{"id":181838,"date":"2026-04-24T07:29:03","date_gmt":"2026-04-24T11:29:03","guid":{"rendered":"https:\/\/alphastreet.com\/india\/choice-international-ltd-choicein-q4-2026-earnings-call-transcript\/"},"modified":"2026-04-24T10:16:20","modified_gmt":"2026-04-24T14:16:20","slug":"choice-international-ltd-choicein-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/choice-international-ltd-choicein-q4-2026-earnings-call-transcript\/","title":{"rendered":"Choice International Ltd (CHOICEIN) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Choice International Ltd (NSE: CHOICEIN) Q4 2026 Earnings Call dated Apr. 24, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Forum Ghosha<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Arun Poddar<\/strong> \u2014 Executive Director & Chief Executive Officer<\/em><\/p>\n

Ayush Sharma<\/strong> \u2014 Head of Investor Relations<\/em><\/p>\n

Analysts:<\/h2>\n

Urmish Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Shweta Sharma<\/strong> \u2014 Analyst<\/em><\/p>\n

Suraj Shinde<\/strong> \u2014 Analyst<\/em><\/p>\n

Shruti Sharma<\/strong> \u2014 Analyst<\/em><\/p>\n

Nikita Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Rohan Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Nishita<\/strong> \u2014 Analyst<\/em><\/p>\n

Rutvi Gandhi<\/strong> \u2014 Analyst<\/em><\/p>\n

Ramesh Taurani<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q4FY26 earnings conference call hosted by 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 your touchstone phone. Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Ms. Forum Ghosha from Add Factors PR Investor Relations. Thank you. And over to you, Ms. Forum.<\/p>\n

Forum Ghosha<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Good evening everyone. On behalf of Choice International Limited, I welcome you all to the earnings conference call for Q4 and FY26. Joining us today from the management are Mr. Arun Pondar Group CEO, Mr. Ajay Keriwal, Executive Director and Mr. Ayush Sharma, Head of Investor Relations. The earnings presentation has been uploaded on the exchanges as well as on the company website. You may refer to it as we walk you through the opening remarks and the discussions during the call. Before we begin, I would like to remind you that certain statements made during this call may be forward looking in nature and are subject to risks and uncertainties.<\/p>\n

These are detailed in the company’s annual report and other investor disclosures available on the website. Choice International does not undertake any obligations to publicly update these forward looking statements. With that, I will now hand over the call to Mr. Arun Poda to share his opening remarks. Thank you. And over to you sir.<\/p>\n

Arun Poddar<\/strong> \u2014 Executive Director & Chief Executive Officer<\/em><\/p>\n

Good evening everyone and thank you for joining us today in FY26. India maintains steady progress backed by a stable policy environment and consistent execution. There is a growing confidence across sector driven not just by expectation but by the change already visible on the ground. Continued investment by global player across industries such as technology, manufacturing, service and energy and logistics reflect that long term commitment to India’s growth story. In this context, Our performance in Q4FY26 reflects stable progress for choice with continued momentum across all across our institutional, distribution and product led business.<\/p>\n

Our focus during the quarter remained on strengthening our platform, expanding our reach and building partnerships while also growing our presence in areas such as public sector advisory. During the quarter, our consulting subsidiaries secure government mandate aggregating approximately 55 crore. These mandates span program management, governance reform and digital transformation and indicating our growing presence in public sector advisory space. In wealth management, we secured a digital investment platform mandate from India Post Payment Bank.<\/p>\n

This provides access to a large distribution network and support Our effort to scale this business in asset management, we expanded our offering with the launch of the Choice Nifty 50 Index Fund and Choice Nifty Next 50 Index Fund. In line with our focus on long term investing solution, our business performance this quarter reflected deliberate emphasize on building strength within each vertical rather than pushing broad based expansion. In broking and distribution, our focus continue to be on the cash delivery segment.<\/p>\n

This has helped maintain margins and build a more stable clientele base. The segment contributed 59% to total revenue with stock broking AUM at Rupees 52,482 crore in Q4FY26 growing 28% YUI wealth AUM stood at Rupees 4,268 crore supported by TD clientele participation in delivery late products. Our network with 67,000 choice business associate remain an important part of our distribution strategy. This model allow us to combine digital capabilities with on ground presence helping us expand our reach while maintaining client engagement.<\/p>\n

