Choice International (531358) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue was Rs. 3,790.22 million, up 33% YoY; profit for the period was Rs. 694.72 million, up 23% YoY.

• The diversified financial-services portfolio spans broking and distribution, advisory, and NBFC lending, serving over 17.5 lakh customers through 200+ branches and 70,000+ business associates.

• FY23–FY26 CAGR was 43% for revenue and 58% for EBITDA and PAT.

Financial highlights

• Q2 revenue from operations was Rs. 3,729 million versus Rs. 2,744 million YoY; total income was Rs. 3,790.22 million versus Rs. 2,841 million.

• Q2 EBITDA was Rs. 1,306 million, up 32% YoY; PBT was Rs. 938.13 million, up 26% YoY.

• Q2 profit for the period was Rs. 694.72 million versus Rs. 564.64 million YoY; profit attributable to owners was Rs. 670.20 million versus Rs. 552.06 million.

• H1 total income increased 34% YoY to Rs. 6,980.46 million; profit for the period rose 25% to Rs. 1,300.79 million.

• H1 structured and fixed-income distribution reached Rs. 1,636 crore, over 3x the year-ago level and above FY2026's Rs. 745 crore.

Outlook and guidance

• H2 priorities include scaling StrikeX and digital products, expanding MTF, growing fixed-income distribution, pursuing higher-margin advisory projects, and building active AMC products.

• Management expects 30%–40% customer growth in target geographies; MTF-focused acquisition could add ~10% to the overall growth rate.

• At least four to five additional IPOs are expected in H2, subject to regulatory timelines; 24 mandates represent estimated fundraising of Rs. 6,210 crore.

• Feedback Infra's resolution plan received creditors' approval and a letter of intent; completion is subject to NCLT and other approvals, with larger infrastructure projects and improved margins targeted.

• Green finance and MSME finance AUM targets are Rs. 10 billion and Rs. 25 billion, respectively, by 2030; advisory aims for government and investment banking to each contribute 50% of revenue by FY2030.