EMKAY
Emkay Global Financial Services financials
- Market cap
- ₹698 Cr
- Sector
- Financial Services
What Emkay Global Financial Services Limited does
Emkay Global Financial Services is a Mumbai-headquartered securities and financial-services firm built around four verticals. Its Capital Markets business combines institutional equities broking and research with an Investment Banking advisory arm that executes ECM transactions such as IPOs, QIPs, buybacks, open offers and delistings for mid-market companies. Its Wealth Management arm serves UHNIs, family offices, trusts and corporate treasuries through advisory and distribution across mutual funds, direct equity, AIF/PMS and structured products. Its Asset Management business, run through subsidiary Emkay Investment Managers Ltd, offers Portfolio Management Services (PMS) and Alternative Investment Funds (AIF). The company also has an 'Others including Treasury' income stream and operates a wholly-owned overseas subsidiary, Emkay Global Financial Services PTE Ltd, in Singapore, with client engagement extending to Hong Kong, Taiwan and the United States.
Segments
- Capital Markets
- Wealth Management
- Asset Management
- Others including Treasury
- Total employees
- 539 (as on 31.03.2026)
- Total client base
- 40,200+ (as on 31.03.2026)
- Institutional research coverage
- 236 stocks across 22 sectors (45-member research team incl. 15 lead analysts, avg. 15+ yrs experience)
- Wealth management clients
- 38,175 (as on 31.03.2026)
- Companies under advisory/research coverage
- 240+
- PMS & AIF strategies offered
- 6 (4 outperformed benchmark; 3 new strategies launched in FY26)
Quarterly results
Q1 FY27: revenue up 26.0%, net profit up 90.6% 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 | 108 | 77 | 71 | 73 | 72 −33% | 87 +13% | 148 +109% | 92 +26% |
| EBITDA | 29 | 9 | 0 | 6 | 1 −95% | 8 −12% | 13 +11491% | 11 +96% |
| Net profit | 26 | 9 | 8 | 5 | 0 −98% | 4 −50% | 6 −33% | 9 +91% |
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 +12.9% 1Y
1Y: ₹222.19 on 10 Sept 2025 → ₹250.9. High ₹379.55 (24 Sept 2025), low ₹188.31 (30 Mar 2026).
Financials, as filed
Revenue grew 22.9% a year over 3 years, FY23 to FY26. Operating margin widened to 7.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹205 Cr | ₹283 Cr | ₹339 Cr | ₹381 Cr |
| Operating profit | ₹13 Cr | ₹25 Cr | ₹54 Cr | ₹28 Cr |
| Operating margin | 6.3% | 9.0% | 15.8% | 7.4% |
| Interest | ₹4 Cr | ₹5 Cr | ₹7 Cr | ₹13 Cr |
| Depreciation | ₹9 Cr | ₹10 Cr | ₹12 Cr | ₹13 Cr |
| Net profit | ₹14 Cr | ₹32 Cr | ₹57 Cr | ₹15 Cr |
| Net margin | 6.9% | 11.4% | 16.8% | 4.0% |
| Cash from operations | ₹-63 Cr | ₹24 Cr | ₹-2 Cr | ₹-72 Cr |
| Free cash flow | ₹-71 Cr | ₹15 Cr | ₹-9 Cr | ₹-80 Cr |
| ROCE | 7.0% | 17.0% | 20.0% | 8.0% |
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 | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹26 Cr | ₹26 Cr |
| Reserves | ₹142 Cr | ₹176 Cr | ₹186 Cr | ₹216 Cr | ₹276 Cr | ₹354 Cr |
| Borrowings | ₹17 Cr | ₹44 Cr | ₹33 Cr | ₹52 Cr | ₹81 Cr | ₹110 Cr |
| Other liabilities | ₹381 Cr | ₹519 Cr | ₹488 Cr | ₹772 Cr | ₹1.2k Cr | ₹1.2k Cr |
| Total liabilities | ₹565 Cr | ₹764 Cr | ₹731 Cr | ₹1.1k Cr | ₹1.5k Cr | ₹1.7k Cr |
| Fixed assets | ₹34 Cr | ₹32 Cr | ₹38 Cr | ₹43 Cr | ₹43 Cr | ₹40 Cr |
| Capital work in progress | ₹0 Cr | ₹2 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹29 Cr | ₹34 Cr | ₹24 Cr | ₹26 Cr | ₹40 Cr | ₹38 Cr |
| Other assets | ₹501 Cr | ₹696 Cr | ₹669 Cr | ₹996 Cr | ₹1.5k Cr | ₹1.7k Cr |
| Total assets | ₹565 Cr | ₹764 Cr | ₹731 Cr | ₹1.1k Cr | ₹1.5k Cr | ₹1.7k 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 Jun 2026
Since Jun 2025, promoters added +0.80 pp while the public trimmed −0.68 pp. The shareholder count grew 4% to 11,843.
