Emkay Global Financial Services Limited · NSE:EMKAY
Emkay Global Financial Services — Q2 FY26 Earnings Presentation
37 slides from Emkay Global Financial Services's earnings presentation, Oct 31, 2025
Slide 1: Exchange filing cover letter for Investor Presentation
Date: 31st October, 2025 To, To, Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex P. J. Tower, Dalal Street, Bandra (East), Mumbai-400 051 Mumbai 400 001 NSE Symbol: EMKAY BSE Scrip Code:532737 Dear Sir/Madam Sub: Investo
Slide 2: Earnings Presentation Q2 FY26
EARNINGS PRESENTATION Q2 1 FY 26
Slide 3: Dear Investors
Dear Investors, We hope this message finds you well. Q2 FY26 was marked by a cloud of uncertainty gradually enveloping the domestic markets, largely emanating from external factors. The imposition of high and punitive tariffs, along with a steep hike in visa fees, proved disruptive for several expor
Slide 4: Letter to investors (continued)
We also made meaningful progress in strengthening our technology and digital infrastructure, with continued upgrades to client management systems, automation initiatives, and enhanced security frameworks. The total capex on technology during the quarter stood at approximately INR 18 million, reflect
Slide 5: Capital Market
CAPITAL MARKET How did institutional activity trend in Q2 FY26 compared to the preceding quarter? In Q1 FY26, FIIs were net buyers in the cash segment, with inflows of ₹386.7 billion, while DIIs recorded net purchases of ₹1,750.7 billion. In contrast, Q2 FY26 witnessed sustained FII selling across a
Slide 6: Capital Market
CAPITAL MARKET Has the outlook for India among global investors improved further post-Q2 earnings season? India’s position in global portfolios continues to strengthen, even as certain macro and geopolitical factors remain in play. The recent announcement by US President Trump that a significant Ind
Slide 7: Capital Market
CAPITAL MARKET Are you seeing greater participation from domestic mutual funds and insurance players in primary market issuances? Domestic mutual funds are increasingly applying a minimum post-IPO market capitalization filter, which has moderated their participation in smaller deals. However, the gr
Slide 8: Asset Management
ASSET MANAGEMENT How did AUM growth trend in Q2 FY26 across your PMS and AIF strategies? In Q2 FY26, we recorded a healthy addition in overall AUM. Growth was driven primarily by our newly launched Emkay SMID Cap Growth Engine (PMS/AIF) strategy, which saw strong investor traction. A significant por
Slide 9: Asset Management
ASSET MANAGEMENT Are you evaluating any new product launches for H2 FY26? Yes, we are planning to launch Emkay Emerging Stars Fund Series VII — a close-ended Category III AIF with a multicap approach encompassing both listed and select unlisted opportunities. This launch will further expand our AIF
Slide 10: Wealth Management
WEALTH MANAGEMENT How did client investment activity trend in Q2 FY26 amid improving market sentiment? Client activity improved moderately during Q2 FY26, with renewed participation in equities, particularly in the large-cap segment. This preference for relatively stable and liquid names indicates a
Slide 11: Business Performance
BUSINESS PERFORMANCE 10 Q2 FY 26
Slide 12: Key Performance Indicators: Emkay Q2 FY26 at a Glance
KEY PERFORMANCE INDICATORS EMKAY: Q2 FY26 AT A GLANCE (INR Mn) 1,99,776 1,84,149 15,627 771 Total Assets Wealth Assets PMS & AIF AUM Revenue 6% YoY 8% YoY 25% YoY 33% YoY 3 5 547 40,400+ PBT PAT Total Employees (In numbers) Client Base (In numbers) 99% YoY 98% YoY As on 30.09.2025 As on 30.09.2025 8
Slide 13: Key Highlights of Q2-FY26
KEY HIGHLIGHTS OF Q2-FY26 Financials Emkay Confluence 2025 Corporate Connect The Consolidated Emkay’s flagship conference witnessed The Institutional Equities team organised Revenue was INR 771 Mn, participation from ~200 companies and 250 14 roadshows, 35 corporate/expert while Consolidated PAT fun
Slide 14: Revenue Mix (INR Mn)
REVENUE MIX (INR Mn) Capital Markets Asset Management 2,500 Wealth Management Others including Treasury 2,039 2,000 321 1,549 1,500 276 591 1,148 335 98 165 1,000 771 778 342 127 121 155 891 778 768 60 171 164 500 1,029 79 48 811 581 400 411 - Q2 FY26 Q1 FY26 Q2 FY25 6M FY26 6M FY25 13 Q2 FY 26
Slide 15: Capital Markets
CAPITAL MARKETS 14 Q2 FY 26
Slide 16: Capital Market Performance
CAPITAL MARKET PERFORMANCE Capital Market Revenue (INR Mn) Equity Market ADTO (INR Bn) 21% 1,388 31% 1,109 1,157 1,029 1,037 1,009 3% 811 581 400 411 Q2 FY26 Q1FY26 Q2FY25 6M FY26 6M FY25 Q2 FY 24-25 Q3 FY 24-25 Q4 FY 24-25 Q1 FY 25-26 Q2 FY 25-26 Derivative Market ADTO (INR Bn) Emkay's ADTO (INR Bn
Slide 17: Key Highlights
