Q1 26/27

Aug 10, 2026

Summary

Q1 FY27 revenue rose 34% YoY to ₹319 crore and PAT increased 26.37% to ₹61 crore. Management sees growth from the ₹900 crore strategic investment from Q3, with proceeds directed mainly to MTF and settlement capacity.

Ladies and gentlemen, good day and welcome to the Q1 FY27 earnings conference call hosted by Choice International Limited. As a reminder, all participant lines will be in listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand over the conference to Ms. Aashvi Shah from Adfactors PR Investor Relations. Thank you, and over to you, ma'am. Thank you. Good evening, everyone. On behalf of Choice International, I welcome you to the earnings conference call for Q1 FY27. Joining us today from the management we have Mr. Arun Poddar, Group CEO, Mr. Ajay Kejriwal, Executive Director, and Mr. Ayush Sharma, CFO. We will begin today's call with opening remarks from the management, following which we will open the floor for Q&A. Before we begin, I would like to remind everyone that certain statements made during this call may be forward-looking in nature. These statements are based on the management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Choice International Limited undertakes no obligation to publicly update or revise any forward-looking statements based on subsequent events or developments. With that, I will now hand over the call to Mr. Arun Poddar to share his opening remarks. Thank you, and over to you, sir. Thank you, Aashvi. Good evening, everyone, and thank you for joining us today. FY27 has begun on a steady note for India's financial service ecosystem, with evolving investor behavior, greater digital participation, and increasing financialization continuing to shape the market for Choice. The environment provides an opportunity to strengthen our capabilities across businesses and expand into areas of financial and professional services. Q1 FY27 marked a steady start to the new financial year. Our focus remains squarely on execution, strengthening each business vertical, improving our institutional and distribution franchise, building our product capabilities, and broadening the platform through which we serve the client. Alongside this, we continue to lay the foundation of future growth through strategic partnerships and by expanding our footprint. The broking and distribution business continues to see steady traction, with cash delivery remaining a key focus in supporting revenue quality and stability. The segment contributed 59% to total revenue, while stock broking AUM stood at INR 62,226 crore in Q1 FY 2027. It is growing 30% YOY basis. Wealth AUM increased to INR 4,961 crore, supported by continued participation in delivery-led product. Our 70,000 Choice business associates continue to complement our digital distribution capability and expand our reach across market. During the quarter, our demat account base increased from 12.94 lakhs, up 13% YOY basis, aided by improved onboarding and a broader product suit. On the institutional side, Choice Institutional Equities hosted InsightX 2026, bringing together 100-plus corporates and 150-plus institutional investors and allocators. The conference provided a platform for corporate and investor to engage on business outlook, industry trend, and the growth opportunities. We also continued expanding our asset management. Choice AMC Private Limited received SEBI approval to act as an investment manager to Wealthwave Capital Trust, a Cat II AIF sponsored by Choice International Limited, supporting the continued development of our alternative platforms. Beyond our retail distribution business, insurance continued to see a steady traction supported by an expanding partner network and the greater adoption of digital channels. Premium collections stood at INR 80 crore in quarter one 2027, it is up 5% YOY basis, while policy volume increased to 67,828, representing 73% growth over the same period. I am also delighted to share that Q2 2027, we strengthened our strategic partnership with NH Investment & Securities through a INR 900 crore investment in Choice Equity Broking. This partnership is an important milestone for us and will support our growth across broking, distribution, MTF, technology, while further strengthening our long-term expansion plan. Now coming to our NBFC business. We remain focused on secured lending with MSME micro loan and rooftop solar financing continue to be the key area of growth. The loan book stood at INR 836 crore as on Q1 FY 2027, contributing 13% of total revenue. Our in-house collection capabilities continue to support the asset quality with NNPA at 2.74% as on June 30, 2026. Lastly, our consulting business continued to build on its product pipeline during the quarter. With an order book of INR 777 crore across digital packs and the multiple product Multilateral support initiatives. The segment contributed 28% of total revenue and provided a visibility over next 2 to 3 years. Adding to this momentum, our consulting subsidiaries, Choice Consultancy Services Private Limited and Ayoleeza Consultants Private Limited, secured government mandate aggregating approximately INR 191 crore across e-governance, infrastructure, project management, and the financial consulting. These engagements further added to our order pipeline and strengthened our presence in government and the infrastructure consulting. Investment banking also remained active with one IPO completed during the quarter