1. NHIS ₹900 crore investment - NH Investment & Securities is investing ₹900 crore in Choice Equity Broking via CCPS, with the deal expected to complete in Q2 FY27 and growth from Q3 onwards. This capital, aimed at the MTF book and settlement funding, supports CEBPL's target of 5x growth in broking and distribution over three years.
2. Advisory order book - The consulting order book stands at ₹777 crore, up from ₹586 crore a year ago, providing revenue visibility over the next 2-3 years. At a maintained \~20% net margin, this backlog alone supports the segment's near-term earnings trajectory.
3. AMC fund scaling - Choice Mutual Fund launched a Gold ETF in Q3 FY26 with ₹57 crore mobilized and index funds in Q4 FY26 with ₹30 crore, targeting active schemes by end of FY27. The business plan targets breakeven in 2-3 years, adding a new fee-income stream.
4. IPO mandate pipeline - Investment banking holds 30 mandates under execution with a pipeline over ₹6,766 crore, expected to complete over the next 1-1.5 years. A couple of IPOs are ready, awaiting market sentiment, with fees split between preparatory and post-IPO phases.
5. Branch network expansion - Branch count is on track for 300-350 by March, up from \~210-220, with a target of 800 over 3-4 years. Each branch reaches break-even in six months, extending distribution for broking, loans, and insurance.