KEY HIGHLIGHTS 14 9 Coverages Roadshows Initiated 35 78 Corporate & Industry Expert Client Calls Reports Released 14 503 Group calls/Events Research /Conferences Reports Released 16 Q2 FY 26
Slide 18: Some Industry Reports Released in Q2
SOME INDUSTRY REPORTS RELEASED IN Q2 17 Q2 FY 26
Slide 19: Conferences in Q2: Emkay Confluence 2025
CONFERENCES IN Q2 Emkay Institutional Equities organized Emkay Confluence 2025 10 192 5,133 Speaker Companies Meetings Sessions Clients 246 923 140 735 735 Funds Individuals Fund Analysts MD/Director/ Managers HoE/HoR/CIO 18 Q2 FY 26
Slide 20: Emkay Confluence 2025 – Main-track Speakers
Emkay Confluence 2025 – Main-track Speakers Sr. No. Company Name Person 1 Adani Group Sagar Adani, ED & Jugeshinder "Robbie" Singh, Group CFO 2 Dixon Sunil Vachani, Founder and Chairman 3 Capacity Building Commission Adil Zainulbhai, Chairman 4 Paytm Vijay Shekhar Sharma, CEO 5 Micron India Anand Ra
Slide 21: Festive Conference (Virtual) 2025
FESTIVE CONFERENCE Emkay Institutional Equities organized Festive Conference (Virtual) 2025 which was attended by 15 348 Distributors/ Participants Dealers/Experts Clients 87 163 Funds Individuals 20 Q2 FY 26
Slide 22: Corporate Access
CORPORATE ACCESS During Q2 FY26 the Institutional Equities team organised 14 35 14 Roadshows Expert and Group Calls/ Client Calls Events/ Conferences 21 Q2 FY 26
Slide 23: Asset Management
ASSET MANAGEMENT PMS & AIF vertical (Emkay Investment Managers Ltd.) 22 Q2 FY 26
Slide 24: Asset Management Performance
ASSET MANAGEMENT PERFORMANCE Asset Management Revenue (INR Mn) PMS AUM (INR Mn) 9,412 8,679 31% 30% 7,569 7,490 7,271 65% Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 AIF AUM (INR Mn) 127 6,010 6,215 98 5,193 4,987 4,919 79 60 48 Q2 FY25 Q3 Fy25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY26 Q1 FY26 Q2 FY25 6M FY26 6M
Slide 25: Key Highlights
KEY HIGHLIGHTS Total Number of YoY Increase number of Strategies that in the AUM outperformed Strategies Benchmark 8 5 25% 24 Q2 FY 26
Slide 26: Key Highlights
KEY HIGHLIGHTS During the quarter, EIML’s Emkay Capital Builder PMS and The newly launched Emkay AUM crossed INR 15,500 AIF strategies continued their SMIDCap PMS and AIF also Mn, driven by the strong strong performance momentum, witnessed encouraging investor performance of existing with total asse
Slide 27: Wealth Management
WEALTH MANAGEMENT 26 Q2 FY 26
Slide 28: Wealth Management Performance
WEALTH MANAGEMENT PERFORMANCE Wealth Management Revenue (INR Mn) Wealth Assets (INR Mn) 50% 2,00,797 2,00,517 43% 1,95,247 1,84,149 4% 591 1,79,781 767 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 342 335 Number of Clients* Portfolio Mix (%) (Q2FY26) 507 7.88% 12.94% 38,175 230 37,851 4.75% 171 164 298 1
Slide 29: Key Highlights
KEY HIGHLIGHTS Wealth AUMs degrew 8 % YoY to INR 1,84,149 Mn vis-à-vis INR 2,00,797 Mn Advisory revenue grew by 23% YoY to INR 54 Mn Transactional revenue degrew by 61% YoY to INR 117 Mn Emkay Wealth undertakes regular and stringent monitoring of portfolios Research Reports • Navigator: A monthly wi
Slide 30: Others Including Treasury Revenue (INR Mn)
OTHERS INCLUDING TREASURY REVENUE (INR Mn) 14% 27% 321 276 22% 165 155 121 29 Q2 FY26 Q1FY26 Q2FY25 6M FY26 6M FY25 Q2 FY 26
Slide 31: Financial Performance
FINANCIAL PERFORMANCE 30 Q2 FY 26
Slide 32: Quarterly Consolidated Income Statement
QUARTERLY CONSOLIDATED INCOME STATEMENT QoQ% YoY % % Particulars (INR in Mn) Q2FY26 Q1 FY26 Change Q2 FY25 Change 6M FY26 6M FY25 Change REVENUE Income from Operations 721 730 (1) 1,086 (34) 1,451 1,912 (24) Other Income 50 48 4 62 (19) 98 127 (23) Total Revenue 771 778 (1) 1,148 (33) 1,549 2,039 (2
Slide 33: 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 Depr. & Amort. Expenses 92 98 116 Other
Slide 34: 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 35: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE Operational Revenue (INR Mn) PAT (INR Mn) & PAT Margins (%) 3,362 568 2,712 2,864 2,030 338 325 16.89% 12.46% 141 11.35% 6.95% FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Debt to Equity (X) Net Worth (INR Mn) ROE (%) & ROCE (%) ROE ROCE 3,032 2,409 2,104 24.05% 20.89% 0.
Slide 36: Capital Market Data
CAPITAL MARKET DATA 80% EMKAY SENSEX 60% 40% 20% 0% -20% -40% Oct-2024 Nov-2024 Dec-2024 Jan-2025 Feb-2025 Mar-2025 Apr-2025 May-2025 Jun-2025 Jul-2025 Aug-2025 Sep-2025 Price Data (As on 30th September,2025) Shareholding Pattern (As on 30th September 2025) Face Value (INR) 10.0 CMP (INR) 313.1 52 W
Slide 37: Disclaimer
DISCLAIMER Emkay Global Financial Services Ltd This presentation and the following discussion may contain “forward looking statements” by Emkay Global Financial Services Limited (EGFSL) that are not historical in nature. These forward looking statements, which may include statements relating to futu
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