Choice International Ltd

Target entity

• Choice Proptech Solutions Private Limited; tech-driven real estate distribution, marketing, and advisory platform in India.
• Turnover FY2025-26: ₹245.57 lakh; Net worth: ₹137.43 lakh.

Transaction details

• Acquisition completed: 10,000 equity shares of ₹10 each (100% paid-up).
• Price per share ₹6,222; total ₹6.22 crore.
• Seller: Choice Consultancy Services Private Limited, subsidiary of Choice International Limited.
• Completion date: Aug 20, 2026.
• Form of consideration: cash.
• Stake acquired: 100%; CPSPL becomes direct wholly owned subsidiary.
• Related party: yes; arm's length; Audit Committee and Board approvals.
• Not a material RPT; no shareholder approval required.

Rationale & approvals

• Acquisition part of internal group restructuring to simplify structure and improve efficiency.
• No material impact on listed entity's business.
• Regulatory approvals: NA.

Background and turnover

• Incorporated March 9, 2011; presence in India.
• Business: technology-driven real estate distribution, marketing, advisory platform.
• Turnover history: 2023-24 ₹223.35 lakh; 2024-25 ₹213.64 lakh; 2025-26 ₹245.57 lakh.

Filing Status

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Audio recording of Q1 FY27 earnings call

• Audio recording of the Earnings Conference Call for Q1 FY27 is now available.
• Relates to unaudited standalone and consolidated results for the quarter ended June 30, 2026.
• Recording accessible via the company's investor portal; notice dated August 11, 2026.
• Signed by Karishma Shah, Company Secretary and Compliance Officer.

Financial Highlights

• Q1 FY27 total revenue Rs 319 crore, up 34% YoY.
• EBITDA Rs 114 crore, margin 35.75%.
• PAT Rs 61 crore, margin 19.00%.
• YoY growth: revenue 34.07%, EBITDA 31.38%, PAT 26.37%.

Business Metrics

• Revenue mix: stock broking 59%, advisory 27%, NBFC 13%.
• Demat accounts rose 13% YoY to 12.94 lakh.
• Client assets for stock broking Rs 62,226 crore, up 30% YoY.
• Wealth AUM Rs 4,961 crore, up 4% YoY.
• Insurance premium Rs 80.2 crore, up 5% YoY.
• Policies sold 67,828, up 73% YoY.
• NBFC loan book Rs 836 crore.
• Advisory order book Rs 777 crore.

Strategic Developments

• Strategic partnership with NH Investment & Securities; investment of ₹900 million.
• SEBI approval for Choice AMC to act as Investment Manager to Wealthwave Capital Trust.
• InsightX 2026 hosted, 100+ corporates and 150+ institutional investors.
• CCSPL and ACPL secured government mandates aggregating approximately Rs 191 Cr.

Business Overview

• Diversified financial conglomerate offering broking, wealth, insurance, NBFC, and advisory services across 24+ states.
• NH Investment infusion: INR 9,000 million via CCPS to grow Choice Equity Broking.
• IPPB contract to deploy a digital investment platform, enabling pan-India access across 28 states and 650+ districts.

Key Operational Highlights

• NH Investment infusion completed: INR 9,000 million via CCPS.
• Capital deployment includes expansion of MTF book, settlement funding, working capital, capex, acquisitions.
• One App roadmap with Trader Mode, Unified Dashboard, Smart Search, Auto Trade.
• IPPB partnership enables pan-India reach via 28 states and 650+ districts.
• TAM: INR 90,000–1,35,000 crore; CAGR projected 11–14%.

Financial Performance

• Revenue from operations: INR 30,979 Lakhs in Q1 FY27, up 32% YoY.
• Total income: INR 31,902 Lakhs, up 34% YoY.
• EBITDA: INR 11,404 Lakhs; EBITDA margin 35.75%.
• PAT: INR 6,061 Lakhs; PAT margin 19.0%.
• Total expenses: INR 23,910 Lakhs; growth 36.57%.
• Tax expense: INR 1,932 Lakhs.
• Total comprehensive income: INR 6,082 Lakhs.

