Emkay Global Financial Services Limited (EMKAY)
₹277.20 +1.52% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Emkay Global's revenue was ₹91.9 Cr (+26.0% year on year, -38.1% on the previous quarter), and net profit ₹9.1 Cr (+90.5% year on year); the operating margin was 12.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹91.9 | +26.0% | -38.1% |
| Operating profit | ₹11.4 | +95.8% | -10.5% |
| Net profit | ₹9.1 | +90.5% | +60.9% |
| EPS (₹) | 3.39 | +80.3% | +56.9% |
| Operating margin | 12.4% | — | — |
EMKAY delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 63.71% of the EMKAY shares traded on NSE were taken to delivery, against the stock's own 20-session average of 61.05%. That is close to its usual level. Turnover was only ₹52 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 72.4% · 69.5% · 64.0% · 62.2% · 63.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Emkay Global Financial Services has received listing approval from the National Stock Exchange of India (NSE) for 1,00,000 equity shares of face value Rs 10 each. These shares were allotted following the conversion of equivalent preferential warrants issued to promoter Mr. Prakash Kacholia. The 1,00,000 shares represent approximately 0.36% of the company's existing equity base and are valued at roughly Rs 2.77 crore at current market prices. Trading will commence following depository credit confirmation from NSDL/CDSL.
- Listing approval granted by NSE for 1,00,000 equity shares of Rs 10 each.
- Shares issued upon conversion of preferential warrants held by promoter Mr. Prakash Kacholia.
- Shares carry distinctive numbers from 27525581 to 27625580.
- Approval letter reference number NSE/LIST/56928 dated October 16, 2026.
Emkay Global Financial Services Limited submitted its certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended 30th September, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited. It confirms that securities received for dematerialisation were processed and confirmed within prescribed regulatory timelines. This is a routine quarterly compliance disclosure with no financial impact.
- Regulation 74(5) demat compliance confirmed for the quarter ended 30th September, 2026
- Issued by RTA MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
- Filing submitted to stock exchanges on 15th October, 2026
Emkay Global Financial Services announced the results of its Postal Ballot conducted via remote e-voting, which concluded on October 13, 2026. Shareholders approved the appointment of Mr. Rajesh Shah as a Non-Executive Independent Director for a 5-year tenure effective August 19, 2026. Out of 2,04,06,020 total votes polled (representing 74.66% of outstanding shares), 99.9988% voted in favor of the special resolution. The passing of this resolution fulfills corporate governance requirements without impacting business operations or financial guidance.
- Special resolution to appoint Mr. Rajesh Shah as Non-Executive Independent Director approved for 5 years effective August 19, 2026
- Total votes polled stood at 2,04,06,020, representing 74.6649% of total outstanding shares (2,73,30,131 shares)
- Resolution passed overwhelmingly with 99.9988% votes in favor (2,04,05,781 votes) and 239 votes against
- Remote e-voting was open from September 14, 2026 to October 13, 2026 across 11,960 shareholders as of cut-off date
Emkay Global Financial Services has received trading approvals from the NSE and BSE for 50,000 equity shares allotted to promoter Mr. Prakash Kacholia upon warrant conversion. The shares have a face value of Rs 10 each and were issued at a premium of Rs 229.50 per share (issue price of Rs 239.50 per share, totaling ~Rs 1.20 crore). The shares will be admitted to dealing on September 28, 2026, and remain locked in until March 28, 2028 (18 months). Given the company's Rs 714 crore market cap, the dilution and capital raised (~0.17% of equity) are minimal.
- 50,000 equity shares approved for trading post-conversion of warrants
- Issued to promoter Mr. Prakash Kacholia at a premium of Rs 229.50 per share
- Admitted to dealings on stock exchanges effective September 28, 2026
- Shares are subject to a statutory lock-in period until March 28, 2028
Emkay Global Financial Services has approved the allotment of 1,00,000 equity shares to promoter Prakash Kacholia following the conversion of warrants. The company received the remaining 75% subscription amount of ₹1,79,62,500 (₹179.625 per warrant) against the total issue price of ₹239.50 per warrant. This conversion completes Mr. Kacholia's full entitlement of 7,50,000 warrants from the October 2025 preferential issue. Consequently, the company's paid-up share capital increased slightly from 2,78,25,580 to 2,79,25,580 equity shares.
