Emerald Finance Q2 FY27 results: net profit up 47.2% to ₹5.30 crore, revenue up 45.9%

How did Emerald Finance perform in Q2 FY27?

Emerald Finance reported consolidated revenue of ₹10.07 crore for Q2 FY27, compared with ₹6.90 crore in Q2 FY26 and ₹9.44 crore in Q1 FY27. The quarter-on-quarter increase was 6.7%, while the year-on-year increase was 45.9%. The company also reported standalone revenue of ₹6.95 crore, up 42.1% from the year-ago quarter.

Profit before tax was ₹7.06 crore, up ₹2.25 crore or 46.8% from Q2 FY26 and ₹0.52 crore or 8.0% from Q1 FY27. Net profit was ₹5.30 crore, up ₹1.70 crore or 47.2% year on year and ₹0.42 crore or 8.6% sequentially. Basic EPS was ₹1.51, compared with ₹1.04 in Q2 FY26 and ₹1.44 in Q1 FY27. EBITDA and EBITDA margin were not reported for the consolidated quarter.

What changed in Emerald Finance's costs and profit?

Total expenses were ₹3.01 crore in Q2 FY27, up ₹0.92 crore or 44.0% from ₹2.09 crore in Q2 FY26 and ₹0.11 crore or 3.8% from ₹2.90 crore in Q1 FY27. Employee cost fell ₹0.40 crore or 32.5% year on year to ₹0.83 crore, and was down ₹0.11 crore or 11.7% from the previous quarter.

Finance costs rose ₹0.64 crore or 104.9% from Q2 FY26 to ₹1.25 crore and were up ₹0.43 crore or 52.4% from Q1 FY27. Other expenses were ₹0.44 crore, up ₹0.19 crore or 76.0% from the year-ago quarter but down ₹0.11 crore or 20.0% from the previous quarter. Depreciation was ₹0.08 crore, against ₹0 crore a year earlier.

Other income was unchanged at ₹0 crore from both comparison periods, and there was no exceptional item. Tax expense rose ₹0.55 crore or 45.5% from Q2 FY26 to ₹1.76 crore and was up ₹0.10 crore or 6.0% from Q1 FY27. Net profit margin was 52.7%, up 0.5 percentage points from Q2 FY26 and 1.0 percentage point from Q1 FY27.

How did the first half of FY27 go?

In the first half of FY27, Emerald Finance reported consolidated revenue of ₹19.5 crore, total income of ₹19.51 crore and profit before tax of ₹13.6 crore. Revenue was up ₹5.88 crore or 43.2% from ₹13.62 crore in H1 FY26, while total income rose ₹5.86 crore or 42.9% and profit before tax increased ₹4.52 crore or 49.8%.

H1 FY27 net profit was ₹10.18 crore, compared with ₹6.79 crore in H1 FY26, an increase of ₹3.39 crore or 49.9%. Basic EPS rose from ₹1.97 to ₹2.95, an increase of ₹0.98 or 49.7%. Standalone net profit was ₹3.69 crore, compared with ₹2.98 crore in the year-ago half.

What do the balance sheet and cash flow show?

Total assets rose to ₹148.65 crore at 30 September 2026 from ₹120.73 crore at 31 March 2026, while total equity increased to ₹109.01 crore from ₹98.8 crore. Cash and cash equivalents stood at ₹3.9 crore, compared with ₹2.66 crore at the previous balance-sheet date. Consolidated borrowings were not reported in the balance-sheet figures provided.

H1 FY27 operating cash flow was negative ₹8.32 crore, compared with negative ₹10.63 crore in H1 FY26. Investing cash flow was negative ₹3.04 crore against negative ₹0.49 crore, while financing cash flow was ₹12.6 crore compared with negative ₹1.9 crore. Capital expenditure was ₹0.42 crore in H1 FY27, against ₹0.49 crore in H1 FY26.

How has Emerald Finance done over the last 8 quarters?

Revenue and net profit both moved higher across the eight quarters from Q3 FY25 to Q2 FY27. Revenue rose from ₹5.72 crore in Q3 FY25 to ₹10.07 crore in Q2 FY27, while net profit increased from ₹2.48 crore to ₹5.30 crore. The latest quarter recorded the highest revenue and profit in the series, after revenue had dipped to ₹9.44 crore in Q1 FY27.

Management’s presentation said revenue increased 1.76x and PAT increased 2.14x from Q3 FY25 to Q2 FY27. It also stated that PAT had grown in each of the last eight quarters. The financial-results data records that revenue rose year on year in each of the last eight quarters, although the presentation shows Q1 FY27 revenue below Q4 FY26. EBITDA margin data was not provided.

What else did the company announce?

On 4 November 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, following review and recommendation by the audit committee. The statutory auditors issued a limited review report. The same-day filings did not announce a dividend, fund raise or appointment.

On 3 November 2026, Emerald Finance disclosed a DSA agreement with Unity Small Finance Bank, appointing the company as a direct selling agent to source gold-loan business on a pan-India basis. On 4 November 2026, it disclosed a partnership with ATS Services Private Limited to offer its early-wage-access programme to employees through short-term salary advances collected through salary deductions.

What did Emerald Finance's management say?

Management said Earned Wage Access was scaling across corporates, with the platform showing 30.50 Crores monthly for EWA plus cross-sell, 270 corporate partnerships and 5,540 monthly active users. It also said MSME lending had reached ₹131 Cr+ in cumulative disbursement, with a 40 L average ticket size and an 18% average lending rate. The Emerald Ekam platform brings salary access, benefits, loans, insurance and investments together.

Management identified distribution income falling 7.7% from the previous quarter to ₹394 lakh as a risk, despite year-on-year growth of 41.7%. It also noted that the borrowing mix was tilted toward NBFCs at 53.24%, compared with 46.76% banks, and that the credit-rating slide left “As of [date]” unfilled. The presentation provided no quantified forward guidance, capex budget or expansion timetable, and disclosed no GNPA, NNPA or delinquency metrics for the ₹131 Cr loan book.

How did other Non Banking Financial Company (NBFC) companies do?

Among the 88 other NBFC companies compared for the quarter, the median revenue growth was 22.1%. Sixty-one peers grew more slowly than Emerald Finance, while 27 grew faster than the company’s 45.9% revenue increase. Of the 101 peers for which profit was compared, 66 reported higher profit.