Emkay Global Financial Services Ltd.

•

emkayglobal.comBSE: 532737NSE: EMKAY

Market Cap₹ 717 Cr.

Current Price

High / Low₹ 410 / 186

Stock P/E45.4

Book Value₹ 102

Price to Book2.01

Dividend Yield0.58 %

ROCE9.1 %

ROE5.0 %

Face Value₹ 10

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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 GENERATED

Financial Services

Buy

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.

Confidence

84%

View full sector analysis →

PROS

Latest quarter profit grew 140.8% YoY, showing strong momentum
Company has delivered good sales growth of 19.6% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 33.0%
Company has a consistent dividend-paying track record

CONS

A large part of profit comes from other income (123.1% of PBT)
Recent results are weak - TTM profit is down 36.8% versus prior year
Free cash flow has been persistently negative
Valuation is stretched - P/E of 45.4 is well above its own 5-year median (11.8)
Company has delivered a poor profit growth of 8.2% over past five years
Operating margins have contracted to 7.3% from 11.5%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Stock Broking

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	MCX	3285.00	54.33	83764.82	0.24	413.44	103.47	702.00	88.10	48.10	70.40
2.	MOTILALOFS	1020.95	31.05	61494.19	0.59	1273.71	9.53	3425.76	25.49	12.68	57.49
3.	360ONE	1190.00	38.43	48500.18	1.01	330.53	16.11	1226.09	26.85	12.28	63.01
4.	NUVAMA	1840.70	31.31	33909.05	1.52	305.64	15.83	1376.22	22.59	20.45	52.80
5.	ANGELONE	279.00	24.71	25501.62	1.45	231.40	102.15	1429.69	25.35	14.87	33.92
6.	CHOICEIN	762.65	71.48	16990.05	0.00	60.61	26.37	309.79	32.46	23.09	33.83
7.	IIFLCAPS	338.80	18.73	10678.26	0.89	1841.63	949.18	6314.82	922.86	23.27	35.76
8.	SHAREINDIA	168.40	10.14	3685.02	0.95	124.41	47.45	448.09	31.25	21.00	44.76
9.	ARSSBL	508.25	24.69	3205.35	0.98	23.35	2.35	246.10	22.37	19.72	39.54
10.	MONARCH	373.60	16.36	2962.96	0.27	45.18	-0.15	90.89	-7.25	33.26	66.00
11.	GEOJITFSL	82.99	31.94	2316.43	1.81	19.83	-30.83	160.40	7.46	9.35	20.55
12.	EMKAY	259.00	36.71	716.80	0.58	9.11	90.40	91.92	26.89	8.33	13.61

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	40	63	69	80	76	100	72	69	65	63	79	143	83
	49	58	58	69	62	73	62	67	61	64	72	127	80
Operating Profit	-9	5	11	10	15	28	10	3	4	-1	8	16	11
OPM %	-22.00%	8.42%	16.17%	12.75%	19.19%	28.02%	14.54%	3.70%	6.28%	-1.18%	9.71%	11.53%	12.94%
Other Income	7	7	8	8	6	6	6	6	5	4	5	4	4
Interest	1	1	2	2	2	2	2	2	3	4	5	5	6
Depreciation	2	2	2	3	2	2	2	3	3	3	3	3	3
	-4	9	15	14	16	30	12	3	3	-3	4	12	7
Tax %	1.83%	18.21%	17.04%	37.77%	17.70%	17.31%	17.76%	-276.29%	1.08%	29.43%	27.88%	33.77%	4.84%
Net Profit	-4	8	12	9	14	25	10	11	3	-2	3	8	7
	-2	3	5	4	5	10	4	4	1	-1	1	3	0
Equity Capital	25	25	25	25	25	25	25	25	25	26	26	26	27
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	94	132	127	118	143	175	186	253	315	349	368
	80	103	111	126	127	155	177	234	261	324	344
Operating Profit	17	30	19	-4	21	26	21	50	80	46	—
OPM %	18	23	15	-3	14	15	11	20	25	13	—
Other Income	3	1	3	4	5	6	12	30	25	20	18
Interest	2	2	3	6	3	3	4	6	9	18	20
Depreciation	4	5	7	8	7	7	9	9	10	12	12
	7	23	7	-18	11	19	7	34	61	16	21
Tax %	38	21	31	30	30	28	-52	28	3	27	23
Net Profit	5	18	5	-13	8	13	11	24	59	12	16
EPS	0	0	0	0	3	5	4	10	23	5	—
Dividend Payout %	53	27	50	0	31	23	23	15	17	33	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	2	7	2	-5	3	5	4	10	23	5	—

