Emkay Taps and Cutting Tools Limited (EMKAYTOOLS)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Emkay Taps' revenue was ₹0.5 Cr (-98.9% year on year, -98.6% on the previous half-year), and net profit ₹5.8 Cr (against a loss a year earlier); the operating margin was -282.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹0.5 | -98.9% | -98.6% |
| Operating profit | ₹-1.3 | loss narrowed | loss widened |
| Net profit | ₹5.8 | from loss | +147.5% |
| EPS (₹) | 5.40 | from loss | +146.6% |
| Operating margin | -282.6% | — | — |
EMKAYTOOLS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 70.0% of the EMKAYTOOLS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 79.0%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 60.0% · 100.0% · 100.0% · 100.0% · 70.0%
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
The Board of Emkay Taps and Cutting Tools approved the appointment of M/s Vijay Agrawal & Co. as Statutory Auditors to fill a casual vacancy caused by the resignation of M/s P. S. Thakare & Co. on September 24, 2026. The company also proposed changing its name to 'Emkay Green Energy and Commercial Limited' or 'Emkay Green Energy and Trading Limited', subject to shareholder and MCA approvals, reflecting its shift following the demerger of its tools manufacturing unit. Additionally, the Board approved the continuation of MD Ajayprakash Kanoria beyond the age of 70 years, effective May 13, 2027.
- Resignation of Statutory Auditor M/s P. S. Thakare & Co. effective September 24, 2026
- Appointment of M/s Vijay Agrawal & Co. to fill casual vacancy as Statutory Auditor
- Proposed company name change to 'Emkay Green Energy and Commercial Limited' or 'Emkay Green Energy and Trading Limited'
- Continuation of MD Ajayprakash Kanoria approved upon attaining age 70 on May 13, 2027
Emkay Taps and Cutting Tools Limited has announced the closure of its trading window starting Thursday, October 1, 2026. This closure complies with SEBI (Prohibition of Insider Trading) Regulations for the declaration of unaudited financial results for the half year ending September 30, 2026. The window will remain shut for designated persons and their immediate relatives until 48 hours after the results are announced. The exact board meeting date will be communicated separately.
- Trading window closes on Thursday, 1st October, 2026
- Closure pertains to unaudited financial results for the half year ended 30th September, 2026
- Trading restriction remains in place until 48 hours after financial results declaration
- Board meeting date to approve H1 results will be informed in due course
Emkay Taps and Cutting Tools Limited conducted its 31st Annual General Meeting on September 25, 2026, where all three proposed resolutions were passed with 100% assent via poll. The approved items include adoption of FY26 financial statements, the reappointment of director Mrs. Alka Ajayprakash Kanoria, and the appointment of Mr. Sachin Damodhar Dhannawat as an Independent Director. Overall turnout saw 98,35,650 votes polled (92.17% of total voting capital) across 16 attending shareholders. With promoter group holding intact at ~75%, the resolutions encountered zero dissent.
- All 3 resolutions passed with 100% voting assent and zero dissent votes.
- A total of 98,35,650 votes were polled out of 1,06,71,300 total shares, representing a 92.17% turnout.
- Mrs. Alka Ajayprakash Kanoria reappointed with 89,50,860 valid votes cast in favour.
- Mr. Sachin Damodhar Dhannawat approved as Independent Director.
- 16 shareholders (5 promoter group, 11 public) attended the AGM physically on September 25, 2026.
Statutory auditor M/s P S Thakare & Co has resigned from Emkay Taps and Cutting Tools Limited with effect from September 24, 2026. The auditor's 5-year tenure was originally scheduled to run from the 28th AGM on September 18, 2023, until the 33rd AGM in 2028. The stated reason for resignation is preoccupation with other assignments, with the firm confirming there are no other material reasons or pending audit concerns. The company will now need to appoint a casual vacancy auditor to conduct upcoming limited reviews and audits.
- Resignation effective September 24, 2026, cutting short a tenure scheduled through the 2028 AGM
- Auditor originally appointed on September 18, 2023, for a 5-year term
- Latest audit report submitted prior to resignation was dated May 29, 2026 (for FY26)
- Auditor cited preoccupation with other assignments; reported zero concerns or lack of information
Statutory auditor M/s P S Thakare & Co has resigned from Emkay Taps and Cutting Tools Limited with effect from September 24, 2026. The auditor's 5-year tenure was originally scheduled to run from the 28th AGM on September 18, 2023, until the 33rd AGM in 2028. The stated reason for resignation is preoccupation with other assignments, with the firm confirming there are no other material reasons or pending audit concerns. The company will now need to appoint a casual vacancy auditor to conduct upcoming limited reviews and audits.