- Allotment of 1,00,000 equity shares of face value ₹10 to promoter Prakash Kacholia
- Receipt of ₹1,79,62,500 representing 75% balance consideration at ₹179.625 per share (total issue price ₹239.50)
- Prakash Kacholia's shareholding increases from 19.41% to 19.70% (55,00,000 shares)
- Total paid-up capital expands to ₹27.93 Cr across 2,79,25,580 shares
- Promoter warrant conversions complete for both promoters (total 20,00,000 shares allotted out of 95,00,000 preferential warrants)
Emkay Global Financial Services has received in-principle approval from both NSE and BSE on September 11, 2026, for listing 50,000 equity shares of face value Rs 10 each. These shares were allotted pursuant to the conversion of warrants issued on a preferential basis to promoter Mr. Prakash Kacholia. The 50,000 shares represent an immaterial fraction (approx. 0.18%) of the company's total equity base of around 2.74 crore shares. Final listing and trading will take effect upon depository confirmation of credit to beneficiary accounts.
- Received in-principle listing approval for 50,000 equity shares of face value Rs 10 each
- Shares allotted pursuant to warrant conversion on preferential basis to promoter Prakash Kacholia
- Approval letters received from NSE (Ref: NSE/LIST/56628) and BSE (Ref: LOD/PREF/KS/FIP/774/2026-27) on September 11, 2026
- Distinctive numbers assigned from 27330132 to 27380131
Emkay Global Financial Services has issued a Postal Ballot Notice seeking shareholder approval via special resolution to appoint Mr. Rajesh Shah as a Non-Executive Independent Director. The appointment is for a 5-year term effective from August 19, 2026, through August 18, 2031. Remote e-voting for shareholders opens on September 14, 2026, and concludes on October 13, 2026, with the cut-off date fixed at September 8, 2026. Mr. Shah holds no equity shares in the company and brings around 30 years of corporate finance and M&A experience.
- Appointment of Mr. Rajesh Shah as Non-Executive Independent Director for a 5-year term ending August 18, 2031
- Remote e-voting starts September 14, 2026 (9:00 AM IST) and ends October 13, 2026 (5:00 PM IST)
- Record/cut-off date for voting eligibility set as September 8, 2026
- Appointee holds 0 equity shares in the company as of September 4, 2026
Emkay Global Financial Services has approved the allotment of 1,50,000 equity shares of face value Rs 10 each to promoter Mr. Prakash Kacholia upon warrant conversion. The allotment follows the receipt of the balance 75% subscription money of Rs 2.69 crore (Rs 179.625 per warrant) against the total issue price of Rs 239.50. This transaction increases the paid-up share capital from Rs 27.68 crore to Rs 27.83 crore, expanding Mr. Kacholia's personal stake from 18.97% to 19.41%. Out of the 95 lakh warrants originally issued in October 2025, 19 lakh have been converted into equity shares so far.
- Allotment of 1,50,000 equity shares upon conversion of equivalent convertible warrants to promoter Prakash Kacholia.
- Balance 75% consideration received: Rs 2,69,43,750 at Rs 179.625 per warrant (issue price Rs 239.50).
- Paid-up share capital increases to Rs 27,82,55,800 divided into 2,78,25,580 equity shares of Rs 10 each.
- Promoter Prakash Kacholia's holding increases from 18.97% to 19.41% post allotment.
- Cumulative 19,00,000 equity shares have been converted to date out of 95,00,000 preferential warrants issued in October 2025.
Emkay Global Financial Services has received trading approvals from NSE and BSE for 1,00,000 equity shares allotted to promoter Mr. Prakash Kacholia upon warrant conversion. The shares have a face value of Rs 10 each and were issued at a premium of Rs 229.50 per share (issue price of Rs 239.50), mobilizing approximately Rs 2.40 crore. The shares are listed and admitted for dealings effective September 9, 2026, and remain subject to a lock-in period until March 10, 2028 (18 months). Given the total market cap of Rs 669 crore, this conversion represents a modest dilution of less than 0.4%.
