Emkay Global Financial Services Limited · NSE:EMKAY
Emkay Global Financial Services — Investor Presentation (February 2026)
46 slides from Emkay Global Financial Services's investor presentation, Feb 18, 2026
Slide 1: Exchange filing cover letter
Date: 18th February, 2026 To, To, To, Listing Department Listing Department Listing Department National Stock Exchange of India Limited BSE Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, P. J. Tower, Dalal Street, P. J. Tower, Dalal Street, Bandra (East), Mumbai- 400 051 Mumbai 400 001 Mu
Slide 2: Investor Presentation December 2025
INVESTOR PRESENTATION December 2025
Slide 3: Snapshot
SNAPSHOT 30 Years 3 Category 1 Merchant 19 of Legacy in Financial Branches across Business Verticals Banker Services India 200+ 544 39,400+ INR 1,93,844 Mn Companies under Employees Pan India Client Base Total Assets Research Coverage INR 3,692 Mn 19%* 7%+* 3.79% Net Worth 3Y PAT CAGR 3Y Revenue CAG
Slide 4: Company Overview
COMPANY OVERVIEW 3
Slide 5: Company Overview
COMPANY OVERVIEW • Established in 1995 by Chartered Accountants Krishna Kumar Karwa and Prakash Kacholia, Operational Revenue (INR Mn) & PAT Margins (%) Emkay Global Financial Services Limited is a prominent Mumbai-based financial services company that has successfully completed 30 years of trusted
Slide 6: The Journey
THE JOURNEY • Successful Launch of Emkay Emerging Stars Fund Emkay Investment - Series I, II & III Managers inaugurated their • Incorporated EGFS dynamic new office IFSC for international Incorporated Emkay space and Launched the financial services as Global Financial successfully Commenced Converte
Slide 7: Board of Directors
BOARD OF DIRECTORS Krishna Kumar Karwa Prakash Kacholia Founder and Managing Director Founder and Managing Director Krishna, a rank holder from ICAI with 30+ years of experience, is the Prakash, a Chartered Accountant from the 1987 ICAI batch with 30+ years in Promoter & MD at Emkay, overseeing Rese
Slide 8: Business Offerings
BUSINESS OFFERINGS Capital Markets Wealth Management Investment/Asset Management Provides Institutional Equities and Investment Provides tailored wealth management Offers research-led solutions through Portfolio Banking services to address capital and solutions for ultra-high-net-worth individuals M
Slide 9: Emkay's Strengths
EMKAY’S STRENGTHS A 360 Degree Approach: 1 Relationship Focus: 2 Strong Promoters & Board: 3 Significant Research Capabilities: 4 From being an institutional The one thing that hasn’t Pioneered by first-generation The institutional research broking house to one offering changed since our humble entr
Slide 10: Key Differentiators
KEY DIFFERENTIATORS Corporate Governance: Sustainability: We ensure full transparency and In the wealth creation journey, we are with our clients for accountability while conducting our business the long haul. Our approach, philosophy and frameworks in a highly professional and ethical manner. are a
Slide 11: Strong Risk Management at Emkay
STRONG RISK MANAGEMENT AT EMKAY Centralized Risk Governance Real-Time Market Feeds & Surveillance • Dedicated Centralized Risk Management Team managing client risk • Live market feeds through NSE/BSE Crop Copy for across all business segments at Emkay. 01 05 comprehensive and accurate monitoring. •
Slide 12: Infrastructure & Security
INFRASTRUCTURE & SECURITY Robust Infrastructure Strong Network • Scaled up & fine-tuned hardware for • Ensuring high availability of systems with reliability with continuous improvisations in increased network bandwidth to performance accommodate the escalating data traffic • Hyper-converged platfor
Slide 13: Technology for Business
TECHNOLOGY FOR BUSINESS State-of-the-Art Electronic Execution Solutions Technology Experience Across Trading Technology Across the Landscape Sales, Research & Operations • Connectivity for disseminating real- • Multiple trading solutions deployed to • Client Relations are managed via time informatio
Slide 14: Recent Awards and Accolades
RECENT AWARDS AND ACCOLADES MCX Awards 2025 MCX Awards 2024 Leading Institutional Leading Member Participating Member Participating in Energy Best Technology Team Emkay Investment Managers Ltd. (Wealth Management) at the awarded as ‘Most Innovative 2nd Annual NBFC and Fin Tech Company of the Year (B
Slide 15: Business Overview
‘Your success is our success >OO BUSINESS OVERVIEW
Slide 16: Business Segments