and 30 mandates currently under execution. The overall pipeline stands at over INR 6,766 crore. With that, I will now hand over to Ayush Sharma, CFO, to take you through the financial performance of the quarter. Over to Ayush Sharma. Thank you very much, sir. Let me begin with an overview of how the business performed in the opening quarter of FY 2027. Choice closed Q1 FY 2027 with a consolidated revenue of INR 319 crores, which is higher by 34% over the same quarter last year and almost 1.6% on a sequential basis. EBITDA came in at INR 114 crore, holding a margin of 35.75% as cost disciplines continued to work in our favor. At the bottom line, profit after tax was INR 61 crores, a margin of 19%, and an increase of 26.37% on a YOY basis. It has been an encouraging opening to the financial year. These numbers point to consistent delivery across our verticals and reaffirm the resilience that a diversified model brings. Turning to the individual businesses, broking and distribution brought in INR 197 crore of revenue for the quarter, contributing INR 48 crores at the PBT level. The demat base now stands at 12.94 lakh clients, and per-client activity continues to deepen as we widen the uptake of insurance and wealth offerings across the Choice FinX platform. On the lending side, the NBFC posted a revenue of INR 45 crores. Book quality held firm through the quarter, with gross NPA numbers at 3.78% and net NPA at 2.74%, an outcome of prudent underwriting, tighter collections, and a well-spread loan portfolio. Margins stayed comfortable with NIM at 11.10%, consistent with our preference for secured exposures. The advisory business rounded the quarter with INR 91 crore in revenues by way of a steady pipeline of mandates. That covers the headline numbers. I am happy to take your questions from here. 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 their touch-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 will wait for a moment while the question queue assembles. The first question is from the line of Nachiket from NK. Please proceed with your question. Yes. Hi, good evening, sir. Thanks for the insights in your opening and good progress on the key initiatives you have taken. I just wanted further information that since you have taken NH Investment as a strategic advisor, could you share some broader strategic value beyond the capital infusion? Is there any focus areas like option pools or to access to client in India or overseas access or product distribution which we could benefit from? Sure, Nachiket. Thanks for your question. This is an important question, certainly. Capital infusion is one part of this particular transaction, and I would say a smallest part of this particular whole transaction. The larger objective in having this transaction was to have an integration with the NHIS core strengths. NHIS is very strong in the institutional businesses globally and more importantly in Southeast Asian markets, be it Korean, Hong Kong, Singapore markets, and as well as they have their global presence across U.S. markets as well. The immediate kind of synergy will be to integrate the institutional businesses or the institutional clients which they serve through their global offices. And those clients will also be having some sort of business activities here in Indian market. We'll be looking to cater to that, and that will be the first low-hanging fruit. Secondly, they are also very active in the investment banking deals across multiple jurisdictions. That will also be some sort of the additional business integration we'll be looking at in the coming years as we integrate our businesses with the NHIS strengths. These are the kind of advantages apart from the capital which we are looking at from this particular deal. Okay. On this incremental capital which gets deployed, is there any internal targeting as to what kind of capital return should you target or what kind of incremental ROCE can be generated? I'll tell you the deployment sort of thing for this particular capital which is being raised from this particular transition. We have the sufficient internal accruals to fund our expansions, et cetera. The larger utilization of these funds will be towards development of MTF portfolio, as well as the settlement fund, which we provide to our customers as per the regulatory guidelines. The growth will be in these portfolios and eventually the increased interest income as well as the brokerage which we will charge on the increased trading activity for the clients will result in an additional profitability for the company. Okay. Thank you, sir. I will get back in. Thank you. The next question is from the line of Samrudhi Pane from Geojit Financial Services. Please inverse with your question. Thank you for taking my question. Just a small question regarding our improvement in NNPA. We can see that it has improved from the last quarter. How much of this improvement is driven by recoveries and upgrades? I would like to know that. Sure. This is largely driven by the collections which has been done by our ground team. We have an in-house collections team which is responsible for all the collections which has been slipped from the bucket of sales team. The initial primary collection target is for the sales team. Once the cases are out of the control from the sales team as per our internal policy, these are allocated to our internal collections team. The recoveries are done wholly by our internal collections teams. The