Emkay Global Financial Services Ltd.
•Add ratio to table
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 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
| 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 |
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 |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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
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 - Emkay Global Financial Services Limited has informed the Exchange regarding Outcome of Management Committee Meeting held on August 21, 2026.
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 - 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 - 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 - 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 - Emkay Global Financial Services Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
News
Recent coverage and analyst commentary for EMKAY
Loading news…
AI Stock Analyst
Emkay Global Financial Services Ltd.
Sign in to Chat with AI
Log in with your 5nance account to ask institutional questions about performance, financials, and outlook.
✨ Sign In to ChatFree 5nance Account