CHOICEIN - Choice Intl.
📢 Recent Corporate Announcements
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 The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during this interaction.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- Company confirmed that no unpublished price-sensitive information (UPSI) will be disclosed.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.
Choice International Limited has announced that Mrs. Sudha Bhushan has completed her first five-year term as an Independent Director. Her cessation from the board was effective from the close of business hours on February 11, 2026. Consequently, she also vacated her position as a member of the company's Audit Committee. This change is a routine administrative matter following the completion of a fixed statutory term.
- Completion of a 5-year term as Independent Director effective February 11, 2026
- Cessation of membership in the Audit Committee of the Board
- Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
- The board expressed appreciation for her contributions during her association
Choice International Limited has released the official transcript of its earnings conference call held on February 4, 2026. The call discussed the un-audited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. This filing is a routine regulatory requirement under SEBI (LODR) Regulations to ensure transparency for shareholders. Investors can now access the full management commentary regarding the company's performance and future strategy via the provided link.
- Earnings conference call for Q3 and 9M FY26 was conducted on February 4, 2026.
- The transcript covers financial performance for the period ending December 31, 2025.
- Filing complies with Regulation 30 and 46 of SEBI (Listing Obligations and Disclosure Requirements).
- Management insights into standalone and consolidated operations are detailed in the linked document.
Choice International Limited has completed the acquisition of a 51% controlling stake in Fintoo Wealth Private Limited for a total consideration of approximately Rs 10 crore. Fintoo Wealth is a SEBI-registered Investment Adviser that operates an AI-driven digital platform for goal-based financial planning. This strategic move is intended to bolster Choice's technology-driven wealth management segment and create cross-selling synergies. While the target's current turnover is modest at Rs 25 lakhs, the acquisition provides Choice with advanced digital advisory capabilities.
- Acquisition of 51% equity stake (5,20,408 shares) at a price of Rs 192.15 per share.
- Total cash consideration for the transaction is INR 9,99,96,397.
- Target entity Fintoo Wealth reported a turnover of Rs 25 lakhs and a net worth of Rs 27.62 lakhs for FY25.
- The acquisition has received the necessary regulatory approval from SEBI.
- Fintoo Wealth operates as an AI-based digital advisory platform for comprehensive financial planning.
Choice International Limited has re-attached its un-audited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. This action was taken solely to ensure strict compliance with Regulation 30 of the SEBI (LODR) Regulations. The company explicitly stated that there are no changes to the financial figures or the Limited Review Report previously published on February 03, 2026. The original board meeting concluded at 3:45 P.M. on the date of the initial announcement.
- Board approved un-audited financial results for the quarter and nine months ended December 31, 2025.
- Re-filing is a procedural step for SEBI Regulation 30 compliance.
- No changes made to the financial data previously reported on February 03, 2026.
- Limited Review Report from auditors remains unchanged and was noted by the Board.
Choice International Limited has released the audio recording of its earnings conference call held on February 04, 2026. The call discussed the un-audited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations to ensure transparency for shareholders. Investors can access the full recording via the company's official website to understand management's perspective on recent performance.
- Audio recording of the Q3 & 9M FY26 earnings call made available on February 04, 2026.
- The call followed the release of un-audited financial results for the period ending December 31, 2025.
- Compliance maintained with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Recording is hosted on the company's investor relations portal for public access.
Choice International reported a stellar Q3 FY26 with revenue growing 46% YoY to Rs 308.6 Cr and PAT more than doubling to Rs 65.6 Cr. The company's EBITDA margins expanded significantly by 875 bps to 37.92%, driven by strong performance across its stock broking, advisory, and NBFC segments. Key growth drivers included a 328% surge in Wealth AUM to Rs 4,662 Cr and the strategic acquisition of wealth distribution businesses. The operational commencement of its AMC business and a new partnership with India Post Payments Bank further strengthen its long-term growth outlook.
- Net Profit (PAT) jumped 113.5% YoY to Rs 65.62 Cr, while Revenue grew 45.9% to Rs 308.6 Cr.
- EBITDA margins saw a massive expansion of 875 basis points YoY, reaching 37.92%.
- Wealth management AUM witnessed a staggering 328% YoY growth, reaching Rs 4,662 Cr.
- Strategic expansion via acquisitions of Fintoo Group, Glory Prime Wealth, and Ayoleeza Consultants.
- Advisory segment maintains a strong order book of Rs 748 Cr and NBFC loan book reached Rs 756 Cr.
Choice International Limited reported a stellar performance for Q3 FY26, with consolidated PAT rising 114% YoY to ₹656 million and revenue increasing 46% to ₹3,086 million. The company's Wealth Management segment saw an explosive 328% YoY growth in AUM to ₹46,622 million, significantly aided by the acquisitions of Fintoo Group and Glory Prime Wealth. The Broking division continues to expand its footprint with 1.23 million Demat accounts, while the Advisory arm maintains a robust order book of ₹7.48 billion. Financial health remains strong with an NBFC loan book of ₹7.56 billion and a high CRAR of 50.53%.
