "Investor Relations" section at www. choiceindia.com
Pursuant to the said policy and in compliance with Regulation 16 of the LODR Regulations, the following subsidiaries have been identified as Material Subsidiaries of the Company, as their net worth and/or income exceeds 10% of the consolidated net worth and/or income of the Company as on March 31,2026.
Choice Equity Broking Private Limited Choice Consultancy Services Private Limited Choice Finserv Private Limited Choice Capital Advisors Private Limited These entities play a significant role in the operations and financial performance of the Group and are subject to enhanced governance and oversight as per the applicable regulatory provisions.
10. CHANGE IN DIRECTORSHIP DURING THE YEAR
During the year under review, Mrs. Sudha Bhushan (DIN: 01749008) completed her first term of five consecutive years as an Independent Director of the Company and accordingly ceased to hold office as an Independent Director with effect from February 11,2026.
Further, based on the recommendation of the Nomination and Remuneration Committee, the Board appointed Mrs. Barnali Mukherjee (DIN: 11063352) as an Additional Director in the category of Non-Executive Independent Director of the Company for a term of five consecutive years with effect from March 27, 2026, subject to the approval of the shareholders. Subsequent to the close of the financial year, the shareholders of the Company approved the appointment of Mrs. Barnali Mukherjee as a Non-Executive Independent Director through May 10, 2026 vide Post Ballot Notice dated March 27,2026.
Additionally, after the closure of financial year, Mr. Kanhaiyaial Berwal (DIN: 07535424) and Mr. Ashok Kumar Thakur (DIN: 07573726) completed their two terms of five consecutive years as an independent director of the Company and accordingly ceased to hold office as an independent director w.e.f. 13th July, 2026.
11. KEY MANAGERIAL PERSONNEL (KMP)
The following individuals constituted the Key Managerial Personnel (KMP) of the Company as on March 31, 2026, in accordance with Section 203 of the Companies Act, 2013:
Mr. Kamal Poddar - Managing Director Mr. Suyash Sunil Patodia - Joint Managing Director Mr. Arun Kumar Poddar - CEO & Executive Director Mr. Ajay Rajendra Kejriwal - Executive Director Mr. Manoj Singhania - Chief Financial Officer Ms. Karishma Shah - Company Secretary
12. RETIREMENT BY ROTATION & SUBSEQUENT RE APPOINTMENT
In accordance with Section 152 and other applicable provisions, if any, of the Companies Act, 2013, read with the Companies (Appointment and Qualification of Directors) Rules, 2014 (including any statutory amendments or reenactments thereof for the time being in force), and the Articles of Association of the Company, Mr. Arun Kumar Poddar (DIN: 02819581) CEO and Director, is liable to retire by rotation in the capacity of Director at the ensuing Annual General Meeting and, being eligible, has expressed his willingness for re-appointment.
The Board of Directors has recommended his reappointment for the approval of the Members at the forthcoming 33rd Annual General Meeting of the Company.
The requisite resolution for his re-appointment, along with his brief profile and other relevant particulars, is included in the Notice convening the said Annual General Meeting.
13. INDEPENDENT DIRECTORS DECLARATIONS;
The Company has received the necessary declarations and confirmations from all Independent Directors in terms of Section 149(6) of the Companies Act, 2013 ("the Act") and Regulation 16(l)(b) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), confirming that they meet the criteria of independence prescribed under the Act and the Listing Regulations. Further, in accordance with Regulation 25(8) of the Listing Regulations, the Independent Directors have confirmed that there are no circumstances or situations, existing or reasonably anticipated, which may impair or affect their ability to discharge their duties independently and objectively. They have also confirmed that they are not disqualified from being appointed or continuing as Directors in terms of Section 164 of the Act.
Based on the declarations and confirmations received, the Board is of the opinion that all Independent Directors of the Company continue to fulfil the conditions of independence specified under the Act and the Listing Regulations and are independent of the management. The Board also believes that the Independent Directors possess the required skills, knowledge, experience, expertise and integrity necessary for effectively discharging their responsibilities. During the year under review, there was no change in the circumstances affecting the status of the Independent Directors of the Company.
In terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended, all Independent Directors of the Company have registered their names in the databank maintained by the Indian Institute of Corporate Affairs ("MCA"). Further, as required under the Listing Regulations, the Board has identified the core skills, expertise and competencies required for the effective functioning of the Board in the context of the Companys business. The details thereof are provided in the Corporate Governance Report forming part of this Annual Report.
