Choice International Limited Half-Year in Review: Consistent Growth and Expanding Opportunities

As we progressed through Q2 & H1FY26, Choice International has continued to grow, expanding its presence across the financial services ecosystem. This period has seen positive changes in India’s capital markets, with more investors participating and savings becoming more organized. Choice has focused on leveraging these opportunities to reach more clients and strengthen its services.

Over the last quarter, we have focused on growing efficiently, enhancing engagement across our businesses, and setting the foundation for steady, long-term growth. Through broadening our presence and strengthening our capabilities, we are working to make Choice more responsive and prepared for the future, while continuing to create value for investors, clients, and stakeholders.

Let’s explore the key achievements and strategic initiatives from Q2 & H1FY26:

Growing Opportunities in India’s Evolving Markets:

India is currently experiencing steady growth, gradually moving from potential to performance. Despite global challenges such as trade tensions and foreign capital outflows, the Indian stock market has remained resilient, with the Nifty 50 up around 7% in H1 FY26.

Domestic investors have supported the market strongly, with DIIs buying over Rs. 3.87 lakh Cr of equities even as FIIs sold close to Rs. 1.06 lakh Cr. Positive factors such as a healthy monsoon, government measures like income tax relief and GST rate cuts, and RBI’s monetary easing have contributed to this stability.

In this environment, Choice International Limited is well-placed to benefit from the evolving market. As a stock broking and financial services company, Choice is focused on serving a growing investor base and leveraging opportunities in the expanding capital markets. With strengthened capabilities and a client-focused approach, the company aims to support its clients effectively while pursuing steady growth.

Choice International – At a Glance:

Choice International is a rapidly growing, technology-driven financial services group with more than a decade of experience. It has built a strong track record by addressing diverse financial needs and delivering impactful solutions for individuals, corporates, and government clients.

Quarter End Performance Snapshot:

For Q2 FY26, Choice International Limited reported a consolidated revenue of Rs. 284 Cr, marking a 14% YoY growth. EBITDA stood at Rs. 99 Cr, with margins improving to 34.84%, reflecting continued operational efficiency. PAT came in at Rs. 56 Cr, translating to a PAT margin of 19.87% and a YoY growth of 22%.

For H1 FY26, the company achieved a total revenue of Rs. 522 Cr, up 15% YoY. EBITDA for the first half stood at Rs. 186 Cr with margins at 35.59%, while PAT was Rs. 104 Cr, registering a 33% YoY increase. This performance highlights consistent execution across businesses and the resilience of the company’s scalable operating model.

Across business segments, the Broking & Distribution vertical delivered Q2 revenue of Rs. 161 Cr and PBT of Rs. 43 Cr, supported by rising client participation and expanding assets under management in the stockbroking and wealth businesses. In the NBFC segment, Q2 revenue stood at Rs. 43 Cr with PBT of Rs. 4 Cr. The integration of digital platforms with a strong physical network continues to strengthen reach and enhance operational efficiency. The Advisory business reported Q2 revenue of Rs. 79 Cr and PBT of Rs. 28 Cr, driven by robust order execution across key sectors.

Three Pillars of Choice International’s Growth:

Choice International continues to strengthen its integrated financial services model through three key verticals: Broking & Distribution (59%), NBFC (15%), and Advisory Services (26%). Together, these segments form a well-rounded platform that helps the company address varied financial requirements across retail, institutional, and government clients. This balanced mix supports steady performance and provides scope for sustainable growth.

Each vertical contributes in its own way; the Broking & Distribution business focuses on enabling investors, the NBFC arm provides lending solutions, and the Advisory Services division offers strategic and transaction support.

This structure helps the company stay adaptable across market conditions, manage risks efficiently, and build long-term stability.

Broking & Distribution:

At the heart of our financial services ecosystem lies the Broking and Distribution business, which integrates Stock Broking, Wealth Advisory, and Insurance Broking. Through a seamless blend of digital innovation and a strong distribution network, we aim to simplify investing and empower clients with a comprehensive suite of financial solutions.

India’s broking industry continues to benefit from the sustained momentum in capital markets and a deepening investor base. The addition of 1 Cr new investors, crossing the 12 Cr mark on the NSE, reflects the growing monetization of savings and increasing retail participation. With over half of new investors under 30, the industry is witnessing a structural shift towards younger, tech-savvy investors driving trading volumes

Our broking vertical continued to build on the industry’s growth momentum during the period, supported by a favourable market environment. Client assets in the stockbroking business rose 25% YoY to Rs. 57,600 Cr, indicating higher investor participation and a growing share of client wallets. The number of demat accounts expanded to 12.05 lakh, marking a 29% YoY increase, driven by our user-friendly digital on-boarding process, strong customer engagement, and a well-rounded product offering.

Our next vertical, the wealth management business, continued to gain steady traction, supported by the industry’s positive momentum and an expanding HNI and UHNI base. Increasing investor interest in diversified financial solutions contributed to this growth, with our wealth products AUM reaching Rs. 4,807 Cr, up 327% YoY. This reflects stronger client engagement and a gradual broadening of our product offerings.

