Emerald Finance Ltd (538882)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Emerald Finance's net interest income was ₹8.6 Cr (+43.0% year on year, -4.6% on the previous quarter), and net profit ₹4.9 Cr (+53.0% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹8.6 | +43.0% | -4.6% |
| Net profit | ₹4.9 | +53.0% | +12.2% |
| EPS (₹) | 1.33 | +44.6% | +13.7% |
📢 Recent Corporate Announcements
Emerald Finance has partnered with Punjab-based Erste Wahl Financial Services to offer its Early-Wage-Access (EWA) salary advance product to Erste Wahl's employees. The model allows employees instant access to earned salaries with repayment directly collected via salary deductions. While the document does not disclose employee headcount or expected disbursement values, it aligns with Emerald's strategic goal to scale EWA tie-ups across corporate employers.
- Partnered with Erste Wahl Financial Services, Punjab, announced on September 30, 2026
- Offers Early-Wage-Access (EWA) short-term salary advances to employees
- Collections will be executed via monthly salary deductions
- Financial deal value and covered employee count are not disclosed
Emerald Finance has announced a partnership with Iconic, Mohali, to provide its Earned Wage Access (EWA) salary advance solution to the firm's employees. Under this model, the company disburses short-term advances that are subsequently recovered via payroll deductions. Financial terms, employee base, and expected disbursement volumes were not disclosed in the filing. This tie-up aligns with Emerald's stated strategy to scale retail EWA offerings across corporate employers.
- Partnered with Iconic, Mohali, for the Early-Wage-Access (EWA) program announced on September 28, 2026
- Loans will be issued as short-term salary advances and recovered directly via salary deduction
- Financial scale, transaction fees, and employee coverage numbers were not disclosed
Emerald Finance Ltd has entered into a partnership with Maharashtra-based AIC Infrastructures to provide its Early-Wage-Access (EWA) salary advance product to the firm's employees. Under this product, short-term advances are disbursed to employees and subsequently collected through payroll deductions. The financial terms, expected employee count, and transaction volumes were not disclosed in the filing. The company had a TTM revenue of Rs 31 Cr and PAT of Rs 15 Cr as of FY26.
- Tie-up executed on 25.09.2026 with AIC Infrastructures, Maharashtra
- Offers Early-Wage-Access salary advances collected directly via salary deduction
- Employee coverage count and commercial deal terms not disclosed in the announcement
- Company reported TTM revenue of Rs 31 Cr and PAT of Rs 15 Cr
Emerald Finance has announced a partnership with Bhola Jewellers, Chandigarh, to provide its Early-Wage-Access (EWA) salary advance program to the firm's employees. Under the arrangement, short-term loans are extended to employees and recovered through salary deductions. The commercial contract size, employee count, and expected disbursement volumes were not disclosed in the filing. Against Emerald Finance's TTM revenue of ₹31 Cr and market cap of ₹230 Cr, this represents an incremental operational addition to its employer onboarding strategy.
- Partnership formed with Bhola Jewellers, Chandigarh, announced on 22.09.2026
- Offers Early-Wage-Access (EWA) short-term loans to employees via salary deduction
- Financial terms, employee base, and disbursement volumes are not disclosed
Emerald Finance Ltd has entered into a partnership with Say Trip Hospitality Pvt. Ltd., Kolkata, to offer its Early Wage Access (EWA) program to their employees. Under this product, the company provides short-term salary advances to employees, which are subsequently recovered via salary deductions. While the document does not disclose employee count, disbursement limits, or financial value, the tie-up supports the company's stated strategy to grow its retail salary advance vertical. With TTM revenue at Rs 31 Cr and market cap at Rs 230 Cr, the financial materiality of this single corporate partnership remains modest.
- Partnered with Kolkata-based Say Trip Hospitality Pvt. Ltd. as announced on 21.09.2026
- Offers Early-Wage-Access (EWA) short-term salary advance loans to employees
- Loan recovery structured directly through employer salary deductions
- Financial scale, transaction fees, and employee coverage numbers not disclosed
Emerald Finance Limited has scheduled its Annual General Meeting (AGM) for September 30, 2026. The Board has fixed September 23, 2026, as the record date to determine shareholder eligibility for the final dividend. Additionally, the register of members and share transfer books will remain closed from September 24, 2026, to September 30, 2026.
- AGM scheduled for September 30, 2026, at 10:00 AM at the Chandigarh registered office
- Record date for final dividend entitlement fixed as September 23, 2026
- Book closure period set from September 24, 2026, to September 30, 2026 (both days inclusive)
- Appointed Mr. Anil Negi, Practicing Company Secretary, as AGM scrutinizer
Emerald Finance Ltd announced that its Board of Directors has fixed September 23, 2026, as the record date to determine shareholder entitlement for the payment of the final dividend. The 43rd Annual General Meeting (AGM) is scheduled to be held on September 30, 2026. The book closure period has been scheduled from September 24, 2026, to September 30, 2026, for both AGM and dividend purposes.