- Trading approval granted by NSE and BSE for 1,00,000 equity shares effective September 9, 2026
- Issued upon conversion of preferential warrants to promoter Mr. Prakash Kacholia
- Shares issued at Rs 10 face value plus Rs 229.50 premium per share (total Rs 239.50 per share)
- Converted shares are subject to an 18-month lock-in period ending March 10, 2028
Emkay Global Financial Services has approved the allotment of 5,000 senior, unsecured, redeemable Non-Convertible Debentures (NCDs) of face value Rs 1,00,000 each, raising Rs 50 crore. The issue comprised a base size of Rs 25 crore and a fully exercised green shoe option of Rs 25 crore. The NCDs carry a fixed coupon rate of 11.50% p.a. payable half-yearly and are proposed to be listed on the Wholesale Debt Segment of BSE.
- Allotment of 5,000 NCDs of face value Rs 1,00,000 each aggregating to Rs 50 crore
- Base issue of Rs 25 crore with fully exercised green shoe option of Rs 25 crore
- Fixed coupon rate set at 11.50% p.a., payable half-yearly
- NCDs are senior, unsecured, rated, and proposed to be listed on BSE Wholesale Debt Segment
Emkay Global Financial Services has appointed Mr. Nikhil Sharma as Chief Information & Security Officer (CISO) and Senior Management Personnel, effective September 08, 2026. Mr. Sharma brings over 12 years of experience in cybersecurity and BFSI regulatory compliance, having worked at Jio BlackRock, DSP Asset Managers, and J.P. Morgan. The appointment comes via circular resolution approved on September 04, 2026. This administrative leadership update bolsters cybersecurity governance for the broking and institutional platform.
- Appointment of Mr. Nikhil Sharma as Chief Information & Security Officer (CISO) effective September 08, 2026
- Candidate brings over 12 years of experience across cybersecurity, information security governance, and compliance in BFSI
- Prior associations include Jio BlackRock Asset Management, DSP Asset Managers, Aegon Life, J.P. Morgan, and Morgan Stanley
- Candidate holds ISO 27001:2022 Lead Auditor certification
Emkay Global Financial Services has incorporated a wholly owned subsidiary, Emkay Capital Private Limited (ECPL), in Mumbai on August 24, 2026. Emkay Global subscribed to 100% of ECPL's initial paid-up capital of Rs 10,00,000 (1,00,000 shares at Rs 10 each) against an authorized share capital of Rs 25,00,000. ECPL has been established as an investment company with the primary objective to house the group's strategic investments. Given the nominal outlay relative to Emkay's net worth of Rs 309 Cr, the immediate financial impact is negligible.
- Incorporated Emkay Capital Private Limited on August 24, 2026, as a 100% owned subsidiary.
- Initial paid-up capital subscribed is Rs 10,00,000 (1,00,000 equity shares of Rs 10 face value).
- Authorized share capital set at Rs 25,00,000.
- Formed primarily to house the group's investments and provide operational flexibility.
Emkay Global Financial Services has approved the allotment of 50,000 equity shares to promoter Prakash Kacholia upon the conversion of warrants. The company received the remaining 75% consideration amount of Rs 89.81 lakh (Rs 179.625 per warrant against the issue price of Rs 239.50). This increases the company's paid-up equity base slightly from 2,76,25,580 to 2,76,75,580 shares, with Kacholia's stake rising from 18.82% to 18.97%. To date, 17.50 lakh warrants have been converted out of the total 95.00 lakh warrants originally issued in October 2025.
- Allotted 50,000 equity shares of face value Rs 10 to promoter Mr. Prakash Kacholia at Rs 239.50 per share.
- Received balance 75% warrant subscription amount of Rs 89,81,250 (Rs 179.625 per warrant).
- Paid-up share capital expanded to Rs 27,67,55,800 divided into 2,76,75,580 equity shares.