During the quarter our Demet account base grew to 13 lakh up 16% IOI supported by improved onboarding and a wider product offering. In the insurance business we saw consistent growth driven by a broader partner network and increased use of digital platforms. Premium collection stood at rupees 84 crore in Q4.26 reflecting 14% bioi growth while policy volumes stood at 50,887. Number of policies in our NBFC segment we continue to focus on secured lending given the current environment. In unsecured lending, our emphasize on MSME Micro Lab rooftop solar financing support more stable growth.<\/p>\n

The loan book stood at rupees 800 crore as of FY26 with the segment contributing 13% to total revenue. Our in house collection process continue to support asset quality with NNPA remaining stable at 1.86% of 3-31-26. The advisory business continue to benefit our ongoing infrastructure and governance related project. With a order book of 698 crore, we are working on projects such as digital packs, multilateral support initiatives. This segment contributed 28% to total revenue and provide visibility over the next two to three years.<\/p>\n

Now let me now pass it on to Ayush Sharma, our head of Investor relations who will present the quarter’s financial performance. Thank you.<\/p>\n

Ayush Sharma<\/strong> \u2014 Head of Investor Relations<\/em><\/p>\n

Thank you sir. I will now walk you through our financial performance for Q4 and the full year FY26. During the Q4 FY26 choice reported consolidated revenue of rupees 314 crore rupees representing a growth of 23% on yoy basis. EBITDA for the quarter stood at Rs. 123 crores with margins at 39.08% reflecting improved operating efficiency. Profit after tax came in at rupees 68 crores translating into a margin of 21.62% and a y o y growth of 27% for the full year. FY26 consolidated revenue was at rupees 11.<\/p>\n

45 crores, up 24% compared to last year. EBITDA stood at rupees 425 crores with margins at 37% while PAT was rupees 238 crores reflecting a growth of 46% on a year on year basis. Overall, the performance reflects steady execution across businesses and continued strength in our operating model. Looking at segment performance, the broking and distribution business reported revenue of Rupees 179 crores in Q4 with a PBT of Rupees 55 crores. Our Demet account base has grown to 12.63 lakhs. While we are seeing increased engagement per client supported by cross selling of insurance and wealth products through the Finex platform, the NBFC segment recorded revenue of rupees 43 crores and PBT of rupees 2 crores during the quarter.<\/p>\n

Asset quality remains stable with GNP at 2.74% and NNPA at 1.86%. This has been supported by disciplined underwriting, improved collections and a diversified loan book. Net interest margins remained healthy at 11.22% in line with our focus on secured lending. In the advisory segment, Q4 revenue stood at rupees 91 crores with a PBT of rupees 31 crores. For FY26. The segment reported revenue of rupees 330 crores and a PBT of 120 crore rupees. Performance during the period was supported by steady execution and continued inflow of mandates including repeat engagements.<\/p>\n

With this, I would now like to open the floor for any questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. We’ll now begin the question and answer sessions as anyone who wishes to ask a question may press star and one on the touchtone phone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use hands while asking a question. The first line. The first question is from the line of Ormesh Shah from Money Viewers. Thank you and over to you.<\/p>\n

Urmish Shah<\/strong><\/p>\n

Yeah. Am I audible?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Yeah. Yeah. Hi. Hi Ormesh. You are very well audible.<\/p>\n

Urmish Shah<\/strong><\/p>\n

Yeah, yeah. Yes sir. So thank you for the opportunity. My first question is on the wealth products AUM we witnessed a 23% decline. Could you give some color on that?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Sure. So if you will see there is a decline in overall AUM. However there is a growth of 35% in the equity MF AUM. The decline is largely driven by redemptions in the debt mutual funds which is natural because of the market sentiment where people can withdraw their excess capital deployed in debt and tend to invest in equities at better prices. So that’s the larger region which is driving the reduction in the debt aum. Anyways the margins in equity is higher for the company compared to debt mutual funds which therefore there is no larger impact on the overall revenue of the company.<\/p>\n

Urmish Shah<\/strong><\/p>\n

Right. But as you are saying the reason is is this what we will witness if the market conditions are not stabilized Going further, do you see that as a future focus?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Focus product is also equity aum. So you will see a consistent growth in the equity mutual funds. So that’s. That is largely a Treasury products. So that will not be our core focus product. Core focus will be XPA Ms.<\/p>\n