- Record date for final dividend entitlement fixed as September 23, 2026
- Annual General Meeting (AGM) scheduled for September 30, 2026, at 10.00 A.M.
- Book closure set from September 24, 2026, to September 30, 2026 (both days inclusive)
- Approved Notice & Directors’ Report for the financial year ended March 31, 2026
Emerald Finance Limited has scheduled its Annual General Meeting (AGM) for September 30, 2026, to adopt the accounts for the fiscal year ended March 31, 2026. The Board has established September 23, 2026, as the record date to determine eligibility for the final dividend. The book closure dates are fixed from September 24, 2026, to September 30, 2026. Additionally, Practicing Company Secretary Mr. Anil Negi has been appointed as the scrutinizer for the AGM.
- Final dividend record date established as September 23, 2026
- Annual General Meeting fixed for September 30, 2026 at 10:00 A.M.
- Book closure scheduled from September 24, 2026 to September 30, 2026
- Mr. Anil Negi appointed as scrutinizer for the AGM voting process
Emerald Finance Limited has scheduled its 43rd Annual General Meeting (AGM) for Wednesday, September 30, 2026. The company has fixed September 23, 2026, as the record date to determine shareholder eligibility for the final dividend. The share transfer books and register of members will remain closed from September 24, 2026, to September 30, 2026.
- 43rd Annual General Meeting scheduled for September 30, 2026 at 10:00 AM in Chandigarh
- Record date for final dividend entitlement fixed as September 23, 2026
- Book closure period set from September 24, 2026 to September 30, 2026 (both days inclusive)
- Mr. Anil Negi, Practicing Company Secretary, appointed as scrutinizer for the AGM
Emerald Finance Ltd has partnered with Ludhiana-based DMK Cast and Forge to roll out its Early-Wage-Access (EWA) salary advance solution to the firm's employees. Under the program, Emerald Finance offers short-term loans as salary advances which are subsequently recovered via payroll deductions. While the specific employee headcount and financial deal terms were not disclosed, the move aligns with the NBFC's stated strategy of onboarding corporate employers to scale retail disbursements.
- Corporate tie-up executed with DMK Cast and Forge, Ludhiana, Punjab on August 21, 2026
- Offers Early-Wage-Access (EWA) salary advance program to partner firm's employees
- Loan repayments will be collected directly through monthly salary deductions
- Total deal value and covered employee count were not disclosed
Emerald Finance has partnered with Maharashtra-based Claycove23 Insurance Tech Pvt. Ltd. to offer its Early-Wage-Access (EWA) program to the partner's employees. Under this mechanism, the company offers short-term salary advances that are subsequently recovered via salary deductions. Deal size, employee base, and disbursement projections were not disclosed in the regulatory filing. The tie-up is part of Emerald's ongoing effort to expand its employer tie-ups beyond its current base of 145 corporate partners.
- Corporate tie-up executed with Claycove23 Insurance Tech Pvt. Ltd. on August 17, 2026
- Offers Early-Wage-Access (EWA) short-term salary advances repaid via salary deduction
- Specific deal value, fee share, and employee coverage were not disclosed
Emerald Finance has entered into a partnership with Fireknott Fashion Pvt. Ltd. to provide its Early-Wage-Access (EWA) program to their employees. This partnership allows employees to access earned salaries instantly, with repayments collected via salary deductions. The move is part of Emerald's strategy to scale its EWA mobile app, which targets 15-20% month-on-month growth in disbursements. While the specific employee count of the partner is not disclosed, it adds to the company's existing network of 145 corporate employers.
- New partnership signed with Fireknott Fashion Pvt. Ltd. based in Zirakpur, Punjab
- EWA products generate service fees of 1.25% to 2.5% per transaction, yielding an APR of 18% to 30%
- Company aims to expand its EWA services to over 200 cities from the current base
- Strategic goal to achieve 8x to 10x growth in PAT by FY27 through scaling such asset-light partnerships
- Current loan portfolio stood at INR 65.8 Cr as of September 2024, with a target to exceed INR 150 Cr
Emerald Finance has entered into a partnership with Fireknott Fashion Pvt. Ltd. to offer its Early-Wage-Access (EWA) program to their employees. This move aligns with the company's stated strategy to scale its EWA platform, which currently serves 145 corporate employers. The EWA product is a high-margin offering for the company, carrying service fees of 1.25% to 2.5% per transaction, which translates to an APR of 18% to 30%. This partnership supports the company's aggressive target of achieving 8x to 10x growth in PAT by FY27.