improvement is a result of collections done by our internal collections team only. Oh, okay. My second question was regarding our NBFC segment. We expect that the AUM is expected to increase by 20%-30% on the stable interest rate environment. How do you ensure that the credit quality will be intact? Just one small question in this, what will be the mix of secured and unsecured lending in the incremental loan book in Q1? No, we are fully focused on the secured loan portfolio only. Whatever loans we do are secured by way of collateral, in some or other format. It will be largely driven by the growth in the secured loan portfolio. On the growth aspect, we have an in-house proprietary credit assessment engine, which runs the primary credit check for the customers. Although, once the machine does the credit, we have the human intervention as a mandatory check, where the first ground physical verification is done by our credit team for the customer. Secondly, the central credit team reverifies the output given by the machine and reconcile the same with the ground visit of the credit team guy. Once everything is reconciled and verified at the center level, we do the final sanction to the customer. This is what has been able to help us to maintain the asset quality and will continue to help us to maintain the asset quality over the next growth cycle as well. Okay. Just to confirm that, the incremental loan book in Q1 will be most probably from secured side, right? Yeah. That's right. Okay. Thank you. Thank you. Participants who wish to ask a question, please press star and one at this time. The next question is from the line of Vivek from Jhala's Family Office. Please proceed with your question. Thanks for the opportunity. Can you hear me? Yeah, Vivek, you are very audible. So I have two set of questions. One is, EBITDA in fact declines sequentially in Q1 FY 2027. Although both remained higher year-on-year. Could you help us understand the key factors behind the sequential movement and whether this was largely due to seasonality or timing-related factors? And how should we think about the underlying profitability run rate going forward? Secondly, as the advisory order book continues to grow, how should we think about margins going forward? And do you see the changing mix of projects, including larger government-led mandates, having any meaningful impact on EBITDA margins? Sure, Vivek. So, firstly, on the advisory order book, yes, we expect that the mix will change from currently the heavy infrastructure advisory segment to other consulting segments as well, which is largely the governance framework development or IT and IT-related consulting assignments or other project management kind of projects which we plan to grow with the government. So that's the kind of change which we are expecting in the mix of order book on our government consulting book. As far as the margins are expected, we are currently maintaining a margin of around 20% net margin in the advisory business as well, specifically the government advisory business. And we expect to maintain the similar margin levels as we grow in the size as well. Okay. And lastly, I have one more question. Solar financing is a relatively new collateral-free product. What was its Q1 disbursement and outstanding AUM, and how does its yield, cost of funds, credit cost, and ROA compare with the traditional MSME book? And also, at what scale do you expect solar financing to become a meaningful contributor to NBFC earnings? Okay. Solar is a relatively very small portion as compared to the overall portfolio. I really don't have the current AUM number handy with me currently, but we can certainly try to publish the same in the next public disclosures at the stock exchange. However, as far as the growth of solar portfolio is concerned, let me be very clear, it is a very high-price competitive market, and we are very sort of profit-centric organization where we don't compromise on the ROIs when we consider growing the portfolio. We expect that we'll continue to maintain an ROI of around 15% for the end customer while growing the solar portfolio. Our target is to grow this portfolio to sort of INR 150 crore by the end of this financial year. Got it. That's all from my side. Thank you. Thank you. The next question is from the line of Anirudh Sharma from Ekant & Associates. Please proceed with your question. Hi. Good evening. Am I audible? Yes, Anirudh, you are audible. I had a few questions from my side, and my first question is on the mutual fund business. Could you give us some perspective on the monetization roadmap? Given the current AUM base, how do you see the AMC's revenue contribution evolving over the next 2-3 years? What AUM scale would allow the business to become meaningfully profitable? Sure. See, AMC is a longer vision for the Choice group. It is not a shorter term kind of initiative. We see this as a longer-term venture for Choice. We are currently focusing on the passive products to grow in our AMC business. Our target is to launch the active schemes as well by the end of this financial year as also. As you know, we are currently in the setup phase. We expect this financial year to make sure that we have all the required skills, all the required team and manpower in place and launch the couple of schemes, in this financial year. Our proper growth phase for the AMC business will start from the next financial year. Moreover, as we are also a distributor of