14. NUMBER OF MEETINGS OF THE BOARD
During the financial year 2025-26, the Board of Directors of the Company met (5) five times. The particulars of the Board Meetings, including the dates of the meetings and attendance of the Directors thereat, are set out in the Corporate Governance Report, which forms part of this Annual Report.
The Company has duly complied with the applicable provisions of the Secretarial Standard on Meetings of the Board of Directors (SS-1) issued by the Institute of Company Secretaries of India.
15. COMMITTEE OF THE BOARD
As on March 31, 2026, the Board of Directors of the Company had constituted the following statutory and regulatory Committees in accordance with the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholders Relationship Committee
4. Corporate Social Responsibility Committee
5. Risk Management Committee
The composition of the aforesaid Committees, number of meetings held during the financial year 2025-26 and the attendance of the Committee members are provided in the Corporate Governance Report. which forms an integral part of this Annual Report.
In addition to the above Committees, the Company has also constituted certain internal committees to ensure smooth, timely and efficient handling of operational, financial and procedural matters. These committees comprise Executive Directors, Independent Directors and members of the Senior Management, as may be required, and are intended to support effective decision-making and efficient functioning of the Company.
The internal committees constituted by the Company include the following:
1. Management Committee (Formerly known as a Finance Committee)
2. Investment Committee
3. Securities Allotment Committee
The meetings of these internal committees are convened from time to time, depending upon business and operational requirements. Decisions are taken collectively, with due consideration of the views of the members, and are based on the approval of the requisite majority. The composition of such committees is structured to ensure appropriate participation, balanced deliberation and independent judgement.
The decisions and resolutions passed by the internal committees are placed before the Board of Directors for its review, noting and necessary records, as applicable.
16. LISTING ON STOCK EXCHANGES
As on March 31, 2026, the Companys Equity Shares are listed on BSE Limited & the National Stock Exchange of India Limited.
17. DIVIDEND
In accordance with Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has adopted a Dividend Distribution Policy. The said Policy is available on the website of the Company at https://cmsapi.choiceindia.com/assets/dldf3cff-fl7e-4f54- 9dla~aacclbcc91b8
The Board of Directors, after considering the Companys long term growth plans, ongoing business expansion, working capital requirements and future investment opportunities. has considered it prudentto conserve the available resources of the Company.
In line with the Dividend Distribution Policy of the Company, the Board has decided to conserve and reinvest the profits in the business with a view to strengthening the Companys financial foundation and supporting its strategic growth plans. This decision reflects the Companys focus on sustainable expansion, operational resilience and longterm value creation for its stakeholders.
18. DEBENTURES
During the year under review, the Company did not issue any debentures.
19. DEPOSIT
During the year under review, the Company has not accepted any Public Deposits nor there are any outstanding Public Deposits or interest during the Year ended March 31,2026.
20. INVESTOR EDUCATION AND PROTECTION FUND
The Company was not liable to transfer any Unclaimed Dividend amount to Investor Education and Protection Fund "lEPF" as the Company has not declared any Dividend since FY 2016-2017.
The Details of Unpaid amount already transferred to "lEPF" and the Corresponding Shares Transferred to "lEPF" is available on the website of the Company.
Members are requested to claim the dividend which have remained unclaimed by sending a return notice to the company at info@choiceindia.com. secretarial choiceindia.com or to Companys Registrar at investor. helpdesk@in.mpms.mufa.com or at their address at MUFG In time India Private Fimited - C101. Embassy 247. F.B.S.Marg. Vikhroli (West), Mumbai - 400083.
21. SECRETARIAL STANDARDS
The Company has put in place adequate systems and processes to ensure compliance with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India. The said systems are adequate and operating effectively.
22. FINANCIAL ACCOUNTING
The Financial Statements of the Company for the financial year ended March 31,2026 have been prepared in accordance with the applicable Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2013. read with the relevant rules framed thereunder, and in conformity with the accounting principles generally accepted in India.
In accordance with the provisions of Section 129(3) of the Companies Act, 2013, read with Rule 5 of the Companies (Accounts) Rules,2014, a statement containing thefeatures of the financial statements of the Companys subsidiaries, associates and joint ventures, in Form AOC-1, is annexed to this Report and forms an integral part hereof.