- New partnership signed with Fireknott Fashion Pvt. Ltd. in Zirakpur, Punjab
- EWA product generates service fees between 1.25% and 2.5% per transaction
- Company targets scaling to 200+ cities to drive EWA service adoption
- Aims for 8x to 10x growth in PAT by FY27 through asset-light scaling
- Current corporate employer base stands at 145 entities prior to this deal
Emer a l d Fi n a n c e h a s e n t e r e d i n t o a pa r t n e r s h i p wi t h Fi r e k n o t t Fa s h i o n Pv t . Lt d . t o o f f e r i t s E a r l y -Wa g e -A c c e s s (E WA) pr o g r a m t o t h e i r e m p l o y e e s . T h i s a l i g n s wi t h t h e c o m p a n y 's s t r a t e g y t o s c a l e i t s E WA pl a t f o r m, wh i c h c u r r e n t l y s e r v e s 1 4 5 c o r p o r a t e e m p l o y e r s . T h e E WA pr o d u c t i s a h i g h -y i e l d o f f e r i n g wi t h s e r v i c e f e e s o f 1 . 2 5 % t o 2 . 5 % pe r t r a n s a c t i o n, t r a n s l a t i n g t o a n i m p l i e d A P R o f 1 8 % t o 3 0 % . T h i s mo v e s u p p o r t s t h e c o m p a n y 's a m b i t i o u s t a r g e t o f a c h i e v i n g 8 x t o 1 0 x P A T g r o w t h by F Y 2 7 .
- Pa r t n e r s h i p wi t h Fi r e k n o t t Fa s h i o n Pv t . Lt d . i n Zi r a k p u r, Pu n j a b
- E WA pr o d u c t c a r r i e s s e r v i c e f e e s o f 1 . 2 5 % t o 2 . 5 % pe r t r a n s a c t i o n
- T a r g e t i n g 8 x t o 1 0 x g r o w t h i n P A T by F Y 2 7 vi a s c a l i n g E WA a n d g o l d l o a n s
- C u r r e n t l y o n b o a r d e d 1 4 5 c o r p o r a t e e m p l o y e r s f o r E WA s e r v i c e s
- A i m i n g t o s c a l e l o a n po r t f o l i o be y o n d I N R 1 5 0 C r f o r c r e d i t r a t i n g u p g r a d e
Emerald Finance has entered into a partnership with Antierly Schools & Beyond Private Limited to offer its Early-Wage-Access (EWA) program to their employees. This move aligns with the company's strategy to scale its EWA platform, which targets 15-20% month-on-month growth in disbursements. The EWA product is a high-yield offering for the company, carrying service fees of 1.25% to 2.5% per transaction, equivalent to an 18% to 30% APR. While the specific financial contribution from this single partnership is not disclosed, it adds to the company's existing network of 145 corporate employers.
- New partnership signed with Antierly Schools & Beyond Private Limited for EWA services
- EWA products generate service fees between 1.25% and 2.5% per transaction
- Company targets 15-20% MoM growth in salary advance disbursements via its mobile app
- Strategic goal to reach 200+ cities and scale PAT by 8x to 10x by FY27
- Loan portfolio stood at INR 65.8 Cr as of September 2024, with a target to exceed INR 150 Cr
Financial Performance
Revenue Growth by Segment
Consolidated total income grew 38% YoY to INR 7 Cr in Q2 FY26 and 45% YoY to INR 14 Cr in H1 FY26. Gold loan syndication disbursements increased 43.75% QoQ from INR 80 Cr to INR 115 Cr in Q2 FY26. EWA disbursements are growing at 15-20% MoM, reaching INR 6 Cr per month.
Geographic Revenue Split
The company operates in 200+ cities across India, though specific percentage splits per region are not disclosed. Operations are headquartered in Chandigarh.
Profitability Margins
Net Profit Margin increased 17.07% to reach 48% in FY25. Operating Profit Margin improved 15.94% to 80% in FY25 due to revenue growth outpacing expenses. RoMA stood at 7.1% in FY24 and improved to an annualized 10.3% in H1 FY25.
EBITDA Margin
FY25 EBITDA was INR 15 Cr on revenue of INR 22 Cr, representing a 68.18% margin. This high margin is driven by the asset-light syndication model which requires minimal capital outlay per transaction.
Capital Expenditure
The company raised INR 30 Cr of equity in FY24 and an additional INR 10 Cr via share warrants in FY25 to support its lending book. Planned CAPEX is focused on digital infrastructure, including the 'Emerald EWA' mobile app launch.
Credit Rating & Borrowing
CRISIL assigned a 'CRISIL BB+/Stable' rating to INR 30 Cr of bank facilities in October 2024. Borrowing costs are described as 'medium to high,' though specific interest rate percentages are not disclosed.