mutual funds. There, the AUMs have grown significantly because we have been distributing mutual fund products of other AMCs as well, as part of our wealth management business. We expect that we continue to maintain a growth rate of around 30-35% in the overall AUM on YOY basis in the mutual fund distribution business. Okay, sir. Understood. You are targeting a significant increase in the AMC AUM by the end of FY 2027. Could you elaborate on the product and the distribution strategy supporting this growth? How do you see the contribution evolving across ETF, active and/or passive funds, AIF, and third-party distribution? No. In the AMC business, this year our focus is on passive schemes only. By the end, we will launch the active schemes, and growth in active will come in the next year onwards. This year, the larger focus on the AUM growth in AMC will be on the passive schemes itself. Okay. Understood. One last question from my side. The solar financing is a relatively new and collateral-free product. What was its Q1 disbursement and outstanding AUM, and how does its yield, cost of funds, credit cost, and ROE compare with the traditional MSME book? At what scale do you expect solar financing to become a meaningful contributor to the NBFC earnings? Sure. Firstly, solar is also not a collateral-free business. We do take solar equipment as a collateral while financing the solar equipment to the customer. So we have certain some sort of collateral, which can be repossessed and sold in case of delinquencies. So it is a completely secured product for our NBFC business. Secondly, as I mentioned that it is a high-competition business when it comes to rate of interest to the end customer. We have been maintaining a weighted ROI of around 17%-18% on the solar portfolio. We have to bring it down to around 15%, which is already there in the pipeline. And by the end of this financial year, we expect the AUM to reach at around INR 150 crore for the solar financing product itself. Okay, understood, sir. That is it from my side. Thank you for the opportunity. Sure. Thank you. Before we take the next question, we would like to remind participants that you may press star and 1 to ask a question. The next question is from the line of Mann from North Star Investments. Please proceed with your question. Hi, and good evening, everyone, and thanks for the opportunity. So actually, sir, I wanted to have an update on the current merchant banking pipeline across your main board, your IPO, let us say SME IPO, and all the other capital market transactions. And what do you think are these opportunities to start and convert into your revenue? Okay. Mann, firstly, on the conversion to revenue side, we have the hybrid kind of arrangement with the customers for whom we raise funds by way of IPOs. It is some portion of fees during the preparatory phase, and some portion of fees post the completion of the IPO. Revenues are ongoing. We are continuously generating revenues from the current mandates. As mentioned previously, we have the current mandates for the fundraising size of around INR 6,600 crore approximately, which we expect to complete over the next 1 to 1.5 years' time as the market provides the suitable timeline for the industry-specific IPOs to come up. Having said that, couple of IPOs are ready. As we get the suitable opportunity from the market sentiment perspective, we will immediately come up with the opening of the IPOs in the investment banking business. Okay. That is really good to hear. Another questioning was on your new Category II AIF approvals. They are in place right now, and I just want your what is the corpus and the broad investment strategy, and how quickly do you expect this business to start generating revenue and meaningful in your AMC? It is part of building our internal capabilities in the alternatives space. This is the first AIF, which is sponsored by Choice International and our AMC is going to act as fund manager for this. As we build the sizable AUMs under this AIF business, we will come up with further alternative investment options for the investors. Currently, this is in pre-IPO focused fund, largely focused on the pre-IPO opportunities where we invest in the pre-IPOs in the companies which are coming up with the IPOs. We are working on other investment strategies as well. As soon as we are ready with those, we will come up with more alternative investment options for the investors. Okay. That is good to hear. Thanks a lot, sir. Thank you. Thank you. The next question is from the line of Dhanraj from Kuber Advisors. Please proceed with your question. Hello. Yeah, hi. Hello. Am I audible? Yes, yes, you are audible, Dhanraj. Yeah. Hi, sir. Thank you for the opportunity. I just have a couple of questions with me. I will just start with the first one. Hello? Yeah, yeah, Dhanraj, you are audible. Please, go on. Okay. Considering the current pace of AUM growth, when would you expect the AMC to reach the EBITDA break-even? Once the business reaches scale, what kind of margin profile we can expect over the medium term? Okay. On the AMC business specifically, Dhanraj, we have a plan to bring the business to BEP in the next 2 to 3 years timeline. As the AUM grows to a certain size, we will achieve the BEP numbers. We are not currently giving a guidance on that, what that AUM number will be, because the size is small currently. As the size grows, we will certainly start discussing about the guidance on the AUM