NSE: EMKAY · BSE: 532737
EMKAY GLOBAL FIN SERV LTD
Operates in India's capital markets with FY26 revenue of Rs 376.96 crore, dominated by its Advisory, Transactional and other related activities segment which generated Rs 391.97 crore (97.4% share) covering broking, advisory and transactional services to clients. The Financing and Investment Activities segment contributed Rs 10.44 crore (2.6% share) but produced a higher EBIT of Rs 8.70 crore versus Rs 12.49 crore from the larger advisory segment. As of Q1 FY27, the firm runs nine asset management strategies that all reportedly outperformed benchmarks, and the wealth management vertical — to be housed in a new wholly owned subsidiary — is being structurally separated from the core. Employee costs are the largest input at 50% of FY26 revenue, with other operating expenses at 21.9%. Capital structure includes ICRA BBB+ rated non-convertible debentures within total rated facilities of Rs 1,000 crore and a standalone debt-equity ratio of 0.45. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Advisory, Transactional and other related activities (97%), Financing and Investment Activities (3%). Asset-light, people-driven stockbroking, advisory and wealth management
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 271 | 203 | 282 | 336 | 377 |
| EBITDA (ex other income) | 54 | 14 | 25 | 54 | 28 |
| margin % | 19.8 | 6.7 | 8.7 | 16.1 | 7.5 |
| Owners' profit | 34 | 14 | 32 | 57 | 15 |
| EPS, as reported (₹) | 13.76 | 5.76 | 13.16 | 22.80 | 5.92 |
| ROE % · ROCE % | 16.8 · — | 6.7 · — | 13.5 · — | 18.7 · — | 4.0 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 59 | (63) | 22 | (2) | (72) |
| Capex | (5) | (8) | (9) | (7) | (9) |
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 | 108 | 76 | 71 | 73 | 72 | 87 | 148 | 92 |
| Profit before tax | 31 | 11 | 1 | 5 | 0 | 6 | 10 | 9 |
| Net profit | 26 | 9 | 8 | 5 | 0 | 4 | 6 | 9 |
| EPS (₹) | 10.49 | 3.45 | 3.40 | 1.88 | 0.18 | 1.68 | 2.20 | 3.39 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Advisory, Transactional and other related activities | 155 | 38.1 |
| Financing and Investment Activities | 8 | 2.0 |
| Advisory, Transactional and other related services | 91 | 22.3 |
| (a) Advisory, Transactional & Other Related Activities | 75 | 18.6 |
| (b) Financing and Investment Activities | 2 | 0.6 |
| Advisory Transactional and other ativities | 75 | 18.4 |
| Total, before eliminations | 407 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BILLIONBRAINS GARAGE VN L | 1,18,587 | 47.7 | 12.29 | 40.3 | 21.6 | 28.9 | — | 67.8 |
| MOTILAL OSWAL FIN LTD | 58,414 | 29.5 | 4.51 | — | 14.5 | — | 20.9 | 57.7 |
| 360 ONE WAM LIMITED | 40,426 | 31.9 | 4.11 | — | 12.4 | — | 22.0 | 66.8 |
| NUVAMA WEALTH MANAGE LTD | 31,818 | 15.0 | 7.72 | — | 25.2 | — | — | 53.0 |
| ANGEL ONE LIMITED | 26,734 | 5.0 | 4.35 | — | 14.9 | — | 32.4 | 34.2 |
| IIFL CAPITAL SERVICES LTD | 10,845 | 18.9 | 3.53 | — | 18.4 | — | 25.1 | 50.0 |
| SHARE IND. SECURITIES LTD | 3,863 | 10.6 | 1.46 | — | 12.2 | — | 26.8 | 45.5 |
| ANAND RATHI SH N STK BR L | 2,970 | 18.6 | 2.20 | 9.8 | 9.6 | 11.5 | — | 31.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 38.5 | 15.0 | 30 of 33 | 9% |
| P/B | 2.1 | 1.6 | 23 of 40 | 44% |
| ROE | 4.0 | 9.6 | 31 of 40 | 23% |
| EBITDA margin | 17.4 | 31.2 | 31 of 39 | 21% |
| Revenue growth | 25.9 | 22.4 | 12 of 35 | 68% |
| Profit growth | 90.4 | 13.4 | 6 of 38 | 87% |
| Market cap | 783 | 413 | 19 of 42 | 56% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Emkay approves transfer of wealth management business to subsidiary | strategic transactions | high | — | — |
| 28 Oct 2026 · Emkay approves transfer of wealth management business within its group | strategic transactions | high | — | — |
| 28 Oct 2026 · Board approves moving Wealth Management business to new wholly owned subsidiary | strategic transactions | medium | — | — |
| 28 Oct 2026 · Convertible warrants: no deviation; Rs 109.71 crore yet to be called | fund raising | low | — | — |
| 28 Oct 2026 · Record Q2 FY27 profit surge as managed assets rise 64% | investor communications | medium | — | — |
| 28 Oct 2026 · Q2 FY27 profit jumps to Rs 31 crore as fee income doubles | compliance | minimal | — | — |
| 28 Oct 2026 · Q2 profit jumps as operating cash outflow widens | results | high | — | — |
| 28 Oct 2026 · Q2 profit surges as revenue doubles, but operating cash flow stays negative | results | high | — | — |
| 24 Oct 2026 · 10,800 employee shares allotted; 24,000 stock options granted | capital market events | low | — | — |
| 22 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
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.