Choice International Ltd (NSE: CHOICEIN) Q1 2026 Earnings Call dated Jul. 22, 2025
Corporate Participants:
Unidentified Speaker
Ayush Sharma — Finance Controller and Head Investor Relations
Arun Poddar — Executive Director & Chief Executive Officer
Ajay Kejriwal — Executive Director and Group Chief Operating Officer
Analysts:
Unidentified Participant
Jai Chauhan — Analyst
Nayan Gala — Analyst
Rahil Shah — Analyst
Aashvi Shah — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q1FY26 earnings conference call of Choice International Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a Touchstone 4. Please note that this conference is being recorded.
I now hand the conference over to Ms. Ashvi Shah from AD Factors PR Investor Relations. Thank you. And over to you Ma’a m.
Aashvi Shah — Analyst
Thank you. Good evening everyone. On behalf of Stoics International, I would like to welcome you all to the earnings conference call for Q1 and FY26. I would like to mention that the earnings presentation has been uploaded on the exchanges and the company website so you can access it. As we take you through the opening remarks today on this call, we have with us from the management, Mr. Arun Bodar, Executive Director and CEO, Mr. Ajay Kejriwal, Executive Director and Group COO and Mr. Ayush Sharma, Finance Controller and Head IR. We will begin the call with brief opening remarks from the management followed by a Q and A session.
Please note that certain statements made during this call may be forward looking in nature. Such forward looking statements are subject to certain risks and uncertainties that could cause the actual results or our projections to differ materially from those statements. Choice International will not be in any way responsible for any actions taken based on such statements and undertakes no obligation to publicly update these forward looking statements. I would like to now hand over the call to Mr. Arun Pozza for his opening remarks. Thank you. And over to you sir.
Arun Poddar — Executive Director & Chief Executive Officer
Thank you Ashwi. Good evening everyone. Thank you for joining us today for Q1FY26 earning conference call. We are glad to interact with each one of you today as FY26 Takash F we are seeing a steady improvement in economic environment. The first quarter reflected a gradual pickup in market sentiment supported by RBI’s rate cut, stable macro indicator and a supportive global context. Foreign portfolio flow has started to return and retail participation has remained constant leading to a broad based recovery. This provide a stable backdrop as we continue to focus on our priorities for the year ahead.
Choice began FY26 on a strong note building on a strong momentum we achieved last year. This Quarter we saw increasing progress across all our business verticals driven by our commitment to operational excellence and customer centric growth. During the quarter, Choice reported a revenue of rupees 238 crore with a PAT of around 48 crore. Reflecting the strength of our diversified business model. I’m particularly pleased that we have expanded our branch network to 208 up from 149 a year ago. Reflecting our intent to strengthen our presence and better serve our clients across the country.
I also wanted to highlight our order win this quarter under our consulting business we secured project worth rupees 63.5 crore across Maharashtra and Odisha including a 52.8 crore World bank backed Maharashtra government project to set up a district strategic unit in Chhatrapati Sambhaji Nagar division over five years enhancing data driven growth focused governance.
Additionally we won new mandate worth nearly 67 crore rupees for large scale digitization across Bihar, Karnataka and under the mandate Bharatnet program expanding our work in tax computerization and rural broadbed connectivity. This will align with our mission to deliver technology enabled impact driven solution that empower communities and support India’s inclusive growth.
Looking ahead, we remain focused on strengthening our client relationship, expanding our presence and leveraging technology to deliver seamless financial service. We are committed to driving sustainable growth while creating meaningful impact across the coming. With confidence in our strategy and the dedication of our team, we look forward to delivering constant consistent value of our stakeholder in the times to come.
With this I would like to invite our executive director Mr. Ajay Kejriwal to take you through the business highlights for the quarter. Over to Ajayta.
Ajay Kejriwal — Executive Director and Group Chief Operating Officer
Good evening everybody. Myself Ajay Kejival at choice. The first quarter of FY26 has been steady progress across our businesses. This reflects the strength of our business model and the consistent efforts of our teams along with our ongoing investments in technology and people. Our broking and distribution business which contributes 60% of our total revenue, continues to demonstrate healthy traction. During the quarter the number of demat accounts stood at 11.5 lakh according to a growth of 29% on a YoY basis driven by our digital onboarding capabilities, consistent client engagement and comprehensive product offerings. The total client assets in our stockbroking business reached to 47,800 crore, a growth of 16%.