On the insurance front, Indian life insurance industry grew steadily in the first half of FY26, with premiums rising 7.6% YoY to Rs. 2.03 lakh Cr, led mainly by private insurers. Growth was supported by higher premiums per policy, wider reach through digital and regional expansion, and recent regulatory measures including GST reductions. During the quarter, Choice facilitated the sale of 68,896 insurance policies, generating Rs. 66 Cr in premiums. We continue to enhance access through partnerships with over 42 insurers, offering a broader range of products on the Choice FinX app for convenient, one-stop insurance solutions.

NBFC:

The NBFC sector continues to play an important role in India’s credit landscape, supported by comfortable capital levels, steady margins, and gradual improvement in asset quality. With banks adopting a more cautious approach toward lending in capital-intensive sectors, NBFCs are expected to see some benefit from the RBI’s recent reduction in risk weights, which may help maintain lending activity, especially in the retail and MSME segments.

Turning to our NBFC business, we continue to focus on meeting the credit needs of MSMEs and retail borrowers across semi-urban and rural regions, while maintaining a balanced and prudent risk approach. As of Q2 FY26, our total loan book stood at Rs. 716 Cr, of which Rs. 536 Cr was in the retail segment. Asset quality remains stable, with NNPA at 2.79% as of September 2025.

The integration of our Choice Money app with our on-ground presence has improved accessibility and efficiency, enabling steady and responsible growth in our lending portfolio.

Advisory:

During the quarter, Choice Consultancy Services, our government advisory and infrastructure consulting arm, continued to strengthen its presence across more than 10 states. The company’s order book stood at Rs. 666 Cr, supported by a steady pipeline of development projects. Reflecting its strong domain knowledge and execution capabilities, it secured new mandates worth around Rs. 140 Cr across sectors such as housing, agriculture, MSME development, water resource management, and urban planning. These wins further reinforce its position as a trusted partner to government bodies in implementing high-impact development initiatives nationwide.

In parallel, our Investment Banking division continued to make steady progress in the private sector, supporting corporate fundraising and market access amid India’s active capital markets. India’s IPO market saw strong activity in the first half of FY26, with 26 companies raising over Rs. 52,500 Cr and total fundraising reaching Rs. 1.48 lakh Cr, making India the second largest IPO market globally after the US. This growth was supported by steady economic expansion, healthy consumption, and government-led capital spending. In this backdrop, Choice International’s Investment Banking division continued to assist corporates in their fundraising journey. The team has completed 12 IPOs so far and is currently handling 27 active mandates, with a tentative fund raising of over Rs. 7,000 Cr. This progress is backed by our network of 63,000 Choice Business Associates (CBAs) and the reach of our digital platform, Choice Connect.

Each of our business verticals contributes in its own way to the overall business, working together to build a well-rounded financial platform. This balanced approach helps us stay aligned with new opportunities and maintain steady growth across segments.

Expanding Presence in India’s Growing Mutual Fund Landscape:

India’s mutual fund industry saw healthy growth in the first half of FY26, adding 28 lakh new investors and taking the total investor base to 5.70 Cr despite market volatility. This highlights the growing comfort of retail investors with mutual funds as a long-term savings option. The number of individual mutual fund distributors also increased, with 15,000 new registrations and renewals by 22,500 existing distributors, bringing the total to 1.71 lakh as of September 2025. The expansion of this distributor base, especially in Tier 2 and Tier 3 cities, along with steady SIP inflows, points to the sector’s growing reach and stability.

In line with this positive industry trend, Choice International’s wholly owned subsidiary, Choice AMC Pvt. Ltd; received final SEBI approval to operate as an Asset Management Company for Choice Mutual Fund. This marks the Group’s entry into the investment management space. Backed by its pan-India presence and technology-driven distribution network, Choice Mutual Fund aims to make investment solutions more accessible and aligned with the evolving needs of investors.

Towards a Stronger, Smarter, and More Connected Choice:

The first half of FY26 marked another step forward in Choice International’s growth journey defined by consistency, adaptability, and purposeful expansion. Across our Broking & Distribution, NBFC, and Advisory verticals, we continued to strengthen our foundation, deepen client trust, and deliver steady financial performance. Our efforts to integrate technology, expand our reach, and build differentiated capabilities are steadily translating into tangible results, reflected in our strong operational and financial outcomes.

This period also marked a strategic milestone with the launch of Choice Mutual Fund, signalling our entry into the asset management space and reinforcing our ambition to be a complete financial ecosystem. As India’s markets evolve and participation broadens, we remain focused on enabling financial access, nurturing relationships, and delivering long-term value to all stakeholders.

Guided by a legacy of trust and driven by innovation, we continue to progress with clarity of vision and strength of purpose. Above all, our aspiration to be ‘सर्वश्रेष्ठ: the very best in what we do ' remains unchanged, inspiring us to create enduring impact and shape the future of financial services.