- Resignation effective September 24, 2026, cutting short a tenure scheduled through the 2028 AGM
- Auditor originally appointed on September 18, 2023, for a 5-year term
- Latest audit report submitted prior to resignation was dated May 29, 2026 (for FY26)
- Auditor cited preoccupation with other assignments; reported zero concerns or lack of information
Emkay Taps and Cutting Tools Limited has informed the exchange that its Board of Directors approved the reconstitution of key board committees effective September 12, 2026. The committees reconstituted include the Audit Committee, Nomination and Remuneration Committee (NRC), and Stakeholder Relationship Committee. Independent Director Premchand Jain serves as Chairman across all three reconstituted committees. The filing is an administrative compliance procedure and carries no direct financial impact.
- Reconstitution of 3 board committees approved on September 12, 2026
- Audit Committee reconstituted with Premchand Jain as Chairman, Ajayprakash Kanoria as Member, and Sachin Dhannawat as Member
- Nomination & Remuneration Committee formed entirely of 3 Independent Directors (Premchand Jain, Brajkishore Agrawal, Sachin Dhannawat)
- Stakeholder Relationship Committee reconstituted with 3 Independent Directors chaired by Premchand Jain
Emkay Taps and Cutting Tools Limited announced the retirement of Non-Executive Independent Director Mr. Palathayi Cheriath Ramchandran (DIN: 07575222), effective September 9, 2026. Mr. Ramchandran completed his second 5-year term, which ran from September 10, 2021, to September 9, 2026. Consequently, he ceases to be a chairman or member of any board committees. This is a standard statutory retirement pursuant to Section 149 of the Companies Act, 2013.
- Independent Director Mr. Palathayi Cheriath Ramchandran retired effective September 9, 2026
- Retirement follows completion of his second term running from September 10, 2021, to September 9, 2026
- Ceases to serve as Chairman or Member on Board committees as of September 9, 2026
- Action taken under Section 149 of the Companies Act, 2013
Emkay Taps and Cutting Tools Limited has issued the notice for its 31st Annual General Meeting (AGM) scheduled for September 25, 2026, at its Nagpur registered office. Key agenda items include adopting the audited financial statements for FY26 and re-appointing Mrs. Alka Ajayprakash Kanoria as Whole-time Director upon retirement by rotation. Additionally, the company seeks shareholder approval to appoint Mr. Sachin Damodhar Dhannawat as an Independent Director for a 5-year term from August 31, 2026, to August 30, 2031. As an NSE Emerge SME platform listed entity, the company is exempt from e-voting provisions, and voting will be conducted physically at the venue.
- 31st AGM scheduled for Friday, September 25, 2026, at 11:45 AM at Hingna MIDC, Nagpur.
- Register of Members and Share Transfer Books to remain closed from September 19, 2026, to September 25, 2026.
- Special Resolution proposed for the appointment of Mr. Sachin Damodhar Dhannawat as Independent Director for a 5-year term ending August 30, 2031.
- Ordinary Resolution proposed for the re-appointment of Mrs. Alka Ajayprakash Kanoria, who retires by rotation.
Emkay Taps and Cutting Tools Limited has appointed Mr. Sachin Damodhar Dhannawat as an Additional Non-Executive Independent Director for a 5-year term effective August 31, 2026, to August 30, 2031. Mr. Dhannawat is a practicing Chartered Accountant with 28 years of professional experience across taxation, auditing, and consultancy. The appointment is subject to shareholder approval within three months. The change is routine corporate governance and has no direct financial impact.
- Appointed Sachin Damodhar Dhannawat as Additional Non-Executive Independent Director effective August 31, 2026
- Term of appointment is 5 consecutive years from August 31, 2026, to August 30, 2031
- Appointee is a Chartered Accountant with 28 years of experience in auditing and taxation
- Shareholder approval is required to be obtained within three months
Emkay Taps and Cutting Tools Limited held its Board of Directors meeting on August 31, 2026. The Board approved the appointment of Mr. Sachin Damodhar Dhannawat as an Additional Non-Executive Independent Director. Additionally, the 31st Annual General Meeting (AGM) has been scheduled for September 25, 2026, with the register of members closed from September 19 to September 25, 2026.
- Appointment of Mr. Sachin Damodhar Dhannawat (DIN: 11907350) as Additional Non-Executive Independent Director
- 31st Annual General Meeting scheduled for September 25, 2026 at 11:45 a.m.
- Cut-off date for voting rights set as September 18, 2026
- Book closure period set from September 19, 2026 to September 25, 2026
Financial Performance
Revenue Growth by Segment
Total revenue from operations for H1 FY26 was INR 32.13 Cr, representing a 23.2% decline compared to the restated H1 FY25 revenue of INR 41.87 Cr. The Windmill segment generated INR 0.91 Cr in H1 FY26, a 101.1% increase from INR 0.45 Cr in H1 FY25. The Trading segment revenue was not separately itemized in the H1 FY26 segment report but is the primary driver of the INR 32.13 Cr operational revenue.
Geographic Revenue Split
The company operates from a single location in Nagpur, Maharashtra. Consequently, 100% of revenue is domestic, and the company reports no separate geographical segments.
