Emkay Global Financial Services Limited · NSE:EMKAY
Emkay Global Financial Services — Q4 FY26 Earnings Presentation
42 slides from Emkay Global Financial Services's earnings presentation, May 18, 2026
Slide 1: Covering letter to NSE and BSE
18th May, 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. NSE Symbol: EMKAY BSE Scrip Code: 532737 Dear Sir/Madam, Sub: SEBI (Listin
Slide 2: Earnings Presentation Q4 FY26
EARNINGS PRESENTATION Q4 1 FY 26
Slide 3: Letter to Investors
Dear Investors, Greetings! The past financial year tested both markets and conviction. Global trade disruptions, led by tariff increases and prolonged negotiations created persistent uncertainty for export-oriented sectors. At the same time, domestic markets were navigating a phase of earnings moder
Slide 4: Letter to Investors (continued)
As we look ahead, our approach remains consistent. We will continue to build on our strengths in research and institutional engagement, expand thoughtfully across businesses, and allocate capital with discipline. In a market that often rewards noise in the short term, we remain committed to clarity,
Slide 5: Investor Insights: Addressing Your Key Questions
Investor Insights: Addressing Your Key Questions 4 Q4 FY 26
Slide 6: Capital Markets
CAPITAL MARKETS How would you summarise 2025-26 in terms of overall capital market activity versus your initial expectations? The year saw capital market activity remain softer than we had expected, with the slowdown more visible in SMID names toward the latter part of the year. However, it was not
Slide 7: Capital Markets: Deal Mix
CAPITAL MARKETS How did your deal mix evolve across IPOs, QIPs, block deals, and M&A over 2025-26? Given the market backdrop, 2025-26 was a reasonably steady year for the ECM business. We completed five transactions during the year with an aggregate deal size of approximately ₹41,782 million. The ye
Slide 8: Capital Markets: Risks
CAPITAL MARKETS What risks—global liquidity, currency volatility, or domestic valuations—could impact deal activity going forward? The biggest near-term risk remains the geopolitical situation in the Middle East. Any sharp escalation could lead to higher crude oil prices, weaker risk sentiment, and
Slide 9: Asset Management
ASSET MANAGEMENT How did AUM growth trend for the full year across PMS and AIF platforms? 2025-26 was a strong year for us on the growth front. Our overall AUM grew ~30%, crossing ₹15,500 million mark — a milestone we're pleased to have reached. Within this, our PMS platform led the growth, expandin
Slide 10: Asset Management: Tier-2/3 and Outlook
ASSET MANAGEMENT Are Tier-2/3 markets contributing meaningfully to flows? This is an area where we saw a tangible shift in 2025-26. Approximately 15% of our total inflows came from Tier-2 and Tier-3 cities — a step-up that we view as one of the more significant structural developments of the year. T
Slide 11: Wealth Management
WEALTH MANAGEMENT How has your Tier-2/3 expansion contributed to client acquisition and flows over the full year? Our expansion into Tier-2 and Tier-3 markets is still at a relatively early stage, so the full impact on client acquisition and flows will likely become more visible over the next few qu
Slide 12: Wealth Management Performance Review
WEALTH MANAGEMENT How has the Wealth Management business performed in 2025-26? The Wealth Management business faced a relatively challenging environment during FY26, with some pressure on both Assets Under Management and overall revenues compared to the previous year. The weakness was largely driven
Slide 13: Business Performance
BUSINESS PERFORMANCE 12 Q4 FY 26
Slide 14: Key Performance Indicators: 2025-26 at a Glance
KEY PERFORMANCE INDICATORS EMKAY: 2025-26 AT A GLANCE (INR million) 1,70,537 1,54,583 15,953 3,963 Total Assets Wealth Assets PMS & AIF AUM Revenue 11% YoY 14% YoY 30% YoY 10% YoY 212 152 539 40,200+ PBT PAT Total Employees Client Base 65% YoY 73% YoY As on 31.03.2026 As on 31.03.2026 4,998 3,807 4.
Slide 15: Key Highlights of 2025-26
KEY HIGHLIGHTS OF 2025-26 Financials Capital Market Transactions The Consolidated revenue increased by 10% During the year Emkay executed five merchant banking transactions aggregating INR 41,781.5 million, reflecting YoY to INR 3,963 million, while consolidated continued momentum in deal execution.
