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, ad...
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.
82%Questions answered0Evaded / deflected11Questions auditedMixedNumbers vs filing
Answered
High priority
Reason for 23% decline in wealth product AUM
Asked by Sha, Money Wish
Management explained the decline as debt redemptions and highlighted equity growth, directly addressing the question.
Read the exchange
Question
we witnessed a 23% decline. Could you give some color on that?
Management
there is an decline in overall AUM. However, there is a growth of 35% in the equity MF AUM. the decline is largely driven by redemptions in the debt mutual funds
Partial answer
Medium priority
Comfort with provision coverage ratio and NPA increase
Asked by Sha, Money Wish
Management explained the provision policy but did not give a specific coverage ratio or quantify the NPA increase.
no specific PCR number givenattributed to accounting standards
Read the exchange
Question
are we comfortable with our provision coverage ratio? And of course uh in the in your opening comments you did mention that uh NPA are stable that way but still we see a one or three bits uh increase in the NPA.
Management
provision coverage ratio is driven by an established market practice of ECL expected credit loss as per the accounting standards. ... you can see a growth in the overall YI numbers. However, during the year there had we had seen certain rise in the NB numbers which has come down in Q4 FY26.
Answered
Medium priority
Decline in corporate insurance business
Asked by Sha, Money Wish
Management explained the decline was due to high base from government contracts and shift to retail, directly addressing the question.
Read the exchange
Question
we see a decline in the corporate uh side of the business uh and which we have which we had seen previously as well. So you know that side is that segment in a bit of a doldrum or no
Management
overall there has been a growth in the insurance premium uh and larger contribution has come from retail insuranceances rather than uh the corporate insuranceances. ... During the last year, we had got uh you know uh insurance premium from certain government contracts.
Partial answer
Low priority
Structure and timeline for Assam Industrial Green Growth Fund mandate
Asked by Sha, Money Wish
Management described the role but did not provide structure or timeline for FY27 as asked.
no timeline givenno structure details
Read the exchange
Question
Could you give some color on how will be the structure and you know how the things will proceed and whether FY27 is the year that we are you know looking forward to go about it.
Management
government of Assam has mandated choice capital advisor private limited to assist them in setting up the AF and then doing the road shows for the fundraising for the AI if as well. So our role is to assist the government
Answered
High priority
Key levers to expand net margin over next 2-3 years
Asked by Shwata Sharma, Aryan Capital
Management identified technology and fixed cost leverage as key levers, directly answering the question.
Read the exchange
Question
revenue grew in FI26 but pet margin remain publicly stable. So what are the key levers you are targeting to expand the net margin over the next two three years?
Management
the larger use of tech is going to play a role as we achieve the higher scales our fixed costs are not going to increase. ... the profit has grown by 46%. ... So that will continue to expand as we leverage on the technology and the fixed cost remain stable.
Answered
Medium priority
Projected customer acquisition cost for Optimo and IPPB partnerships
Asked by Shwata Sharma, Aryan Capital
Management stated acquisition cost would be negligible due to cross-selling to existing customers, directly answering.
Read the exchange
Question
what is the projected customer acquisition cost for these channels compared to your traditional digital channel?
Management
their existing customer base will be we will be providing the services to their existing customer base thereby making our customer acquisition negligible or at a very low levels
Partial answer
Medium priority
Competition in yields and GNPA/NNPA trend in acquired Pasabi portfolio
Asked by Shwata Sharma, Aryan Capital
Management said portfolio performance is similar but did not provide specific yield or NPA figures.
no specific GNPA/NNPA numbers givenno yield competition quantification
Read the exchange
Question
are you seeing any competition in yields specifically what is the current GNP and NNPA trend in newly acquired Pasabi retail lending portfolio?
Management
the acquired portfolio is also behaving in line with our portfolio. ... we don't see a differentiated performance in the portfolio acquired from
Answered
High priority
Medium-term growth guidance across revenue and profitability
Asked by Suraj Shindai, Yes Securities
Management gave a clear 30% YoY growth guidance, directly answering the question.
Read the exchange
Question
as the base grows larger, what is your realistic medium-term growth guidance across revenue and profitability?
Management
we have been constantly communicating as well as projecting internally to maintain a growth rate of around 30% on year-on-year basis across revenues and profitability.
Partial answer
Medium priority
Plans to convert dormant demat holders into active traders and target activation ratio
Asked by Suraj Shindai, Yes Securities
Management described actions but did not provide a specific target activation ratio as asked.
no target activation ratio given
Read the exchange
Question
what are we doing to convert dominant DMAT holders into active traders and what is the target activation ratio over the next 12 months?
Management
these are classified into investors, traders and somewhat followers. ... for each category a different set of actions are taken to activate the government ... The largest push for activation is through our digital channels
Answered
High priority
Percentage of revenue from digital channels and evolution
Asked by Suraj Shindai, Yes Securities
Management provided a specific percentage (70%) and explained the definition, directly answering.
Read the exchange
Question
what percent of revenue is now coming from digital channels and how do we see this evolving?
Management
It's around 70% is coming from digital channels. When I say digital channels, these are trades executed by the on the platform.
Partial answer
High priority
Near-term AUM target for AMC segment and cost structure
Asked by Shrii Sharma, Family Office
Management gave the AUM target but did not provide any color on cost structure as asked.
no cost structure details given
Read the exchange
Question
could you share your near-term AUM target for the AMC segment for F27 and also provide some color on the cost structure for running the AMC business.
Management
for one year target in the AMC business we are expecting 1,000 crores to be the AUM at the close of 527.
Answered
Medium priority
Average SIP ticket size and unit economics for India Post Payments Bank partnership
Asked by Rohan Meta, Individual Investor
Management provided a specific SIP ticket size range and addressed unit economics, directly answering.
Read the exchange
Question
what your average SIP ticket size would expect for this segment and how the unit economics would pan out compared to our existing wealth client base.
Management
On a realistic target, we are expecting it will remain somewhere between 2,000 to 2,500 rupees per customer per month.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Q4 revenue grew 23% YoY | 23% | 23% | Matches filing |
| Q4 profit after tax grew 46% YoY | 46% | 27% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.