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View Claim Ledger →Choice International Ltd — Q4 FY26
Choice International delivered a strong Q4 FY26 with consolidated revenue of ₹314 crore (+23% YoY) and PAT of ₹68 crore (+27% YoY), driven by steady execution across broking, advisory, and NBFC segments.
bullish
high
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Choice International delivered a strong Q4 FY26 with consolidated revenue of ₹314 crore (+23% YoY) and PAT of ₹68 crore (+27% YoY), driven by steady execution across broking, advisory, and NBFC segments. EBITDA margin improved to 39.08%, reflecting operating leverage. Broking AUM grew 28% YoY to ₹52,482 crore, while advisory order book stood at ₹698 crore, providing 2-3 year visibility. Management guided for ~30% revenue and profit growth in FY27, with AMC AUM target of ₹1,000 crore. Key risks include concentration in advisory orders (Maharashtra/infrastructure) and potential market volatility impacting broking volumes.
Promises0 met · 1 missedRisks3 trackedTranscriptfull text
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Advisory order concentration
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Broking AUM
₹52,482 Cr
+28% YoY
Stock broking AUM grew 28% year-on-year, driven by cash delivery segment focus.
Demat Accounts
13 Lakh
+16% YoY
Demat account base grew to 13 lakh, supported by improved onboarding and wider product offering.
Insurance Premium
₹84 Cr
+14% YoY
Insurance premium collection grew 14% YoY, driven by broader partner network and digital platforms.
Advisory Order Book
₹698 Cr
-5% QoQ
Order book declined slightly due to Q4 execution focus; pipeline strong with bids worth ₹400 Cr+.
What Changed vs Last Quarter
NEW
30% revenue and profit growth target for FY27
Management targets ~30% year-on-year growth across revenue and profitability for FY27.
NEW
AMC AUM target of ₹1,000 crore by FY27 end
The AMC business aims to achieve AUM of ₹1,000 crore by the close of FY27.
NEW
India Post Payments Bank partnership to go live in Q1 FY27
Tech integration is ongoing; revenues expected from July 1, 2026.
NEW
Insurance mix target of 50/50 corporate vs retail
Management plans to maintain a 50/50 mix between corporate and retail insurance going forward.
DROPPED
Revenue growth of 20-25% expected to sustain
Management expects to maintain double-digit revenue growth of 20-25% over the next couple of years, consistent with historical performance.
DROPPED
EBITDA margins to sustain or expand above current levels
Management expects EBITDA margins to remain above current levels as revenue growth outpaces fixed costs.
DROPPED
NBFC AUM growth of 20-30% over next few years
The NBFC segment targets AUM growth of 20-30% annually, supported by physical presence and technology-driven underwriting.
DROPPED
MTF book to grow aggressively in next financial year
Management plans to grow the margin trading funding book aggressively in FY27, with robust risk management systems in place.
NEW RISK
Advisory order concentration
Advisory orders are concentrated in Maharashtra and infrastructure consulting, posing a diversification risk.
NEW RISK
Market volatility impact on broking volumes
While management downplayed near-term impact, sustained volatility could affect broking revenue growth.
NEW RISK
NBFC asset quality pressure from microfinance
GNPA rose during the year due to microfinance stress, though Q4 saw normalization; any reversal could hurt profitability.
RISK GONE
Regulatory changes in derivatives segment
Industry-wide regulatory adjustments in the derivative space could impact broking revenue, though management is focusing on cash delivery to mitigate.
RISK GONE
Technology integration glitches
A 40-45 day technology glitch with a bank partner caused a 6% decline in credit card issuance, which management expects to be temporary.
RISK GONE
Client onboarding slowdown due to contest withdrawal
Client onboarding in equity declined temporarily due to withdrawal of existing contests, but new contests for JFM period are expected to normalize.
RISK GONE
Unsecured lending market pressure
The NBFC segment faces pressure in unsecured lending, but management is focusing on secured loans (MSME, rooftop solar) to mitigate risk.
Fast read
Guidance and risk preview
Management targets ~30% year-on-year growth across revenue and profitability for FY27.
Advisory orders are concentrated in Maharashtra and infrastructure consulting, posing a diversification risk.
View Risks →