COMPOUNDED SALES GROWTH

10 Years:: 14%
5 Years:: 20%
3 Years:: 23%

COMPOUNDED PROFIT GROWTH

10 Years:: 2%
5 Years:: 8%
3 Years:: 4%

STOCK PRICE CAGR

10 Years:: 14%
5 Years:: 16%
3 Years:: 41%
1 Year:: 19%

RETURN ON EQUITY

10 Years:: 9%
5 Years:: 14%
3 Years:: 17%
Last Year:: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	24	25	25	25	25	25	25	25	25	26
	94	109	108	92	100	111	118	142	205	223
	29	10	10	8	0	0	0	35	20	86
Trade Payables	66	92	67	122	117	136	117	209	203	249
	43	65	71	94	285	431	401	595	700	1,127
Total Liabilities	255	302	281	341	526	702	661	1,006	1,154	1,711
ASSETS	-	-	-	-	-	-	-	-	-	-
	35	32	35	38	34	31	37	37	37	37
Capital Work in Progress	0	0	0	0	0	2	0	0	0	0
	34	41	49	49	62	73	54	57	66	70
	3	0	0	2	0	1	0	0	0	0
	0	0	0	0	0	0	0	121	91	167
Cash & Bank	100	128	130	177	294	347	302	525	477	863
	84	101	67	76	136	247	268	265	482	574
Total Assets	255	302	281	341	526	702	661	1,006	1,154	1,711
Total Debt	29	10	10	8	0	0	0	35	66	130
Net Working Capital	42	55	49	25	31	64	58	74	168	201
Contingent Liabilities	127	164	164	171	170	171	195	185	269	434
Book Value per Share	48.42	54.62	53.82	47.34	50.76	55.06	58.02	67.36	90.97	95.07
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-17	36	18	58	-16	35	-69	-16	-19	-80
Cash from Investing	-2	-4	-11	-10	-0	-2	34	3	-12	-11
Cash from Financing	18	-25	-9	-14	-13	-8	-10	24	22	102
	-1	6	-2	34	-29	25	-45	11	-9	11
Free Cash Flow	-17	35	18	51	-16	32	-82	-25	-30	-91
OCF / Net Profit	-3.67	1.98	3.64	-4.60	-1.97	2.60	-6.46	-0.67	-0.33	-6.76
Cumulative 5-Year FCF	0	0	0	0	71	120	3	-40	-121	-195

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	1.89	7.31	2.01	-5.11	3.26	5.40	4.32	9.91	23.22	4.54
Book Value (₹)	48.42	54.62	53.82	47.34	50.76	55.06	58.02	67.36	90.97	95.07
Dividend per Share (₹)	1.00	2.00	1.00	0.00	1.00	1.25	1.00	1.50	4.00	1.50
Cash EPS (₹)	3.54	9.16	4.83	-2.01	6.30	8.38	7.90	13.52	27.13	9.03
PROFITABILITY
Operating Margin %	18.23%	22.50%	15.30%	-2.99%	14.46%	14.98%	11.49%	7.67%	17.28%	7.30%
Net Margin %	4.92%	13.57%	3.89%	-10.62%	5.62%	7.61%	5.71%	9.66%	18.68%	3.41%
ROE %	3.98%	14.22%	3.71%	-10.10%	6.64%	10.22%	7.63%	15.82%	29.67%	4.96%
ROCE %	7.20%	17.32%	7.36%	-8.74%	11.19%	15.56%	7.71%	22.31%	27.39%	9.13%
	2.01%	6.44%	1.70%	-4.04%	1.85%	2.17%	1.56%	2.94%	5.46%	0.83%
EFFICIENCY
Debtor Days	160	210	208	169	149	157	185	162	123	135
Inventory Days	15	4	0	5	0	3	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	176	213	208	174	149	160	185	162	123	135
FINANCIAL HEALTH
Debt to Equity (x)	0.24x	0.07x	0.08x	0.07x	0.00x	0.00x	0.00x	0.21x	0.29x	0.52x
Interest Coverage (x)	4.35x	10.57x	3.11x	-1.96x	4.71x	7.47x	2.57x	6.56x	7.78x	1.94x
	1.31x	1.33x	1.34x	1.11x	1.08x	1.12x	1.12x	1.09x	1.20x	1.15x
GROWTH
Revenue Growth %	1.60%	40.95%	-3.94%	-6.79%	20.45%	22.76%	6.33%	36.05%	24.51%	10.68%
Operating Profit Growth %	-8.06%	73.96%	-34.67%	-118.24%	681.79%	27.19%	-18.45%	131.81%	61.26%	-42.90%
Net Profit Growth %	-52.94%	288.71%	-72.44%	-354.39%	163.72%	66.15%	-20.14%	130.10%	140.76%	-79.80%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	129.59%	134.37%	-80.43%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	11.81x	9.15x	42.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.74x	2.34x	2.01x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.28%	1.88%	0.79%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	-4.06x	1.59x	-5.09x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.27	73.89	73.37	72.35	72.03	71.68	71.91	72.21	72.83
	0.76	0.77	0.83	0.82	0.85	0.88	0.80	0.84	0.75
	0.00	0.00	0.09	0.09	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	24.97	25.34	25.72	26.75	27.12	27.44	27.29	26.95	26.42

