Chandigarh-based BSE-listed NBFC combining loan distribution, direct lending and Early Wage Access (EWA) salary-advance for employees and MSMEs.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 9.4 | +40.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 4.9 | +53.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 17.69 | +1.7 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | Fiscal year | FY ending Mar 2026 | Not in the analysed materials. No older figure is substituted. | ||
| Revenue growth (YoY) | 41.92 | −28.3 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 9 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Net Worth for NSE Listing | net worth is more than Rs. 75 crores for '26 and '27 | Q4 FY25 | Achieved. Management states current net worth is around Rs. 90 crores, well above the Rs. 75 crore threshold. | Achieved |
| EWA Corporate Partnerships | 250 partnerships during the current financial year (FY26) | Q4 FY25 | Target period has passed. The promise was missed in FY26. | Missed |
| PAT Growth | 8x to 10x by FY27 | Q2 FY26 | 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. | Revised Down |
5 of Emerald Finance Limited's 17 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 14 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹89.7 on 24 Oct 2025 → ₹52.03. High ₹91.34 (3 Nov 2025), low ₹46.31 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
4 of 9 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Net Worth for NSE Listing | net worth is more than Rs. 75 crores for '26 and '27 | Q4 FY25 | Achieved. Management states current net worth is around Rs. 90 crores, well above the Rs. 75 crore threshold. | Achieved |
| EWA Corporate Partnerships | 250 partnerships during the current financial year (FY26) | Q4 FY25 | Target period has passed. The promise was missed in FY26. | Missed |
| PAT Growth | 8x to 10x by FY27 | Q2 FY26 | 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. | Revised Down |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 17 tracked commitments, with each call’s wording and source.
Call summaries
Emerald Finance Q1 FY27
Emerald Finance delivered a strong Q1 FY27 with significant year-on-year growth in total income and net profit, driven by the expanding EWA business and new strategic partnerships. Despite a dip in the gold loan segment due to RBI restrictions and a negative QoQ top-line growth, the company remains focused on diversified growth, prudent risk management, and is on track to achieve its full-year EPS guidance of 7.
Read the full callEmerald Finance Q4 FY26
Emerald Finance delivered strong financial results for Q4 FY26 and the full fiscal year, marked by significant growth in total income and net profit, alongside a CRISIL rating upgrade. The Early Wage Access (EWA) business demonstrated healthy traction, though disbursements were impacted by market volatility and high corporate rejection rates. Management acknowledged analyst feedback on the need for more granular financial disclosures, particularly concerning NPA and segment-wise performance.
Read the full callEmerald Finance Q3 FY26
Emerald Finance reported strong Q3 and 9M FY26 results, with consolidated net profit growing 73% to INR10.7 crores for the nine months. The company's asset-light model and effective cost management contributed to a PAT margin of nearly 51% in Q3. A recent credit rating upgrade to BBB- is expected to facilitate further fund-raising and reduce costs, supporting ambitious growth targets for AUM and EWA disbursements while maintaining a cautious approach to credit quality.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +53% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5 | 6 | 6 | 7 | 7 | 8 | 10 | 9 |
| Expenses | 2 | 2 | 2 | 2 | 1 | 2 | 3 | 2 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 3 | 3 | 4 | 4 | 5 | 5 | 6 | 7 |
| Tax rate | 25.1% | 25.1% | 26.4% | 25.1% | 25.2% | 25.1% | 26.8% | 25.4% |
| Net profit | 2 | 2 | 3 | 3 | 4 | 4 | 4 | 5 |
| EPS (₹ per share) | 0.63 | 0.73 | 0.74 | 0.92 | 1.04 | 1.11 | 1.17 | 1.33 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 12 | 13 | 22 | 31 |
| Expenses | 6 | 6 | 7 | 8 |
| Other income | -0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 3 | 3 |
| Depreciation | 0 | 0 | 0 | 0 |
| Profit before tax | 5 | 6 | 12 | 20 |
| Net profit | 3 | 4 | 9 | 15 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 29 | 30 | 30 | 35 | 35 | 35 |
| Reserves | 9 | 13 | 17 | 50 | 56 | 62 |
| Borrowings | 5 | 5 | 15 | 16 | — | 17 |
| Other liabilities | 3 | 3 | 3 | 4 | 8 | 7 |
| Total liabilities | 46 | 52 | 65 | 104 | 114 | 121 |
| Fixed assets | 0 | 0 | 1 | 1 | 1 | 1 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 45 | 51 | 64 | 103 | 113 | 119 |
| Total assets | 46 | 52 | 65 | 104 | 114 | 121 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 3 | -23 | 2 | -11 | -13 | -10 |
| Cash from investing | 0 | 0 | 0 | 0 | 0 | -1 |
| Cash from financing | 0 | 21 | 3 | 8 | 28 | -2 |
| Net cash flow | 2 | -2 | 5 | -4 | 14 | -13 |
| Free cash flow | 3 | -23 | 1 | -12 | -13 | -11 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Return on equity | 9.0% | 9.0% | 9.0% | 9.0% | 13.0% | 16.0% |
| Dividend payout | 6.0% | 12.0% | 9.0% | 7.0% | 6.0% | 2.0% |
Ownership
Promoters hold 59.70% as of Jun 2026; institutions added 0.00 pts since Mar 2026.
Named in the Jun 2026 filing
Every holder of Emerald Finance Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| 32.38% | unchanged | |
| 22.31% | unchanged | |
| 5.01% | unchanged | |
| FPI fund | 1.45% | unchanged |
| 1.45% | unchanged | |
| 1.14% | unchanged | |
| 1.01% | 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.
Your own record
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