- Promoter Prakash Kacholia's equity holding increased from 18.82% (52.00 lakh shares) to 18.97% (52.50 lakh shares).
- A total of 17.50 lakh warrants have been converted to date out of the 95.00 lakh warrants issued in October 2025.
Emkay Global Financial Services has approved a private placement of rated, listed, senior, unsecured Non-Convertible Debentures (NCDs) aggregating up to ₹50 Cr (base issue ₹25 Cr plus a green shoe option of ₹25 Cr). The NCDs carry a fixed coupon of 11.50% per annum payable half-yearly with a tenure of 3 years maturing on September 7, 2029. The issue size represents ~7.8% of the company's current market cap of ₹638 Cr and will increase its existing debt base of ₹148 Cr.
- Issue size: Base issue of ₹25 Cr with green shoe option of ₹25 Cr, totaling up to ₹50 Cr
- Coupon rate: 11.50% per annum, payable half-yearly
- Tenure: 3 years, expected deemed date of allotment on September 7, 2026 and maturity on September 7, 2029
- Call option exercisable by the company at 24, 27, 30, and 33 months from allotment
Emkay Global Financial Services' Management Committee has approved the issuance of up to 5,000 rated, listed, senior, unsecured NCDs aggregating up to ₹50.00 Cr on a private placement basis. The issue comprises a base size of ₹25.00 Cr and a greenshoe option of up to ₹25.00 Cr. The debentures carry an annual coupon of 11.50% payable half-yearly, with a tenure of 3 years maturing tentatively on September 7, 2029. The total potential raise of ₹50 Cr represents ~7.8% of the company's current market cap and ~33.8% of existing debt.
- Approved NCD issue of up to ₹50.00 Cr (Base issue ₹25.00 Cr + Greenshoe option ₹25.00 Cr)
- Debentures have a face value of ₹1,00,000 each and will be listed on BSE Wholesale Debt Market
- Coupon rate fixed at 11.50% per annum, payable half-yearly
- Maturity tenure of 3 years (tentative maturity: September 7, 2029) with Call Options at 24, 27, 30, and 33 months
Financial Performance
Revenue Growth by Segment
Net Operating Income (NOI) grew 30% YoY to INR 297.9 Cr in FY2025 from INR 229.1 Cr in FY2024. Broking and advisory services are the primary drivers, contributing 73% of total NOI. Investment banking and other fee-based income saw significant traction in H1 FY2025, though revenues moderated in H2 FY2025.
Geographic Revenue Split
While specific percentage splits are not disclosed, the company operates primarily in India with a physical footprint in Mumbai (25,000 sq ft office). It has expanded globally with subsidiaries in Singapore and Dubai, and services extending to the US, UAE, Europe, and Hong Kong.
Profitability Margins
Net Profit Margin (PAT/NOI) improved to 19.1% in FY2025 from 14.1% in FY2024. Return on Equity (RoE) increased to 20.9% in FY2025 compared to 14.4% in FY2024 and 6.8% in FY2023, driven by higher broking volumes and merchant banking fees.
EBITDA Margin
Core operating profitability (PBT excluding mark-to-market gains) averaged INR 39 Cr during FY2024-FY2025. However, the cost-to-income ratio remains elevated at over 80% due to high employee-related expenses in institutional equities and investment banking.
Capital Expenditure
The company recently invested in a 25,000 sq ft office space in Mumbai to consolidate operations. Specific planned capital expenditure for future periods is not disclosed in the documents.
Credit Rating & Borrowing
The company holds an [ICRA]BBB+ (Positive) rating for its INR 100 Cr NCD programme and [ICRA]A2+ for its INR 300 Cr short-term bank lines. Borrowing is primarily for working capital with a low gearing of 0.2 times as of March 31, 2025.
Operational Drivers
Raw Materials
As a service-based financial firm, the primary 'raw material' is human capital; employee-related expenses represent the largest cost component, contributing to a cost-to-income ratio exceeding 80%.
Import Sources
Not applicable for financial services; however, technology infrastructure is a critical operational dependency sourced globally.
