538882
Emerald Finance financials
- Market cap
- ₹221 Cr
- Sector
- Financial Services
- Calls analysed
- 6
Emerald Finance Q1 FY27
What went well
- Total income increased by 39.97% YoY to Rs. 9.44 Cr, reflecting healthy growth across key financial parameters.
- Net profit surged by 52.72% YoY to Rs. 4.88 crores, demonstrating strong profitability.
- Diluted EPS improved to 1.44 from 0.92 on a year-on-year basis.
What to watch
- The gold loan business experienced a dip due to RBI restrictions, impacting syndication business.
- Top-line growth was negative quarter-on-quarter, primarily attributed to the slowdown in the gold loan business.
What Emerald Finance does
Emerald Finance is a Non-Banking Financial Company (NBFC) operating across three verticals: lending, loan distribution and Early Wage Access (EWA). Its EWA product lets employees draw earned-but-unpaid salary before payday through an API-driven, employer-integrated platform and a mobile app, monetised via transaction fees. Its distribution arm sources personal, gold, home and business loans for customers by routing them to a network of 40+ partner banks and financial institutions, while the company also carries a direct business/SME loan book on its own balance sheet and cross-sells other financial products to its EWA employee base.
Segments
- Early Wage Access (EWA)
- Loan Distribution
- Direct Lending (Business/SME loans)
- Lending partner institutions
- 40+
- EWA corporate partnerships
- 214
- Monthly active EWA users
- 4,000
- Geographic reach
- 33 States & UTs (FY25)
- Customers served PAN India (via subsidiary)
- 2.50 lakh+
- Cumulative people served under Salary Advances
- 20,000+
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 4 delivered 5 missed 8 open- Net Worth for NSE Listing delivered said Q4 FY25 Promised: net worth is more than Rs. 75 crores for '26 and '27 Q1 FY27: Achieved. Management states current net worth is around Rs. 90 crores, well above the Rs. 75 crore threshold.
- EWA Corporate Partnerships missed said Q4 FY25 Promised: 250 partnerships during the current financial year (FY26) Q1 FY27: Target period has passed. The promise was missed in FY26.
- PAT Growth revised down said Q2 FY26 Promised: 8x to 10x by FY27 Q1 FY27: Management now guides for PAT CAGR to stabilize at 40-50% over the next 2-3 years, a significant moderation from the 90-100% previously seen. This makes the original 8x-10x target highly unlikely.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 40.7%, net profit up 53.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5 | 6 | 6 | 7 | 7 +38% | 8 +36% | 10 +51% | 9 +41% |
| EBITDA | 4 | 4 | 5 | 5 | 5 +55% | — | — | — |
| Net profit | 2 | 2 | 3 | 3 | 4 +76% | 4 +61% | 4 +64% | 5 +53% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −21.1% 1Y
1Y: ₹81.1 on 10 Sept 2025 → ₹64. High ₹91.34 (3 Nov 2025), low ₹46.31 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.7%
- 27 Jul
- Q4 FY26
- +4.2%
- 1 Jun
- Q3 FY26
- −2.7%
- 29 Jan
- Q2 FY26
- +2.2%
- 24 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 39.3% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹12 Cr | ₹13 Cr | ₹22 Cr | ₹31 Cr |
| Operating profit | ₹6 Cr | ₹7 Cr | ₹15 Cr | — |
| Operating margin | 47.9% | 52.2% | 69.6% | — |
| Interest | ₹1 Cr | ₹1 Cr | ₹3 Cr | ₹3 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹3 Cr | ₹4 Cr | ₹9 Cr | ₹15 Cr |
| Net margin | 29.6% | 31.0% | 41.2% | 48.6% |
| Cash from operations | ₹2 Cr | ₹-11 Cr | ₹-13 Cr | ₹-10 Cr |
| Free cash flow | ₹1 Cr | ₹-12 Cr | ₹-14 Cr | ₹-11 Cr |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹9 Cr | ₹29 Cr | ₹30 Cr | ₹30 Cr | ₹35 Cr | ₹35 Cr |
| Reserves | ₹7 Cr | ₹9 Cr | ₹13 Cr | ₹17 Cr | ₹56 Cr | ₹62 Cr |
| Borrowings | ₹3 Cr | ₹5 Cr | ₹5 Cr | ₹15 Cr | ₹15 Cr | — |
| Other liabilities | ₹4 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹8 Cr | ₹7 Cr |
| Total liabilities | ₹23 Cr | ₹46 Cr | ₹52 Cr | ₹65 Cr | ₹114 Cr | ₹121 Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹23 Cr | ₹45 Cr | ₹51 Cr | ₹64 Cr | ₹113 Cr | ₹119 Cr |
| Total assets | ₹23 Cr | ₹46 Cr | ₹52 Cr | ₹65 Cr | ₹114 Cr | ₹121 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Emerald Finance
Guides on how to read this kind of business and the numbers that matter.