BUSINESS SEGMENTS Capital Market (57%) 1,086 Bn 4,13,322 Bn Equity Market Derivative Market Wealth Management (23%) Turnover Turnover 23 200+ 60+ Asset Management (8%) Stock Research 1,76,810 Mn No. of Sectors Covered AUM Coverage Relationship Managers 59 17,034 Mn 8 1,400 + Group Calls/ Events/ 19
Slide 17: Capital Market
>OO CAPITAL MARKET
Slide 18: Institutional Equities Industry Overview
INSTITUTIONAL EQUITIES INDUSTRY OVERVIEW Robust Growth in Markets Turnovers Across Segments Rising Institutional Share Equity Cash Segment T/O Equity Derivative Segment T/O Cash T/O Split Among Participants (INR Tn) (INR Tn) 3Y CAGR: 18.8% 3Y CAGR: 81.8% 301 1,05,916 49.8% 52.3% 49.5% 46.5% 87,956 2
Slide 19: Merchant Banking Industry Overview
MERCHANT BANKING INDUSTRY OVERVIEW Increasing Number of Capital Market Issuances IPO Pipeline (as on 31st December 2025) IPO & QIP Issuance 163 140 122 82 85 48 64 28 29 No. of 11 76 78 94 192 53 37 Companies 8 IPO Mandates FY22 FY23 FY24 FY25 9M-FY26 IPO QIP 8 Estimated Issue > INR 2,500* Bn(for IN
Slide 20: Capital Market Segment
CAPITAL MARKET SEGMENT Revenue Split 9M-FY26 • Emkay provides both institutional and non-institutional broking services, ensuring strong operations amidst constantly changing industry dynamics. 10% INR 31,060 Mn QIP raised as Merchant Banker as on • Emkay offers innovative research and deep industry
Slide 21: Strong Bottom-Up Research
STRONG BOTTOM-UP RESEARCH • Emkay continues to strengthen its research franchise by continuously expanding the company coverage. • With an innovative research team and deep industry expertise, it maintains strong operations amid continuous industry changes. • Efforts to enhance sales franchise in As
Slide 22: Events Conducted
EVENTS CONDUCTED Conferences in 9M-FY26 Emkay Confluence 2025 Festive Channel Check Conference Events in 9M-FY26 13 6 Group Calls/ 40 Corporate & 53 Industry 28 Events Expert Client Calls Reports Released Coverages Roadshows Initiated /Conferences 21
Slide 23: Strengths of Broking
STRENGTHS OF BROKING Diverse Institutional Clientele: Emkay Global serves mutual funds, hedge funds, banks, insurance companies, private equity firms, corporate houses, small and medium-sized enterprises, and high net worth individuals, family offices, HNIs, Ultra HNIs, FPIs, and FIIs, ensuring acti
Slide 24: Emkay Investment Banking
EMKAY INVESTMENT BANKING Investment Banking Offerings Public Market Private Market ECM & Corporate Advisory • Initial Public Offer (IPO), • Private Equity, M&A – Buy-side • Rights Issue, Open Offer, Buy- Qualified Institutional Placement and Sell-side advisory. back, Delisting (QIP), • An extensive
Slide 25: Strengths of Investment Banking
STRENGTHS OF INVESTMENT BANKING High touch, bespoke service delivery with hands on involvement of senior team members including the CEO Ability to onboard high quality Long Only investors even in small deals Ability to take companies public without any listed peers Proven track record of Emkay Insti
Slide 26: ECM Transactions Done by Emkay Global
ECM TRANSACTIONS DONE BY EMKAY GLOBAL Successfully executed 85 ECM transactions with total deal value of INR 395,370 Mn till date. No. of ECM Transaction Sector Companies Transaction Value (INR Mn) Banking (PSU + Private) 9 202,410 . Financial Services (NBFC / Capital 4 41,000 Markets / Platforms) I
Slide 27: Capital Market Segment Performance
CAPITAL MARKET SEGMENT PERFORMANCE Broking Revenue (INR Mn) Broking Revenue Mix (9M-FY26) ECM Transactions Revenue (INR Mn) 319 332 16% 1,633 1,131 1,182 839 154 135 84% Contribution from Institutional Clients (in %) FY23 FY24 FY25 9M-FY26 FY23 FY24 FY25 9M-FY26 Contribution from Non - Institutional
Slide 28: Core Team
CORE TEAM Nirav Sheth Seshadri Sen CEO, Institutional Equities Head of Research & Strategist In a career of more than 25 years, Nirav has held several Seshadri comes with over thirty years of experience in equity leadership positions across capital markets and financial research, primarily on the se
Slide 29: Asset Management
ASSET MANAGEMENT PMS & AIF Vertical (Emkay Investment Managers Ltd) 28
Slide 30: Industry Overview
INDUSTRY OVERVIEW • As India moves towards its aspiration of becoming a USD 35 trillion economy by 2047, the country is entering a new phase of rapid economic development. Thus, AUM (INR Tn) PMS and AIF structures are increasingly emerging. • The PMS and AIF industry has been expanding at a CAGR of
Slide 31: Asset Management Segment
ASSET MANAGEMENT SEGMENT • Emkay Investment Managers Limited (EIML), is the asset management arm of Revenue (INR Mn) Emkay Global and offers a diverse range of investment opportunities like customized Portfolio Management Services (PMS) and Alternative Investment Fund (AIF). 197 196 149 • These are