The estimates, assumptions and judgments applied in the preparation of the Financial Statements have been made on a prudent and reasonable basis. The Financial Statements have been prepared so as to present a true and fair view of the state of affairs of the Company, including its financial position, financial performance and cash flows for the financial year ended March 31,2026.
23. AUDITORS
Statutory Auditors and Auditors Report
M/s. M S K A & Associates, Chartered Accountants, were appointed as the Statutory Auditors of the Company for
a term of five consecutive years, commencing from the conclusion of the 29th Annual General Meeting held on September 15, 2022 until the conclusion of the Annual General Meeting to be held in the year 2027.
During the year under review, the Company was informed that the constitution of M/s. M S K A & Associates, Chartered Accountants, has been converted into a Limited Liability Partnership under the provisions of the Limited Liability Partnership Act, 2008, and the firm is now known as "M S K A & Associates LLP, Chartered Accountants". The Statutory Auditors have confirmed that they continue to fulfil the eligibility criteria and are not disqualified from continuing as Statutory Auditors of the Company under the provisions of the Companies Act, 2013.
M S K A & Associates LLP, Chartered Accountants, being the Statutory Auditors of the Company, have issued their report on the Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2026. The Auditors Report forms part of this Annual Report.
The Auditors Report does not contain any qualification, reservation, adverse remark or disclaimer. Further, during the year under review, the Statutory Auditors have not reported any instance of fraud to the Audit Committee under Section 143(12) of the Companies Act, 2013.
Secretarial Auditor and Secretarial Audit Report
M/s. R M Mimani & Associates LLP, Company Secretaries, were appointed as the Secretarial Auditors of the Company for a term of five consecutive years, commencing from the conclusion of the 32nd Annual General Meeting held on September 17, 2025, until the conclusion of the Annual General Meeting to be held in the year2030.
The Secretarial Audit Report issued by the Secretarial Auditor for the financial year 2025-26 is annexed to this Report and forms an integral part of the Annual Report. The Report confirms compliance by the Company with the applicable provisions of the Companies Act, 2013, the SEBI Listing Regulations, and other applicable laws, rules, regulations and guidelines. The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.
The Company has also obtained the Annual Secretarial Compliance Report for the financial year 2025-26 from M/s. R M Mimani & Associates LLP, confirming compliance with the applicable SEBI Regulations, circulars and guidelines. The said report has been included as part of this Annual Report in line with applicable regulatory requirements and good governance practices.
Secretarial Audit of Material Unlisted Subsidiaries
Pursuant to Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the material unlisted subsidiaries of the Company incorporated in India are required to undertake secretarial audit and the Secretarial Audit Reports of such subsidiaries are required to be annexed to the Annual Report of the Company.
Accordingly, the Secretarial Audit Reports of the material unlisted subsidiaries of the Company for the financial year 2025-26 are annexed as "Annexure III" to this Boards Report and form part of this Annual Report.
There are certain observations, comments given by the secretarial Auditor and Management for -
1. Choice Finserv Private Limited
1. Private Placement/Preferential Allotment: In relation to certain private placements of NCDs and preferential allotment of equity shares, certain procedural filing matters were noted under the applicable provisions of the Companies Act, 2013 and the relevant Rules. The underlying corporate approvals and compliances were completed within the applicable timelines, and the delay in procedural filings was primarily on account of technical issues on the MCA portal. The requisite filings were subsequently completed.
2. Registration of Charge: Form CFIG-9 in respect of certain secured NCDs was filed within the prescribed timeline and was resubmitted pursuant to observations raised by the Registrar of Companies. Flowever, due to technical and procedural issues encountered during processing, the registration of charge remains pending. The matter is being actively pursued with the Registrar of Companies for appropriate resolution.
3. Prior Intimation of Record Date: A delay occurred in furnishing prior intimation to the Stock Exchange in respect of the record date under Regulation 60(2) of the SEBI LODR Regulations. The fine levied by BSE Limited was duly paid, and the subsidiary has since strengthened its compliance monitoring and review mechanisms to ensure timely submissions going forward.
4. Half-Yearly Statement of Debt Securities: The Half- Yearly Statement of Debt Securities was submitted to the Stock Exchange with a delay of one working day due to a technical issue encountered during the filing process. The delay was procedural in nature and did not affect the accuracy of the disclosure. Enhanced monitoring controls have since been implemented to ensure timely regulatory filings in future.
