General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
Quarterly revenue of ₹310 Cr, up 32% from ₹235 Cr a year ago. Operating profit ₹105 Cr against ₹83 Cr. Net profit ₹55.3 Cr against ₹45.0 Cr, and EPS of ₹2.48 against ₹2.19. Sequentially, revenue moved 1% while operating profit went from ₹115.5 Cr to ₹104.8 Cr — the top line turned up for work and the profit line took a half-day.
Around it, a quarter of unusual administrative density. NH Investment & Securities, a South Korean institution, agreed on 9 July 2026 to put ₹900 crore into subsidiary Choice Equity Broking via compulsorily convertible preference shares. Two 100% subsidiaries were acquired inside the June quarter — one for ₹1,000 total and one for ₹11.6 lakh, which as corporate acquisitions go is roughly the price of a used two-wheeler and a fairly good used two-wheeler. A third, Choice Proptech Solutions, was acquired for ₹6.22 crore on 20 August. Manoj Singhania resigned as CFO on 10 August; Ayush Sharma was appointed the same day, and per the board’s disclosure Mr Singhania continues with the company in another role.
The auditor’s review report lists 26 entities. The full-year FY26 numbers behind all this: revenue ₹1,119 Cr, operating profit ₹400 Cr, net profit ₹217.66 Cr.
2. Introduction
Incorporated in 1993, Choice International Ltd is a Mumbai-headquartered financial services holding company that spent three decades quietly turning into a conglomerate while nobody was assigning it a nickname. Sales in FY17 were ₹134 Cr. Sales in FY26 were ₹1,119 Cr. The company’s own presentation puts FY23–FY26 revenue, EBITDA and PAT CAGR at 41%, and the tagline across every slide is “The Joy of Earning,” which for a broking group is at least honest about the objective.
What the group calls itself is a financial conglomerate offering tech-led services. What it actually is, structurally, is a holding company that owns Choice Equity Broking (90%), Choice Consultancy Services (90%), Choice Finserv (82.34%), Choice AMC, Choice Capital Advisors, Choice Insurance Broking, Choice Trustees, Fintoo Wealth (51%), and a set of step-down subsidiaries and joint ventures that carry names like CCSPL–PD&EX JV. The standalone entity itself did ₹117.65 Mn of total income in the quarter, because holding companies mostly hold.
The recent movement is dense. In Q3 FY25 Choice Finserv acquired a retail lending business by slump sale, taking AUM up 61% to ₹7.54 Bn. In February 2026, subsidiary CCSPL was declared successful resolution applicant for Feedback Infra, with NCLT and regulatory approvals pending. In March 2026 the company bought the remaining 50% of Choice Insurance Broking for ₹62.5 crore following IRDAI approval. SEBI granted an AMC licence on 1 August 2025; on 11 July 2026 SEBI approved Choice AMC’s role in a Category II AIF. Choice Wealth won an India Post Payments Bank mandate in January 2026. And in July 2026, the Koreans arrived.
Market capitalisation stands at ₹17,628 Cr.
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3. Business Model: WTF Do They Even Do?
Three engines, one holding company, and a suspicion that the org chart needs its own org chart.
Broking & Distribution, 59% of FY26 revenue and by segment disclosure ₹172.3 Cr of Q1 FY27 revenue, is the big one. Demat accounts: 1,294K, up 13% YoY. Client assets under stock broking: ₹622 Bn. Wealth products AUM ₹49,609 Mn, equity MF AUM ₹26,747 Mn, insurance premium ₹802 Mn in the quarter, 67,828 policies sold. Retail ADTO market share is put at 1.45%. Distribution runs through 214 branch offices across 24 states — Rajasthan alone has 50, Goa and Pondicherry have one each, which is a map that tells you exactly where the customers are — plus 1,795 registered franchisees and 70,419 “Choice Business Associates,” a small army of individual agents who sell everything from mutual funds to credit cards. 23,275 credit cards issued in the quarter. Somewhere in there is a person whose entire job is counting Choice Business Associates.
Advisory, 28% of FY26 revenue and ₹91.3 Cr in Q1, is the segment nobody expects a broker to own. This is government and infrastructure consulting: 150+ central and state departments served, 2 lakh-plus affordable houses under PMAY, 3,000+ km of highways designed or supervised, digitalisation of 13,000+ PACS, and health surveys covering 75,000+ families. Order book ₹7.77 Bn. Investment banking sits inside this segment — 30 ongoing IPO mandates, tentative fund raising ₹67.6 Bn. A firm that runs Jal Jeevan Mission monitoring in the morning and books an SME IPO in the afternoon is not a category, it’s a personality.
NBFC, 13%
