EMAPARTNER
EMA Partners financials
- Market cap
- ₹186 Cr
- Sector
- Services
- Calls analysed
- 4
EMA Partners Q4 FY26
What went well
- H2 FY26 revenue from operations stood at around INR 47 crores, reflecting a strong growth of approximately 35% year-on-year.
- H2 FY26 EBITDA was around INR 7 crores, up 70% year-on-year, with margins improving to 14.25%, an expansion of 292 basis points.
- The core Executive Search business delivered an EBITDA margin of ~29% and PAT margins of roughly 25%, with EBITDA of around INR 25 crores and PAT of INR 22 crores.
What to watch
- New business verticals are currently loss-making, with an EBITDA loss of INR 11 crores and a PAT loss of approximately INR 9 crores in FY26.
- FY26 consolidated EBITDA margins declined by 156 basis points year-on-year to 16.45%.
What EMA Partners does
EMA Partners is a retained executive search and leadership advisory firm that places Board, C-suite and senior executives for corporates, investment firms and their portfolio companies. It operates as the India member of the EMA Partners International network, and has extended into mid-to-senior hiring through its James Douglas Professional brand, high-volume enterprise recruitment process outsourcing (RPO) through James Douglas Global (using its proprietary MatchCore AI platform), and entry-to-mid-level hiring through the MyRCloud technology marketplace, which charges a platform usage fee plus a placement fee and shares part of that revenue with freelance recruiters on the platform. It earns through retainer and success fees for each search/placement mandate delivered.
Segments
- Executive Search (Board & C-Suite)
- James Douglas Professional Search
- James Douglas Global (RPO)
- MyRCloud / Reccloud
- Offices (India, Singapore & Dubai)
- 10, across Mumbai, Delhi/NCR, Bengaluru, Chennai, Singapore and Dubai
- Global EMA Partners International network
- 40 offices across 30 countries
- Direct country presence
- 3 (India, UAE, Singapore)
- Enterprise/global clients served
- 400+ across 15+ industries
- Business verticals
- 4 (Executive Search, James Douglas Professional, James Douglas Global RPO, MyRCloud)
- Years of operating track record
- 20+ years (founded 2003)
Guidance record · Q4 FY26
what the last two calls moved 9 tracked 2 delivered 1 missed 6 open- Core/Existing Business Revenue Growth delivered, diluted said Q3 FY25 Promised: 20%, 22% growth annually Q4 FY26: Delivered about 18% to 20% growth this year on the core business, maintaining the 3-year trend.
- Long-term Effective Tax Rate went quiet said Q3 FY25 Promised: 20%, 21% long-term Q4 FY26: No update provided.
- Time to Breakeven for New Partners/Hires revised up said Q3 FY25 Promised: breakeven in one year Q4 FY26: Stated 'typically this gestation period is anywhere between 6 to 12 months... expect a turnaround of this business during this financial year.'
All 9 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 23.7%, net profit down 44.4% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 29 | 38 | 39 | 35 | 41 +41% | 47 +24% |
| EBITDA | 7 | 10 | 9 | 4 | 8 +14% | 7 −30% |
| Net profit | 6 | 9 | 7 | 6 | 7 +17% | 5 −44% |
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 −20.1% 1Y
1Y: ₹103.55 on 10 Sept 2025 → ₹82.7. High ₹103.55 (10 Sept 2025), low ₹68.75 (25 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −1.0%
- 24 Apr
- Q2 FY26
- −2.3%
- 17 Nov
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.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹12 Cr | ₹12 Cr |
| Reserves | ₹39 Cr | ₹40 Cr | ₹54 Cr | ₹135 Cr | ₹142 Cr |
| Borrowings | ₹4 Cr | ₹1 Cr | ₹8 Cr | ₹1 Cr | ₹1 Cr |
| Other liabilities | ₹15 Cr | ₹13 Cr | ₹15 Cr | ₹8 Cr | ₹16 Cr |
| Total liabilities | ₹58 Cr | ₹53 Cr | ₹77 Cr | ₹155 Cr | ₹171 Cr |
| Fixed assets | ₹10 Cr | ₹9 Cr | ₹13 Cr | ₹20 Cr | ₹20 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹8 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹7 Cr | ₹8 Cr | ₹9 Cr | ₹31 Cr | ₹46 Cr |
| Other assets | ₹41 Cr | ₹35 Cr | ₹47 Cr | ₹103 Cr | ₹105 Cr |
| Total assets | ₹58 Cr | ₹53 Cr | ₹77 Cr | ₹155 Cr | ₹171 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.
Who owns it
As disclosed at May 2026
Since Mar 2025, the public trimmed −3.08 pp while DIIs added +2.49 pp. The shareholder count shrank 13% to 1,197.
- Promoters
- 65.8%
- FIIs
- 0.1%
- DIIs
- 12.2%
- Public
- 21.9%
Since Mar 2025
- Public −3.08 pp
- DIIs +2.49 pp
- Promoters +2.38 pp
How it drifted, 4 quarters
Over this window the public fell from 25.0% to 21.9% — −3.1 pp.
Ownership split by quarter, oldest first. Mar '25: Promoters 63.4%, FIIs 1.9%, DIIs 9.7%, Public 25.0%.Sep '25: Promoters 63.5%, FIIs 0.1%, DIIs 14.3%, Public 22.1%.Mar '26: Promoters 63.5%, FIIs 0.1%, DIIs 14.6%, Public 21.8%.May '26: Promoters 65.8%, FIIs 0.1%, DIIs 12.2%, Public 21.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Krishnan Sudarshan +1.84 pp 55.64% held
- Subramanian Krishnaprakash +0.31 pp 8.61% held
- Shekhar Ganapathy Iyer +0.21 pp 6.68% held
- Whiteoak Capital Multi Cap Fund Mutual fund +0.08 pp 2.58% held
- Aarth AIF Growth Fund AIF +0.05 pp 1.72% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the May 2026 filing
Every holder of EMA Partners above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Krishnan Sudarshan | 55.64% | +1.84 pp |
| Subramanian Krishnaprakash | 8.61% | +0.31 pp |
| Shekhar Ganapathy Iyer | 6.68% | +0.21 pp |
| India Equity Fund 1 AIF | 2.99% | −1.23 pp |
| Negen Undiscovered Value Fund AIF | 2.99% | −1.09 pp |
| Whiteoak Capital Multi Cap Fund Mutual fund | 2.58% | +0.08 pp |
| Aarth AIF Growth Fund AIF | 1.72% | +0.05 pp |
| Invicta Continuum Fund I AIF | 1.10% | unchanged |
| Sangeetha Sudarshan | 0.98% | unchanged |
| Subramaniam Viswanathan | 0.45% | unchanged |
| Krishnan Subbaraman | 0.08% | unchanged |
| Priya Krishnaprakash | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -0.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (4)
Read the Q4 FY26 call →Learn to analyse EMA Partners
Guides on how to read this kind of business and the numbers that matter.