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-02

Copy of Newspaper Publication

2026-09-02 - Emkay Global Financial Services Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-24

General Updates

2026-08-24 - Emkay Global Financial Services Limited has informed the Exchange about Intimation regarding incorporation of Wholly owned subsidiary Company

2026-08-21

Allotment of Securities

2026-08-21 - Emkay Global Financial Services Limited has informed the Exchange regarding allotment of 50000 securities pursuant to conversion of warrants at its meeting held on August 21, 2026

2026-08-21

Outcome of Board Meeting

2026-08-21 - Emkay Global Financial Services Limited has informed the Exchange regarding Outcome of Management Committee Meeting held on August 21, 2026.

2026-08-21

Issue of Securities

2026-08-21 - Emkay Global Financial Services Limited has informed the Exchange about the outcome of Management Committee Meeting for issuance of Non-Convertible Debentures on private placement basis.

2026-08-21

Outcome of Board Meeting

2026-08-21 - Emkay Global Financial Services Limited has informed the Exchange regarding Outcome of Management Committee Meeting held on August 21, 2026 for issuance of Non-Convertible Debentures.

2026-08-18

Updates

2026-08-18 - Emkay Global Financial Services Limited has informed the Exchange regarding 'Appointment of Mr. Rajesh Shah as an Additional Non Executive Independent Director of the Company'.

2026-08-18

Appointment

2026-08-18 - Emkay Global Financial Services Limited has informed the Exchange regarding Appointment of Mr. Rajesh Shah as an Additional Non- Executive Independent Director of the company w.e.f. August 19, 2026.

2026-08-18

Trading Window

2026-08-18 - Emkay Global Financial Services Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