Y o y while our wealth products AUM stood at rupees 4,700 crore making a growth of 443%. PIOI focusing next on our NBFC business, we remain committed to supporting the aspirations of MSMEs and retail borrowers across semi urban and rural India while maintaining a disciplined approach to risk. At the end of Q1FY26 our total loan book stood at 745 crore with the retail loan book at rupees 596 crore. We continue to maintain healthy asset quality with NNPA as of 6-30-25 at 2.25%. Leveraging our choice Money app along with our physical network has enabled us to enhance customer accessibility and operational efficiency supporting the steady and prudent expansion of our lending portfolio.
Our advisory business which contributed 24% of our total revenue during the quarter continues to build on its strong execution track record. The order book for the advisory segment stood at 586 crore at the end of the quarter reflecting our domain expertise and strong on ground execution. During the quarter our advisory firm Choice Consultancy Services secured significant mandates that further strengthen our leadership in driving digital and public sector transformation across India. These were highlighted earlier by Arun. We are very optimistic on more Order wins coming our way and our resilience and efforts have definitely worked well for us.
On the investment banking side, we continue to support corporates in their fundraising journey leveraging our expertise and strong execution capabilities. Till now we have concluded seven IPO transactions successfully and 24 are ongoing mandate with a tentative fundraising pipeline of 6,006 crore plus. A key stand for Choice remains our Choice Business Associate Network which has now grown to over 58,000 associates. Playing a critical role in expanding our reach across India and enabling us to deliver financial services seamlessly across diverse geographies. This network aligns with our commitment to financial inclusion and our mission of enabling community centric growth.
At Choice technology remains central to our growth strategy. Our in house tech teams continue to enhance platforms like Choice Phoenix, Choice Money and Choice Connect, ensuring seamless experiences for our clients and partners while supporting the scalability and operational resilience of our businesses. With 208 branches and 48 project offices and a team of in house tech specialists, we are serving a diverse and expanding client base across the country. As we move forward, our focus will remain on delivering consistent value to our stakeholders. We will continue to adapt, innovate and and execute with discipline as we navigate the evolving landscape.
With our strong foundation, we are well placed to build on this progress and shape the next phase of our journey. With this, I would like to hand over to Ayush Sharma, our Head of Investor Relations to take you through our financial performance for the quarter. Thank you.
Ayush Sharma — Finance Controller and Head Investor Relations
Thank you very much sir. While Arun sir and has Provided a detailed overview of each of our business verticals. I will now take you through our financial performance for Q1FY26. So it’s reported a revenue of Rupees 238 crores for Q1FY26 marking a healthy growth of 16% on a YoY basis. Our EBITDA for the quarter stood at Rupees 87 crores reflecting a robust growth of 49% YoY. While the EBITDA margins improving to 36.48% bag for the quarter came in at Rupees 48 crores registering a growth of 50% YoY resulting in a PAT margin of 20.16%. This has led to a notable improvement in margins by 462 basis points YoY underscoring our focus on operational efficiencies and prudent cost management.
On the segmental front, our broking and distribution business recorded a total revenue of Rupees 136 crores reflecting a strong growth of 5% YoY with BBT for the segment at Rupees 30 crores demonstrating the resilience and scalability of our platform led approach. In our NBFC business we reported a revenue of rupees 39 crores with PBT at rupees 7 crores. Asset quality in this segment remains stable. Lastly, our advisory business reported a revenue of rupees 60 crores with PBT at rupees 24 crores supported by a strong order book and execution of key mandates across services.
With that, I would now like to open the floor for Q and A.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the test tone telephone. If you wish to remove yourself from the question queue, you may press star and two Participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assigns. The first question is from the line of Jai Chauhan from three net asset managers. Please go ahead.
Jai Chauhan
And thank you for the opportunity.
Ayush Sharma
Yes, yes, you are audible.
Jai Chauhan
Yeah. So I just had a question on, you know, how much internal revenue are you expecting per new branch? And what is the revenue per branch on FY25 and what’s the target for FY26 revenue per branch? If you track that, can you please give some insight on that?
Ayush Sharma
So I mean it all depends on the seasoning of the branch. How much vintage has been there for a branch. Of course we track the profitability at each Branch level. But from the revenue perspective it will largely depend on the seasoning, on the geography of the branch. There are various categories for each brand ABCD and accordingly the. You know the revenues vary from geography to geography. On an. On a general, you know, mindset. What I can comment on is there is a. Usually there is a six month timeline for a branch to reach the BEP levels.
Jai Chauhan
Right. Right, understood. Actually I wanted to know if. Hello. Hello. Hello.
Ayush Sharma
Yes, you are audible. Yes, you are audible.
Jai Chauhan
Yeah, so I actually wanted to get some insight on the unit economics. My bad. The question like but so as you mentioned like I just wanted to get more insights like what is the product mix like broken lending business you are seeing from these newer locations compared to your more established ones.
Arun Poddar
So our major revenue contributor is as on date equity only. If you see our branches, almost 85% revenue comes from the broking business. 10% come from the wealth product and 5% only from the lending side. Our NBFC branches are more or less are the independent branches and equity have the branches sell more or less all the products. So revenue contribution from each activity. If you see 80% from the broking and distribution around 15% from the wealth product and balance from others.
Jai Chauhan
So NBC’s branches are independent as you see. And rest of the branches says all the services, right?
Arun Poddar
Yes.
Jai Chauhan
And just one last question like what are some digital marketing strategies that you are doing to onboard P3 clients? Like do you have any comments on that?
Ayush Sharma
Largely so far we have been onboarding tier 3, tier 4 clients by way of our physical approach where we onboard branches, we do the ground level marketing and onboard customers from these clusters. So. So so far we have been doing this. Of course yes we do have a digital marketing team. But the overall contribution of the digital marketing is quite low at the moment. Largest contributor is the physical expansion of our branches.
Jai Chauhan
That’s it. From my side. Thank you. Thanks for the answers.
operator
Thank you. The next question is from the line of Mandira from investor. Please go.
Unidentified Participant
Hello. Yeah. So thank you for the opportunity. So I have one quite few questions. Your revenue grows by 16 year on year. But there’s a decline in CO2. Is this a seasonal or one off event? And what led to the tip?
Ayush Sharma
So this is, this is a general, you know trend in the. In the business because Q4 is always heavy because of various contests and you know various other business growth activities which we do in the Q4 and moreover generally in the investment segment also people tend to plan their investments in Q4 because of tax planning etcetera. As well. So these are the kind of reasons because of which Q4 is higher and Q1 is usually lower. So it’s a cyclical kind of thing. There is no one off event in this particular quarter.
Unidentified Participant
Got it sir. And what’s the growth roadmap and which vertical will be the cookie focus area in the coming future?
Ayush Sharma
So on the growth perspective what we see is what we expect on a. On a Y o Y basis we expect to maintain a healthy growth rate of around 25, 30% for the next three, four years. And you know, on the, on the product, on the business verticals perspective, we foresee broking. Broking continue to grow as it is growing as well as insurance increasing their contribution in the overall broking segment as well as we have recently acquired capital which has a larger expertise in the wealth management space. So we expect that segment also as coming out as a separate vertical out of the broken segment.
Unidentified Participant
Got it sir. That was really helpful.
operator
Thank you. Participants who wish to ask questions may please press char in one at this time. The next question is from the line of Nakul Dev from ND Investments. Please go ahead.
Unidentified Participant
Hello. Am I audible? Yeah. Thank you for the opportunity. First of all, congratulations on a very good set of numbers. I have a couple of questions regarding the consultancy business. The business is doing quite well. But on that I had one or two questions. Firstly, the advisory segment order book stood at rupees 586 crore. So can you share the execution time period and revenue conversion plans for this order book? Also this. Sorry.
Ajay Kejriwal
Please.
Unidentified Participant
Okay. Also this quarter we have won two orders worth 63.5 crore including the World bank backed Maha Stride project and a top ranked bid in Odisha. If you could elaborate on the nature of these projects and their potential margins execution times. Also do we have plans to demerge this vertical going forward? These are my questions.
Arun Poddar
As far as revenue is concerned for 586 crore order book normally it takes around 24 to 36 month time to book the revenue. So and as far as these two new projects in terms of Maharashtra and Odisha project. So Maharashtra project will take five year time, it’s a 60 month project and Odisha is for two year projects. So total revenue per Maharashtra project will be booked in next five year time. And Odisha project will take around two to three a time. As far as demas of this activity is concerned as of now it’s not that in our plan of activity we are purely focusing on business growth and got the major numbers.
As of now there is no plan in terms of demerger or disengage the services. As far as margin is concerned, in government advisory practice, our margin is around 20% approximately and 20 to 25% tentatively margins. And as I said, it take almost 2 to 3, 24 to 36 month time to book the revenue.
Unidentified Participant
Okay, yeah, that answers my questions for now. If there’s anything else, I’ll get back into the question queue. Thank you.
Arun Poddar
Thank you.
operator
Thank you. The next question is from the line of Nikita, an individual investor. Please go ahead.
Unidentified Participant
Yeah, thanks for the opportunity. So I have one question, sir. I actually wanted to understand the way forward for the stock broking business. So we can see that there are a lot of competition now from discount brokers and even other large traditional workers. So how do we plan to grow this vertical and retain our clients and also expand? All right, get more clients on this.
Ayush Sharma
Yeah. So thank you, Nikita, for asking this question. This is very important to understand that, you know, as you rightly pointed out, there are discount brokers. There are, you know, the physical brokers, full service brokers like us, as well as the bank brokers in the market. As the, you know, as the regulator has started, you know, being more stressful on the compliance perspective, the cost of operation for the discount has started increasing. And you know, we have seen the instances where discount brokers have also started increasing the charges. So this clearly lays out, you know, the way forward that ultimately everybody will start charging, you know, the cost now in that it will be, it will be the game of service.
Who is providing what level of service to the client. And you know, especially in the Tire 3, Tire 4 geographies. So we foresee, you know, a very healthy competition if discount also starts, you know, moving towards the physical kind of model. But until then, we don’t see any particular challenge in our healthy growth or, you know, we force it to grow continuously as we are doing over the last five years.
Unidentified Participant
Yeah, okay. And sir, also the insurance broking business. So how do we account for the income from this business? Is it commission based or what is a policy percentage we get here? How do we share it with the brokers?
Ayush Sharma
So in case of insurances, we do get payout from the insurance companies. And I mean that’s the, that’s the revenue for the insurance broking company. And there are certain POS fees through which we do, we do originate clients. And there is, there are revenue sharing arrangements for each posp, depending on the, you know, the level of business they are originating.
Unidentified Participant
Okay, got it. And so lastly, sir, what is the status of the AMC business. So we have got approval from SEBI to launch the mutual fund. So when can we expect the operations to begin and any you know, products you have in mind like initially, what focus we live.
Arun Poddar
Last week the final visit has been done initially. We got the in principal approval from the Sevyn last week. Regulator already visited for the final approval and all. And we are expecting the final go ahead from the exchanges in next one month time tentatively and before Diwali. Tentatively. We are planning to launch our first one.
Unidentified Participant
Okay.
Arun Poddar
Initially targeting the ETF unknown only.
Unidentified Participant
Okay. Okay. Thank you sir. That will be all for myself.
operator
Thank you. The next question is from the line of Shashank Venugopal from Venugopal family office. Please go ahead.
Unidentified Participant
Yes, thanks for the opportunity. So can you elaborate on the Choice business associate network? We have not seen something like this in other brokers. I just wanted to understand how this works. Do we give them a fixed commission or how it works? How do we manage receivables from the common business center?
Ayush Sharma
Okay, so thank you Sushant for joining in. So we have, we started this network in 2019 and our larger focus is again in dire three and below geographies where we onboard Choice business associates. Think of a situation of a tire free city where you know, one, one individual is doing a practice of let’s say GST consulting. He has clients for whom he is filing the gst. Now we onboard them as a cba. We train him, you know, and we equip him to, you know, be able to sell the financial services products. And he starts selling these products to his existing clients and gradually starts, you know, onboarding new clients.
This is just one of the example. Think of the, think of a scenario where there is. There are insurance agents in these kind of geographies. We onboard them as CBAs and train them to sell other products also including, you know, demat accounts including mutual funds, SIB, etc. So these are the kind of examples who are the CBAs and working for us. We onboard them, train them and equip them to sell other financial services products. And this helps them to grow their own revenues as well as grow the business for us. There are various levels on which for which these CBs are working on.
And according to their level of business. There is a specific payout percentage for each product specifically. So let’s say, let’s say there is a level A which is. Which is on the top and level C which is the number three. So payout for level C will be different. Level A will Be different. So that way we are managing, you know, we are growing this particular distribution network. Am I audible? Shashank.
operator
Mr. Shashank, your line has been unmuted. Please go ahead. As there is no response from the line of Mr. Shashank, we’ll go ahead to the next question. The next question is from the line of Nayankada from Ertiga Wealth. Please go ahead.
Nayan Gala
Yeah. Hi. Thank you for the opportunity. So just want to add a couple of questions. So one was from the MBSC business point of view. Just wanted to understand on the outlook of the business also as to which state we are currently present in and how do we plan to expand our reach in terms of the number of states and what is the strategy to acquire more clients under this vertical? If you can just elaborate on that.
Ayush Sharma
Yeah, sure. So Nain, currently we are operating across Rajasthan, Gujarat, np, Delhi, NCR and you know, some part of Maharashtra as well. So there are 75 branches across all these states through which we are doing the business in the NBFC vertical. In NBFC there are three major products where we are focusing on. First and foremost is micro lab, the MSME focused micro lab where the average ticket size is around 8, 9 lakh rupees and average rate of interest which is we are charging is around 20, 20 and a half, 21% kind of number. Second is rooftop solar and third is vehicle.
So these are big. These three products contribute largest to the our current AUM as far as customer acquisition strategy is concerned, we work on a physical branch led model where we have the on ground sales team who reaches out to the customers, check their interests. If the customers are interested, we do their onboarding through our online mobile app. And from there the complete underwriting is done. Credit assessment is done at the ground level as well as the central level and basis that a final sanction is given and disbursement happens through these digital channels only. So this is the overall model in the NBSE as far as the growth is concerned.
This year we are planning to stay focused on these 75 branches only. Our target is to grow the AUM in these particular branches and as we have, you know, the adequate amount of AUM from these branches, we will expand to expand more branches in these states as well as expand to newer states next year onwards.
Nayan Gala
So at present you would like to focus on the areas that you are already present in. Right? That’s the correct understanding. Okay. Okay. And also in terms of, you know, the offerings. So you will stick to the three offerings that you have currently.
Ayush Sharma
That’s right. That’s right.
Nayan Gala
Okay, on the next question, so you know Choice has significantly expanded its operation over the last three years. So what is the strategy from here? How do we plan to expand from here? Are we targeting, you know, tier one stage or are we focused on tier two and tier three and which vertical do we plan to expand first?
Ayush Sharma
So Nayan, as you must have seen in our earnings presentation also almost 70% of our customers are from tier 3 and below geographies. So our largest focus remains on Tier 3 and below geographies. And that’s where we are planning to expand over the next couple of years as well. As far as the verticals are concerned, we are equally focused on across all our verticals and we are working on a multidimensional growth plan where we on one side we are expanding our investment banking business. Also we have been engaged in the seven IPOs over the last one one and a half year time and there are 22, 24 more mandates which are there in the pipeline where we are going to act as a lead merchant banker.
Similarly on the wealth side, as I had mentioned that last quarter we had acquired risk capital and through that we plan to expand our institutional wealth, HNI and UHNI segment wealth management practice as well and NBSC and insurances. We have already spoken. Right. So we are working on all these segments with equal focus and we target to grow all these verticals equally.
Nayan Gala
Okay, thank you. And lastly on the you know, outlook for the industry, you know, if you have any like views or some points that you know can help us understand about the growth the industry can see in the near future.
Ayush Sharma
I would request. Azay sir to throw some lights on the industry.
Ajay Kejriwal
Nayan, you are asking about broking industry as a specifically or.
Nayan Gala
Yes, broking industry in particular.
Ajay Kejriwal
Okay, so yeah man, broking industry as a strategy. As Ayush has already told about that. We are expanding on the physical branches network and we see that we will gain a benefit of physical branches having a trust factor in that. And for that we are going on events also on ground with the Zee business and other media platforms from the industry perspective as such the growth will be continued. The only things the factors which are changing due to the regulations and public perception. So we see consolidation will happen and shift will happen in the discount model as we discussed it will help players like us to boost more in this business and growth perspective we don’t see any challenge.
So though it will be a little bit more standardized and commoditized business. But growth Opportunities are huge and we see a healthy growth in coming. Short term measures can be happen like Jane street or any other thing event happens. But in the longer run we see a good opportunity.
Nayan Gala
And sir, any merger or acquisition plans under this.
Ajay Kejriwal
So yes, we are always looking forward. So anything if some materialize or some conclusion will happen, we’ll let you know. We’ll go on the disclosure on the exchange and what we are actively looking for.
Nayan Gala
Okay. Thank you so much, sir. This was very helpful. Thank you and all the best.
operator
Thank you. Before we take the next question we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Manoj Rajani from Rajani family office. Please go ahead.
Unidentified Participant
Good evening, sir. Sir, just had three questions. The first one is what is the current breakdown between retail and institutional lines and how. What was it last time? It will give the comparison.
Ayush Sharma
So the current revenue which is coming from retail amounts to around 93, 94% and ST is around 6, 7%. I mean the NT has expanded from the last year by you know, 100, 200 on a rough estimate.