- Q3 FY26 Revenue grew 46% YoY to ₹3,086 million, while EBITDA rose 90% to ₹1,170 million.
- Wealth Products AUM skyrocketed 328% YoY to ₹46,622 million following strategic acquisitions in Western India.
- Demat accounts reached 1.23 million, a 24% YoY increase, with 86% of clients coming from Tier II cities and below.
- The Advisory segment holds a strong order book of ₹7.48 billion with ongoing IPO mandates worth ₹97 billion.
- NBFC segment reported a total loan book of ₹7.56 billion with a Net NPA of 2.83% and a Provision Coverage Ratio of 24.85%.
Choice International Limited's Board of Directors met on February 03, 2026, to approve the un-audited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The meeting, which lasted approximately two hours and forty-five minutes, concluded with the adoption of the financial statements and the Limited Review Report from the auditors. This filing represents a key regulatory milestone for the third quarter of the 2025-26 fiscal year. Investors should now examine the detailed financial annexures to evaluate the company's operational performance and growth trajectory.
- Approval of un-audited standalone and consolidated financial results for Q3 FY26.
- Results cover the nine-month period ending December 31, 2025.
- Board meeting commenced at 1:00 P.M. and concluded at 3:45 P.M. on February 03, 2026.
- Audit Committee reviewed and recommended the results prior to Board approval.
- Limited Review Report from the Statutory Auditors has been submitted to the exchanges.
Choice International Limited has scheduled its earnings conference call for Wednesday, February 4, 2026, at 4:00 PM IST. The management will discuss the company's unaudited financial performance for the third quarter and nine months ended December 31, 2025. Key participants include Group CEO Arun Poddar and Executive Director Ajay Kejriwal. This call provides an opportunity for investors to gain insights into the company's operational growth and future outlook.
- Earnings call scheduled for February 4, 2026, at 4:00 PM IST
- Focus on unaudited standalone and consolidated results for Q3 and 9M FY26
- Management representation includes Group CEO Arun Poddar and ED Ajay Kejriwal
- Universal dial-in numbers are +91 22 6280 1221 and +91 22 7115 8035
Choice International Limited has announced that its Statutory Auditor, M/s. M S K A & Associates, has converted from a partnership firm into a Limited Liability Partnership (LLP). The entity is now known as M S K A & Associates LLP with a revised ICAI Firm Registration Number of 105047W/W101187. This change is a legal restructuring under the Limited Liability Partnership Act, 2008. The auditor will continue to serve the company for the remainder of its existing tenure.
- Statutory Auditor M/s. M S K A & Associates converted to M S K A & Associates LLP
- New ICAI Firm Registration Number (FRN) assigned as 105047W/W101187
- Conversion carried out under the provisions of the Limited Liability Partnership Act, 2008
- The auditor will continue to discharge obligations for the remaining period of their tenure
Choice International Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by registrar MUFG Intime India Private Limited, confirms that the company has adhered to all necessary protocols regarding the dematerialization of shares. Interestingly, the registrar noted that there were zero requests received for dematerialization or mutilation of share certificates during the quarter ended December 31, 2025. This is a standard regulatory filing ensuring the company's share register remains updated and compliant with stock exchange requirements.
- Compliance certificate submitted for the quarter ended December 31, 2025, as per SEBI regulations.
- Registrar MUFG Intime India Private Limited confirmed that no dematerialization requests were received during the period.
- The filing confirms that all previously issued securities continue to be listed on the BSE and NSE.
- The company maintained adherence to prescribed timelines for registry updates as per the SEBI (DP) Regulations, 2018.
Choice International's step-down subsidiary, Choice Wealth, has secured a landmark contract from India Post Payments Bank (IPPB) to act as a Mutual Fund Aggregator and Investment Service Provider. This partnership allows Choice to leverage IPPB's massive network of 1.64 lakh banking access points and its customer base of approximately 11.67 crore people. The company will deploy a comprehensive digital platform offering mutual fund services and robo-advisory solutions across 650 districts. This strategic move is expected to significantly scale Choice's distribution reach and contribute to long-term growth in its wealth management business by targeting underserved rural and semi-urban markets.
- Choice Wealth to serve as Mutual Fund Aggregator for IPPB's 11.67 crore customer base.
- Access to IPPB's network of 1,64,237 banking points and 1.86 lakh field staff across 650 districts.
- Platform will provide online Mutual Fund aggregation and Robo-Advisory services via mobile and mATM devices.
- Choice International currently serves 14 lakh+ clients with a network of 58,000+ business associates.
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.