Emkay Global Financial Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Advisory and Transactional Services: 98.3% • Financing & Investment Activities: 1.7%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Latest quarter profit grew 90.4% YoY, showing strong momentum
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 18.4% CAGR over last 5 years
- Company has a consistent dividend-paying track record
CONS
- A large part of profit comes from other income (91.2% of PBT)
- Recent results are weak - TTM profit is down 10.8% versus prior year
- Valuation is stretched - P/E of 35.6 is well above its own 5-year median (9.5)
- Company has delivered a poor profit growth of 5.0% over past five years
- Operating margins have contracted to 7.5% from 12.8%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MCX | 3275.00 | 54.16 | 83509.83 | 0.24 | 413.44 | 103.47 | 702.00 | 88.10 | 48.10 | 70.40 |
| MOTILALOFS | 1027.05 | 31.24 | 61861.61 | 0.58 | 1273.71 | 9.53 | 3425.76 | 25.49 | 12.68 | 57.49 |
| 360ONE | 1092.20 | 35.27 | 44514.20 | 1.10 | 330.53 | 16.11 | 1226.09 | 26.85 | 12.28 | 63.01 |
| NUVAMA | 1735.60 | 29.56 | 32012.99 | 1.60 | 305.64 | 15.83 | 1376.22 | 22.59 | 17.52 | 52.80 |
| ANGELONE | 305.00 | 27.01 | 27878.11 | 1.33 | 231.40 | 102.15 | 1429.69 | 25.35 | 14.87 | 33.92 |
| CHOICEIN | 758.85 | 71.12 | 16905.39 | 0.00 | 60.61 | 26.37 | 309.79 | 32.46 | 19.43 | 33.83 |
| IIFLCAPS | 338.65 | 18.72 | 10673.53 | 0.89 | 184.16 | 4.92 | 631.48 | 3.13 | 23.27 | 35.76 |
| SHAREINDIA | 199.05 | 11.98 | 4355.72 | 0.80 | 124.41 | 47.45 | 448.09 | 31.25 | 21.00 | 44.76 |
| ARSSBL | 489.00 | 23.76 | 3083.95 | 1.02 | 23.35 | 2.35 | 246.10 | 22.37 | 19.72 | 39.54 |
| MONARCH | 373.25 | 16.34 | 2960.18 | 0.27 | 45.18 | -0.15 | 90.89 | -7.25 | 33.26 | 66.00 |
| GEOJITFSL | 78.34 | 30.15 | 2186.64 | 1.91 | 19.83 | -30.83 | 160.40 | 7.46 | 9.35 | 20.55 |
| EMKAY | 249.55 | 35.56 | 694.39 | 0.60 | 9.11 | 90.40 | 91.92 | 26.89 | 8.33 | 13.61 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 46 | 70 | 75 | 90 | 82 | 108 | 77 | 70 | 72 | 71 | 86 | 147 | 92 | |
| 52 | 63 | 65 | 78 | 68 | 79 | 68 | 71 | 67 | 71 | 79 | 136 | 88 | |
| Operating Profit | -6 | 8 | 11 | 13 | 15 | 30 | 9 | 0 | 6 | 1 | 8 | 13 | 13 |
| OPM % | -12.00% | 10.78% | 14.08% | 14.27% | 18.45% | 27.47% | 12.31% | 0.16% | 8.05% | 1.98% | 9.57% | 8.66% | 13.61% |
| Other Income | 8 | 8 | 8 | 8 | 6 | 6 | 7 | 6 | 5 | 5 | 5 | 5 | 5 |
| Interest | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 4 | 4 |
| Depreciation | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 3 |
| -1 | 12 | 15 | 17 | 17 | 31 | 11 | 1 | 5 | 0 | 6 | 10 | 10 | |
| Tax % | -104.60% | 18.91% | 16.42% | 37.35% | 18.47% | 17.88% | 22.26% | -786.32% | 8.56% | 6.25% | 27.95% | 41.25% | 7.30% |
| Net Profit | 0 | 0 | 0 | 0 | 14 | 26 | 9 | 8 | 5 | 5 | 4 | 6 | 9 |
| 0 | 4 | 5 | 4 | 6 | 10 | 3 | 3 | 2 | 0 | 2 | 2 | 0 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 105 | 155 | 145 | 134 | 162 | 271 | 203 | 284 | 336 | 377 | 397 | |
| 92 | 111 | 124 | 141 | 136 | 217 | 189 | 258 | 282 | 349 | 373 | |
| Operating Profit | 13 | 44 | 21 | -7 | 25 | 54 | 14 | 26 | 54 | 28 | 24 |
| OPM % | 12.30% | 28.36% | 14.30% | -5.33% | 15.75% | 20.02% | 6.67% | 9.29% | 16.14% | 7.49% | 6.00% |
| 11 | 1 | 5 | 5 | 3 | 3 | 12 | 31 | 25 | 19 | 19 | |
| Interest | 3 | 4 | 7 | 7 | 3 | 3 | 4 | 5 | 7 | 13 | 15 |
| Depreciation | 4 | 5 | 7 | 8 | 8 | 8 | 9 | 10 | 12 | 13 | 14 |
| Profit before Tax | 16 | 37 | 12 | -17 | 17 | 46 | 13 | 42 | 61 | 21 | 26 |
| Tax % | 25.77% | 21.56% | 31.34% | 29.21% | 31.85% | 24.33% | -11.63% | 27.79% | 6.28% | 28.86% | 24.76% |