Slide 32: Asset Management Products
ASSET MANAGEMENT PRODUCTS PMS PRODUCTS Based on five key themes: ENVI endeavors to achieve long term capital A multi-cap portfolio, that aims to identify companies Emkay SMID Cap Growth Engine Portfolio focuses appreciation by investing in companies that will • Consumption with the potential to buil
Slide 33: Core Team
CORE TEAM Manish Sonthalia Sachin Shah Director and Chief Investment Officer Executive Director and Fund Manager He has over 3 decades of exhaustive experience in equity fund Over two decades of experience in the Indian equity markets. By management and research covering Indian Markets. virtue of hi
Slide 34: Wealth Management
‘Your success is our success WEALTH MANAGEMENT
Slide 35: Wealth Management Industry Overview
WEALTH MANAGEMENT INDUSTRY OVERVIEW • India to become the 4th largest private Financial Wealth Threshold (USD) 2022 2027 wealth market globally by 2028 Expected Total HH fin Total HH fin CAGR Households • 200K households which are clubbed assets (USD FY22 (#,’000s) assets (USD FY27 (22-27)% Bn) Bn)
Slide 36: Wealth Management Segment
WEALTH MANAGEMENT SEGMENT • The Wealth Management vertical operates 19 branches across India and manages the wealth of over 36,000 clients, supported by more than 60 relationship managers. Revenue (INR Mn) It has an Assets Under Management (AUM) of approximately INR 1,76,810 Mn. 949 Recently, the co
Slide 37: Advantage Emkay Wealth
ADVANTAGE EMKAY WEALTH Emkay offers secure, customized Leveraging cutting-edge technology financial solutions to help clients achieve infrastructure, comprehensive knowledge sustained growth. It focuses on serving management systems, and ongoing Large and Scaled and innovation, Emkay stays ahead in
Slide 38: Core Team
CORE TEAM Parag Morey Dr. Joseph Thomas Head of Sales Head of Research Parag is a finance postgraduate from Pune University with nearly A Masters in Economics and a Ph.D. in Management, Dr. three decades of experience in the financial services industry. He Thomas brings to the table a rich experienc
Slide 39: Financial Overview
‘Your success is our success >OO FINANCE FINANCIAL OVERVIEW
Slide 40: Quarterly Consolidated Income Statement
QUARTERLY CONSOLIDATED INCOME STATEMENT QoQ% YoY % % Particulars (INR in Mn) Q3FY26 Q2 FY26 Change Q3 FY25 Change 9M FY26 9M FY25 Change REVENUE Income from Operations 871 721 21 773 13 2,321 2,660 (13) Other Income 47 50 (6) 66 (29) 145 193 (25) Total Revenue 918 771 19 839 9 2,466 2,853 (14) EXPEN
Slide 41: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET As at As at As at As at Particulars Particulars 31.12.2025 31.03.2025 31.12.2025 31.03.2025 Unaudited Audited Unaudited Audited A ASSETS B LIABILITIES AND EQUITY 1 Financial Assets LIABILITIES (a) Cash and cash equivalents 211 465 1 Financial Liabilities (b) Bank Balance o
Slide 42: Historical Consolidated Income Statement
HISTORICAL CONSOLIDATED INCOME STATEMENT Particulars (INR Mn) FY23 FY24 FY25 REVENUE Income from Operations 2,030 2,864 3,362 Other Income 125 307 250 Total Revenue 2,155 3,171 3,612 EXPENSES Employee Benefits Expenses 1,151 1,508 1,709 Finance Costs 43 49 70 Depreciation & Amortization Expenses 92
Slide 43: Historical Consolidated Balance Sheet
HISTORICAL CONSOLIDATED BALANCE SHEET Particulars (INR Mn) FY23 FY24 FY25 Financial Assets (a) Cash and Cash Equivalents 295 478 465 (b) Other Bank Balances 3,191 5,350 4,928 (c) Securities held for trading 7 13 4 (d) Trade Receivables 1,053 1,252 941 (e) Loans 514 396 180 (f) Investments 237 262 31
Slide 44: Financial Highlights
FINANCIAL HIGHLIGHTS Operational Revenue (INR Mn) EBITDA (INR Mn) & EBITDA Margins (%) PAT (INR Mn) & PAT Margins (%) 3,362 2,864 2,321 568 2,030 543 325 285 155 141 16.89% 95 135 16.15% 9.95% 11.35% 6.65% 6.68% 6.95% 4.09% FY23 FY24 FY25 9M-FY26 FY23 FY24 FY25 9M-FY26 FY23 FY24 FY25 9M-FY26 Debt to
Slide 45: Capital Market Data
CAPITAL MARKET DATA 30% EMKAY SENSEX 20% 10% 0% -10% -20% -30% -40% -50% Jan-2025 Feb-2025 Mar-2025 Apr-2025 May-2025 Jun-2025 Jul-2025 Aug-2025 Sep-2025 Oct-2025 Nov-2025 Dec-2025 Price Data (As on 31st December, 2025) Shareholding Pattern (As on 31st December 2025) Face Value (INR) 10.0 CMP (INR)
Slide 46: Disclaimer
DISCLAIMER Emkay Global Financial Services Ltd No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are i
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