The first quarter of FY26 has been an exciting one for Choice International, not just in numbers, but in the way we have navigated a fast-evolving financial ecosystem. Amidst a backdrop of shifting investor sentiments, regulatory changes, and rising retail participation, Choice has continued to stay ahead of the curve, driven by sharp execution and a centric approach.
This quarter was focused on staying aligned with market trends, scaling efficiently, and providing timely insights to support investors across segments. From expanding our footprint to securing multiple mandates, we have laid the groundwork for a stronger, more responsive Choice.
Here’s a closer look at the performance highlights and strategic moves that shaped Q1 FY26.
Q1 FY26 unfolded on a strong footing for India’s equity markets, marked by a sharp uptick in retail investor participation and continued digital transformation. In June 2025 alone, 2.5 million new demat accounts were opened; the highest monthly addition since January, bringing the total count close to the 200 million milestone. This sharp rise reflects not only the expanding base of retail investors but also the deepening reach of technology-led investing solutions.
Following a period of correction from October 2024 to February 2025, Nifty 50 saw a gradual recovery, supported by improving macroeconomic factors such as a normal monsoon, moderating inflation, lower crude prices, and RBI’s rate cuts. These developments contributed to a more positive market sentiment, encouraging liquidity and investor participation. Trading activity stayed healthy, with cash segment volumes reaching their highest in eight months. Additionally, there was a pickup in IPO activity and a steady rise in new investor sign-ups, particularly through digital platforms, indicating a renewed interest in equities and capital markets.
As more investors enter the markets, broking firms like Choice play a key role in guiding them with the right support and information. The focus is on building trust, encouraging informed choices, and supporting long-term growth in a more accessible market environment.
Choice International is a fast-growing, technology-led financial conglomerate with over a decade of experience. Its legacy has been built on addressing complex financial needs and creating meaningful solutions across individual, corporate, and government segments.
This quarter marked a strong start to the year for Choice International, with consolidated revenue reaching Rs. 238 Cr, up 16% YoY. Profitability saw an even sharper rise, with EBITDA growing 49% YoY to Rs. 87 Cr and margins improving to 36.48%. PAT stood at Rs. 48 Cr, up 50% YoY, translating to a PAT margin of 20.16%. This 462 bps expansion in margins highlights our continued emphasis on operational efficiency and cost discipline.
Across segments, our Broking and Distribution business delivered Rs. 136 Cr in revenue with a PBT of Rs. 30 Cr, reaffirming the strength of our platform-led model. The NBFC vertical posted Rs. 39 Cr in revenue and Rs. 7 Cr in PBT, supported by stable asset quality. Meanwhile, our Advisory business reported Rs. 60 Cr in revenue and Rs. 24 Cr in PBT, driven by strong execution and a robust pipeline. Together, these results reflect the strength and growth potential of our diversified financial ecosystem.
In Q1 FY26, Choice International continued to build on its integrated approach to financial services through its three core business verticals: Broking & Distribution (60%), NBFC (16%), and Advisory Services (24%). Each of these plays a focused role in helping us address different client segments and financial needs.
Broking & Distribution remains our largest contributor, supporting retail participation across investment products. Our NBFC business caters to lending opportunities in the MSME and retail segments, while Advisory Services focuses on transaction, regulatory, and government advisory solutions.
This structure gives us the flexibility to operate across market cycles and respond to opportunities with clarity and balance, while steadily expanding our reach and relevance.
Our Broking and Distribution business continues to anchor our financial services ecosystem. This segment includes Stock Broking, Wealth Distribution, and Insurance Broking. We focus on making investing simpler and more accessible by offering a wide range of products and services through our digital platforms and distribution network.
India’s broking industry witnessed strong growth in Q1 FY26, led by rising retail participation particularly from Tier 2 and 3 cities. The contribution of non-metro locations to BSE’s cash market turnover rose from 18% to 32% over the past decade, while individual participation in NSE equity derivatives increased by 9% YoY to 26.4% in April 2025. This shift reflects the widening reach of digital platforms and the growing interest of individuals in capital market opportunities. Amidst this favourable environment, our broking franchise continued to gain momentum. The number of demat accounts reached 11.5 lakh, registering a 29% YoY growth driven by our seamless digital on-boarding, customer-centric engagement, and comprehensive product suite. Client assets in stockbroking business stood at Rs. 47,800 Cr, up 16% YoY, reflecting increased investor activity and wallet share.