2. Choice Equity Broking Private Limited
1. Constitution of CSR Committee: The CSR Committee was earlier constituted at the Group level. Pursuant to the applicable provisions, the Company has subsequently constituted its CSR Committee at the Company level, which is in place as on the date of signing of this Report.
3. Choice Consultancy Services Private Limited
1. Preferential Allotment: In relation to preferential allotment of equity shares, certain procedural filing matters were noted under the applicable provisions of the Companies Act, 2013 and the relevant Rules. The underlying corporate approvals and compliances were completed within the applicable timelines, and the delay in procedural filings was primarily on
account of technical issues on the MCA portal. The requisite filings were subsequently completed.
2. Constitution of CSR Committee: The CSR Committee was earlier constituted at the Group level. Pursuant to the applicable provisions, the Company has subsequently constituted its CSR Committee at the Company level, which is in place as on the date of signing of this Report
In respect of Choice Insurance Broking Private limited, the secretarial auditors have not reported any observations or adverse remark.
Internal Auditor
M/s. Gupta Shyam & Co. were appointed as the Internal Auditors of the Company for the Financial Year 2025-26. The reports submitted by the Internal Auditors were periodically reviewed by the Audit Committee and were also considered by the Statutory Auditors as part of the statutory audit process, ensuring a robust internal control framework throughout the year.
24. CORPORATE GOVERNANCE
Pursuant to Regulation 34 of the SEBI (LODR) Regulations, Report on Corporate Governance along with certificate from a Practicing Company Secretary certifying compliance with conditions on Corporate Governance forms part of this Annual Report.
25. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In terms of the provisions of Regulation 34 of the SEBI (LODR) Regulations, the Management Discussion and Analysis Report on the Companys operations forms part of this Annual Report.
26. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
Your Company considers the Business Responsibility and Sustainability Report ("BRSR") as an important framework for communicating its approach towards responsible business conduct, sustainability, governance and longterm stakeholder value creation. The Company recognises that environmental, social and governance ("ESG") considerations are increasingly relevant to business resilience, stakeholder confidence and sustainable growth.
During the year under review, the Company continued to focus on embedding responsible business practices across its operations. The Companys sustainability approach is guided by efficient resource utilisation, responsible environmental practices, employee welfare, inclusive growth, ethical conduct, sound governance practices, risk management and accountability.
On the environmental front, the Company remains focused on reducing its environmental footprint through measures relating to energy efficiency, resource optimisation, waste management and sustainable operational practices. From a social perspective, the Company continues to prioritise employee engagement, health and safety, learning and development, diversity and inclusion, community initiatives and respect for human rights. On
the governance front, the Company remains committed to transparency, regulatory compliance, ethical business conduct, stakeholder engagement and effective grievance redressal mechanisms.
The BRSR provides detailed disclosures on the Companys policies, initiatives and performance across key ESG parameters, including environmental management, employee and social responsibility, customer and stakeholder engagement, governance practices and responsible business conduct.
Further, as the Company falls within the top 500 listed entities based on market capitalisation, the Company has obtained third-party assurance/assessment on the applicable BRSR Core disclosures, in accordance with the applicable requirements of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and relevant circulars issued thereunder.
Through the BRSR and the assurance/assessment process, the Company reaffirms its commitment to transparency responsible governance, sustainable business practices and long-term value creation for all stakeholders. The Business Responsibility and Sustainability Report, together with the assurance/assessment report, forms an integral part of this Annual Report and is annexed.
27. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The provisions relating to Corporate Social Responsibility are applicable to your Company during the year. At the Group level, the Company has contributed Rs.3,20,34,924 towards CSR activities. In line with the provisions of the Companies Act, 2013, the Group continues to focus on Education and Healthcare as key areas for contributing towards the holistic development of society and building a better future for the country. The CSR annexure is attached to the Boards Report.
28. PARTICULARS OF LOANS, GAURANTEES OR INVESTMENTS BY THE COMPANY
Details of Loans, Guarantees and Investments covered under the provisions of the Companies Act, 2013 along with the applicable Rules of the Act are given in the notes to the Financial Statements forming part of this Annual Report.
