EMA Partners

EMA Partners reported a strong second half of FY26, with revenue from operations reaching INR 47 crores, marking a 35% year-on-year growth. EBITDA for H2 FY26 stood at INR 7 crores, a 70% YoY increase, with margins improving to 14.25% (292 bps expansion). For the full FY26, consolidated revenue was INR 87 crores, an 18% YoY growth, while EBITDA came in at INR 14 crores, up 8% YoY, with margins at 16.45%. Net profit for FY26 was INR 12 crores, achieving a 14% PAT margin.

The company has invested approximately INR 15 crores in new business verticals, including James Douglas and MyRCloud, with INR 11 crores allocated to employee costs. These new ventures generated about INR 4 crores in revenue for FY26 but are currently loss-making, contributing an EBITDA loss of INR 11 crores and a PAT loss of INR 9 crores. Management expects these new businesses to become EBITDA positive within the current financial year (FY27), with MyRCloud already showing a financial turnaround.

The established core Executive Search business remains a strong and profitable segment, delivering an EBITDA margin of approximately 29% and PAT margins of roughly 25% in FY26, with EBITDA of INR 25 crores and PAT of INR 22 crores. Management anticipates maintaining an 18-20% year-on-year growth in this segment, consistent with its performance over the last three years. The long-term PAT margin target for the steady-state business is 25%.

EMA Partners announced its first share buyback, aggregating to INR 7.25 crores at INR 100 per share, representing approximately 3.12% of the paid-up capital. Promoters are not participating in the buyback. The company holds net cash of INR 107 crores and is actively evaluating two to three potential acquisition opportunities, aiming to balance shareholder returns with strategic growth investments.

The Singapore subsidiary underwent restructuring, including bringing in a new managing partner in early 2026, to improve its overall health and build it into a steady revenue and profit-generating engine. In Dubai, the company operates a two-tier structure, with the ramp-up of the James Douglas professional business impacting consolidated EBITDA. The Dubai business also experienced pressure in March 2026 due to geopolitical events but is now stabilizing.

MyRCloud is a platform-based recruitment business designed to build an entry to mid-level hiring segment through a network of freelance recruiters. It utilizes a technology-intensive approach with an AI-based QC layer to determine candidate fit. The business leverages existing client relationships from the core Executive Search segment for client acquisition and aims to scale rapidly, with expectations to be PAT positive in FY27.