Unidentified Participant
Okay, that’s very nice. And so second question would be what would be the brokerage charges and do they vary by customer segment?
Ayush Sharma
So the brokerage is 0.02% and 0.20% for cash and delivery. And these are standardized fixed. Manoj, am I audible?
Unidentified Participant
Yes, now you are. Yes. So you said 0.02%, right?
Ayush Sharma
0.02 and 0.20 for you know, delivery and intraday depending on the segment. And these are, I mean these are the. These are the basic pricing and it will vary depending on the client segment.
Unidentified Participant
All right. So that gives quite a lot of clearance. And so lastly would like to ask what are we doing with the FNO as an offering and what is the brokerage we charge there?
Ayush Sharma
On the. On the FNO brokerage part we charge on each lot and it is 20 rupees per load, you know, on the options piece.
Unidentified Participant
Okay, sir, that’s very nice. Lastly, last question. How do we manage the receivables from the government business?
Ayush Sharma
So as a focus, Manoj, we largely work on the mission projects of the central government where, you know. So I would give you a background that when we started consulting in the advisory business we started with the NHAI projects where we used to prepare DPIs for road and highway projects. Because in the first tenure of NDA government larger focus was on roads and highways. Second was Jal Jeevan mission where we also worked Quite aggressively on the Jal Jeevan mission projects. Now you know, as the focus is still continuing on both the segment and additional focus, focus is moving towards railways, ports, telecommunication kind of sector.
So we are also expanding towards those sectors. So the good, good part about these mission projects is that the target of government is, is to you know, complete these projects on a fast track timeline. So the payments are also on a fast track mode. So we don’t see major challenge in the, in the, you know, in the receivable management from the government in these, in this segment. Manoj, hope this was helpful.
Unidentified Participant
Yes sir. That was, that was more than helpful, sir. I’ll join back in the qu later on.
Ayush Sharma
Okay.
operator
Participants who wish to ask questions may please press char and one at this time. Participants who wish to ask questions may please press star N1 at this time. The next question is from the line of Rahel from Crown Capital. Please go ahead.
Rahil Shah
Hi sir. Good evening. Kidding me. So just one question if you could, you know, just elaborate and explain a bit about your plans about insurance business. What stage that it is according to you and any, you know, anything new you’re focusing on over there.
Ayush Sharma
So for insurance, Rahul, there are two segments on which we are working on. One is corporate and second is retail. We have dedicated teams who are specifically focused on corporate as well as retail. We foresee a huge opportunity in both segments equally. However, the corporate is more lucrative for us. We are expecting to grow higher in the corporate insurance piece as well along with the focus on the retail insurance. So take an example. There are specific clusters of industrial zones across India. We are expanding to those industrial zones where, you know, where we can reach out to those customers, those larger corporates who are having large setups for their, you know, insurance needs.
So that’s, that’s one of the, one of the expansion strategy which we are, you know, adopting to, adopting to grow the cosmic insurance business.
Rahil Shah
Okay. And as to earlier when you mentioned you expect to maintain this 25 or 30% growth rate for the next three to four years, you meant overall for the business, right? Consolidated level. Okay. And just lastly with that kind of a growth rate, what are your plans to, you know, support your margins? EBITDA margins. You have been doing well for the past three years, you know, from 27 to 31%. So any room for improvement there? And if so, how.
Ayush Sharma
So on the margins front, Rahel, one thing is that all our operations are digitized. I mean there is no manual operations. We are into everything is tech driven, everything is system driven. So the OPEX does not increase directly in sync with the growth in revenues in our majority of businesses. So we expect that margins will although remain at the similar levels. However, there is still room for a little improvement so that we will be leveraging upon.
Rahil Shah
So that improvement will be simply tech driven or is there any other leeway for that?
Ayush Sharma
Partly it will be tech driven.
Rahil Shah
Okay sir, thank you and all the rest of you.
operator
Thank you. Participants who wish to ask questions, you may press char and one at this time. As there are no further questions from the participants, I now hand the conference over to Mr. Arun Podar for closing comments.
Arun Poddar
Thank you. Thank you for joining us today. The first quarter has set a steady start to the year and we remain focused on maintaining this momentum while serving our customer and building on our strength. We value your continued interest in Choice International Limited and appreciate the trust you place in us. We look forward to connecting with you again next quarter. And even if we want, even if anyone want to connect one on one also, that also we are very much positive. Wishing you all a very good day ahead. Thank you.
operator
Thank you. On behalf of Choice International Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.