BSE: 538882
Emerald Finance Limited
Operates as a BSE-listed NBFC running four interlocking businesses. The Early Wage Access (EWA) platform partners with corporates to offer salary-advance loans to their employees, repaid via monthly salary deduction; 214 corporates and 30,000+ employees were on the platform at end-FY26, with 5,050 monthly active users and a run-rate of Rs 26 crore per month in Q1 FY27, of which Rs 13.5 crore came from cross-sell products like insurance and digital gold. Gold loan syndication distributes loans originated by banking and NBFC partners (ICICI, HDFC, RBL, Muthoot and 40+ others), disbursing Rs 375 crore in Q4 FY26 and Rs 290 crore in Q1 FY27, with the Q1 dip attributed to RBI restrictions. A direct MSME loan book of Rs 125 crore in AUM sits against net worth of Rs 90 crore and debt of just Rs 27 crore, leaving substantial headroom, and historical NPAs are under 0.20%. New education loan distribution via Credila and an AU Bank gold-loan alliance were added in Q1 FY27. FY26 total income was Rs 31.17 crore on an EBITDA margin of 74.52%, with employee costs at 16.6% of revenue and other operating costs at 5.2%, reflecting a light-asset, technology-led cost base. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Early Wage Access (EWA), Gold loan syndication, MSME / direct lending, Cross-sell distribution, Education loan distribution. Asset-light, technology-led NBFC built on fee-and-syndication income rather than large on-book lending.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8 | 12 | 13 | 22 | 31 |
| EBITDA (ex other income) | 4 | 5 | 7 | 15 | 23 |
| margin % | 45.5 | 47.5 | 52.8 | 69.6 | 74.4 |
| Owners' profit | 0 | 3 | 4 | 9 | 14 |
| EPS, as reported (₹) | 0.85 | 1.15 | 1.37 | 2.57 | 4.39 |
| ROE % · ROCE % | 6.4 · — | 7.8 · — | 8.6 · — | 10.3 · — | 15.3 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (23) | 2 | (11) | (13) | (10) |
| Capex | (0) | (0) | (0) | (0) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5 | 6 | 6 | 7 | 7 | 8 | 10 | 9 |
| Profit before tax | 3 | 3 | 4 | 4 | 5 | 5 | 6 | 7 |
| Net profit | 2 | 2 | 3 | 3 | 4 | 4 | 4 | 5 |
| EPS (₹) | 0.63 | 0.73 | 0.77 | 0.92 | 1.04 | 1.16 | 1.27 | 1.44 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.2 | 18.1 | 61 of 200 | 70% |
| P/B | 1.8 | 1.1 | 174 of 253 | 31% |
| ROE | 15.3 | 3.1 | 17 of 257 | 94% |
| EBITDA margin | 78.7 | 48.6 | 58 of 249 | 77% |
| Revenue growth | 40.5 | 12.6 | 71 of 231 | 70% |
| Profit growth | 52.7 | 7.8 | 85 of 251 | 66% |
| Market cap | 173 | 34 | 67 of 268 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 26 Oct 2026 · Emerald Finance partners for employee salary advance service | strategic transactions | medium | — | — |
| 14 Oct 2026 · Partnership with Halomax for Early Wage Access product | strategic transactions | low | — | — |
| 13 Oct 2026 · RTA submits quarterly dematerialisation compliance certificate | compliance | minimal | — | — |
| 7 Oct 2026 · Partners with Redhatwheels for salary advance product | strategic transactions | medium | — | — |
| 1 Oct 2026 · 43rd AGM voting results: all 4 resolutions passed with over 99.9% support | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Partners with Erste Wahl for early wage access program | strategic transactions | medium | — | — |
| 30 Sept 2026 · AGM held: dividend of Rs 0.10 declared, key resolutions approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 43rd AGM held; dividend of Rs 0.10 per share declared; FY26 accounts approved | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Partnership with Iconic Mohali for early wage access program | strategic transactions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.