Choice International Limited — Q3 FY26
Choice International delivered a strong Q3 FY26 with consolidated revenue of ₹309 crore (up 46% YoY) and PAT of ₹66 crore (up 114% YoY).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
58%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Update on India Post Payments Bank project, potential revenue and margins.
Asked by Samrudi, DNS Capital
Asked for revenue and margins but only described distribution benefits without quantification.
no revenue or margin numbers givenredirected to distribution opportunity
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Question
can you uh give an update about it like potential revenue which you are expecting from this and margins and how many such projects are you uh looking for?
Management (not named)
This project is for integrating our wealth services with the India Post payment banks distribution network... opens up a huge distribution channel... more than you know the numbers and margins it opens up an avenue for onboarding more and more customers.
Answered
Medium priority
Plans for gold ETF and timelines for active strategies.
Asked by Samrudi, DNS Capital
Provided clear product roadmap and timeline for active strategies.
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Question
do you have any uh plans in that segment and the time timelines for active strategies?
Manish Jen (Deputy CEO of AMC)
In terms of product portfolio, currently we have gold ETF and next we would be going ahead with the index funds... In the next fiscal year, we will complement our basket on the commodity... Once these two stacks are completed, we will get into the active strategy.
Partial answer
High priority
Key drivers behind 45% YoY revenue growth, contribution by segment.
Asked by Nikita Ma, Individual investor
Described drivers qualitatively but did not quantify contribution from each segment.
no segment-level revenue breakdown given
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Question
what are the key drivers behind the 45% YI revenue growth in this quarter particularly the contribution from broking versus the NBFC and advisory segments.
Management (not named)
The largest drivers are the increased trading activities from the retail investors... as our fixed costs are stable... we are able to expand on the margins... Similar expansion in the margins we have seen in the advisory business also.
Answered
High priority
Sustainability of EBITDA margin expansion from 29.2% to 37.9%.
Asked by Nikita Ma, Individual investor
Confirmed sustainability and potential further expansion, addressing employee cost indirectly.
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Question
ITA margins expanded to 37.9% in Q3 FY26 from 29.2% YIC. Can you just elaborate on the sustainability of this expansion due to the rising employee cost?
Management (not named)
As we grow the top line the AITA margins are going to be sustained and even expand further... we foresee a bit margins to continue above the current levels.
Answered
High priority
Strategy to expand market share and client acquisition cost trends.
Asked by Neil John, BNK securities
Explained strategy and stated acquisition cost is stable, though no specific numbers given.
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Question
How do we look to expand this market share? Secondly, also on the cost of acquisition of customers, how's that moved on a year-on-year basis?
Management (not named)
Our sourcing mechanism remains the physical channels... that is the larger philosophy... which is also helping us to keep the client acquisition cost stable. We don't see a major rise in the client acquisition cost.
Partial answer
High priority
MTF book performance and risk commentary.
Asked by Neil John, BNK securities
Gave book size range and risk assurance but no quantitative growth target or risk metrics.
no specific growth target or risk metrics provided
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Question
How's the book scaling, sir? And there have been some industry commentary around you know the risk on the MTF front. So if you have some commentary on that also.
Management (not named)
Currently we are maintaining an average book of roughly around 370 to 400 cr rupees... we have placed robust internal risk management systems... Our target is to grow the MTF book very aggressively over the next one financial year.
Declined
Medium priority
Average client exposure on MTF front.
Asked by Neil John, BNK securities
Refused to provide the number, citing unavailability.
number not availabledeferred to next presentation
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Question
Would you want to quantify like what is the average exposure for your clients on the MTF front?
Management (not named)
Neil unfortunately I don't have that number readily available with me but we will try to include that number in our earnings presentation next time.
Evasive
High priority
Managing funding cost and liability mix to support 20-30% AUM growth.
Asked by Rohan Sha, Individual investor
Avoided specifics on funding cost and liability mix, instead reiterated growth confidence.
did not address funding cost or liability mixreframed to AUM growth confidence
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Question
How will the management manage funding costs and liability mix to support 20 to 30% AUM growth?
Management (not named)
We have been delivering this growth rate over the last five years and we are very much confident about maintaining a similar range... Specifically on the NBFC side, our AUM is largely contributed by the retail loans where we have physical presence... that will help us maintain high collection efficiency.
Partial answer
Medium priority
Contribution of recent acquisition to FY26 execution in advisory.
Asked by Rohan Sha, Individual investor
Described strategic benefits but no specific revenue or execution impact for FY26.
no quantified contribution or timeline given
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Question
On the recent acquisition how will it contribute to FI26 execution in INFA consulting?
Management (not named)
On the recent acquisition of Ioliza consulting they have very good credentials of working with various governments... we will be able to expand onto the geographies... which will be adding up on our order book and therefore increasing our overall revenue.
Answered
Medium priority
Plans for capex in FY26, technology investments, branch expansion.
Asked by Shri Sharma, Family office
Provided qualitative and quantitative (10 cr) information on capex and branch expansion.
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Question
Could you share your plans around KPIX for FY26 like particularly on technology investments or branch expansion?
Management (not named) and CFO Mano Singha
On the tech side not major in the capex perspective... branch expansion is also not very significant... total expenses along with capex around 10 cr for broking division.
Partial answer
High priority
Full year guidance on revenue growth and PAT growth.
Asked by Shri Sharma, Family office
Provided historical growth range but no explicit FY26 guidance.
no specific FY26 guidance givenreferred to historical range
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Question
Could you help us with any broad full year guidance on revenue growth and pad growth that management is currently targeting.
Management (not named)
We have been delivering double digit growth which has been upwards of 20 25%. We expect to maintain the similar growth rates over the next couple of years as well.
Answered
High priority
Strategy to accelerate client acquisition in tier 2 and tier 3 cities.
Asked by Mandira, Individual investor
Explained both physical and digital strategies for client acquisition in target cities.
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Question
With demand account at 1.3 million and AD2 market share steady at 1.2% 2% what strategy are in place to accelerate the client acquisition in tier 2 and tier three cities?
Management (not named) and Ankit Jen (CPTTO)
The physical expansion of our branches and our CBA network is going to contribute more... we have started building a digital client acquisition team... we are building the complete financial ecosystem for the end user.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin expanded to 37.9% in Q3 FY26 from 29.2% YoY | 37.9% | 37% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.