Profitability Margins
Net Profit Margin for H1 FY26 stood at 7.27% (PAT of INR 2.34 Cr on Revenue of INR 32.13 Cr). This is a significant shift from the pre-demerger FY24 PAT margin of 66.73%, reflecting the transition from a high-margin manufacturing model to a lower-margin trading and power generation model.
EBITDA Margin
Operating margins were historically robust between 40-50% during the four years ended fiscal 2024. Post-demerger, the H1 FY26 operating profit (before other income and tax) was INR 3.18 Cr, representing an operating margin of approximately 9.9%.
Capital Expenditure
As of September 30, 2025, the company holds Tangible Assets (Property, Plant, and Equipment) valued at INR 2.07 Cr. Significant capital was previously tied to the manufacturing business which has been transferred to Emkay Tools Limited (ETL).
Credit Rating & Borrowing
CRISIL Ratings last rated the company at CRISIL A-/Watch Developing and CRISIL A2+/Watch Developing in December 2024. These ratings were withdrawn in March 2025 following the company's request and receipt of a 'No Due Certificate' from the banker. Historical interest coverage was exceptionally high at 195.51x in FY24.
Operational Drivers
Raw Materials
Post-demerger, the primary cost driver is 'Purchase of Stock-in-Trade' (threading taps and cutting tools), which accounted for INR 31.21 Cr or 97.1% of revenue from operations in H1 FY26.
Import Sources
Not disclosed in available documents; however, the company maintains established relationships with suppliers for its trading segment.
Capacity Expansion
The company operates a windmill for power generation which generates minimal annual revenue of approximately INR 2 Cr. Manufacturing capacity for threading taps has been transferred to the resulting company, ETL.
Raw Material Costs
Purchase of stock-in-trade costs were INR 31.21 Cr in H1 FY26. In the restated H1 FY25, these costs were INR 37.14 Cr, reflecting a 15.9% decrease in procurement spending aligned with lower trading volumes.
Manufacturing Efficiency
Manufacturing operations have been shifted to ETL. Current efficiency is measured by trading turnover and windmill uptime.
Strategic Growth
Expected Growth Rate
19.60%
Growth Strategy
The company completed a demerger to separate its manufacturing business into Emkay Tools Limited (ETL) to allow for specialized focus. The strategy involves listing ETL on the NSE Emerge SME platform (1:1 share swap) while ETCTL continues to focus on trading threading taps and expanding its wind power generation revenue, which grew 101% YoY.
Products & Services
Threading taps, cutting tools, and wind power electricity.
Brand Portfolio
EMKAYTOOLS
New Products/Services
The company is focusing on the 'Production of Power through Windmill' as a distinct segment, contributing INR 91.23 Lakhs in H1 FY26.
Market Expansion
The management is in the process of listing the resulting company, ETL, on the NSE Emerge SME platform to unlock value for shareholders.
Market Share & Ranking
The company maintains an established market position in the threading taps segment of the cutting tools industry in India.
Strategic Alliances
The company underwent a Scheme of Arrangement for Demerger with Emkay Tools Limited (ETL), effective November 19, 2024.
External Factors
Industry Trends
The cutting tools industry is evolving with the automobile sector's shift toward more precise and durable components. The company is positioning itself by separating manufacturing (ETL) from trading (ETCTL) to optimize capital allocation.
Competitive Landscape
Operates in a specialized niche of threading taps with competition from both domestic manufacturers and international tool brands.
Competitive Moat
The company's moat is built on 40+ years of promoter experience and established relationships with auto-ancillary clients. This provides a durable advantage in a segment requiring high technical understanding and reliability.
Macro Economic Sensitivity
Highly sensitive to the cyclical nature of the Indian automobile industry and general industrial production growth.
Consumer Behavior
Demand is driven by B2B industrial requirements rather than individual consumer trends.
Regulatory & Governance
Industry Regulations
Operations are subject to standard industrial manufacturing norms and SEBI Listing Obligations (LODR) for SME-listed entities.
Environmental Compliance
The company contributes to green energy through its windmill power generation segment.
Taxation Policy Impact
Tax expenses for H1 FY26 were INR 0.87 Cr (Current Tax) and a credit of INR 0.02 Cr (Deferred Tax), resulting in an effective tax rate of approximately 26.6% on PBT of INR 3.18 Cr.
Legal Contingencies
The company received NCLT Mumbai approval for its demerger scheme in 2024. No other major pending litigation values were disclosed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the successful listing and independent performance of the demerged entity (ETL) and the sustainability of trading margins for ETCTL.
Geographic Concentration Risk
100% of operations are concentrated in Nagpur, Maharashtra.
Third Party Dependencies
High dependency on the automobile sector for demand and on the demerged manufacturing entity/other suppliers for trading stock.
Technology Obsolescence Risk
The shift toward Electric Vehicles (EVs) may change the requirements for traditional engine-related threading taps and cutting tools.
Credit & Counterparty Risk
Trade receivables are low at INR 0.26 Cr, suggesting tight credit control and high-quality receivables.