29. RELATED PARTY TRANSACTIONS
Pursuant to the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 ("Listing Regulations"), the Board of Directors of the Company has formulated and adopted a Policy on Related Party Transactions. The Policy is reviewed at regular intervals and revised, wherever considered necessary. The Policy is available on the website of the Company and can be accessed at https://cmsapi.choiceindia.com/assets/ cd97214d-8156-4582-847e-b3e9aefclad9
During the year under review, all contracts, arrangements and transactions entered into by the Company with its related parties were undertaken in the ordinary course of business and on an arms length basis. Such transactions were carried out in accordance with the applicable provisions of the Companies Act, 2013 and the Listing Regulations.
In compliance with the Listing Regulations and the Companys Policy on Related Party Transactions, all related party transactions were placed before the Audit Committee for its consideration and approval. The Audit Committee also granted omnibus approval on an annual basis for related party transactions of a repetitive nature, undertaken in the ordinary course of business and on an arms length basis. The transactions entered into during the year were periodically reviewed by the Audit Committee and were found to be in conformity with the related party transaction framework of the Company.
Since all related party transactions entered into during the year were in the ordinary course of business and on an arms length basis, the disclosure requirements are not attracted. Accordingly, disclosure of particulars in Form AOC-2 is not applicable for the year under review.
The disclosures relating to related party transactions, as required under IND AS 24 and Schedule V of the Listing Regulations, including the details of related parties and transactions entered into with them, form part of the Financial Statements of the Company.
The Company continues to maintain high standards of transparency, integrity and accountability in its business operations. In furtherance of its commitment to sound corporate governance, all related party transactions are undertaken in strict compliance with the applicable statutory requirements and the governance framework adopted by the Company.
30. EXTRACTS OF ANNUAL RETURN
In accordance with the requirements under Section 92(3) and Section 134(3)(a) of the Act and the applicable rules, the annual return as on March 31,2026 is available on the website of the Company www.choiceindia.com.
31. CEO/CFO CERTIFICATIONS
In terms of the requirements of Regulation 17(8) read with Part B of Schedule II of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the certificate issued jointly by Mr. Arun Kumar Poddar, Chief Executive Officer, and Mr. Manoj Singhania, Chief Financial Officer of the Company, for the financial year 2025-26 forms part of the Corporate Governance Report.
The said certificate confirms, inter alia, the correctness of the financial statements, adequacy of internal controls relating to financial reporting, and compliance with the applicable requirements specified under the SEBI Listing Regulations.
32. NOMINATION & REMUNERATION POLICY AND COMMITTEE
The Board of Directors has approved and adopted a comprehensive Nomination and Remuneration Policy which sets out the framework for determining the remuneration of Directors, Key Managerial Personnel ("KMP") and Senior Management. The Policy lays down the guiding principles, philosophy and approach followed by
the Company in structuring and approving remuneration, with a view to ensuring fairness, consistency and alignment with the overall objectives of the Company.
In addition to matters relating to remuneration, the Policy prescribes the criteria for determining the qualifications, positive attributes and independence of Directors. It also provides the framework for the identification, selection and appointment of KMP and Senior Management personnel, having regard to their professional capabilities, experience and ethical standards. The Nomination and Remuneration Committee ("NRC") and the Board of Directors duly consider these parameters while evaluating candidates for appointment and assessing their suitability for the respective roles.
Pursuant to the provisions of Section 178 of the Companies Act, 2013 and the applicable provisions of the SEBI Listing Regulations, the Company has constituted the NRC. The NRC is responsible, inter alia, for formulating and overseeing the criteria relating to the appointment and remuneration of Directors and Senior Management personnel. The Committee also periodically reviews the composition and effectiveness of the Board and identifies any gaps in skills, experience or expertise, particularly while considering the appointment or reappointment of Directors. The NRC reviews the profiles of prospective candidates, assesses their professional expertise, experience and competencies and undertakes appropriate due diligence.
Criteria for Determining Qualifications, Positive Attributes and Independence of a Director
In terms of Section 178(3) of the Companies Act, 2013 and Regulation 19 of the SEBI Listing Regulations, the NRC has formulated appropriate criteria for determining the qualifications, positive attributes and independence of Directors.
In determining the qualifications of a Director, the nomination process seeks to promote diversity of thought, professional experience, knowledge, age and gender. The objective is to maintain an appropriate balance of functional, managerial and industry-specific expertise on the Board, commensurate with the nature of the Companys businesses and its strategic priorities.
