Synopsis: Choice International has secured 23 government mandates worth ₹191.38 crore during Q1 FY27, further strengthening its advisory business, which already has a ₹698 crore order book and visibility for the next two to three years.
India’s government consulting and digital transformation market continues to expand rapidly as central and state governments increasingly outsource programme management, e-governance implementation, infrastructure supervision and policy advisory mandates. Simultaneously, rising financialisation and digital investing trends are creating additional growth opportunities for diversified financial services platforms like Choice International.
Shares of Choice International Ltd, with a market capitalisation of Rs. 18,220 crore, were trading at Rs. 818.40, up 0.4 percent in Tuesday’s trade. The stock remains around 5 percent below its 52-week high of Rs. 860.50 and has gained nearly 1 percent during the past week.
What’s the News?
Choice International informed exchanges on July 21, 2026, that its subsidiaries, Choice Consultancy Services Private Limited and Ayoleeza Consultants Private Limited, have secured 23 government mandates during Q1 FY27 with an aggregate contract value of approximately ₹191.38 crore.
The largest mandate is a 60 – month contract for implementation and maintenance of the UPYOG integrated e-governance platform across urban local bodies in Bihar. Another major assignment includes preparation of DPRs under Bihar’s Urban Challenge Fund.
The company has also secured medium-sized mandates relating to Mumbai’s Gargai Dam project, Southern Railway supervision services, healthcare infrastructure advisory in Chhattisgarh, railway electrification projects, solarisation consultancy assignments and engineering audits for Food Corporation of India infrastructure projects.
These projects span multiple states, including Bihar, Maharashtra, Tamil Nadu, Punjab, Rajasthan, Jharkhand, Chhattisgarh and Chandigarh, reinforcing Choice’s growing position in government consulting and public infrastructure advisory services.
Financial & Business Analysis
The fresh ₹191 crore order inflow further strengthens Choice’s advisory vertical, which already reported an order book of approximately ₹698 crore at the end of FY26, providing revenue visibility for the next two to three years. Management also indicated that bids worth more than ₹400 crore are currently under evaluation, suggesting additional order inflows could follow.
Choice reported strong FY26 financial performance, with consolidated revenue rising 24 percent YoY to ₹1,145 crore, while EBITDA increased to ₹425 crore with margins remaining robust at 37 percent. Profit after tax surged 46 percent to ₹238 crore, significantly outpacing revenue growth and demonstrating strong operating leverage.
Q4 FY26 performance remained equally impressive, with revenue increasing 23 percent to ₹314 crore and PAT rising 27 percent to ₹68 crore. EBITDA margins stood at an exceptionally strong 39.1 percent, which management attributed to improving operating efficiencies and increasing scale benefits.
The group continues to maintain a diversified earnings mix, with broking and distribution contributing 59 percent of Q4 revenue, advisory accounting for 28 percent and NBFC operations contributing 13 percent. Management expects the medium-term revenue mix to stabilise around 50:40:10, reducing concentration risk across business segments.
Additionally, management reiterated its ambition to sustain approximately 30 percent annual growth in both revenue and profitability while maintaining a capital-light approach, supported largely through internal accruals rather than external fundraising.
Industry & Strategic Analysis
Choice’s strategy increasingly revolves around deepening capabilities within existing verticals rather than entering new businesses. The company has consciously focused on strengthening its presence in broking, government consulting, wealth management and secured lending rather than pursuing broad-based expansion.
Its advisory business appears particularly well positioned amid rising government spending on digital governance, infrastructure modernisation and public sector reforms. During FY26, the consultancy division generated ₹330 crore of revenue and ₹120 crore of PBT, making it an increasingly meaningful contributor to overall profitability.
Outside government consulting, Choice’s financial services ecosystem continues to strengthen. Stockbroking assets under management reached ₹52,482 crore, while wealth management AUM stood at ₹4,268 crore. The company is also expanding into active asset management products after launching passive schemes earlier this year.
A potentially significant long-term catalyst is its partnership with India Post Payments Bank (IPPB), where Choice will provide digital investment solutions to IPPB customers. Management expects the platform to go live during the current quarter, with revenues beginning from July onwards and profitability improving thereafter due to minimal customer acquisition costs.
The NBFC business remains conservatively positioned, with management focusing on secured lending opportunities such as MSME financing, micro-LAP and rooftop solar loans. Asset quality remains stable with GNPA at 2.74 percent and NNPA at 1.86 percent, although some margin compression could occur as the company shifts toward higher-quality borrowers.
Artificial intelligence is also becoming an increasingly important operational lever. The company already uses AI in analytics, customer segmentation and personalised engagement, with management indicating that future customer-facing applications will be introduced subject to regulatory approvals.
Company Overview
Choice International Limited is a Mumbai-based diversified financial services and consulting company operating across stockbroking, wealth management, insurance distribution, NBFC lending, asset management and government advisory services. The company serves over 15 lakh clients through more than 67,000 Choice Business Associates and is registered with SEBI, RBI, IRDAI, NSE, BSE, MCX and NCDEX. Its government consulting operations are primarily undertaken through Choice Consultancy Services and Ayoleeza Consultants.
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