| Net Profit | 12 | 29 | 8 | -12 | 12 | 35 | 14 | 31 | 57 | 15 | 19 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 4.52 | 12.97 | 5.69 | 13.14 | 22.40 | 5.80 | — |
| Dividend Payout % | 20.04% | 17.15% | 28.15% | 0.00% | 22.11% | 9.11% | 17.50% | 11.42% | 17.85% | 25.84% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 18%
- 3 Years:
- 23%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 2%
- 5 Years:
- 6%
- 3 Years:
- 3%
STOCK PRICE CAGR
- 10 Years:
- 14%
- 5 Years:
- 16%
- 3 Years:
- 43%
- 1 Year:
- 15%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 13%
- 3 Years:
- 13%
- Last Year:
- 5%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 24 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 26 |
| 111 | 137 | 140 | 125 | 136 | 167 | 177 | 209 | 270 | 292 | |
| 51 | 36 | 23 | 10 | 14 | 42 | 30 | 49 | 65 | 105 | |
| Trade Payables | 68 | 97 | 68 | 122 | 117 | 137 | 120 | 209 | 204 | 251 |
| 46 | 71 | 70 | 93 | 275 | 397 | 400 | 594 | 696 | 1,082 | |
| Total Liabilities | 299 | 365 | 326 | 375 | 567 | 768 | 752 | 1,085 | 1,260 | 1,756 |
| 35 | 33 | 35 | 38 | 34 | 32 | 38 | 43 | 41 | 40 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 |
| 26 | 36 | 28 | 16 | 29 | 34 | 24 | 26 | 32 | 38 | |
| 3 | 0 | 0 | 2 | 0 | 1 | 1 | 1 | 0 | 1 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 125 | 94 | 172 | |
| Cash & Bank | 115 | 141 | 137 | 214 | 336 | 413 | 349 | 580 | 530 | 898 |
| 119 | 154 | 126 | 105 | 168 | 285 | 341 | 310 | 563 | 606 | |
| Total Assets | 299 | 365 | 326 | 375 | 567 | 768 | 752 | 1,085 | 1,260 | 1,756 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -20 | 38 | 21 | 96 | -41 | 68 | -57 | 24 | -2 | -72 | |
| Cash from Investing | -15 | -8 | 4 | -1 | -3 | -4 | 5 | -8 | -10 | -13 |
| Cash from Financing | 35 | -20 | -27 | -26 | -3 | -7 | -7 | 2 | 11 | 86 |
| -3 | 2 | -1 | 66 | -51 | 48 | -65 | 18 | -1 | 1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Receipt of In-Principle approval from BSE Limited for Listing of Equity Shares Pursuant to Conversion of Warrants by way of Preferential Issue
2026-09-11 - Emkay Global Financial Services Limited has informed the Exchange about Copy of Newspaper Publication for Notice of Postal Ballot
2026-09-10 - Emkay Global Financial Services Limited has informed the Exchange regarding Notice of Postal Ballot
2026-09-09 - Emkay Global Financial Services Limited has informed the Exchange regarding allotment of 150000 equity shares pursuant to conversion of warrants at its Management Committee meeting held on September 09, 2026
2026-09-09 - Emkay Global Financial Services Limited has informed the Exchange about the Intimation of receipt of trading approval letters from stock exchanges for listing of equity shares pursuant to conversion of warrants into equity on preferential issue basis as per Chapter V of SEBI (ICDR) Regulations, 2018 is attached.
2026-09-07 - Emkay Global Financial Services Limited has informed the Exchange regarding allotment of 5000 securities pursuant to Non Convertible Securities at its meeting held on September 07, 2026
2026-09-04 - Emkay Global Financial Services Limited has informed the Exchange regarding Appointment of Mr Nikhil Sharma as Chief Information and Security Officer of the company w.e.f. September 08, 2026.
2026-09-02 - Emkay Global Financial Services Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-24 - Emkay Global Financial Services Limited has informed the Exchange about Intimation regarding incorporation of Wholly owned subsidiary Company
News
Recent coverage and analyst commentary for EMKAY
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