Urmish Shah<\/strong><\/p>\n

So and on the NBFC are we comfortable with our provision coverage ratio? And of course in the in your opening comments you did mention that NPAs are stable that way. But still we see one or three BIPs increase in the NPA. So you know, could that be somewhat streamlined?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Okay, so on the provision coverage ratio it is driven by an established market practice of ECL expected credit as per the accounting standards. So we are, we have adopted the accounting, the policy defined by the accounting standards and whatever is calculated by the policy of accounting standards. We are preparing the provisions. On the asset quality side you can you see a growth in the overall YOY numbers. However, during the year there had we had seen certain rise in the NPA numbers which has come down in Q4 FY26.<\/p>\n

This rise was largely driven by the overall economic impacts which we had seen in the micro finance segment. But now things seem to be normalizing starting this quarter.<\/p>\n

Urmish Shah<\/strong><\/p>\n

So my next question is on the insurance side we see a decline in the corporate side of the business and which we had seen previously as well. So you know, is that segment in a bit of a doldrum or<\/p>\n

Ayush Sharma<\/strong><\/p>\n

So? Overall there has been a growth in the insurance premium and larger contribution has come from retail insurances rather than the corporate insurances. So there has not been major impact on the revenues. However, we had seen for last two quarters a slight reduction in the corporate insurance premium. During the last year we had got insurance premium premium from Certain government contracts. That was the larger reason why there was higher insurance premium in the previous financial year. When we compare that number to this, this, this year’s number, you see a decline.<\/p>\n

However, the corporate insurance premium is for the corporates. It is as per our expected range only.<\/p>\n

Urmish Shah<\/strong><\/p>\n

So one final question before I join back on the mandate with the Assam Industrial Green Growth Fund. As I see on slide 39, could you give some color on how will be the structure and you know, how the things will proceed and whether FY27 is the year that we are, you know, looking forward to go about it.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

So Government of Assam has mandated Choice Capital Advisors Private limited to assist them in setting up the AIF and then doing the road shows for the fundraising for the AIF as well. So our role is to assist the government although the fund management etc will be done by the government themselves.<\/p>\n

Urmish Shah<\/strong><\/p>\n

Okay. Okay. Thank you sir, I’ll join back. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all the participants that you may press Star and one to ask a question. The next question is from the line of Shweta Sharma from Aryan Capital. Thank you and go ahead.<\/p>\n

Shweta Sharma<\/strong><\/p>\n

Thank you so much sir. So my first question is regarding revenue grew in FY26 but PAT margin remained broadly stable. So what are the key levers you are targeting to expand your net margin over the next two, three years?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

You are so I, we have, we have expansion in the net margins as well during this particular financial. However to expand the margins further, the larger use of tech is going to play a role as we achieve the higher scales. Our fixed costs are not going to increase. You must have seen in the Q4 performance where the revenues have grown by I think 23% but the profit has grown by 46% for FY26. So that growth, that higher growth then the revenue in profit after tax shows the higher expansion in the margins. So that will continue to expand as we leverage on the technology and the fixed cost remains stable.<\/p>\n

Shweta Sharma<\/strong><\/p>\n

Okay so so your acquisition of Optimo Investor Investment Advisor and the IPPB partnership seems like a push into deeper tier 2 and tier 3 market. So what is the projected customer acquisition cost for these channels compared to your traditional digital channels?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Okay, so Shweta, traditionally we are largely focused on semi urban geographies, tier 2, tier 3, tier 4 geographies where you know we acquire customers. However at the same time the execution is completely digital and tech driven which is through our mobile app or through our web trading platform etc. But the acquisition is still physical which is Driven by branches, CBAs coming to your question on the acquisition, a partnership with the ippb, their existing customer base will be, we will be providing the services to their existing customer base thereby making our customer acquisition negligible or at a very low levels because we will be paid by the, we will be earning revenues from the cross sell which we do to their existing customer base.<\/p>\n

So we don’t see much of the, you know, customer acquisition cost increase while having a partnership with ipv.<\/p>\n

Shweta Sharma<\/strong><\/p>\n

Okay, so. So as your, as you scale the book, are you seeing any compensation in yields? Specifically, what is the current GNP and NPA trend in newly acquired Paisa body retail lending portfolio?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

