Choice International is a diversified financial services group spanning broking and distribution, wealth management, insurance, NBFC lending and investment banking, reporting into a quarter where retail market participation stayed strong but its own profits have been flat for three straight quarters. The print will speak to whether revenue and PAT break out of the ~Rs. 300 Cr / Rs. 60-70 Cr quarterly band management itself described, and how the 35.75% EBITDA margin holds up against the company's own guidance to sustain and expand margins.
| Results date | November 02, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 319 Cr (+34.07% YoY, +1.65% QoQ) |
| Previous quarter PAT | Rs. 61 Cr (+26.37% YoY, -10.66% QoQ) |
| Previous quarter EBITDA margin | 35.75% (-73 bps YoY, -333 bps QoQ) |
| Market cap | Rs. 16,305.98 Cr |
| CMP | Rs. 732.4 |
The Board of Directors meets on Monday, November 2, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026 (with Limited Review), and to consider an issue of Bonus Shares, subject to shareholder approval. The bonus ratio and record date have not yet been disclosed, and the trading window has been closed since October 1, 2026 until 48 hours after the results declaration.
The key question for Q2 FY27 is whether Choice International exits the flat run-rate of roughly Rs. 300 Cr of sales and Rs. 60-70 Cr of profits over the last three quarters that management itself described, after the CFO committed that "growth will be there in Q2" while withholding the quantum. The demand backdrop inside the quarter was supportive: monthly SIP contributions rose from Rs. 31,961 Cr in July 2026 to Rs. 32,490 Cr in September, equity fund inflows ran for a 67th consecutive month, and mainboard IPO fundraising hit a record Rs. 1.10 trillion across 84 IPOs by September 28 — a tailwind for the advisory and investment banking pipeline of 30 mandates and over Rs. 6,766 Cr. Margins are the swing factor: the Q1 FY27 EBITDA margin of 35.75% was already down 333 bps QoQ against open-ended guidance to sustain and even expand margins, and industry F&O turnover fell about 18% MoM in August, a mix headwind Choice says its retail, cash-heavy model insulates against. On rates, the repo rate was held at 5.25% through the entire quarter with funding yields hardening from mid-August, and a 25 bps hike to 5.50% on October 7 lands only in Q3, complicating the NBFC's asset-quality-offset framing at 11.10% NIM. The ~Rs. 900 Cr NH Investment & Securities infusion closed on October 27, after this quarter's balance sheet, so the MTF and settlement-fund deployment it funds is a Q3 story, while early IPPB onboarding counts from September should appear in this print.
Guidance scorecard for the call: Management has multiple open-ended and dated commitments to test against the Q2 print.
Sequential profitability explanation
MTF deployment and NHIS proceeds
NBFC asset quality and active account trends
New CFO and bonus issue decision
CFO Ayush Sharma said on the Q1 FY27 call that "growth will be there in Q2," while adding it is difficult to give guidance on the Q2 numbers at this moment. Management has also framed the last three quarters as flat quarter-on-quarter at around Rs. 300 crores of sales and Rs. 60-70 crores of profits.
An analyst asked this on the Q1 FY27 call, but management's response was not captured in the retrieved excerpts. The question is expected to anchor the November 2 earnings call.
Management has guided to around 30% YoY growth across revenues and profitability as a medium-term frame, and revenue/PAT growth upwards of 20%-25% over the next couple of years. It has also pointed to a ~50% revenue CAGR over the next couple of years, with significant growth projected from Q3 onwards driven by the capital infusion and the IPPB partnership.
Management has set a target of Rs. 1,000 Cr in AMC AUM at the close of FY27. Choice AMC received SEBI approval as Investment Manager to Wealthwave Capital Trust (Category II AIF), with a Silver ETF and index/overnight funds planned in FY27.
Yes — Q1 FY27 revenue was Rs. 319 Cr, up 34.07% YoY from Rs. 238 Cr and up 1.65% QoQ from Rs. 314 Cr, with broking & distribution contributing 59% of revenue and stock broking AUM at Rs. 62,226 Cr (+30% YoY). FY26 revenue grew 24% to Rs. 1,144.50 Cr.