Advisory order concentration
Advisory orders are concentrated in Maharashtra and infrastructure consulting, posing a diversification risk.
CHOICEINTERNATIONAL / bear-case history
Track the concerns that keep returning.
Choice International · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Market volatility impact on broking volumes
While management downplayed near-term impact, sustained volatility could affect broking revenue growth.
NBFC asset quality pressure from microfinance
GNPA rose during the year due to microfinance stress, though Q4 saw normalization; any reversal could hurt profitability.