CHOICEIN - Choice Intl.
📢 Recent Corporate Announcements
Choice International Limited has informed the stock exchanges that it does not meet the criteria to be classified as a 'Large Corporate' (LC) as of March 31, 2026. This classification is based on SEBI's framework for fund raising through the issuance of debt securities. Consequently, the company is not mandated to raise a specific portion of its incremental borrowings via the corporate bond market. This is a routine annual compliance disclosure required by SEBI for all listed entities.
- Company does not fall under the 'Large Corporate' category as of March 31, 2026.
- Filing is in compliance with SEBI circulars dated August 10, 2021, and October 19, 2023.
- Exempt from mandatory incremental borrowing requirements through debt securities for the period.
- The disclosure follows the end of the financial year 2025-26 assessment.
Choice International Limited has officially released the audio recording of its earnings conference call held on April 24, 2026. The call addressed the company's audited standalone and consolidated financial results for the fourth quarter and the full financial year ended March 31, 2026. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations, 2015. The recording provides a platform for investors to hear management's detailed commentary on the company's annual performance and future outlook.
- Audio recording of the earnings call held on April 24, 2026, is now available for public access.
- The call discussed audited standalone and consolidated financial results for FY26.
- The recording is hosted on the company's official website under the investor presentation section.
- Filing is in compliance with Regulation 30 and 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations.
Choice International Limited delivered strong financial results for FY26, with annual revenue growing 24.18% to Rs 1,145 crore and PAT surging 46.21% to Rs 238 crore. The company achieved significant operational efficiency, with EBITDA margins expanding by 507 basis points to 37.17% for the full year. Growth was broad-based across segments, with client assets in stock broking rising 28% to Rs 52,482 crore and Mutual Fund AUM increasing 35% to Rs 2,311 crore. A strategic partnership with India Post Payments Bank and a robust advisory order book of Rs 698 crore provide strong visibility for future growth.
- FY26 PAT grew 46.21% YoY to Rs 238 Cr, while Q4 FY26 PAT rose 26.76% to Rs 68 Cr.
- Full-year EBITDA margins expanded by 507 bps to 37.17% compared to 32.10% in FY25.
- Stock broking client assets reached Rs 52,482 Cr, marking a 28% YoY growth.
- Advisory segment maintains a healthy order book of Rs 698 Cr with Rs 55 Cr in new government mandates.
- NBFC loan book stood at Rs 800 Cr at the end of Q4 FY26, with a retail focus.
Choice International Limited delivered a robust financial performance for FY26, with consolidated revenue growing 24% YoY to ₹11,445 Mn. The company's profitability saw a significant jump, with PAT increasing by 46% to ₹2,379 Mn and EBITDA rising 44% to ₹4,254 Mn. Key growth drivers included the Broking & Distribution segment, which reached 1.26 million Demat accounts, and a 28% growth in Wealth AUM to ₹525 Bn. The company is aggressively expanding its physical footprint while integrating AI into its FinX platform to drive retail engagement.
- FY26 PAT grew 46% YoY to ₹2,379 Mn, while EBITDA rose 44% to ₹4,254 Mn
- Wealth Management AUM increased 28% YoY to ₹525 Bn with 255K+ active accounts
- Demat accounts reached 1.26 million, marking a 16% YoY growth in the broking segment
- NBFC segment maintained a loan book of ₹8.00 Bn with a Provision Coverage Ratio of 32.04%
- Advisory segment boasts a strong order book of ₹6.98 Bn across 20+ States and UTs
Choice International Limited's Board of Directors approved the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026, during their meeting on April 23, 2026. The company's Chief Financial Officer confirmed that the statutory auditors, M/s. M S K A & Associates LLP, issued an audit report with an unmodified opinion, signifying clean financial reporting. Furthermore, the company clarified that it does not meet the SEBI criteria for a 'Large Corporate' for the period. The meeting, which lasted two and a half hours, concludes the formal annual financial reporting process for the fiscal year.
- Board approved audited standalone and consolidated financial results for the full year ended March 31, 2026.
- Statutory auditors M/s. M S K A & Associates LLP issued an unmodified opinion on the financial statements.
- Company confirmed it is not classified as a 'Large Corporate' under SEBI circular SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172.
- The board meeting commenced at 3:00 P.M. and concluded at 5:30 P.M. on April 23, 2026.
Choice International Limited (CHOICEIN) has announced its earnings conference call to discuss the audited financial results for Q4 and the full year ended March 31, 2026. The call is scheduled for Friday, April 24, 2026, at 4:00 PM IST. Senior management, including Group CEO Arun Poddar, will be available to address queries regarding the company's standalone and consolidated performance. This is a key event for shareholders to evaluate the company's annual growth and strategic direction.