The acquired portfolio is also behaving in line with our portfolio. While when we had acquired we had done a comparative study and the study stated that the portfolios, both the portfolios of choice and passability are similar in nature in terms of customer segment and geographies. Thereby the performance is also similar. We don’t see a differentiated performance in the portfolio acquired from pesabdi.<\/p>\n

Shweta Sharma<\/strong><\/p>\n

Okay. Also are you seeing any compression in yields?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Definitely. As we grow to, as we grow higher and as we, you know, originate better credits, definitely there is going to be a rate reduction. However, that will not be marginal. I mean that will be marginal, not a very significant impact in the compression of the nim. But at the same time the impact will be seen in the asset quality also. Thereby, you know, increasing our ROE only and not having any negative impact on the roe.<\/p>\n

Shweta Sharma<\/strong><\/p>\n

Okay, so my last question is which segments will be the primary growth engines going forward?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

All four segments are focused segments for us. I mean there is nothing primary or nothing secondary. There is no segment which is of known core focus. All these are growth and all these will continue to grow in future as well. We have, we have a dedicated, you know, the CEOs for all the segments and all business verticals and thereby the day to day execution and business decisions are taken care of by all. All of them. So all of them will continue to grow and eventually, you know, become a larger organization in itself.<\/p>\n

Shweta Sharma<\/strong><\/p>\n

Okay, thank you so much, sir. That’s all my part.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Suraj Shinde from yes, securities. Thank you and go ahead.<\/p>\n

Suraj Shinde<\/strong><\/p>\n

Yeah. Hi sir. Thank you for the opportunity. I have a few questions. So my first question is that as the base grows larger, what is your realistic medium term growth? Guidance across revenue and profitability.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Yeah. Hi Suras. Suras. We have been constantly communicating as well as projecting internally to maintain a growth rate of you know, around 30% on year on year basis across revenues and profitability.<\/p>\n

Suraj Shinde<\/strong><\/p>\n

Okay and sir, what are we you know doing to convert dormant demat holders into active traders? And what is the target activation ratio over the next 12 months?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Okay, so there are in when when we talk about the dormant demet holders there are different types of customers which we segregate internally. Suras if I mean these are classified into investors, traders and you know, somewhat followers. So these are the three categories which we classify in and accordingly for each category a different set of actions are taken to activate the dormant, you know, dement holder. The largest push for activation is through our digital channels by understanding, understanding their other investments by understanding their, you know, kind of investment philosophy and then pushing, I mean sending the nudges and sending the attractive opportunities to invest in the market. So these are the steps which we take depending on the customer investment philosophy and customer behavior.<\/p>\n

Suraj Shinde<\/strong><\/p>\n

Okay sir, and my last question is that you know digital adoption is something that is rising right now. So what percent of revenue is now coming from digital channels and how do we see this evolving?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

It’s around 70% is coming from digital channels. When I say digital channels these are trades executed by the on the platform. It can be our mobile app, it can be web trading platform and of course channels include the call and trade facility and dealer terminals. So you can see 70% of the revenue generated through trades placed on the online modes.<\/p>\n

Suraj Shinde<\/strong><\/p>\n

Okay sir, that helps. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Shruti Sharma from family office. Thank you. And over to you.<\/p>\n

Shruti Sharma<\/strong><\/p>\n

Hello. Thank you for the opportunity. My first question is could you share your near term AUM target for the ANC segment for FY27 and also provide some color on the cost structure for running the AMC business.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Okay, so for one year target in the AMC business we are expecting 1000 crores to to be the AUM. You know at the close of FY27<\/p>\n

Shruti Sharma<\/strong><\/p>\n

In the insurance distribution segment how is the corporate versus retail mix expected to evolve going forward? And what is the target mix? Management is working onwards.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Okay so on the insurance side we we plan to keep 5050 mix between corporate and retail in future.<\/p>\n

Shruti Sharma<\/strong><\/p>\n

Okay, that answers my question. Thank you so much and all the best for next quarter.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Nikita Mehta, an investor. Thank you and go ahead.<\/p>\n

Nikita Mehta<\/strong><\/p>\n

Thank you for the opportunity Sir, I have couple of questions. So sir, Q4 growth looks strong. Like did you see any slowdown in March and April due to market volatility or has the Momentum continued in FY27?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