With respect to positive attributes, Directors are expected to discharge their statutory and fiduciary responsibilities diligently and uphold the highest standards of integrity and ethical conduct. They are also expected to possess effective communication skills, exercise sound and independent judgment and contribute constructively to the deliberations and decision-making of the Board. All Directors are required to comply with the applicable Code of Conduct and uphold principles of transparency and accountability.
A Director is regarded as independent upon satisfying the criteria prescribed under Section 149(6) of the Companies Act, 2013 read with the applicable Rules and Regulation 16(l)(b) of the SEBI Listing Regulations. The prescribed criteria, inter alia, consider financial, professional and other relationships to ensure that Independent Directors are able to exercise objective and unbiased judgment while participating in the affairs of the Company.
Evaluation Process
The Company remains committed to creating sustainable long-term value for its stakeholders through sound governance, ethical practices and integrity. The Board of Directors has an important role in guiding the strategic direction of the Company, overseeing its performance and maintaining effective governance standards. Accordingly, meaningful participation and contribution by each Director are essential for the effective functioning of the Board.
At Choice, an annual performance evaluation process is undertaken for KMP, Senior Management and other eligible employees. A structured framework is similarly followed for evaluating the performance of the Directors. The evaluation process includes establishing appropriate evaluation parameters, designing evaluation templates or questionnaires, undertaking peer assessments, reviewing the feedback received from Directors and preparing a consolidated and weighted evaluation summary.
The performance of Directors is evaluated, inter alia, based on their attendance and participation in Board and Committee meetings, skills, expertise, experience, leadership, judgment and integrity, understanding of the Companys business, strategy and key functional areas, contribution to constructive discussions and timely decision-making, oversight of financial performance, risk management, internal controls and governance, effective communication with management and fellow Board members, and their overall contribution towards the Companys growth, brand and reputation.
The evaluation framework is designed to assess both the collective effectiveness of the Board and the individual contribution of each Director towards the performance, governance and long-term success of the Company.
Criteria for Determining Remuneration of Directors, Key Managerial Personnel and Particulars of Employees
The remuneration of Directors is governed by the Nomination and Remuneration Policy formulated pursuant to Section 178 of the Companies Act. 2013 and Regulation 19 of the SEBI Listing Regulations, including any statutory amendments or re-enactments thereof. The Policy seeks to ensure that the remuneration framework is fair, transparent and in compliance with the applicable statutory and regulatory requirements.
Performance evaluation forms an integral part of the remuneration framework. The Independent Directors meet separately to review the performance of the Non- Independent Directors and the Board as a whole. The performance of the Chairperson is also evaluated, taking into consideration the views of the Executive and Non- Executive Directors. The adequacy, quality and timeliness of the flow of information between the management and the Board are also reviewed to assess whether the Board
is provided with sufficient information to discharge its responsibilities effectively and reasonably.
The outcome of the performance evaluation is subsequently discussed at a meeting of the Board. The performance of the Independent Directors is evaluated by the entire Board, excluding the Director being evaluated, thereby maintaining objectivity and transparency in the evaluation process.
33. POLICIES ADOPTED BY THE COMPANY
In furtherance of its commitment to sound corporate governance, transparency and effective internal functioning, the Company has adopted various policies, codes and internal frameworks to regulate its operations and promote consistency in its governance practices. The key policies and codes adopted by the Company include the following:
Whistle Blower Policy
Policy on Material Subsidiaries
Policy on Preservation of Documents
Corporate Social Responsibility Policy
Policy on Related Party Transactions
Policy for Familiarization Programme for Independent
Directors
Code of Practices and Procedures for Fair Disclosure
of Unpublished Price Sensitive Information
Code for Independent Directors pursuant to Schedule
IV of the Companies Act, 2013
Nomination and Remuneration Policy
Policy for Determination of Materiality of Events or
Information
Dividend Distribution Policy
Risk Management Policy
Employee Stock Option Plan/ESOP Policy
Code of Conduct for Board Members and Senior
Management Personnel
Insider Trading Policy
Code of Conduct for Employees
Policy on Prevention of Sexual Harassment at
Workplace
34. VIGIL MECHANISM
At "Choice," transparency, integrity and ethical conduct form an integral part of the Companys governance framework. The Company recognises the importance of providing a secure and effective mechanism through which employees may raise concerns relating to any unethical or improper conduct.
