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1. At a Glance
Choice International sells broking accounts, government consulting and small-business loans through a group of subsidiaries.
Revenue for the three months to June 2026 was ₹310 crore. That is 32% above the ₹235 crore of a year earlier. Operating profit was ₹105 crore, against ₹83 crore. Net profit was ₹55.3 crore, against ₹45.0 crore. Earnings per share came to ₹2.48, against ₹2.19.
Against the previous quarter the picture is different. Revenue moved 1%, while operating profit went from ₹115.5 crore to ₹104.8 crore. The top line turned up for work and the profit line took a half-day.
The quarter also carried unusual administrative density. NH Investment & Securities, a South Korean financial institution, agreed on 9 July 2026 to invest in subsidiary Choice Equity Broking. The sum is ₹900 crore, in compulsorily convertible preference shares, which must later turn into ordinary shares.
Two wholly owned subsidiaries were bought inside the June quarter. One cost ₹1,000 in total, which is less than a mobile phone. The other cost ₹11.6 lakh. A third, Choice Proptech Solutions, was bought for ₹6.22 crore on 20 August.
Manoj Singhania resigned as chief financial officer on 10 August. Ayush Sharma was appointed the same day. Per the board’s disclosure, Mr Singhania continues with the company in another role.
The auditor’s review report lists 26 entities. For the full year to March 2026, revenue was ₹1,119 crore and operating profit ₹400 crore. Net profit for that year was ₹217.66 crore.
2. Introduction
Choice International was incorporated in 1993 and is headquartered in Mumbai. It spent three decades turning into a conglomerate without anybody assigning it a nickname. Sales in the year to March 2017 were ₹134 crore. Sales in the year to March 2026 were ₹1,119 crore. The company’s own presentation puts revenue, operating profit and net profit growth at 41% a year. That figure covers the three years to March 2026. The tagline across every slide is “The Joy of Earning”, which for a broking group is honest about the objective.
The group describes itself as a financial conglomerate offering technology-led services. Structurally it is a holding company, a parent that owns other businesses and trades little itself. It owns 90% of Choice Equity Broking and 90% of Choice Consultancy Services. It owns 82.34% of Choice Finserv and 51% of Fintoo Wealth. Choice AMC, Choice Capital Advisors, Choice Insurance Broking and Choice Trustees sit under it as well. Below those sit further subsidiaries and joint ventures with names such as CCSPL-PD&EX JV. The standalone parent booked total income of ₹11.77 crore in the quarter, because holding companies mostly hold.
The recent movement is dense. In the three months to December 2024, Choice Finserv bought a retail lending business outright for a lump sum. That took assets under management up 61%, to ₹754 crore. In February 2026 subsidiary CCSPL was declared successful resolution applicant for Feedback Infra. That is the bidder chosen to take over a company in insolvency. Approvals from the National Company Law Tribunal and other regulators are pending. In March 2026 the company bought the remaining 50% of Choice Insurance Broking for ₹62.5 crore. That followed approval from IRDAI, the insurance regulator.
SEBI, the markets regulator, granted an asset management licence on 1 August 2025. On 11 July 2026 SEBI approved Choice AMC’s role in a Category II alternative investment fund, a pooled fund for large private clients. Choice Wealth won a mandate from India Post Payments Bank in January 2026. In July 2026 the Koreans arrived. Market capitalisation stands at ₹17,628 crore.
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3. Business Model: WTF Do They Even Do?
Choice International runs three engines under one holding company, and an organisation chart that could use an organisation chart.
Broking and distribution is the largest. It brought in 59% of revenue in the year to March 2026. Segment disclosure puts it at ₹172.3 crore in the three months to June 2026. Demat accounts, the accounts that hold shares electronically, numbered 12.94 lakh, up 13% on the year. Client assets held through stock broking were ₹62,200 crore. Wealth product assets under management were ₹4,960.9 crore, and equity mutual fund assets ₹2,674.7 crore. Insurance premium in the quarter was ₹80.2 crore, across 67,828 policies sold. Retail market share of average daily turnover is put at 1.45%.
Distribution runs through 214 branch offices across 24 states. Rajasthan alone has 50, while Goa and Pondicherry have one each. Behind the branches sit 1,795 registered franchisees. Beyond them are 70,419 “Choice Business Associates”, individual agents selling mutual funds, insurance and credit cards. The group issued 23,275 credit cards in the quarter.
Advisory brought in 28% of revenue last year, and ₹91.3 crore in the June
