Choice International Limited Q2 & H1 FY26 Concall Decoded: ₹522 Cr revenue, ₹104 Cr PAT — diversification talks big, margins quietly smirk

1. Opening Hook

So while half of Dalal Street is busy panicking over weekly expiries and regulators playing whack-a-mole, Choice International calmly logged in, counted its money, and logged out. Q2 FY26 wasn’t flashy, but it was annoyingly consistent — the kind of quarter that doesn’t trend on Twitter but makes accountants sleep better. Management spoke of “economic resilience,” “execution excellence,” and other phrases that usually mean nothing went horribly wrong.

But buried between ETF launches, government consulting gigs, and a loan book that refuses to misbehave, there’s a story of a company trying very hard to become a full-stack financial supermarket. Whether this turns into a Walmart of finance or just a cluttered kirana store remains to be seen.

Read on. It actually gets more interesting once the buzzwords wear off.

2. At a Glance

• Revenue ₹284 Cr (Q2, +14% YoY) – Growth without drama; boring, reliable, effective.
• EBITDA ₹99 Cr (34.8% margin) – Costs behaved. Management deserves a gold star.
• PAT ₹56 Cr (+22% YoY) – Profits doing their job without showboating.
• H1 Revenue ₹522 Cr (+15% YoY) – Diversification finally paying rent.
• H1 PAT ₹104 Cr (+33% YoY) – Bottom line clearly drank stronger coffee than topline.

3. Management’s Key Commentary

“FY26 has been a year of steady progress so far.”
(Translation: Nothing exploded, and we’d like credit for that 😏)

“Broking and distribution contributed 59% of total revenue.”
(Still the main engine; diversification is growing, not driving yet.)

“We completed five IPOs raising ₹990 Cr.”
(Capital markets were kind, and we showed up on time.)

“Choice AMC received final SEBI approval.”
(Yes, we’re officially in the mutual fund business now.)

“Gold ETF NFO launches on 24th October.”
(Because nothing says trust like shiny metal 🪙)

“Loan book at ₹716 Cr with NNPA at 2.79%.”
(Credit team still earning their salaries.)

“AMC business to break even in two to three years.”
(Please don’t ask about losses till FY29 🙃)

4. Numbers Decoded