- Conference call scheduled for April 24, 2026, at 4:00 PM IST
- Focus on audited Standalone and Consolidated results for Q4 and FY26
- Management presence includes Group CEO Arun Poddar and Head IR Ayush Sharma
- Universal dial-in numbers provided: +91 22 6280 1221 and +91 22 7115 8035
Choice International Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The report, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited, covers the quarter ended March 31, 2026. Notably, the registrar confirmed that zero requests for dematerialization were received from shareholders during this period. This filing is a standard administrative procedure to ensure the accuracy of the company's share register.
- Compliance certificate filed for the quarter ended March 31, 2026.
- Registrar MUFG Intime India confirmed that no demat requests were received during the quarter.
- The filing confirms adherence to SEBI norms regarding the mutilation and cancellation of share certificates.
- Ensures the name of depositories are correctly substituted in the register of members as registered owners.
Choice International Limited has issued a postal ballot notice to seek shareholder approval for two special resolutions. The primary resolution involves increasing the limit for granting loans, providing guarantees, and making investments up to ₹3,000 Crore under Section 186 of the Companies Act. Additionally, the company is seeking the appointment of Mrs. Barnali Mukherjee as a Non-Executive Independent Director for a five-year term. The e-voting period for these resolutions is set from April 11, 2026, to May 10, 2026.
- Proposed enhancement of investment, loan, and guarantee limits to ₹3,000 Crore.
- Appointment of Mrs. Barnali Mukherjee as Independent Director for a 5-year tenure starting March 27, 2026.
- E-voting period scheduled from April 11, 2026, to May 10, 2026, with results by May 12, 2026.
- The ₹3,000 Crore limit is over and above the statutory limits of 60% of paid-up capital or 100% of free reserves.
Choice International Limited has announced the closure of its trading window starting April 01, 2026, for all designated persons and their relatives. This is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results. The closure pertains to the audited financial results for the quarter and full year ending March 31, 2026. The window will remain closed until 48 hours after the results are officially disclosed to the stock exchanges.
- Trading window closure effective from April 01, 2026.
- Closure is in anticipation of Q4 and FY2025-26 audited financial results.
- Window to reopen 48 hours after the declaration of financial results.
- The date for the Board Meeting to approve results will be announced separately.
Choice International Limited has appointed Mrs. Barnali Mukherjee as an Additional (Non-Executive) Independent Director for a five-year term, effective March 27, 2026. Mrs. Mukherjee brings over 30 years of extensive experience in finance and securities market regulation, having served as a Chief General Manager at SEBI from 1994 to 2024. Her expertise spans policy making, market regulation, and enforcement actions, which is expected to significantly strengthen the company's corporate governance framework. This appointment is subject to shareholder approval within the next three months.
- Mrs. Barnali Mukherjee appointed as Independent Director for a 5-year term starting March 27, 2026.
- Brings over 30 years of experience in finance and regulatory matters related to the securities market.
- Served at SEBI for 30 years (1994-2024), retiring as a Chief General Manager.
- Currently serves as a Public Interest Director at India International Clearing Corporation (IFSC) Limited.
- Expertise includes policy making, compliance, and enforcement actions related to market misconduct.
Choice International Limited (CHOICEIN) has scheduled a virtual meeting with a group of analysts and institutional investors for March 27, 2026. This interaction is a routine part of the company's investor relations strategy and complies with SEBI Listing Obligations. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during the session. Such meetings are typically used to discuss publicly available information and general business outlook.
- Virtual group meeting with analysts and investors scheduled for March 27, 2026.
- Interaction conducted under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Management confirmed that no unpublished price-sensitive information (UPSI) will be disclosed.
- The schedule is subject to change based on unforeseen exigencies from the company or host.
Choice International's subsidiary, Choice Mutual Fund, has announced the launch of two new passive investment products: the Choice Nifty 50 Index Fund and the Choice Nifty Next 50 Index Fund. The New Fund Offer (NFO) for both schemes is scheduled to open on March 19, 2026, and close on April 2, 2026. This expansion into index funds leverages Choice Group's existing infrastructure of 211 branch offices and a client base of over 14 lakhs. The move is aimed at increasing the company's presence in the asset management space and growing its fee-based income.
- NFO for Nifty 50 and Nifty Next 50 Index Funds opens March 19, 2026, and closes April 2, 2026.
- The Nifty 50 Index Fund targets companies representing approximately 44% of the free-float market capitalization on the NSE.
- Choice International currently serves over 14 lakh clients through 211 branch offices and 63,000+ business associates.
- The launch aims to provide structured equity exposure to India's top 100 companies through a passive investment framework.
