FY25: A Year Of Strategic Expansion And Growth

As we step into a new financial year, it’s an ideal moment to pause and reflect on the journey we’ve undertaken. FY25 has been a defining chapter for Choice International, a year shaped by bold strategies, meaningful progress, and an unwavering commitment to our mission. More than just a period of financial performance, it was about creating lasting value through personalised, high-impact financial solutions.

Throughout the year, we remained focused on what truly matters: serving communities with integrity, maximising returns with prudence, and delivering excellence with every engagement. Our resilience, agility, and client-first approach have driven both growth and deeper impact.

Let’s revisit the key milestones and achievements that made Q4 & FY25 a transformative phase in our journey forward.

Towards a Financially Inclusive India:

India’s capital markets reached a significant milestone in FY25, with the total number of demat accounts surging to a record 192.4 Mn. The addition of 41.1 Mn new accounts during the year marks the highest annual growth to date, reflecting the rising enthusiasm of retail investors.

In parallel, NSE announced that total investor accounts measured through Unique Client Codes (UCCS) have crossed the 22 Cr mark. Impressively, 2 Cr new accounts were added in just six months. This rapid expansion highlights the impact of digital transformation, mobile trading platforms, and simplified KYC norms, which have made capital markets more accessible, particularly in tier 2, 3, and 4 cities.

Together, these trends indicate a broader move towards financial inclusion and a more democratized investment ecosystem. As more individuals engage with diverse investment avenues, the retail footprint continues to expand. While certain challenges persist and the need for deeper investor education remains, the overall growth bodes well for the Indian economy. For companies like Choice International, this momentum presents both an opportunity and a responsibility to support and guide the new wave of investors through transparency, innovation, and informed financial decisions.

In this context, the performance of the stock broking industry becomes especially relevant. The industry tends to move in line with overall market sentiment, and the recent announcement of U.S. tariffs has added to near-term uncertainty. However, India’s economic fundamentals remain stable, supported by steady corporate earnings and reform-led initiatives. As investor sentiment improves and markets regain stability, the broking sector could see a gradual pickup in participation, especially from retail and long-term investors.

About Choice International:

A leading financial conglomerate with over a decade of experience in technology-driven services, Choice has built its legacy by addressing complex financial challenges and bridging the gap for individuals, businesses, and governments alike.

Quarterly and Full-Year Financial Performance Overview:

In Q4 FY25, Choice reported a robust revenue of Rs. 255.0 Cr, marking an 18% YoY growth. The company’s operational efficiency was reflected in a strong EBITDA of Rs. 98.3 Cr, a significant 42% YoY increase, resulting in an impressive EBITDA margin of 38.54%. Net profit for the quarter stood at Rs. 53.5 Cr, up 36% YoY, with PAT margins improving to 20.98%. This performance translated to a margin expansion of 277 basis points, highlighting continued profitability and operational discipline.

For the full financial year FY25, Choice recorded a total revenue of Rs. 921.7 Cr, representing a 21% increase over the previous year. EBITDA stood at Rs. 295.9 Cr, growing 30% YoY with an EBITDA margin of 32%. Net profit for the year reached Rs. 162.7 Cr, reflecting a 24% YoY growth and a PAT margin of 17.65%. These results underscore the company’s sustained growth momentum and financial resilience.

Building Strength through Diversification:

At Choice International, our unwavering commitment is to deliver comprehensive financial solutions that cater to the evolving and diverse needs of our clients. To support this vision, we have strategically structured our operations across three key verticals: Broking & Distribution (62%), NBFC Business (12%), and Advisory Services (26%).

This diversified model not only enables us to offer integrated financial services under one roof but also ensures a balanced revenue mix, thereby reducing our dependency on any single line of business and allowing us to navigate market shifts more effectively.

By aligning each vertical to specific client needs and market opportunities, we are laying the foundation for sustainable and long-term growth, creating value not only for our clients but for all stakeholders in the Choice ecosystem.

Broking & Distribution:

The Broking and Distribution vertical focuses on making capital markets more accessible by providing a range of investment products and trading solutions. With the support of advanced technology platforms and a strong distribution network, we help both retail and institutional investors make informed decisions and build wealth over time.

This vertical includes Stock Broking, Wealth Management, and Insurance Distribution, collectively contributing 62% to our total revenue, amounting to Rs. 129 Cr in Q4 FY25.

The sharp rise in individual investor activity, driven by seamless digital onboarding, reduced trading costs, wider access to investment avenues, and positive market sentiment, has pushed monthly demat account openings to a record 3.42 Mn. With SEBI’s proactive regulatory support and increasing confidence in the equity markets, India is steadily moving toward the 200 Mn demat account milestone. Against this backdrop, Choice International is well-positioned to leverage this momentum by expanding our broking services, deepening client engagement, and promoting informed, transparent investing to drive our next phase of growth. As of FY25, we manage a total of 10.86 lakh demat accounts, serving over 2.41 lakh active clients, with total client assets reaching Rs. 41,100 Cr, reflecting a 16% YoY growth.

