Choice International: Weaving India's Growth Story with Robust Q3 and 9M FY26 Performance

Choice International Limited, a prominent financial services conglomerate in India, has delivered a strong performance for the third quarter and nine months ended December 31, 2025 (Q3 and 9M FY26). The company's results reflect a strategic focus on deepening customer value, operational discipline, and expanding its diversified platform across broking, wealth management, NBFC, and advisory services. This period marks a significant stride in Choice International's journey to build an integrated financial ecosystem, capitalizing on India's evolving economic landscape and the increasing financialization of household savings.

For Q3 FY26, Choice International reported a consolidated revenue of ₹309 Crore, marking a substantial 46% year-on-year (YoY) growth. Profit After Tax (PAT) surged by an impressive 114% YoY to ₹66 Crore, with PAT margins expanding to 21.26%. The nine-month period also showcased robust growth, with total revenue reaching ₹831 Crore, up 25% YoY, and PAT growing by 56% YoY to ₹170 Crore. This financial strength underscores the effectiveness of the company's execution and the resilience of its operating model.

Strategic Expansion and Diversification

The company's performance was significantly bolstered by strategic initiatives across its core business segments. The broking and distribution vertical, which accounted for 58% of the total revenue during the nine-month period, saw client assets under stock broking reach ₹60,500 Crore, a 22% YoY growth. This growth was supported by an expanding Demat base of 12.34 lakh accounts, reflecting a 24% YoY increase, driven by seamless capabilities and deeper penetration into Tier 2 and Tier 3 markets.

Choice International further strengthened its wealth management platform through the acquisitions of Fintoo Group and Glory Prime Wealth Private Limited. These acquisitions added approximately ₹500 Crore in AUM, enhancing the company's distribution reach and multi-channel capabilities, particularly in Western India. The AUM for wealth products surged by 328% YoY to ₹4,662 Crore, indicating strong client engagement in delivery-led and long-term investment products.

In a landmark development, Choice Wealth Private Limited secured a strategic mandate from India Post Payments Bank (IPPB) to deploy a comprehensive digital investment platform. This partnership will enable Choice Wealth to offer online mutual fund aggregation and robo-advisory services to IPPB's extensive customer base of over 12 Crore, leveraging IPPB's pan-India network of 1.6 lakh post offices and 1.8 lakh postmen. This initiative is expected to significantly expand access to investment products for first-time and underserved investors, reinforcing Choice International's commitment to financial inclusion.

Robust NBFC and Advisory Performance

The NBFC segment contributed 14% to the total revenue, with its loan book reaching ₹756 Crore as of 9M FY26. The company's focus on secured lending, particularly MSME Micro LAP and rooftop solar assets, has been a key differentiator, especially amidst pressures in unsecured lending markets. Choice International maintains a healthy net interest margin of 12.25% and a stable Net Non-Performing Assets (NNPA) of 2.83% as of December 31, 2025, reflecting prudent underwriting and risk management. The in-house collection mechanism, utilizing pre-digital alerts and a physical ground team, ensures strong asset quality.

The advisory segment, contributing 28% to total revenue, benefited significantly from India's infrastructure and governance push. The order book for this segment stood at ₹748 Crore, providing revenue visibility for the next 24 to 36 months. The acquisition of Ayoleeza Consultants Private Limited further strengthened Choice Consultancy Services Private Limited (CCSPL)'s government advisory capabilities, bringing specialized expertise across railways, metros, roads, and urban infrastructure projects. This acquisition enhances CCSPL's execution capability and project pipeline across public sector projects.

Innovation and Future Outlook

Choice International's commitment to technological innovation was evident with the operational debut of Choice AMC and the launch of its first Gold ETF in Q3 FY26. This product achieved the highest mobilization in the Gold ETF category, with ₹57 Crore mobilized and over 28,000 folios. The company plans to expand its AMC product portfolio to include index funds, an overnight fund, and eventually commodities, aiming to offer a comprehensive passive and active investment choice to investors.

Despite a temporary technological glitch affecting credit card issuance and a slight degrowth in equity client onboarding due to withdrawn contests, the management has addressed these issues transparently, expecting normalization in Q4 FY26. The company's focus remains on sustainable and meaningful expansion, with a long-term vision to establish a presence in every district over the next three years.

Choice International's journey in FY26 has been characterized by scaling with discipline, technological innovation, and deepening its presence in India's underserved markets. The diversified portfolio, expanding national footprint, and strong execution capabilities position the company to sustain its growth momentum and continue creating long-term, sustainable value for all stakeholders, truly weaving India's growth story.