Slide 16: Key Highlights of 2025-26: Information Technology
KEY HIGHLIGHTS OF 2025-26 I N F O R M AT I O N T E C H N O L O G Y Technological advancements have been a cornerstone of our growth this year. In line with our digital-first approach, technology-related capex in 2025-26 stood at INR 77 million, reflecting our commitment to long-term, tech-driven tra
Slide 17: Revenue Mix
REVENUE MIX (INR Mn) 4500 3,963 4000 3,612 550 3500 501 271 3000 197 730 2500 949 2000 1,532 1500 157 75 205 918 2412 768 1000 1965 153 69 96 190 53 500 1095 172 506 447 0 Q4 FY26 Q3 FY26 Q4 FY25 12M FY26 12M FY25 Capital Markets Wealth Management Asset Management Others including Treasury 16 Q4 FY
Slide 18: Capital Markets
CAPITAL MARKETS 17 Q4 FY 26
Slide 19: Capital Market Performance
CAPITAL MARKET PERFORMANCE Capital Market Revenue (INR Mn) Equity Market ADTO (in Bn) 145% 23% 1,286 2412 1,109 1,157 1,037 1,067 1,009 1965 116% 1095 506 447 Q4 FY26 Q3 FY26 Q4 FY25 12M FY26 12M FY25 Q3 FY 25 Q4 FY 25 Q1 FY 26 Q2 FY 26 Q3 FY 26 Q4 FY 26 Derivative Market ADTO (in Bn) Emkay's ADTO (
Slide 20: Key Highlights of 2025-26
KEY HIGHLIGHTS OF 2025-26 Merchant banking transactions 43 34 during the year totaled Group calls/Events INR ₹41,781.5 million Roadshows /Conferences Executed 88 ECM transactions till 149 240+ date with aggregate deal value of Corporate & Companies under INR 4,06,093 million Expert Client Calls cove
Slide 21: ECM Transactions in Q4
ECM TRANSACTIONS IN Q4 01 02 03 Merchant Banker to Sole Merchant Merchant Banker the buyback Banker for the IPO of for the IPO of aggregating INR 3,193 million INR 4,530 million INR 3,000 million 20 Q4 FY 26
Slide 22: Some Industry Reports Released in Q4
SOME INDUSTRY REPORTS RELEASED in Q4 21 Q4 FY 26
Slide 23: Institutional Equities Segment Overview
INSTITUTIONAL EQUITIES SEGMENT OVERVIEW Research Stocks and Sectors High Conviction Research Market Cap Bracket Research Universe 45 < 5,000 Cr 19 5,000 – 20,000 Cr 60 20,000 – 50,000 Cr 45 Member Research Team 50,000-1,00,000 Cr 39 (Including 15 lead analysts 1,00,000 – 5,00,000 Cr 61 with average
Slide 24: Asset Management
ASSET MANAGEMENT PMS & AIF vertical (Emkay Investment Managers Ltd.) 23 Q4 FY 26
Slide 25: Asset Management Performance
ASSET MANAGEMENT PERFORMANCE Asset Management Revenue (INR Mn) PMS AUM (INR Mn) 38% 10380 9412 9555 41% 8679 7490 7271 271 9% 197 Q3 FY 25 Q4 FY 25 Q1 FY 26 Q2 FY 26 Q3 FY 26 Q4 FY 26 AIF AUM (INR Mn) 6,654 6,399 6,010 6,215 5,193 4,987 75 69 53 Q4 FY26 Q3 FY26 Q4 FY25 12M FY26 12M FY25 Q3 FY 25 Q4
Slide 26: Key Highlights - 2025-26
KEY HIGHLIGHTS - 2025-26 Total Number of New Strategies number of Strategies that Launched Strategies outperformed Benchmark 6 4 3 25 Q4 FY 26
Slide 27: Key Highlights - 2025-26
KEY HIGHLIGHTS - 2025-26 AUM crossed Enhancing customer experience is a key INR 15,500 million driven by the strong focus, supported by ongoing operational performance of existing strategies and healthy improvements and the implementation traction in newly launched offerings. of new back-office soft
Slide 28: Wealth Management
WEALTH MANAGEMENT 27 Q4 FY 26
Slide 29: Wealth Management Performance
WEALTH MANAGEMENT PERFORMANCE Wealth Management Revenue (INR Mn) Wealth Assets (INR Mn) 195247 200517 179781 184149 176810 154583 23% 19% 1,000 8% 949 900 800 730 Q3 FY 25 Q4 FY 25 Q1 FY 26 Q2 FY 26 Q3 FY 26 Q4 FY 26 700 600 767 Number of Clients Portfolio Mix (%) (FY26) 500 505 38,175 400 7% 4% 300
Slide 30: Wealth Management
