Choice International (531358) Q2 25/26 earnings summary

Executive summary

• H1 FY26 revenue from operations was INR 50,905.60 lakh and net profit was INR 10,442.42 lakh; total income rose 14.70% YoY and PAT increased 33.09%.

• H1 revenue mix was 59% Broking & Distribution, 26% NBFC and 15% Advisory.

Financial highlights

• Q2 FY26 revenue from operations was INR 27,443.26 lakh, total income INR 28,409.94 lakh, EBITDA INR 9,898 lakh and PAT INR 5,646.31 lakh; total income rose 14% and PAT 22% YoY.

• H1 FY26 total income was INR 52,205.54 lakh, EBITDA INR 1,858 Mn and PAT INR 10,442.42 lakh; EBITDA rose 37% and PAT 33% YoY.

• Q2 basic EPS was INR 2.75 versus INR 2.33 YoY; H1 basic EPS was INR 5.13 versus INR 3.94.

• Standalone Q2 net loss was INR 74.06 lakh versus net profit of INR 221.04 lakh YoY; H1 standalone net profit was INR 82.38 lakh versus INR 520.63 lakh.

Segment performance

• Broking & Distribution Q2 revenue was INR 16,073.30 lakh; demat accounts reached 1.205 million, up 29% YoY, and client assets were INR 576 Bn.

• Wealth AUM was INR 48.067 Bn, up 327% YoY; insurance premium was INR 660 Mn, up 2%, while retail health and travel premium rose 112% and motor premium 107%.

• NBFC Q2 revenue was INR 4,286.97 lakh; the loan book reached INR 7.16 Bn, up 56% YoY, including INR 5.36 Bn in retail loans, up 74%.

• Advisory Q2 revenue was INR 7,904.83 lakh; order book was INR 6.66 Bn, with 27 IPO mandates in progress and tentative fundraising of INR 70 Bn.

• Corporate insurance revenue fell 31% YoY after a contract was not renewed; advanced-stage pipeline business was expected to fill the gap in Q3 FY26.