Emkay Global Financial Services Q2 FY27 results: net profit ₹30.99 crore vs ₹0.46 crore, revenue up 109.9%

How did Emkay Global Financial Services perform in Q2 FY27?

Consolidated revenue for Q2 FY27 was ₹151.35 crore, up ₹79.26 crore or 109.9% from ₹72.09 crore in Q2 FY26. Against Q1 FY27, revenue increased by ₹59.43 crore or 64.7% from ₹91.92 crore. Total income was ₹156.70 crore, compared with ₹77.08 crore in Q2 FY26 and ₹96.53 crore in Q1 FY27.

EBITDA was ₹44.72 crore, up ₹43.31 crore from ₹1.41 crore in Q2 FY26 and ₹33.31 crore from ₹11.41 crore in Q1 FY27. The EBITDA margin was 29.6%, compared with 2.0% in Q2 FY26 and 12.4% in Q1 FY27.

Profit before tax was ₹41.01 crore and net profit was ₹30.99 crore, against ₹0.32 crore and ₹0.46 crore in Q2 FY26. Basic EPS was ₹11.37, compared with ₹0.18 in Q2 FY26 and ₹3.39 in Q1 FY27. On the standalone basis, revenue was ₹141.51 crore and net profit was ₹29.55 crore.

What changed in Emkay Global Financial Services' costs and profit?

Total expenses rose ₹38.93 crore or 50.7% to ₹115.69 crore from ₹76.76 crore in Q2 FY26. Employee cost increased ₹21.92 crore or 52.3% to ₹63.80 crore, while finance costs rose ₹2.96 crore or 105.7% to ₹5.76 crore.

Other expenses were ₹21.67 crore, up ₹0.41 crore or 1.9% from ₹21.26 crore, and depreciation was ₹3.31 crore, up ₹0.03 crore or 0.9% from ₹3.28 crore. Other income increased ₹0.36 crore or 7.2% to ₹5.35 crore from ₹4.99 crore.

There was no exceptional item in Q2 FY27. Tax expense increased ₹9.91 crore or 49550.0% to ₹9.93 crore from ₹0.02 crore in Q2 FY26. Against Q1 FY27, total expenses were higher by ₹27.89 crore, employee cost by ₹12.19 crore and finance costs by ₹1.47 crore; tax expense was higher by ₹9.21 crore.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue was ₹243.21 crore, up ₹98.15 crore or 67.7% from ₹145.06 crore in H1 FY26. Total income increased ₹98.33 crore or 63.5% to ₹253.17 crore from ₹154.84 crore.

Profit before tax rose ₹44.16 crore or 791.4% to ₹49.74 crore from ₹5.58 crore, while net profit increased ₹34.85 crore or 665.1% to ₹40.09 crore from ₹5.24 crore. Basic EPS was ₹14.72, compared with ₹2.06 in H1 FY26.

What do the balance sheet and cash flow show?

Total assets were ₹2503.01 crore as of 30 September 2026, compared with ₹1740.17 crore as of 31 March 2026. Total equity rose to ₹446.35 crore from ₹380.67 crore, while cash fell to ₹27.94 crore from ₹47.49 crore; borrowings were not reported.

For H1 FY27, operating cash flow was negative ₹73.44 crore, compared with negative ₹17.54 crore in H1 FY26. Investing cash flow was negative ₹24.37 crore against negative ₹8.02 crore, while financing cash flow was positive ₹78.26 crore against negative ₹7.62 crore. Capital expenditure was ₹16.86 crore, compared with ₹4.53 crore.

How has Emkay Global Financial Services done over the last 8 quarters?

Revenue increased year on year in each of the last four quarters. Across the reported period, revenue was lowest at ₹71.04 crore in Q4 FY25 and highest at ₹151.35 crore in Q2 FY27, with Q2 FY27 also the latest point.

Net profit reached its highest level in Q2 FY27 at ₹30.99 crore, compared with a low of ₹0.46 crore in Q2 FY26. The margin also rose to 29.6% in Q2 FY27 from 2.0% in Q2 FY26, after 12.4% in Q1 FY27.

Profit rose year on year in each of the last two quarters. Revenue continued upward in Q2 FY27, while the margin and profit moved higher from Q1 FY27.

Which businesses drove the quarter?

Advisory and Transactional Services reported revenue of ₹155.44 crore, EBIT of ₹38.97 crore and an EBIT margin of 25.1%. No year-ago revenue, EBIT or growth figures were provided for this segment.

Financing and Investment activities reported revenue of ₹2.38 crore, EBIT of ₹2.04 crore and an EBIT margin of 85.5%. No year-ago revenue, EBIT or growth figures were provided for this segment.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the statutory auditor’s limited review reports. The same filing included disclosures under Regulations 52(4) and 54 and statements covering non-convertible debenture proceeds and preferential issue of warrants.

The board also approved transferring the 100% stakes held in Emkay Investment Managers Limited and Emkay Wealth Advisory Limited to Emkay Capital Private Limited. These subsidiaries would become step-down wholly owned subsidiaries, and the Wealth Management business would be carved out and transferred to Emkay Wealth Advisory Limited through a slump sale. The board approved an investment of up to ₹30 Crores in Emkay Capital Private Limited through a rights issue.

What did Emkay Global Financial Services' management say?

Management said the focus for H2 FY27 was building momentum across existing asset-management strategies and expanding distribution. Priorities included deeper engagement with MFDs, stronger relationships with banks and private wealth platforms, and expansion across Tier-2 and Tier-3 markets.

Management said Emkay Wealth would expand its geographic presence, deepen client engagement and increase reach across the country. In established markets, the focus would be on increasing wallet share through offerings including Non-Discretionary Portfolio Management Services and equity broking.

Management identified volatile FPI flows, moderated cash and derivatives volumes after CAS, geopolitical uncertainty, a volatile and weakening rupee, competitive pressures, regulatory developments and cost considerations as factors shaping the operating environment. It also said asset-management inflows remained dependent on market conditions and investor sentiment.

Management said the company continued investing in digital transformation, AI-led initiatives, platform modernisation, digital onboarding and CRM, infrastructure scalability and cybersecurity. Wealth Management added Bhopal and now operated 22 locations in 15 cities, while Asset Management opened a Lucknow branch.

How did Emkay Global Financial Services shares react?

The filing appeared after market hours. From the price when the filing appeared, the stock was down 2.2% after five minutes, 1.7% after 15 minutes and 3.9% after 30 minutes. On the reaction day, it closed down 9.9% from the pre-results close of ₹286.50.

By the next day's close, the stock was down 12.7% from the pre-results close. The Stockbroking & Allied industry median was up 0.8% on the reaction day and down 0.4% by the next day's close, while the Nifty Microcap 250 was up 0.7% and down 1.9%, respectively.

Earlier reaction-day moves were down 3.2% on 17 July 2026, up 6.5% on 15 May 2026, up 1.1% on 27 January 2026, up 0.2% on 31 October 2025, down 7.5% on 11 August 2025, up 0.5% on 21 May 2025, down 2.9% on 30 January 2025 and up 2.0% on 28 October 2024.

How did other Stockbroking & Allied companies do?

Twenty-seven other Stockbroking & Allied companies had filed for the quarter as of 4 November 2026. Their median revenue growth was 11.8%, while Emkay Global Financial Services reported 109.9% growth.

Twenty-six peers grew more slowly than Emkay Global Financial Services and one peer grew faster. Of the 26 peers for which profit was compared, 15 reported higher profit.