Accordingly the Company has implemented a Vigil Mechanism by way of a Whistle Blower Policy, approved by the Board of Directors pursuant to Section 177 of the Companies Act, 2013 and Regulation 22 of the SEBI Listing Regulations. The Policy enables employees to report genuine concerns, suspected misconduct or unethical practices while ensuring protection against retaliation or adverse treatment.
The Company continues to encourage a culture of openness and responsible reporting, enabling employees to raise concerns in a fair and transparent manner. The Whistle Blower Policy is hosted on the Companys website at www.choiceindia.com.
No complaints or reports were received under the Whistle Blower mechanism during the year under review for the Company or its subsidiaries.
35. POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORK PLACE
Your Company accords high priority to the safety, dignity and well-being of its women employees and remains committed to providing a secure, respectful and inclusive work environment. In this regard, the Company complies with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and has constituted an Internal Complaints Committee ("ICC") to independently and impartially address complaints relating to sexual harassment in a prompt and confidential manner.
The Company also undertakes periodic workshops, training sessions and awareness programmes to sensitise employees on gender equality, workplace conduct and the importance of maintaining a safe and harassment- free work environment.
In addition to its policy framework and employee awareness initiatives, the Company has implemented appropriate safety measures across its premises, including deployment of security personnel, installation of CCTV cameras at identified locations, adequate lighting in workspaces and common areas and controlled access to office premises to prevent unauthorised entry. The Company also encourages an open and supportive environment where women employees may raise concerns without fear of retaliation, discrimination or adverse consequences.
A structured grievance redressal mechanism is in place to ensure timely review and resolution of complaints while maintaining confidentiality throughout the process. The Company periodically reviews its workplace safety practices and encourages employee feedback to further strengthen its internal safety framework.
Through these measures, your Company continues to promote a workplace founded on respect, safety and inclusiveness, enabling all employees, including women employees, to discharge their responsibilities with confidence, dignity and a sense of security.
36. RISK MANAGEMENT
A structured and effective risk management framework is essential for identifying, assessing and addressing potential risks that may impact the Companys operations and future growth. The Company follows a comprehensive approach to risk management, which includes periodic assessment of key business risks, implementation of appropriate control and mitigation measures and timely reporting of material risks to the relevant stakeholders.
The Board of Directors has constituted a Risk Management Committee entrusted with the responsibility of overseeing the formulation, implementation and monitoring of the Companys risk management framework. The Committee periodically reviews the risk management processes and evaluates their effectiveness in addressing the evolving risk environment.
The Audit Committee also exercises oversight over matters relating to financial risks and the adequacy of internal controls. Risks identified across various business segments and functions are continuously monitored and addressed through appropriate mitigation measures.
Further details relating to the Companys risk management framework and the measures adopted for identification and mitigation of risks are provided in the Management Discussion and Analysis, which forms an integral part of this Report.
37. INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY
The Board of Directors has laid down an appropriate framework of internal financial controls to be followed by the Company. Such controls are commensurate with the size, nature and complexity of the Companys operations and were found to be adequate and operating effectively during the year under review.
The Company has also implemented a structured Procurement System for managing the procurement of goods and services required for its day-to-day operations and business activities. The system encompasses various modules, including vendor management, invoicing, petty cash and administration expense management.
The Procurement System facilitates a defined and streamlined approval workflow by establishing clear approval hierarchies, documentation requirements, review timelines and escalation mechanisms in the event of delays or other issues. The flexible and configurable nature of the system supports efficient business processes, strengthens internal oversight and contributes towards improved operational efficiency.
The Company has established policies, processes and procedures to ensure the orderly and efficient conduct of its business, adherence to internal policies, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records and timely preparation of reliable financial disclosures.
The Audit Committee periodically reviews the adequacy and effectiveness of the internal control systems and recommends measures for further strengthening the same, wherever required. The Audit Committee, Statutory Auditors and respective Business Heads are apprised of significant internal audit findings and the corrective actions undertaken by the management. Material audit observations, along with the status of remedial measures, are also placed before the Audit Committee for its review and oversight.
38. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134 of the Companies Act, 2013 ("Act"), including any statutory modification(s) or re-enactment(s) thereof for the time being in force, the Directors confirm that:
a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;
c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
d) the directors had prepared the annual accounts on a going concern basis; and
e) the directors, in the case of a listed company, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.
f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
39. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
In keeping with its commitment towards sustainable business practices and the principle of "Go Green", the Company continues to promote the use of technology and paperless processes across its operations.