Choice International Limited has received IRDAI approval to acquire the remaining 50% equity stake in its subsidiary, Choice Insurance Broking India Private Limited. The company is purchasing 6,60,000 shares at ₹947 per share for a total cash consideration of ₹62.50 crore. Following this transaction, Choice Insurance will become a wholly-owned subsidiary of the company. The target entity has shown significant growth, with its turnover rising from ₹6.08 crore in FY23 to ₹88.59 crore in FY25.
- Acquisition of 6,60,000 equity shares at ₹947 per share, totaling ₹62.50 crore
- Choice Insurance Broking becomes a 100% Wholly Owned Subsidiary post-acquisition
- Target entity reported a turnover of ₹88.59 crore and net worth of ₹19.66 crore for FY25
- Insurance broking revenue grew exponentially from ₹6.08 crore in FY23 to ₹88.59 crore in FY25
- Necessary regulatory approval from IRDAI has been successfully obtained
Choice International Limited has announced its participation in the 'Bharat Connect Conference 2026' scheduled for March 11, 2026. The event is an investor conference organized by Arihant Capital Markets Limited and will be conducted in a virtual group format. This meeting is part of the company's regular engagement with analysts and institutional investors to discuss business developments. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during this interaction.
- Participation in 'Bharat Connect Conference 2026' hosted by Arihant Capital Markets Limited.
- The investor meeting is scheduled for March 11, 2026, via virtual mode.
- The interaction will be a group meeting with various institutional investors and analysts.
- Compliance with Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
- Company confirmed that no unpublished price-sensitive information (UPSI) will be disclosed.
Choice International's material subsidiary, Choice Consultancy Services Private Limited (CCSPL), has been declared the Successful Resolution Applicant for Feedback Infra Private Limited. The Committee of Creditors (CoC) has approved the resolution plan with a requisite majority and issued a Letter of Intent (LOI) to CCSPL. This acquisition, conducted under the Insolvency and Bankruptcy Code (IBC), marks a significant expansion for Choice's consultancy vertical. Final implementation remains subject to approval from the National Company Law Tribunal (NCLT) and other regulatory bodies.
- Material subsidiary CCSPL declared as the Successful Resolution Applicant for Feedback Infra Private Limited.
- Letter of Intent (LOI) received following CoC approval under the Insolvency and Bankruptcy Code, 2016.
- The acquisition is pending final approval from the Hon’ble National Company Law Tribunal (NCLT).
- Strategic move to scale the company's consultancy business through inorganic growth.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2 FY26 reached INR 284 Cr, a 14% YoY increase. The Broking and Distribution segment is the primary driver, contributing 59% of total revenue. The Advisory business contributed 26% of total revenue in Q2 FY26. Insurance premium generated grew 49% YoY to INR 929 Mn, while Wealth Products AUM saw a massive 793% YoY surge to INR 55,774 Mn.
Geographic Revenue Split
The company has a deep presence in 'Bharat' with a distribution footprint of 41% in rural areas, 25% in semi-urban areas, and 34% in urban locations. This wide reach across Tier 3 and below geographies allows for lower client acquisition costs through local trust.
Profitability Margins
PAT for Q2 FY26 was INR 56 Cr, representing a PAT margin of 19.87%, which is a 22% YoY growth. For H1 FY26, PAT reached INR 104 Cr with a margin of 20.01%. The improvement is driven by increased cross-sell activity and digital issuance capabilities reducing operational overhead.
EBITDA Margin
EBITDA margin for Q2 FY26 improved to 34.84% (INR 99 Cr) compared to 31.16% in Q2 FY25. This 368 bps expansion is attributed to operational efficiencies gained through the in-house technology backbone, Choice Techlab, and a focus on high-margin retail segments.
Capital Expenditure
Promoters intend to infuse ~INR 100 Cr at the holding company (CIL) level to support growth in lending and key businesses. INR 25 Cr was infused as share application money in FY20, with the remaining ~INR 75 Cr expected within 12 months of the reporting period.
Credit Rating & Borrowing
Brickwork Ratings (BWR) assigned a 'BWR BBB-/Stable' rating for bank facilities totaling INR 14.25 Cr. Finance costs for Q2 FY26 were INR 20.60 Cr, up 36.8% YoY, reflecting increased borrowing to fund the growing NBFC loan book.
Operational Drivers
Raw Materials
As a financial services firm, the primary 'inputs' are human capital (200+ engineers in Techlab) and cost of funds (Finance costs of INR 20.60 Cr representing 7.2% of total income).
Import Sources
Not applicable as the company provides financial services; however, technology infrastructure is managed by an in-house team of 200+ specialists in India.
Key Suppliers
Not applicable; the company operates as a service provider using internal technology (Choice Techlab) and a network of 63,244 Choice Business Associates (CBAs).