The momentum. So thank you Nikita for this question. So of course there has been the volatility in the market. However, since our business is largely driven by the volumes even in the in the volatile market, the volume has remained on an on an upward trajectory and therefore our revenues have grown, you know, in line with the growth in the overall volumes. So we didn’t face any much of the impact because of the market volatility. And same we are expecting for FY27 until unless a larger geopolitical issue comes up, we don’t foresee a major impact on the overall revenues.<\/p>\n

Nikita Mehta<\/strong><\/p>\n

Okay, okay. Okay sir. And so what kind of ROC and ROE thresholds do you target for the new investments?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

No, so there are no new investments we are making and there are no new segments which we in which we are expanding as now. So it’s the existing businesses which we will continue to grow.<\/p>\n

Nikita Mehta<\/strong><\/p>\n

Okay. Okay sir, I think it answers my question. So all the best for the future.<\/p>\n

Operator<\/strong><\/p>\n

A reminder to all the participants that you may press Star and one to ask a question. The next slide. The next question is from the line of Rohan Mehta, an individual investor. Thank you and go ahead.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Hi, good afternoon sir. Thank you for this opportunity. So if you could touch upon the India Post Payments bank partnership for us. You know it is quite compelling with over 1 and a half lakh post offices and 12 crores odd customers. But it would be safe to assume that most of these would be relatively low income or financially underserved customers who might have a limited capacity into SIPs. So if you could shed some light on what your average SIP ticket size you would expect for this segment and how the unit economics would pan out for us compared to our existing wealth client base.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Okay, so thanks Rohan for this question. So our arrangement with India Post Payment bank is to, you know, provide platform to the existing customers to invest in the mutual funds. That’s the core role. There will be multiple activities which we will be doing while ensuring the goals of this particular partnerships. The largest would be providing a digital platform integrating our platform with the India Post Payment Bank’s platform. That is number one. Number two will be to conduct an extensive training for the front office team of the India Post Payment Bank.<\/p>\n

And then number three is the providing the services to the customers. Now in this case as your question is on the size of the SIP and Adams on the low income category, you know, customers, I would like to clarify here that the partnership is With India Post Payments bank and not the Post Office. So although Post Event bank leverage the distribution platform, distribution channels which is created by the Post Office. But the customers which are there on the India Post Finance bank have are not the exactly the same customer customers as of the Post Office.<\/p>\n

Right. So they have a higher investment capabilities. Because normally people tend to invest in the in the post offices in terms of recurring deposits model. So however, nevertheless coming to the size, it will definitely be lower as compared to the Metro customer. But not as low as a Post office customer. As well it will be lying somewhere in between. On a realistic target, we are expecting it will remain somewhere between 2000 to 2500 rupees per customer per month.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Okay, got it sir. So any would you be looking at a sort of a break even period by when the investment in this partnership will sort of, you know, start contributing to our bottom line.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

So we will go live. So currently the tech integration is going on and we’ll go live in this quarter. We expect that from 1st of July we will start having revenues in our balance sheet and you know the profitability will start coming in.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Okay. Okay. Got it sir. Got it. That is helpful. So just if I could ask touch upon the advisory segment also. Our order book on that front seems to have declined quarter on quarter which is a first in many of the historical quarters. So this order execution running ahead of fresh order wins. Is that the case or are we seeing any slowdown in government project tendering which might run into the next financial year advisory revenues if you just.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

No slowdown in the business per se. It is since being a Q4, the larger target was on executing the projects and completing this within the this the previous financial year itself. And that is why you see a decline in this, this quarter. First time until now you must have seen the growth in the overall order book. Only as the orders are executed you could see a decline. But in this quarter we are very confident that the pipeline looks very strong and we will get more contracts which will enable us to grow the order book, you know, compared to the previous quarter itself.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Got it. Understood sir. And just within this segment itself, would you be concerned about the concentration of orders that we have particularly from the infrastructure consulting part or within Maharashtra as a state, you know, accounting for a fair share of our exposure. So is that is concentration a risk and would we be looking to diversify and reduce this percentages?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

So there are, I mean we are of course the contribution of these states and sectors are high, but we don’t see see a major risk Immediate, major, immediate risk of this concentration. However, the focus of the management is definitely there to expand to other states as well. The others which you see in the earnings presentation includes 22 other states where we have the current order slide and where we are expanding our businesses as well. So as the other states grow, this contribution definitely will come down.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Okay. Okay, got it. Within the next financial year, is it?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Yeah, yeah.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Yes. So just one last question if I may. Upon the AMC business, if you are going to be moving from passive to active strategies in the next fiscal year in terms of active fund management and the sort of talent profile that might be required, are you, are we looking at some new hiring in terms of fund managers and if you have any threshold in terms of what kind of aums we should be dealing in in the AMC business.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