numbers as well. Okay. Also, can you throw some light on recent collaboration with NH Investment & Securities and what is the nature of this tie-up and how this will reflect on our business? As I mentioned previously, Dhanraj, this transaction is more than just a fundraise for Choice Equity Broking Private Limited. Choice has commanded a strong hold in the retail business across India. Now, the idea was, one, to expand into institutional business space, and second, to have the global presence as well. This strategic partnership with NHIS will help us to expand our institutional businesses across India as well as the global markets. Also, we will be able to provide global access to our Indian customers also through this particular partnership. These are the kind of advantages which we see, and this will certainly help us to have a multifold growth in our revenue and the profit numbers in the broking space specifically. Okay. Got it, sir. Okay. That is all from my side, sir. Thank you. Thank you. Before we take the next question, a gentle reminder to participants. If you wish to ask a question, please press star and 1 now. I repeat, to ask a question, please press star and 1 at this time. Thank you. The next question is from the line of Raghav from Raghav and Company. Please proceed with your question. Sir, my question is, sir, your partnership with IPPB, what impact is it making on your net profit in the financial year ending? Raghavji, I heard your question. This is currently at the integration stage. We are integrating our systems with the IPPB systems. As soon as that is completed, we will go ahead. We are expecting to complete this by end of this month only. As soon as the integration is complete, we will initiate onboarding customers through the IPPB platform. Depending on the initial volume, which we see from the month of September onwards, we will be able to give some guidance on the overall impact in the PAT and revenue numbers through this partnership. However, we are very confident that given the exclusive nature of this partnership with the IPPB, we will be able to onboard a large chunk of customers from the IPPB platform on our wealth management platform. Actually, sir, I think Arun sir has already said a couple of months back, from July 1, the revenue will start kicking. I think you are already late by 3 months, right? No, by end of this month, we will complete the integration, and from September 1, we will start onboarding customers. What kind of revenue number can we expect from it? Just a hint. Say, for example, for Q4 only, since Q2 will be gone, Q3 and Q4. Any idea? Sir, it is a little early to give a guidance on the revenue number from this partnership. Once we start onboarding the customers, we will be able to probably give you some guidance. Okay. About 900 crores, that NHIS investment, when that amount will be received by you? In this quarter itself, sir. Probably- This quarter itself. This month end? In this quarter. Q2 itself, we will get the money. From Q3 onwards, the real growth will kick in in the numbers, right? Because from the Q4, like Q3 last year, Q4 last year, and this Q1, the sales has been flat around INR 300 crore and the profit has been flat around INR 60 crore. QOQ, there is hardly any growth. It is normally flat. That is why I am asking, since the company is saying 50% CAGR for next couple of years. But QOQ, there is no growth since last three quarters. If you will see the quarterly number from Q1 FY 2026 versus FY 2027, revenue has already grown by 34%. No, I am not saying YOY. I am saying QOQ. Q3 last year, Q4 last year, and Q1 of this current year. Last three quarters, the sales has been flat around INR 300 crore, and profit has been around INR 60 crore-INR 70 crore. I am asking, last nine months, the sale and PAT has been normally in a particular range. There is not a QOQ massive growth of 30%, 40%. I am talking about that. When we can expect as a shareholder that QOQ growth will come, not about YOY. Raghavji, one thing is that some portion of this growth is attributable to the seasonality of the markets. But you can certainly see a tremendous growth after this money coming in, because the money will also get to work in the business. So that growth will certainly start coming in from the Q3 onwards. So probably from Q3 onwards, that 50% CAGR can be maintained? So Q2 would be flat similar like Q1 only? That's what I'm just guessing. Q2 will also have certain amount of growth, but it is difficult to give some guidance on the Q2 numbers at this moment because of the integration. But growth will definitely be there in Q2. But the real growth will kick in from Q3 onwards? I am telling you specifically on the money coming in in Q2 and the growth because of that money coming in, we will start seeing in Q3 onwards. Yeah. That would be the big movement. That is what I am trying to guess. Yes, sir. I want to understand, like we are talking a top line around INR 1,200, INR 1,300 crores on an annual basis average. After this money comes in, that INR 900 crore and IPPB partnership, when it will start to kick in, for say, 2 months later, November, December, roughly. For next year, what can be a massive growth we could expect from the top line and bottom line for next year? Just keeping in mind 2 points. First, IPPB partnership rollout. Second, the INR 900 crores investment comes in. So what kind of real growth can we expect for next financial year? Just an idea. Sir, firstly, the