Capacity Expansion
The company operates 211 branches and 49 project offices. The CBA network expanded 50x from 2019 to 2025, reaching 63,244 associates. The NBFC arm, Choice Finserv, grew its AUM by 59.35% YoY to INR 767.94 Cr.
Raw Material Costs
Employee benefit expenses, a key operational cost, stood at INR 77.22 Cr in Q2 FY26, representing 27.2% of total income, up 11% YoY to support the expanding advisory and tech teams.
Manufacturing Efficiency
Annualized employee productivity in the insurance retail business was INR 11.69 Mn per employee in Q2 FY26. Digital issuance capabilities have streamlined the insurance sourcing process.
Logistics & Distribution
Distribution is handled digitally via the 'Choice Connect' platform and 'Choice FinX' app, minimizing physical logistics costs while reaching 1,086K demat accounts.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be driven by the launch of Choice Mutual Fund following SEBI approval, a robust IPO pipeline of 27 mandates (INR 7,000 Cr+), and deepening penetration in Tier 3 markets via the CBA network. The company is also expanding into micro-loans and micro-insurance to target lower-income households.
Products & Services
Equity broking, mutual funds, wealth management, insurance policies (motor, health, life), MSME loans, and investment banking advisory (IPOs, Rights Issues).
Brand Portfolio
Choice FinX (Super App), Choice Money (Lending), Choice Connect (Distribution), Choice Techlab (Technology), Choice Business Associates (CBA).
New Products/Services
Choice Mutual Fund (AMC) recently received SEBI approval. New lending products like micro-loans and recurring deposits are being explored for the Bharat market.
Market Expansion
Targeting 'Bharat' (Tier 3 and below) with a physical presence on the ground. The company plans to execute a growing number of Mainboard and SME IPOs in FY26.
Market Share & Ranking
Retail ADTO market share stood at 1.21% in Q4 FY25. The company is an industry leader in Tier 3 geographies with 1,086K demat accounts.
Strategic Alliances
The company operates through various subsidiaries including Choice Equity Broking (90%), Choice Finserv (82.34%), and Choice Consultancy Services (90%).
External Factors
Industry Trends
The industry is seeing gradual consolidation due to tightened regulations and higher compliance costs. There is a structural shift toward digital, agent-led distribution in semi-urban and rural India, where Choice has a 66% footprint (Rural + Semi-urban).
Competitive Landscape
Competes with traditional brokers and new-age fintechs. Choice differentiates by combining a physical branch network (211 branches) with a digital 'Super App' (Choice FinX).
Competitive Moat
The primary moat is the 'Choice Connect' network of 63,000+ local advisors which creates a 'last-mile trust' that pure digital players lack. This network is difficult to replicate and drives a 25% YoY growth in client assets (INR 57,600 Cr).
Macro Economic Sensitivity
Highly sensitive to Indian capital market cycles and IPO sentiment. A positive outlook for the Indian IPO market (projected >INR 2 trillion in FY26) directly benefits the Investment Banking pipeline.
Consumer Behavior
Increasing financial literacy and disposable income among young clients (53% of clients are aged 35 & below) is driving retail participation in equity and wealth products.
Geopolitical Risks
Minimal direct impact as operations are domestic, though global FII sentiment affects the broader capital markets where Choice operates.
Regulatory & Governance
Industry Regulations
Subject to SEBI regulations for broking and AMC, and RBI regulations for the NBFC (Choice Finserv). Management notes that recent SEBI derivative regulatory changes have limited impact due to their retail cash focus.
Environmental Compliance
Not applicable for financial services; however, the company has a CSR Committee and two 'Choice Green Energy' subsidiaries (MH-1 and MH-2).
Taxation Policy Impact
Tax expenses for Q2 FY26 were INR 17.95 Cr, representing an effective tax rate of approximately 24.1% of PBT (INR 74.41 Cr).
Risk Analysis
Key Uncertainties
Market volatility affecting the INR 7,000 Cr IPO pipeline; regulatory shifts in the broking industry; and the ability to maintain asset quality (NNPA currently at 2.79%) in the MSME lending book.
Geographic Concentration Risk
66% of the distribution network is concentrated in rural and semi-urban areas, making the company sensitive to the rural economy.
Third Party Dependencies
High dependency on the 63,244 Choice Business Associates for lead generation and product distribution.
Technology Obsolescence Risk
Mitigated by 'Choice Techlab', an in-house team of 200+ experts ensuring the 'Choice FinX' app and 'Choice Money' platforms remain competitive.
Credit & Counterparty Risk
The lending portfolio is strategically focused on collateral-backed MSME loans (INR 628.81 Cr of total AUM) to mitigate credit risk.