So on the team side, yes, definitely. We are in talks with the industry experts and we are onboarding new people to expand the team. And that is the first activity which we have been doing for some time now to build the base for the active strategies. And this financial aid will come up, come up with the active schemes as well. Is there any other question? I missed the last part of your question?<\/p>\n

Rohan Mehta<\/strong><\/p>\n

No. So just in terms of the AUM threshold, if we have any, or if we are going to have any minimum AUM that would contribute positively to our overall consolidated roes.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Understood. So for the AMC business, we are targeting an AUM of thousand crores for FY27.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Okay. All right. So that’s very helpful. Thank you for taking my questions and all the best, sir. Thank you. Thank<\/p>\n

Ayush Sharma<\/strong><\/p>\n

You very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Nishita from Crown Capital. Thank you and please go ahead.<\/p>\n

Nishita<\/strong><\/p>\n

Yes. Helen.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Yeah, hi Nishika.<\/p>\n

Nishita<\/strong><\/p>\n

Yeah, hi. So I just had a follow up on the previous participants question. You mentioned that the order pipeline is quite strong and like receiver orders coming in Q1. So if you can quantify what is our current order book and how does the pipeline look like?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

So current order book is 698crore rupees. And the current project we have submitted our bids as these orders are, you know, awarded by way of tendering are more than 400 crores.<\/p>\n

Nishita<\/strong><\/p>\n

Okay. Okay. And what is generally our winning ratio?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

It depends on location to location and, and you know there cannot be a generalized winning ratio but it all depends on various factors. So I mean that does not, that is not a relevant kind of metrics.<\/p>\n

Nishita<\/strong><\/p>\n

Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

As a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Rutvi Gandhi, an investor. Thank you and go ahead.<\/p>\n

Rutvi Gandhi<\/strong><\/p>\n

Hello. Good evening, sir. Am I audible?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Yeah. Hi. Good evening. You are very good.<\/p>\n

Rutvi Gandhi<\/strong><\/p>\n

Hi. So my first question is that how the management expects the revenue mix to evolve over the next three years as the anc, NBFC and IB businesses scale.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Okay. So all these businesses are classified into three segments, broking and distribution advisory. In nbfc we expect all of them to grow at a faster pace and the mix will remain somewhere between, you know, 50, 40 and 10 kind of issues. 50 for broking in distribution, 40 for advisory and 10 for the NBSC.<\/p>\n

Rutvi Gandhi<\/strong><\/p>\n

Understood. Also, sir, do we have any plans to monetize our advisory capabilities separately?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

What do you mean by monetizing the capability separately?<\/p>\n

Rutvi Gandhi<\/strong><\/p>\n

So as you said earlier that our primary and secondary, we do not have any preferences as in our primary and secondary categories business wise. But other than that, do we have any plans to go aggressively on the advisory thing or the advisory business?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Advisory is definitely a core function of the company and there is a dedicated team of roughly around 2,000 people in the government advisory business. There is a team of more than 150employees in the investment banking team. So we have dedicated teams, dedicated leadership, dedicated, you know, business and execution heads. So all of them are taking care of the businesses very well. And definitely these are going to grow at a higher pace. So there is no specific prince per se to, you know, give primary focus to any, any business from the, the Holdco management side.<\/p>\n

Rutvi Gandhi<\/strong><\/p>\n

Understood, thank you so much.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Thanks.<\/p>\n

Operator<\/strong><\/p>\n

A reminder to all the participants that you may press star and one to ask a question. The next question is from Ramesh Taurani from Mehta Brothers. Thank you and please go in.<\/p>\n

Ramesh Taurani<\/strong><\/p>\n

Good evening sir, and thank you for the opportunity. Sir, just wanted to understand, you know, what steps are we taking or what initiatives we are, you know, undertaking on the AI part of the business. Like how do we plan to implement AI in generating, you know, additional revenues and generating additional benefit to our customers?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Yeah, sure. So we have, we have separate, we have established a dedicated team to implement AI across all business verticals. There have been specific sections we have, which we have automated with the use of AI across all, all businesses. It’s already largely the AI’s use is on the data analytics and preparing the, the summarized outcome or the actionables for, you know, that particular activity that we have established currently for the back office and data analytics kind of functions. So that is there in place as we, as we develop new models on the AI, we will keep implementing on the you know, front end customer facing activities as well, subject to regulatory compliance.<\/p>\n