Operational Drivers
Raw Materials
Capital (Debt and Equity) serves as the primary 'raw material,' with debt-to-equity at 0.20x as of FY25. Cost of funds is the critical input cost for the 99% MSME-focused loan book.
Import Sources
Capital is sourced domestically from 14 lenders and 40+ financial partners, including NAV Capital VCC and Rainpay India.
Key Suppliers
Key financial partners include Fullerton India (top DSA partner), NAV Capital VCC's Emerging Star Fund, and Investi Global Opportunity Fund (Mauritius).
Capacity Expansion
Current loan portfolio stood at INR 65.8 Cr as of September 30, 2024, up from INR 55 Cr in March 2024. The company aims to scale operations to over INR 150 Cr to trigger a credit rating upgrade.
Raw Material Costs
Interest expenses are the primary cost; Interest Coverage Ratio improved 12.04% to 5.49 in FY25. Procurement strategy involves raising equity at regular intervals to maintain low gearing (0.3x).
Manufacturing Efficiency
The asset-light model achieved a 105.28% increase in Debtors Turnover Ratio (to 12.05) in FY25, reflecting highly efficient collection cycles and timely payments.
Logistics & Distribution
Distribution is handled digitally via the 'Emerald EWA' app and a network of 145 onboarded corporate partners for wage access products.
Strategic Growth
Expected Growth Rate
100%
Growth Strategy
The company targets an 8x to 10x growth in PAT by FY27 by scaling its Earned Wage Access (EWA) platform, expanding gold loan syndication (currently INR 115 Cr/quarter), and leveraging its 40+ financial partnerships to maintain an asset-light, fee-based revenue model.
Products & Services
MSME loans, personal loans, home loans, gold loan syndication, and Earned Wage Access (EWA) salary advances.
Brand Portfolio
Emerald Finance, Shubhbank.com, Emerald EWA (Mobile App).
New Products/Services
The 'Emerald EWA' mobile app launched on Google Play Store is expected to drive a 15-20% MoM growth in salary advance disbursements.
Market Expansion
Expansion into 200+ cities with a focus on onboarding more corporate employers (145 currently) to provide EWA services to their employees.
Market Share & Ranking
Positioned as a niche player in the EWA space with low competition and 9+ years of operational experience.
Strategic Alliances
Partnerships with 14 lenders and 40+ financial institutions; strategic investment from NAV Capital VCC and Rainpay India.
External Factors
Industry Trends
The industry is shifting toward 'financial liberalization' and digital lending. Emerald is positioning itself as a fintech-led NBFC to capture the untapped EWA market and rising formal credit penetration in India.
Competitive Landscape
Competes with traditional NBFCs and emerging fintechs, but maintains a niche in EWA where competition is currently low.
Competitive Moat
Moat is built on a 9-year track record, 650,000 satisfied customers, and a first-mover advantage in the EWA space. This is sustainable due to the high barrier of establishing 145+ corporate employer partnerships.
Macro Economic Sensitivity
Highly sensitive to industrial growth and economic recessions which could impact the repayment capacity of MSME borrowers (99% of the loan book).
Consumer Behavior
Shifting towards digital-first financial products; the launch of the mobile app directly addresses the demand for seamless, on-demand salary access.
Geopolitical Risks
Global uncertainties are listed as a threat that could increase the cost of capital and affect market volatility.
Regulatory & Governance
Industry Regulations
Strict adherence to RBI guidelines for non-deposit taking NBFCs and digital lending norms. Secretarial audit for FY25 confirmed compliance with the Companies Act 2013 and SEBI regulations.
Environmental Compliance
Not applicable for financial services; however, the company spent INR 0.31 Cr on CSR in FY24 and INR 0.30 Cr in H1 FY26, focusing on cancer patients and education.
Taxation Policy Impact
The company provided INR 2.27 Cr for income tax in H1 FY26 and paid over INR 3 Cr in FY24.
Legal Contingencies
The Secretarial Audit Report for the period ended March 31, 2025, reported no major legal non-compliances or pending material litigation.
Risk Analysis
Key Uncertainties
Asset quality risk is the primary uncertainty; while NPAs are <0.5%, the lack of portfolio seasoning in the newer EWA segment could lead to future credit costs.
Geographic Concentration Risk
Concentrated in India with a strong presence in 200+ cities; headquarters in Chandigarh suggests a North India focus.
Third Party Dependencies
High dependency on corporate employers for EWA distribution and 14 lenders for debt liquidity.
Technology Obsolescence Risk
Mitigated by the launch of the 'Emerald EWA' app and continuous refinement of the risk management framework to address cyber security and data privacy.
Credit & Counterparty Risk
Credit exposure is primarily to MSMEs (99% of book) and corporate employees (via EWA). Receivables quality is currently high with a 105% improvement in turnover ratio.