Another sub-vertical is wealth distribution, which continues to see steady growth, backed by the rising financial assets of affluent individuals and increased market activity, including IPOs and stake sales. With assets under management by specialized firms expected to rise from USD 300 billion to USD 1.6 trillion over the next decade, we are well-positioned to benefit from this momentum. Reflecting this trend, our wealth products AUM stood at Rs. 4,769 Cr, marking a remarkable 443% YoY growth.
Moving ahead with insurance industry, India’s non-life insurance sector grew by 8.85% YoY in Q1 FY26, with total premiums reaching Rs. 79,306 Cr fuelled by steady performance from general and standalone health insurers. During this period, Choice enabled the sale of 39,182 insurance policies, resulting in Rs. 76 Cr in premiums. We continue to improve customer access by expanding our insurance offerings through partnerships with over 42 insurance providers.
The growth of the Indian NBFC industry is supported by factors such as rising retail loan demand, gradual adoption of digital tools, and efforts to improve financial access. Many NBFCs are using technology to streamline loan processing, offer more tailored credit assessments, and improve overall customer experience.
With the sector undergoing change, and Choice focusing next on NBFC business, we remain committed to supporting the aspirations of MSMEs and retail borrowers across semi-urban and rural India, while maintaining a disciplined approach to risk. At the end of Q1 FY26, our total loan book stood at Rs. 745 Cr, with the retail loan book at Rs. 596 Cr. We continue to maintain healthy asset quality, with NNPA as of June 2025 at 2.25%.
Leveraging our Choice Money app, along with our physical network, has enabled us to enhance customer accessibility and operational efficiency, supporting the prudent expansion of our lending portfolio.
Through our subsidiary, Choice Consultancy, we offer end-to-end consulting and advisory services for government infrastructure projects, with a presence across 10 states. In Q1 FY26, the Advisory segment contributed 24% of our total revenue, backed by a strong execution track record and sectoral expertise. Our order book stood at Rs. 586 Cr, supported by key project wins across Maharashtra, Odisha, Bihar, and Karnataka. Notably, we secured a Rs. 63.5 Cr mandate, which includes a World Bank-backed Rs. 52.8 Cr project from the Maharashtra Government to establish a district strategic unit in the Chhatrapati Sambhaji Nagar Division over five years, aimed at strengthening data-driven and growth-oriented governance. Additionally, we were awarded a new project worth nearly Rs. 67 Cr focused on large-scale digitization under the Bharat Net program, furthering our efforts in PACS computerization and rural broadband connectivity.
Our Investment Banking business continues to support corporates in their capital-raising journey with end-to-end advisory and execution services. Backed by strong sector expertise, we have successfully completed 7 IPOs so far and are currently working on 24 active mandates. Our current fundraising pipeline stands at over Rs. 6,600Cr, reflecting the growing trust clients place in our capabilities. This growth is further supported by our strong network of 58,000 Choice Business Associates (CBAs) as of Q1 FY26 and the reach of our digital platform Choice Connect, both of which enable seamless delivery of a broad range of financial solutions across markets.
With each of our core verticals playing a distinct yet complementary role, we continue to strengthen our integrated financial ecosystem. This foundation positions us well to capture new opportunities and deliver consistent value across segments.
The first quarter of FY26 set a strong tone for the year, reinforcing the power of our diversified and technology-led model. Across each of our verticals, Broking & Distribution, NBFC, and Advisory; we have continued to demonstrate our ability to read market trends early, respond with agility, and deliver meaningful solutions to a wide spectrum of clients.
From deepening retail engagement in capital markets to enabling credit access for underserved segments and guiding large-scale advisory mandates, every part of our ecosystem is built with one purpose: to create long-term value through trust, accessibility, and execution excellence. Technology continues to be a key enabler as we scale smarter, simplify financial decision-making, and strengthen our digital and physical outreach.
Above all, our aspiration to be ‘सर्वश्रेष्ठremains unchanged. It is this aspiration that drives us to challenge the status quo, reimagine possibilities, and stay relentlessly focused on empowering India’s financial journey.
As we move ahead, we remain committed to sustained progress, client-first thinking, and delivering impact at scale across India’s evolving financial landscape.