WEALTH MANAGEMENT Wealth AUMs degrew 14% YoY to INR 1,54,583 million Advisory revenue grew by 24% YoY to INR 225 million in 2025-26 Transactional revenue degrew by 34% YoY to INR 505 million Emkay Wealth undertakes in 2025-26 regular and stringent monitoring of portfolios Research Reports • Navigato
Slide 31: Others Including Treasury Revenue
OTHERS INCLUDING TREASURY REVENUE (INR Mn) 10% 64% 550.00 501 3% 157 153 96 Q4 FY26 Q3 FY26 Q4 FY25 12M FY26 12M FY25 30 Q4 FY 26
Slide 32: Financial Performance
FINANCIAL PERFORMANCE 31 Q4 FY 26
Slide 33: Key Highlights: Consolidated Financials
KEY HIGHLIGHTS : CONSOLIDATED FINANCIALS Revenues Profit Before Tax Profit After Tax EPS BVPS (INR mn) (INR mn) (INR mn) (INR) (INR) Q4 FY26 1,532 96 56 2.20 145 67% 60% 30% 31% 2% Q3 FY26 918 60 43 1.68 142 Q4 FY26 1,532 96 56 2.20 145 99% 967% 34% 35% 22% Q4 FY25 768 9 85 3.40 120 12M FY26 3,963 2
Slide 34: Quarterly Consolidated Income Statement
QUARTERLY CONSOLIDATED INCOME STATEMENT Particulars (INR Mn) Q4FY26 Q3FY26 QOQ (%) Q4FY25 YOY(%) REVENUE Income from Operations 1,484 871 70 710 109 Other Income 48 47 2 58 (17) Total Revenue 1,532 918 67 768 99 EXPENSES Employee Benefits Expenses 542 500 8 427 27 Finance Costs 43 34 26 17 153 Depre
Slide 35: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT Particulars (INR Mn) FY26 FY25 REVENUE Income from Operations 3,770 3,362 Other Income 193 250 Total Revenue 3,963 3,612 EXPENSES Employee Benefits Expenses 1,886 1,709 Finance Costs 130 70 Depr. & Amort. Expenses 134 116 Other Expenses 1,601 1,110 Total Expenses 3,751
Slide 36: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET As at As at As at As at Particulars Particulars 31.03.2026 31.03.2025 31.03.2026 31.03.2025 Audited Audited Audited Audited A ASSETS B LIABILITIES AND EQUITY 1 Financial Assets LIABILITIES (a) Cash and cash equivalents 475 465 1 Financial Liabilities (b) Bank Balance other
Slide 37: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE Operational Revenue (INR Mn) EBITDA (INR Mn) & EBITDA Margin (%) PAT (INR Mn) & PAT Margins (%) 3770 600 20.00% 600 18.00% 16.89% 3362 16.00% 500 16.15% 500 15.00% 14.00% 2864 400 400 12.00% 11.35% 543 10.00% 300 9.95% 10.00% 300 568 8.00% 200 7.51% 200 6.00% 285 325
Slide 38: Consolidated Key Ratios
CONSOLIDATED KEY RATIOS (in Times) (in Times) Debt to Equity Interest Coverage Ratio 6.13 0.24 3.81 0.14 0.15 1.14 FY24 FY25 FY26 FY24 FY25 FY26 ROE (%) ROCE (%) 20.89% 13.69% 14.38% 7.51% 3.61% 4.45% FY24 FY25 FY26 FY24 FY25 FY26 37 Q4 FY 26
Slide 39: Consolidated Balance Sheet (INR Mn)
CONSOLIDATED BALANCE SHEET (INR Mn) Networth and Leverage Cash and Cash Equivalents 465 475 5,000.00 0.30 917 818 4,500.00 242 211 0.25 4,000.00 0.24 610 132 133 461 447 0.22 3,500.00 0.20 0.20 200 3,000.00 Q3 FY 25 Q4 FY 25 Q1 FY 26 Q2 FY 26 Q3 FY 26 Q4 FY 26 2,500.00 0.15 0.15 0.14 2,000.00 Short-
Slide 40: Capital Market Data
CAPITAL MARKET DATA 100% EMKAY SENSEX 80% 60% 40% 20% 0% -20% -40% Apr-2025 May-2025 Jun-2025 Jul-2025 Aug-2025 Sep-2025 Oct-2025 Nov-2025 Dec-2025 Jan-2026 Feb-2026 Mar-2026 Price Data (As on 31st March, 2026) Shareholding Pattern (As on 31st March, 2026) Face Value (INR) 10.0 DII 0% CMP (INR) 190.
Slide 41: 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
Slide 42: Contact Us
CONTACT US Registered Office Tel: +91 22 6612 1212 www.emkayglobal.com 7th Floor, The Ruby, Fax: +91 22 66121299 Senapati Bapat Marg, Dadar (W), Mumbai - 400028. 41 Q4 FY 26
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