The next sub-vertical under this segment is wealth management, which has seen steady growth driven by improved market liquidity and changing investor preferences. Increased interest from younger investors and growing participation from Tier 2 cities have supported broader sector expansion. Capitalising on this momentum, Choice International Ltd has rapidly scaled its wealth management business, achieving an AUM of Rs. 5,577 Cr, a 793% YoY growth. To further strengthen this vertical, Choice acquired Arete Capital Services, a leading wealth management firm with an AUM of Rs. 4,485 Cr, significantly enhancing our capabilities and expanding our total AUM nearly five-fold.

Turning to the insurance industry, India’s non-life insurance industry reached a key milestone in FY25, with gross direct premiums exceeding Rs. 3 lakh crore and recording a growth of 6.2%. While overall growth was moderate, influenced by regulatory changes, slower passenger vehicle sales, and weaker performance in the commercial segment, the evolving market conditions still offer opportunities for steady and focused growth. Building on this momentum, in Q4 FY25, Choice facilitated the sale of 52,317 insurance policies, resulting in a premium of Rs. 93 Cr. This has contributed to a steady strengthening of our presence in the segment. In line with our focus on improving customer experience, we have expanded our product range by partnering with over 40 insurance providers. These partnerships allow us to offer a wide selection of products, aiming to provide customers with a more convenient and accessible platform.

NBFC:

NBFCS have played an important role in complementing traditional banks, especially in the growing retail loan segment. Factors such as rising consumer demand, higher disposable incomes, and greater awareness of credit options have supported this growth. As the sector develops, it continues to contribute to broader financial access and support for small businesses and entrepreneurs.

In this evolving landscape, Choice International is steadily building on emerging opportunities. Through our NBFC arm, Choice Finserv, we offer tailored credit solutions aimed at meeting varied customer needs with flexibility and efficiency. As a result, our total loan book stands at Rs. 768 Cr, including a retail loan book of Rs. 629 Cr. We have maintained a healthy capital position, with a CRAR of 38.62% and a low NNPA of 0.83%.

In addition, our proprietary app, Choice Money, is helping improve customer access to our services, supporting our efforts toward stable and long-term growth in the NBFC space.

Advisory:

Through our subsidiary, Choice Consultancy, we provide end to end consulting and advisory services for government infrastructure projects, with a strong presence across 10 states. Our order book, currently at Rs. 501 Cr, reflects our expertise and execution capabilities in the sector. As the government increases its focus on infrastructure development, Choice is strongly poised to become a preferred partner for public sector projects nationwide.

In addition, our Investment Banking vertical has successfully executed six IPO transactions and currently has 22 ongoing mandates, with a fund-raising pipeline of Rs. 6,450 Cr.

The growth of our business verticals is supported by our trusted network of Choice Business Associates (CBAS), who deliver a broad range of financial solutions, including stock broking, mutual funds, and insurance, through our unified platform, Choice Connect. This tech-enabled, asset-light model has been key to our rapid expansion across India.

Through our key verticals, Broking & Distribution, NBFC, and Advisory, we strive to become the preferred, all-encompassing financial services partner for our customers. By continuously innovating and expanding our offerings, we aim to drive sustainable growth.

The Choice to Build with Clarity, Consistency, and Courage

“The stock market is filled with individuals who know the price of everything, but the value of nothing.”- Philip Fisher, legendary investor and author

At Choice International, we continue to focus on long-term value. In a constantly changing and sometimes uncertain environment, what sets a financial institution apart is not how it reacts to short-term movements, but how consistently it delivers with clarity, purpose, and resilience.

FY25 was a year of progress, not just in numbers, but in strengthening our foundation and broadening our reach. Through steady diversification, selective acquisitions, and ongoing digital initiatives, we are working to support the growth of India’s financial ecosystem, making it more inclusive and accessible.

From helping smaller towns engage with capital markets, to improving credit access for MSMES, and supporting infrastructure development through our advisory work, Choice is playing its part in meeting the country’s evolving financial needs. As we continue to grow, our aim is to remain a stable and responsible partner to all our stakeholders.

As we turn the page to a new financial year, we remain guided by timeless principles: value over volatility, access over exclusion, and purpose over profit. Our aspiration to be ‘सर्वश्रेष्ठ’ remains unchanged.

Thank you for walking this journey with us. Here’s to moving forward with purpose, with strength, and with Choice.