Key Suppliers
Not applicable; the company relies on Market Infrastructure Institutions (NSE, BSE, MCX, NCDEX) for trade execution and technology vendors for digital platforms.
Capacity Expansion
The company caters to 12,472 active NSE clients and over 300 institutional clients. Expansion is focused on scaling the wealth management and asset management divisions to stabilize volatile broking revenues.
Raw Material Costs
Employee expenses are the primary cost driver, particularly in the investment banking and institutional broking segments, which maintain an elevated cost structure despite record revenues.
Manufacturing Efficiency
Not applicable; operational efficiency is measured by the cost-to-income ratio, which currently stands at >80%, indicating a need for better scale to absorb fixed employee costs.
Logistics & Distribution
Distribution of financial products is handled through its wealth management and digital platforms, with a focus on HNIs, family offices, and corporate clients.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
Growth is targeted through a pipeline of merchant banking deals projected to generate INR 100 Cr (INR 1,000 Mn) over the next 24 months. The strategy includes scaling non-broking businesses like wealth and asset management to provide revenue stability and leveraging its 30-year institutional track record.
Products & Services
Equity broking, currency and commodity derivatives, investment banking (IPOs, QIPs), wealth management, portfolio management services (PMS), and margin trade financing.
Brand Portfolio
Emkay Global, Emkay Investment Managers Limited (EIML), Emkay Wealth Advisory, Emkay Emerging Stars Fund.
New Products/Services
Expansion of the 'Emkay Emerging Stars Fund' series and enhanced estate/succession planning services through Emkay Wealth Advisory.
Market Expansion
Strategic expansion into Singapore and Dubai to capture offshore capital flows and NRI investments.
Market Share & Ranking
Emkay is a prominent mid-market focused investment bank; it was the BRLM for 6 out of 28 QIPs in FY2022.
Strategic Alliances
Not specifically disclosed, though the company maintains relationships with over 300 institutional clients including mutual funds and hedge funds.
External Factors
Industry Trends
The industry is seeing increased 'financialization of savings' (growing) but faces disruption from discount brokers and tightening SEBI regulations on index derivatives and margin requirements.
Competitive Landscape
Intense competition from both traditional full-service brokers and new-age discount brokers, leading to industry-wide pricing pressure.
Competitive Moat
Durable moat built on a 30-year track record and a strong institutional research desk. This is sustainable because institutional clients prioritize execution quality and research over low-cost brokerage.
Macro Economic Sensitivity
Highly sensitive to capital market cycles; a market downturn would impact the 73% of revenue tied to broking and advisory, as well as the 8% of net worth invested in AIFs.
Consumer Behavior
Shift toward professional wealth management and diversified asset allocation among HNIs and family offices, benefiting Emkay's non-broking segments.
Geopolitical Risks
Global market volatility affects institutional investor sentiment, which could impact the 50% of NOI derived from the institutional segment.
Regulatory & Governance
Industry Regulations
Impacted by uniform exchange charges and measures to curb exuberance in the F&O segment, including increased margins on expiry days introduced between late 2024 and early 2025.
Environmental Compliance
Environmental risks are deemed not material as lending operations are focused on capital market-related lending with short-to-medium term durations.
Taxation Policy Impact
The hike in Securities Transaction Tax (STT) and changes in capital gains tax impact market volumes and investor behavior.
Legal Contingencies
No specific non-capital market legal contingencies or High Court/Supreme Court cases with INR values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
High dependence on volatile capital markets (73% of NOI) and regulatory shifts in the derivatives framework pose significant risks to sustained profitability.
Geographic Concentration Risk
Revenue is primarily concentrated in the Indian capital markets, making the company vulnerable to domestic economic cycles.
Third Party Dependencies
Dependence on technology vendors for trading platforms and exchanges (NSE/BSE) for operational continuity.
Technology Obsolescence Risk
High risk; the company must continuously invest in technology to compete with discount brokers and ensure uninterrupted service to its 12,472+ active clients.
Credit & Counterparty Risk
Lending operations are primarily focused on capital market-related lending (margin funding), which is collateralized by shares, mitigating credit risk.
