Choice International Ltd

- Management targets a consistent medium-term growth rate of around 30% YoY in revenues and profitability. - All business segments—broking and distribution, advisory, NBFC, and AMC—are expected to grow at a faster pace. - Revenue mix forecast remains balanced with broking and distribution at ~50%, advisory at ~40%, and NBFC at ~10%. - Despite market volatility, trading volumes have sustained upward momentum, supporting revenue growth. - Strong order pipeline, especially in advisory, with Rs. 698 Cr current order book and bids over Rs. 400 Cr. - Growth supported by expanding technology capabilities and cross-selling across digital and physical channels. - New offerings such as active AMC schemes and partnerships like India Post Payments Bank expected to drive future revenue. - Management emphasizes balanced and disciplined business growth rather than broad-based expansion.

- Management targets a steady growth rate of around 30% YoY across revenues and profitability. - FY26 profit after tax margin expanded, with profit growth (46% in Q4) outpacing revenue growth (23% in Q4), indicating improving operating leverage. - Focus on technology adoption and digital channels expected to sustain margin expansion by stabilizing fixed costs. - All business segments (broking, advisory, NBFC, AMC) are growing with balanced attention; no primary vs secondary preference. - AMC business aiming for Rs. 1,000 Cr AUM by FY27, supporting revenue growth. - Expansion into Tier-2/3 markets and partnerships (e.g., India Post Payments Bank) will drive customer acquisition cost efficiency and growth. - Earnings visibility is strong with a robust advisory order book (Rs. 698 Cr) supporting medium-term revenue stream. - No immediate plans for major new investments or segment expansions; growth largely organic and through existing businesses.

- Current order book stands at Rs. 698 Crores as of Q4 FY26. - Active bids submitted amount to over Rs. 400 Crores in current projects. - Order pipeline is described as strong with good orders expected in Q1. - No generalized winning ratio due to variation by location, dependent on multiple factors. - Advisory segment order book declined QoQ due to high project execution in Q4 FY26. - Strong pipeline anticipated to grow the order book in coming quarters. - Presence of orders across 22 other states with a focus to diversify and reduce concentration risks.

- There are no new investments being made currently, and no new segments are being expanded into as of now. (Page 8) - All existing businesses will continue to grow with no immediate plans for new fundraising through debt or equity. (Page 8) - The hold-co has sufficient internal accruals to support capital requirements for all businesses. (Page 12) - All businesses are currently self-sufficient and do not require much capital externally. (Page 12) - For growth capital needs, the holding company is capable of providing support without preference for any particular business. (Page 12) - No explicit mention of planned fundraising through debt or equity in the near term was made during the call. (Pages 8 and 12)

- No new investments or new business segments are being entered; focus remains on growing existing businesses. - Capital requirements for multiple businesses (AMC, broking, NBFC, advisory) are primarily met from internal accruals. - All businesses are currently self-sufficient and do not require significant external capital; however, the holding company (hold-co) is capable of providing growth capital if needed. - No preference is given to any business segment for capital allocation; support is available on an as-needed basis. - No immediate plans for demerging or separately listing any business segments to unlock value. - Expansion plans include hiring industry experts (e.g., fund managers) and enhancing technology capabilities, rather than major capital investments.