Ramesh Taurani<\/strong><\/p>\n

Because from what we understand is, you know, a few of the competitors on the broken side, they have been building some AI layers and some capabilities in terms of, you know, in their strategies as well. So how are we planning to be something or give something different to our customers? So just wanted to understand your thoughts around the matter.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

So in our case, as I mentioned that analytics is the larger part which we are doing for the broking business also. So take an example example that now AI, AI decides that which customer should get which notification at what time so that he gets the right information at the right time. Right. So these are the kind of activities which we have piloted with the use of AI and we’ll be implementing, you know, in the new course as the models mature.<\/p>\n

Ramesh Taurani<\/strong><\/p>\n

Thanks. I just wanted to understand on the capital allocation side since we have multiple businesses and broking business we have an esc. So how do you plan to you know, allocate the requirements and also on the bandwidth of the management, are there separate heads, you know and then how the structure works? If you can just elaborate on that.<\/p>\n

Ayush Sharma<\/strong><\/p>\n

Okay, so on the bandwidth of management side, we have dedicated CEOs for each of the businesses who takes care of the day to day business operations and the growth strategies. At the Holdco level we decide an AOP and will operating plan at the beginning of the year and then we do a tracking on a regular month, on month basis. So, so there is no, no challenge in the, from the management bandwidth or management availability side. Right. That’s on the, on the manpower aspect. On the capital aspect, we have the enough internal accruals as well to support all businesses.<\/p>\n

Although all of our businesses are self sufficient now where they don’t need much of the capital. However, if as far as the growth capital is required, the Holdco is sufficiently capable to support any of the business required. So there is no preference there as well as and when required any business needs growth capital, we are capable to support, you know, the business in terms of capital aspect as well.<\/p>\n

Ramesh Taurani<\/strong><\/p>\n

Good to, good to understand that part. Sir. Any, you know, thoughts around maybe you know, demerging these businesses and listing them separately or in the near term or any, any thoughts around that?<\/p>\n

Ayush Sharma<\/strong><\/p>\n

No, not immediately. Of course the value unlock will be one of the target but there are no immediate plans to do so.<\/p>\n

Ramesh Taurani<\/strong><\/p>\n

Okay, thank you sir, thank you for the opportunity and all the best and looking forward to interacting with you next quarter. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Arun Poda for closing comments.<\/p>\n

Arun Poddar<\/strong><\/p>\n

Thank you. Thank you all the participants. Thank you for your questions and continued engagement in FY26. Our efforts have been centered on growing the business in a balanced and disciplined way as, as we move forward, our priorities will be the strengthen our technology capabilities and further expand our presence. Thank you. Thank you everyone.<\/p>\n

Operator<\/strong><\/p>\n

On behalf of Choice International Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Choice International Ltd (NSE: CHOICEIN) Q4 2026 Earnings Call dated Apr. 24, 2026 Corporate Participants: Forum Ghosha \u2014 Investor Relations Arun Poddar \u2014 Executive Director & Chief Executive Officer Ayush Sharma \u2014 Head of Investor Relations Analysts: Urmish Shah \u2014 Analyst Shweta Sharma \u2014 Analyst Suraj Shinde \u2014 Analyst Shruti Sharma \u2014 Analyst Nikita Mehta […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-181838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":147615,"url":"https:\/\/alphastreet.com\/india\/tribhovandas-bhimji-zaveri-ltd-tbz-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":181838,"position":0},"title":"Tribhovandas Bhimji Zaveri Ltd (TBZ) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 26, 2023","format":false,"excerpt":"Tribhovandas Bhimji Zaveri Ltd (NSE:TBZ) Q4 FY23 Earnings Concall dated May. 26, 2023 Corporate Participants: Binaisha Zaveri\u00a0\u2014\u00a0Whole-time Director Mukesh Sharma\u00a0\u2014\u00a0Chief Financial Officer Analysts: Unidentified Participant\u00a0--\u00a0-- Analyst Presentation: Operator Ladies and gentlemen, good day, and welcome to Tribhovandas Bhimji Zaveri Limited Q4 FY '23 Earnings Conference Call. 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