- Promoters
- 72.8%
- FIIs
- 0.8%
- DIIs
- 0.0%
- Public
- 26.4%
Since Jun 2025
- Promoters +0.80 pp
- Public −0.68 pp
- FIIs −0.10 pp
How it drifted, 12 quarters
Over this window the public went from 24.7% to 26.4% — +1.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 74.5%, FIIs 0.8%, Public 24.7%.Dec '23: Promoters 74.5%, FIIs 0.8%, Public 24.7%.Mar '24: Promoters 74.3%, FIIs 1.2%, DIIs 0.1%, Public 24.4%.Jun '24: Promoters 74.3%, FIIs 0.8%, Public 25.0%.Sep '24: Promoters 73.9%, FIIs 0.8%, Public 25.3%.Dec '24: Promoters 73.4%, FIIs 0.8%, DIIs 0.1%, Public 25.7%.Mar '25: Promoters 72.4%, FIIs 0.8%, DIIs 0.1%, Public 26.7%.Jun '25: Promoters 72.0%, FIIs 0.8%, DIIs 0.0%, Public 27.1%.Sep '25: Promoters 71.7%, FIIs 0.9%, DIIs 0.0%, Public 27.4%.Dec '25: Promoters 71.9%, FIIs 0.8%, DIIs 0.1%, Public 27.2%.Mar '26: Promoters 72.2%, FIIs 0.8%, DIIs 0.0%, Public 26.9%.Jun '26: Promoters 72.8%, FIIs 0.8%, DIIs 0.0%, Public 26.4%.
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.
- Krishna Kumar Karwa +1.66 pp 22.58% held
- Nirav Mahendra Sheth newly disclosed 1.40% held
- Yatin Kumar Singh newly disclosed 1.13% held
- Prakash Kacholia +0.34 pp 18.48% held
The same filing shows 5 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Emkay Global Financial Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Krishna Kumar Karwa | 22.58% | +1.66 pp |
| Prakash Kacholia | 18.48% | +0.34 pp |
| Emkay Corporate Services Private Limited | 17.75% | −0.77 pp |
| Priti Prakash Kacholia | 6.88% | −0.30 pp |
| Raunak Karwa | 6.40% | −0.28 pp |
| Nirav Mahendra Sheth | 1.40% | newly disclosed |
| Sanjiv Dhireshbhai Shah | 1.39% | −0.06 pp |
| Rajiv P Shroff | 1.29% | −0.08 pp |
| Yatin Kumar Singh | 1.13% | newly disclosed |
| Mahi Madhusudan Kela | 1.06% | unchanged |
| Murlidhar Karwa (HUF) (Krishna Kumar Karwa being Karta) | 0.37% | unchanged |
| Krishna Kumar Karwa (HUF) (Krishna Kumar Karwa being Karta) | 0.37% | 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.
Learn to analyse Emkay Global Financial Services Limited
Guides on how to read this kind of business and the numbers that matter.