Emkay Global Financial Services Limited · NSE:EMKAY
Emkay Global Financial Services — Q3 FY26 Earnings Presentation
38 slides from Emkay Global Financial Services's earnings presentation, Jan 27, 2026
Slide 1: Exchange filing cover letter for earnings presentation
Date: 27th January, 2026 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 Scrip Code: EMKAY Scrip Code: 532737 Sub: Earning Presentation for
Slide 2: Earnings Presentation Q3 FY26
EARNINGS PRESENTATION Q3 1 FY 26
Slide 3: Dear Investors
Dear Investors, As we step into the New Year, we extend our warm wishes to you and thank you for your continued trust and partnership. Q3 FY26 unfolded against a challenging global and domestic market backdrop, with sentiment remaining subdued for most of the quarter. Heightened geopolitical tension
Slide 4: Letter to investors: clearing upgrade and business highlights
We also initiated a strategic upgrade of our clearing capabilities to expand our role in the capital markets value chain and enhance revenue diversification. We successfully upgraded our clearing memberships across NSE and BSE, enabling us to offer end-to-end clearing and settlement services. This w
Slide 5: Capital Market: market breadth, volatility and sectoral leadership
CAPITAL MARKET How did market breadth, volatility, and sectoral leadership change during Q3 FY26? Market breadth significantly worsened in Q3FY26. The narrower Nifty50 Index outperformed the NSE500 by 117bp and the NSE MidSmallCap400 Index by 240bp during this quarter. 65% of BSE500 stocks underperf
Slide 6: Capital Market: institutional interest in themes
CAPITAL MARKET Has institutional interest in manufacturing, defence, renewables, and financialization sustained momentum or shown signs of consolidation? In Q3FY26, Manufacturing continued to attract measured inflows as investors remained constructive on medium-term capex, but avoided aggressive pos
Slide 7: Capital Market: drivers and risks ahead
CAPITAL MARKET What are the key drivers that could shape capital market activity over the next two quarters? In the absence of a material improvement in market sentiment, capital market activity is expected to broadly mirror Q3 levels. A more durable revival would likely hinge on a sustained recover
Slide 8: Asset Management: AUM growth and inflows
ASSET MANAGEMENT How did AUM growth trend in Q3 FY26 across PMS and AIF strategies, and what were the key drivers of net inflows? In Q3 FY26, we had inflows over ₹1,400 Million, reflecting continued momentum across both PMS and AIF platforms. Growth remained PMS-led, supported by strong traction in
Slide 9: Asset Management: Emerging Stars Fund Series VII
ASSET MANAGEMENT What has been the initial investor response to Emkay Emerging Stars Fund – Series VII since its launch during the quarter? The Emkay Emerging Stars Fund – Series VII has seen strong early interest driven by its unique combination of listed and select unlisted exposures, supported by
Slide 10: Wealth Management: client activity trends
WEALTH MANAGEMENT How did client investment activity trend in Q3 FY26 amid market consolidation and intermittent volatility? Client investment activity remained largely subdued during Q3 FY26, reflecting heightened uncertainty around global trade negotiations—particularly the delay in concluding the
Slide 11: Wealth Management: Tier-2 and Tier-3 expansion
WEALTH MANAGEMENT How is your expansion across Tier-2 and Tier-3 cities progressing, and are these markets contributing meaningfully to new client additions? Expansion across Tier-2 and Tier-3 cities is progressing broadly in line with the plan outlined at the start of the year. During the quarter,
Slide 12: Business Performance
BUSINESS PERFORMANCE 11 Q3 FY 26
Slide 13: Key Performance Indicators: Q3 FY26 at a glance
KEY PERFORMANCE INDICATORS EMKAY: Q3 FY26 AT A GLANCE (INR Mn) 1,93,844 1,76,810 17,034 918 Total Assets Wealth Assets PMS & AIF AUM Revenue 7% YoY 9% YoY 34% YoY 9% YoY 60 43 544 39,400+ PBT PAT Total Employees (In numbers) Client Base (In numbers) 47% YoY 50% YoY As on 31.12.2025 Clients who have
Slide 14: Key Highlights of Q3-FY26
KEY HIGHLIGHTS OF Q3-FY26 Technology Updates • Launched our new trading platform across key domestic and international • Rolled out a service management platform for multiple business units and a exchanges refreshed CRM solution for frontline teams. • Completed the integration of a notice of executi
Slide 15: Revenue Mix
REVENUE MIX (INR Mn) Capital Markets Asset Management 3,000 Wealth Management Others including Treasury 2,853 2466 414 2,500 428 2,000 777 525 144 1,500 196 918 1,000 771 839 153 118 1,518 190 121 186 1,317 69 171 500 46 79 506 489 400 - Q3 FY26 Q2 FY26 Q3 FY25 9M FY26 9M FY25 14 Q3 FY 26
Slide 16: Capital Markets
CAPITAL MARKETS 15 Q3 FY 26
Slide 17: Capital Market Performance
CAPITAL MARKET PERFORMANCE Capital Market Revenue (INR Mn) Equity Market ADTO (INR Bn) 13% 1,388 3% 1,518 1,157 1,109 1,067 1,317 1,009 1,037 27% 506 489 400 Q3 FY26 Q2FY26 Q3FY25 9M FY26 9M FY25 Q2 FY 25 Q3 FY 25 Q4 FY 25 Q1 FY 26 Q2 FY 26 Q3 FY26 Derivative Market ADTO (INR Bn) Emkay's ADTO (INR B
Slide 18: Key Highlights
KEY HIGHLIGHTS 13 28 Coverages Roadshows Initiated 40 53 Corporate & Industry Expert Client Calls Reports Released 6 318 Group calls/Events Research /Conferences Reports Released 17 Q3 FY 26
Slide 19: Few of the Company Coverages Initiated
FEW OF THE COMPANY COVERAGES INITIATED 18 Q3 FY 26
Slide 20: Institutional Equities Segment Overview
INSTITUTIONAL EQUITIES SEGMENT OVERVIEW Research Stocks and Sectors High Conviction Research Market Cap Bracket Research Universe 46 < 5,000 Cr 19 5,000 – 20,000 Cr 59 20,000 – 50,000 Cr 44 Member Research Team 50,000-1,00,000 Cr 39 (Including 16 lead analysts 1,00,000 – 5,00,000 Cr 61 with average
Slide 21: Asset Management
ASSET MANAGEMENT PMS & AIF vertical (Emkay Investment Managers Ltd.) 20 Q3 FY 26
Slide 22: Asset Management Performance
ASSET MANAGEMENT PERFORMANCE Asset Management Revenue (INR Mn) PMS AUM (INR Mn) 10,380 49% 36% 9,412 8,679 7,569 7,490 7,271 250 13% Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 196 200 AIF AUM (INR Mn) 150 144 6,654 6,010 6,215 5,193 4,987 4,919 100 79 69 46 50 0 Q3 FY26 Q2 FY26 Q3 FY25 9M FY26
Slide 23: Key Highlights
KEY HIGHLIGHTS Total Number of YoY Increase number of Strategies that in the AUM outperformed Strategies Benchmark 8 3 34% 22 Q3 FY 26
Slide 24: Key Highlights
KEY HIGHLIGHTS During the quarter, EIML’s Emkay Capital Builder PMS The recently launched Emkay AUM crossed INR 17,000 and AIF strategies sustained SMIDCap PMS and AIF Mn, driven by the strong strong performance momentum, strategies received robust performance of existing with aggregate assets under
Slide 25: Wealth Management
WEALTH MANAGEMENT 24 Q3 FY 26
Slide 26: Wealth Management Performance
WEALTH MANAGEMENT PERFORMANCE Wealth Management Revenue (INR Mn) Wealth Assets (INR Mn) 2% 2,00,797 2,00,517 2% 32% 32% 1,95,247 1,84,149 1,79,781 11% 11% 777 1,76,810 525 767 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 646 Number of Clients* Portfolio Mix (%) (Q3FY26) 362 38,175 8.69% 13.75% 37
Slide 27: Key Highlights
KEY HIGHLIGHTS Wealth AUMs degrew 9 % YoY to INR 1,76,810 Mn vis-à-vis INR 1,95,247 Mn Advisory revenue grew by 23% YoY to INR 58 Mn Transactional revenue degrew by 5% YoY to INR 132 Mn Emkay Wealth undertakes regular and stringent monitoring of portfolios Research Reports • Navigator: A monthly wit
Slide 28: Others Including Treasury Revenue
OTHERS INCLUDING TREASURY REVENUE (INR Mn) 3% 3% 30%30% 428 414 26% 26% 153 121 118 27 Q3 FY26 Q2FY26 Q3FY25 9M FY26 9M FY25 Q3 FY 26
Slide 29: Human Resources
HUMAN RESOURCES 28 Q3 FY 26
Slide 30: Q3 FY26 at a Glance: employee satisfaction
Q3 FY26 AT A GLANCE Employee Satisfaction Survey During the quarter, we conducted a structured The Mood of the Workplace (Sentiment based on Q3 FY’26 reviews) employee satisfaction survey to assess engagement, workplace experience, and priority improvement areas. Overall employee Overall Work-Life B
Slide 31: Q3 FY26 at a Glance: AI hiring and offsite
Q3 FY26 AT A GLANCE During the quarter, we onboarded Naukri’s Agentic AI (AgentAI) Institutional Equities Offsite - Goa platform to enhance the efficiency and scalability of our talent During the quarter, the Institutional Equities team conducted an offsite in Goa focused on strategic acquisition pr
Slide 32: Financial Performance
FINANCIAL PERFORMANCE 31 Q3 FY 26
Slide 33: 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 34: 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 35: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE Operational Revenue (INR Mn) EBITDA (INR Mn) & EBITDA Margin (%) PAT (INR Mn) & PAT Margins (%) 16.89% 3,362 16.15% 2,864 11.35% 9.95% 2,030 6.65% 6.95% 135 285 543 141 325 568 FY23 FY24 FY25 FY23 FY24 FY25 EBITDA EBITDA Margin (%) PAT PAT Margin (%) FY23 FY24 FY25 N
Slide 36: Consolidated Key Ratios
CONSOLIDATED KEY RATIOS (in Times) (in Times) Debt to Equity Interest Coverage Ratio 6.13 0.15 0.14 3.81 0.07 1.00 FY 23 FY 24 FY 25 FY 23 FY 24 FY 25 ROE (%) ROCE (%) 13.69% 20.89% 14.38% 7.51% 6.85% 1.95% FY23 FY24 FY25 FY23 FY24 FY25 35 Q3 FY 26
Slide 37: 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 38: 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
Emkay Global Financial Services — Q3 FY26 Earnings Presentation on 6ix