Capital Structure & Liquidity

• Capital infusion via CCPS: INR 9,000 million from NH Investment & Securities.
• No further debt details disclosed in this presentation.

Strategic Priorities & Outlook

• Roadmap: One App, One Wealth Decision; integrated platform across stocks, F&O, MF, and bonds.
• Growth drivers: Infrastructure expansion, Digital India & data transformation, energy transition.
• Pan-India expansion via IPPB to broaden broking and wealth reach.
• Governance upgrades and technology-enabled delivery; pursuing global standards.
• Investment Banking momentum: 30 ongoing IPO mandates.

Governance & Leadership

• Board includes Non-Executive Chair, MD, Joint MD, Executive Director, and multiple Independent Directors.
• Auditors: MSKA & Associates LLP.
• Geographic footprint across 24+ states with extensive branch network (e.g., 50 branches in Rajasthan).

CFO resignation

• Mr. Manoj Singhania resigned as CFO and KMP, effective August 10, 2026.
• Resignation due to taking over other responsibilities within the Group.
• Board accepted the resignation and placed on record its appreciation.
• He confirmed no material reasons beyond those stated.

CFO appointment

• Mr. Ayush Sharma appointed CFO and KMP, effective August 10, 2026.
• Reason: based on recommendations of Nomination and Remuneration and Audit Committees.
• Brief profile: 14+ years in financial management, governance, and regulatory compliance.
• Relationships with other directors: Not Applicable.

Target and business

• Target: Choice Proptech Solutions Private Limited, tech-driven real estate platform in India.

Deal size and ownership

• Acquisition of 10,000 shares at Rs 6,222 each (100% stake), total Rs 6.22 crore.

Related party and governance

• Related party transaction; approved by Audit Committee and Board; arm's length pricing.

Structure outcome

• Post-acquisition, Choice Proptech is a wholly owned subsidiary of Choice International.

Strategic rationale

• Part of internal group restructuring to simplify structure and enhance operational efficiency.

Timeline and regulatory

• Indicative completion by 31 August 2026; regulatory approvals not required.

Background and financials

• Incorporated 2011; turnover Rs 245.57 lakh; net worth Rs 137.43 lakh (as of Mar 31, 2026).

Financial results approved

• Approved unaudited standalone and consolidated results for quarter ended June 30, 2026, with Limited Review Report.

AGM and governance disclosures

• Draft Notice for 33rd AGM approved for Sep 26, 2026; Annual Report 2025-26 to be hosted on website.
• Draft Board's Report, Corporate Governance, MD&A, and BRSA for year ended Mar 31, 2026 approved.

Major acquisitions and investments

• Acquired equity shares of Choice Proptech Solutions Private Limited.
• Acquired 100% stake in Choice Unified Services Private Limited (effective Apr 1, 2026).
• Acquired 100% stake in Ellora Solutions Private Limited; effective May 25, 2026.
• Partnership with NH Investment & Securities; Rs 900 crore investment in Choice Equity Broking Private Limited via CCPS.
• Amalgamation of Arete Capital Services into Choice Wealth Private Limited; NCLT order May 11, 2026.

Management changes

• Resignation of CFO Manoj Singhania; Ayush Sharma appointed CFO; Manoj to take other management responsibilities.

Audit and regulatory notes

• Audit Committee reviewed results; Board approved unaudited consolidated and standalone results.
• Independent auditor MSKA & Associates reviewed results; no material misstatement identified.

Conference call details

• Intimation of Q1 FY27 earnings conference call to discuss unaudited results for quarter ended June 30, 2026.
• Call on Aug 11, 2026 at 04:00 PM IST with Arun Poddar and Ayush Sharma as management participants.