Although the nature of the Companys operations is not energy intensive, the Company remains conscious of the importance of energy conservation and continues to encourage green and energy-efficient practices. Details of the initiatives undertaken by the Company are provided in the Business Responsibility and Sustainability Report, forming part of this Annual Report.
40. FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year under review, the Company had no foreign exchange earnings or outgo on both standalone and consolidated basis.
41. HUMAN RESOURCES
Your Company recognises its employees as one of its most valuable assets and remains committed to building a positive, inclusive and performance-driven work environment. The Companys human resource initiatives continue to focus on attracting talent, enhancing employee capabilities, strengthening engagement and supporting the professional growth of its workforce.
Talent Acquisition and Development
During the year under review, the Company continued to focus on attracting and onboarding capable professionals to support its business growth and evolving organisational requirements. The talent acquisition process is designed to identify suitable candidates while encouraging diversity and inclusiveness in the workforce.
The Company also continues to invest in learning and development initiatives aimed at enhancing employee skills, strengthening functional capabilities and supporting career progression.
Employee Engagement and Well-being
The Company believes that an engaged and motivated workforce plays an important role in achieving its business objectives. Accordingly, various employee engagement initiatives, communication platforms, feedback mechanisms and recognition programmes are undertaken to promote employee participation and strengthen the overall employee experience.
The Company also continues to focus on employee well-being and endeavours to create a supportive work environment that encourages collaboration, open communication and a healthy workplace culture.
Diversity, Equity and Inclusion
The Company is committed to fostering a diverse, equitable and inclusive workplace that recognises and respects the unique perspectives and contributions of every individual. The Companys initiatives are aimed at creating an environment where employees are treated with dignity and respect and are provided equitable opportunities for learning, development and career growth.
Performance Evaluation
The Company follows a structured performance evaluation framework to assess employee performance and provide timely feedback. Regular and periodic performance reviews enable employees to better understand their responsibilities, progress and performance expectations, while ensuring alignment of individual objectives with the broader goals of the organisation.
The Board places on record its appreciation for the dedication, commitment and contribution of the employees towards the growth and success of the Company. The Company remains committed to investing in its human capital and strengthening a workplace culture that encourages collaboration, innovation, performance and excellence.
42. OTHER DISCLOSURES
During the year under review, no significant or material orders were passed by any Regulator, Court or Tribunal which could impact the going concern status of the Company or its future operations.
No application has been made and no proceeding is pending against the Company under the Insolvency and Bankruptcy Code, 2016. Accordingly, the requirement
relating to disclosure of any application made or proceeding pending under the Insolvency and Bankruptcy Code, 2016 is not applicable to the Company.
No fraud has been reported by the Auditors to the Audit Committee or the Board of Directors during the year under review.
The disclosure required pursuant to Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed and forms an integral part of this Report.
A statement containing the names of the top ten employees in terms of remuneration drawn and particulars of employees covered under Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Annual Report.
In accordance with the provisions of Section 136 of the Act, the said statement is not being circulated along with this Annual Report to the Members of the Company. Any Member interested in obtaining a copy of the
said statement may write to the Company Secretary at the Registered Office of the Company or email at secretarial@choiceindia.com.
43. APPRECIATION AND ACKNOWLEDGEMENT
The Board of Directors places on record its sincere appreciation for the dedication, commitment and continued efforts of the employees of the Company, whose contribution has been instrumental in supporting the Companys growth and achievement of its objectives.
The Directors also express their sincere gratitude to the Companys Bankers, Financial Institutions, Lenders, Shareholders and other Stakeholders for their continued trust, confidence and support extended to the Company and the Choice Group.
The Board further acknowledges the guidance and support received from the Reserve Bank of India, Securities and Exchange Board of India, National Stock Exchange of India Limited, BSE Limited, Ministry of Corporate Affairs, Registrar of Companies, IRDAI, Depositories and other Government and Regulatory Authorities and places on record its appreciation for their continued cooperation.
On behalf of the Board of Directors |
|||
For Choice International Limited |
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Sd/- |
Sd/- |
Sd/- |
|
Kamal Poddar |
Arun Kumar Poddar |
Ajay Kejriwal |
|
Mumbai |
(Managing Director) |
Director and CEO |
(Director) |
Date: 10.08.2026 |
DIN No: 01518700 |
DIN No: 02819581 |
DIN No: 03051841 |
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