base is going to grow from this financial year itself, from the last year's PAT of around INR 236, INR 237 crores. This number will grow tremendously in this financial year itself because of the 2 transactions or 2 events which you just mentioned. Over and above that, we expect another 50% growth in the next financial year itself. So the CAGR will be maintained because of these 2 transactions? Yes. Yes, sir. Another thing I want to ask, since your main major sales comes from your broking business, 50%-60% sales PAT, and 25%-30% comes from your consultancy, which are the two best segments. Then what about the NBFC? Doesn't you think it comes as a drag on your top line, bottom line, it consumes your working capital and doesn't generate that much of returns which these other two segments generate? On the profitability side, definitely the ROE is higher in the broking business, and that is why the highest capital is also allocated to the broking business. From the diversification perspective, relatively smaller capital is allocated to the- No, I got your point. But in simple words, [Foreign language]. You have one, two, or three business. First broking, second consultancy, third NBFC. Broking or consultancy have high margins and high chance of growth. You are getting a lot of consultancy orders. Everything is good. In broking, you are getting a lot of investment. It will be a multi-level work. My point is, the third layer, which is your NBFC, even if you are putting in INR 100 crore, you are not getting a return on it. By withdrawing that money and investing it in your top two businesses, won't you generate a higher ROE? Why are you even running the third business if it is a drag on your top line, bottom line? You already have two good opportunities. Raghavji, NBFC also has a gestation period. As soon as we achieve certain milestones in the NBFC business, this will also start giving a higher ROE as compared to what it is currently giving. It is just a matter of When will it turn around? It is a matter of another, we expect another one year, and within a year we will start seeing the higher ROE in the NBFC business as well. It will take one year? Yeah. Okay. Thanks, sir. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one now. The next question is from the line of Ajay from Axion. Please proceed with your question. All right. Hello, am I audible? Yes. Yes, sir. Yeah. Hi, sir. Congratulations on good set of numbers. One part of my question was already answered. Just wanted to get your guidance on the segmental businesses for your broking, NBFC, AMC, investment banking, et cetera. Just could you give me a guidance of next 2 years and how you plan to implement the same and achieve the same? Okay. Currently, as we rightly discussed during the course of this call, we have almost 60% revenue coming from broking, 30% from advisory, and roughly around 10%, 12% from NBFC business. We expect the mix to be around 50/40 and 10 over the next couple of years. It is not because the advisory will grow. Advisory will only grow and broking will not grow. Broking will also grow, but advisory, because investment banking is also clubbed with the overall advisory segment only. So that will have an overall added edge over the growth of the NBFC. Therefore, 50/40 and 10 is the kind of ratio which we expect to see in the future, in the segmental mix. Okay, sir. Thank you. Thank you. 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 Raghav from Raghav and Company. Please proceed with your question. Another question I was asking, I think 6 months ago, the CEO, Arun Sir, I think had said on the television that they are opening 100 branches this year. What's the update? 6 months have gone this calendar year, and hardly I think 10 branches had opened. What's the update on that? Sir, we have finalized good teams. It is more important that we grow with the right set of people. So we have already finalized teams at various locations. As soon as their current employment with their existing employers get over, we will open our dedicated branches at those locations and start doing businesses in those locations as well. I got your point. The pressure will be there, but realistic number? We are on track with our growth target of 800 branches over the next 4 years, 3 to 4 years' time. That we will certainly achieve, sir. We are around 210 to 220 branches, I think, if I am not wrong. By end of this financial year, for example, March, what kind of number can we expect? Just guide us. For March, we can expect somewhere between 300 to 350 kind of branches. Nearly 100 branches we will open next 6 months. Yes, sir. Okay. Thank you. Ladies and gentlemen, that was the last question from the participants. I would now like to hand over the conference to Mr. Ayush Sharma for closing comments. Over to you, sir. Thank you. Thank you very much for your questions and your interest in Choice. Let me close this with a brief thought. FY 2026 was focused on building the businesses steadily and strengthening our fundamentals. We have carried this approach into FY 2027, with the first quarter showing continued progress across our businesses while maintaining a disciplined approach to growth. Thank you once again for joining us today and for your trust and support. We look forward to staying engaged with you throughout the year. Thank you. Thank you very much. Thank you. On behalf of Choice International Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.