News

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Free 5nance Account

Name

MCX

3285.00

54.33

83764.82

0.24

413.44

103.47

702.00

88.10

48.10

70.40

MOTILALOFS

1020.95

31.05

61494.19

0.59

1273.71

9.53

3425.76

25.49

12.68

57.49

360ONE

1190.00

38.43

48500.18

1.01

330.53

16.11

1226.09

26.85

12.28

63.01

NUVAMA

1840.70

31.31

33909.05

1.52

305.64

15.83

1376.22

22.59

20.45

52.80

ANGELONE

279.00

24.71

25501.62

1.45

231.40

102.15

1429.69

25.35

14.87

33.92

CHOICEIN

762.65

71.48

16990.05

0.00

60.61

26.37

309.79

32.46

23.09

33.83

IIFLCAPS

338.80

18.73

10678.26

0.89

1841.63

949.18

6314.82

922.86

23.27

35.76

SHAREINDIA

168.40

10.14

3685.02

0.95

124.41

47.45

448.09

31.25

21.00

44.76

ARSSBL

508.25

24.69

3205.35

0.98

23.35

2.35

246.10

22.37

19.72

39.54

MONARCH

373.60

16.36

2962.96

0.27

45.18

-0.15

90.89

-7.25

33.26

66.00

GEOJITFSL

82.99

31.94

2316.43

1.81

19.83

-30.83

160.40

7.46

9.35

20.55

EMKAY

259.00

36.71

716.80

0.58

9.11

90.40

91.92

26.89

8.33

13.61

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

100

143

127

Operating Profit

-9

-1

OPM %

-22.00%

8.42%

16.17%

12.75%

19.19%

28.02%

14.54%

3.70%

6.28%

-1.18%

9.71%

11.53%

12.94%

Other Income

Interest

Depreciation

-4

-3

Tax %

1.83%

18.21%

17.04%

37.77%

17.70%

17.31%

17.76%

-276.29%

1.08%

29.43%

27.88%

33.77%

4.84%

Net Profit

-4

-2

-1

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

132

127

118

143

175

186

253

315

349

368

103

111

126

127

155

177

234

261

324

344

Operating Profit

-4

—

OPM %

-3

—

Other Income

Interest

Depreciation

-18

Tax %

-52

Net Profit

-13

EPS

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

-5

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

LIABILITIES

Equity Capital

109

108

100

111

118

142

205

223

Trade Payables

122

117

136

117

209

203

249

285

431

401

595

700

1,127

Total Liabilities

255

302

281

341

526

702

661

1,006

1,154

1,711

ASSETS

Capital Work in Progress

121

167

Cash & Bank

100

128

130

177

294

347

302

525

477

863

101

136

247

268

265

482

574

Total Assets

255

302

281

341

526

702

661

1,006

1,154

1,711

Total Debt

130

Net Working Capital

168

201

Contingent Liabilities

127

164

171

170

171

195

185

269

434

Book Value per Share

48.42

54.62

53.82

47.34

50.76

55.06

58.02

67.36

90.97

95.07

Face Value

10.00

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-17

-16

-69

-16

-19

-80

Cash from Investing

-2

-4

-11

-10

-0

-2

-12

-11

Cash from Financing

-25

-9

-14

-13

-8

-10

102

-1

-2

-29

-45

-9

Free Cash Flow

-17

-16

-82

-25

-30

-91

OCF / Net Profit

-3.67

1.98

3.64

-4.60

-1.97

2.60

-6.46

-0.67

-0.33

-6.76

Cumulative 5-Year FCF

120

-40

-121

-195

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

1.89

7.31

2.01

-5.11

3.26

5.40

4.32

9.91

23.22

4.54

Book Value (₹)

48.42

54.62

53.82

47.34

50.76

55.06

58.02

67.36

90.97

95.07

Dividend per Share (₹)

1.00

2.00

1.00

0.00

1.00

1.25

1.00

1.50

4.00

1.50

Cash EPS (₹)

3.54

9.16

4.83

-2.01

6.30

8.38

7.90

13.52

27.13

9.03

PROFITABILITY

Operating Margin %

18.23%

22.50%

15.30%

-2.99%

14.46%

14.98%

11.49%

7.67%

17.28%

7.30%

Net Margin %

4.92%

13.57%

3.89%

-10.62%

5.62%

7.61%

5.71%

9.66%

18.68%

3.41%

ROE %

3.98%

14.22%

3.71%

-10.10%

6.64%

10.22%

7.63%

15.82%

29.67%

4.96%

ROCE %

7.20%

17.32%

7.36%

-8.74%

11.19%

15.56%

7.71%

22.31%

27.39%

9.13%

2.01%

6.44%

1.70%

-4.04%

1.85%

2.17%

1.56%

2.94%

5.46%

0.83%

EFFICIENCY

Debtor Days

160

210

208

169

149

157

185

162

123

135

Inventory Days

Payable Days

176

213

208

174

149

160

185

162

123

135

FINANCIAL HEALTH

Debt to Equity (x)

0.24x

0.07x

0.08x

0.07x

0.00x

0.21x

0.29x

0.52x

Interest Coverage (x)

4.35x

10.57x

3.11x

-1.96x

4.71x

7.47x

2.57x

6.56x

7.78x

1.94x

1.31x

1.33x

1.34x

1.11x

1.08x

1.12x

1.09x

1.20x

1.15x

GROWTH

Revenue Growth %

1.60%

40.95%

-3.94%

-6.79%

20.45%

22.76%

6.33%

36.05%

24.51%

10.68%

Operating Profit Growth %

-8.06%

73.96%

-34.67%

-118.24%

681.79%

27.19%

-18.45%

131.81%

61.26%

-42.90%

Net Profit Growth %

-52.94%

288.71%

-72.44%

-354.39%

163.72%

66.15%

-20.14%

130.10%

140.76%

-79.80%

0.00%

129.59%

134.37%

-80.43%

VALUATION

P/E (x)

0.00x

11.81x

9.15x

42.00x

P/B (x)

0.00x

1.74x

2.34x

2.01x

Dividend Yield %

0.00%

1.28%

1.88%

0.79%

0.00x

-4.06x

1.59x

-5.09x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

74.27

73.89

73.37

72.35

72.03

71.68

71.91

72.21

72.83

0.76

0.77

0.83

0.82

0.85

0.88

0.80

0.84

0.75

0.00

0.09

0.00

Government

0.00

24.97

25.34

25.72

26.75

27.12

27.44

27.29

26.95

26.42

Emkay Global Financial Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

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Emkay Global Financial Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI