EMKAYFinancial Services

Emkay Global Financial Services Limited

Stockbroking & Allied · ISIN INE296H01011 · BSE 532737 · NSE EQ · FV ₹10
Last price
₹258
-1.54%today
What this company does

Emkay Global Financial Services Limited operates in Stockbroking & Allied, part of the Financial Services sector. It booked ₹151 cr of revenue in its latest quarter (Q2 FY27) and kept 20.5% of sales as profit.

“Our Mission Our Vision Our Promise To provide our clients with secure, Be amongst the top 5 securities Handing over the responsibility for customised and comprehensive players in India one’s finances involves immense financial solutions to achieve trust.”
Their stated vision

“To provide our clients with secure, Be amongst the top 5 securities Handing over the responsibility for customised and comprehensive players in India one’s finances involves immense financial solutions to achieve trust.”

Their stated mission

“To provide our clients with secure, Be amongst the top 5 securities Handing over the responsibility for customised and comprehensive players in India one’s finances involves immense financial solutions to achieve trust.”

In the report:
56out of 100
Equitytale Health Score
Mixed

Healthier than 56% of companies in Financial Services, on the 5 of 6 measures we could read for it. Each measure is ranked against the 102–253 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
48

At close. Not part of the score.

Profitability & returns75

How much profit it earns on the money it employs

Cash quality29

Whether reported profit actually arrives as cash

Growth & consistency56

Whether sales and profit have grown, and how steadily

Valuation4

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Not measurable for this company: balance sheet. Those pillars are left out of the score rather than counted as zero.

Is this company doing well?
not investment advice
Strengths
✓ Makes a profit
✓ Strong 20% net margin
✓ Sales up 110% vs last year
✓ Profit up 6,643% vs last year
✓ Promoters hold 73%
✓ No promoter shares pledged
✓ Strong 28% return on equity
✓ Virtually debt-free
Watch-outs
! Operating cash flow is negative

What if I invest in EMKAY?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹258▼ -1.54%
latest close · 2026-11-04
1-year return
+122.0%
52-wk low ₹6152-wk high ₹295
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio5.7Low
LowAverageHigh
P/B ratio1.62Moderate
Below bookModerateHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity27.8%Strong
WeakFairStrong ▸15%
Net margin20.5%Strong
ThinDecentStrong
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.05Comfortable
LowModerateHigh ▸1
More figures
Market cap
₹721 cr
Book value
₹160
EPS
₹11.37
latest quarter
Net debt
—
Enterprise value
—
EBITDA
—
EBIT
—
Operating margin
—
Return on assets
5.0%
Earnings yield
17.60%
P/S
1.19
Sales / share
₹216.8
Tax rate
24.2%
Face value
₹10
Shares
2.8 cr
Working capital
—
Current assets
—
Current liabilities
—
Delivery %
59.8%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.

Worth vs price · from the FY 2024 report & filings
not investment advice
Looks overpricedMedium confidence
Median of 2 models ₹111 vs market price ₹258 — price is 133% above it
Safety cushion-133.3%(target ≥ +20%)
Models span ₹93–₹129, midpoint ₹111
Model ₹111
Price ₹258
Cheap sideExpensive side

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY27 (consolidated)
Revenue from Operations₹151 cr
Other Income₹5 cr
Total Income₹157 cr
Cost of Materials₹0 cr
Purchases of Stock-in-Trade₹0 cr
Employee Benefit Expense₹64 cr
Finance Costs₹6 cr
Depreciation & Amortisation₹3 cr
Other Expenses₹22 cr
Total Expenses₹116 cr
Profit before Tax₹41 cr
Tax Expense₹10 cr
Share of JV / Associates₹-8.6 L
Net Profit₹31 cr
Net margin on total income19.8%
Where the money goes · Q2 FY27
% of total income
Employee benefit expense₹64 cr40.7%
Finance costs₹6 cr3.7%
Depreciation & amortisation₹3 cr2.1%
Other expenses₹43 cr27.3%
Tax expense₹10 cr6.3%
Profit for the period₹31 cr19.8%
Total income ₹157 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue148 cr92 cr151 cr
Total income153 cr97 cr157 cr
Expenses144 cr88 cr116 cr
Profit before tax10 cr9 cr41 cr
Tax4 cr71.7 L10 cr
Net profit (owners' share)6 cr9 cr31 cr
Net margin (owners' share, on revenue)3.8%9.9%20.5%
EPS (₹)2.203.3911.37
YoY (latest quarter): total income +103.3% · net profit +6,643.4%
Balance sheet & cash flow · as of Sep 2026
Debt-free
Total assets
₹2,503 cr
Shareholder equity
₹446 cr
parent shareholders
Total debt
₹21 cr
Cash
₹28 cr
Cash flow · H1 FY27
Operating
₹-73 cr
Investing
₹-24 cr
Financing
₹78 cr
Peer comparison
Stockbroking & Allied · by market value
CompanyPriceMarket capP/E
Billionbrains Garage Ventures Limited₹206₹1.29 L cr44.0
Motilal Oswal Financial Services Limited₹1,010₹60,901 cr14.1
360 ONE WAM LIMITED₹1,065₹43,441 cr36.1
Nuvama Wealth Management Limited₹1,866₹34,067 cr27.8
Angel One Limited₹310₹28,389 cr21.1
IIFL Capital Services Limited₹348₹10,973 cr21.4
Share India Securities Limited₹184₹4,030 cr8.1
Anand Rathi Share and Stock Brokers Limited₹481₹3,032 cr18.1
Monarch Networth Capital Limited₹346₹2,742 cr12.1
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.58%
trailing 12 months
Dividend / share (TTM)
₹1.5
Last dividend
₹1.5
ex 3 Aug 2026
ActionDetailEx-date
Dividend₹1.5 / share3 Aug 2026
Dividend₹1.5 / share4 Aug 2025
Dividend₹2.5 / share4 Aug 2025
Dividend₹1.5 / share1 Aug 2024
Dividend₹1 / share3 Aug 2023
Dividend₹1.25 / share29 Jul 2022
Who owns it · 2026-09-30
No pledge
Promoter
72.9%
FII / Foreign
0.9%
DII / Domestic
0.0%
Retail / others
26.2%
Promoter stake down 1.6% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtNirav Sheth · -68,406 · ₹43.1 L21 Jul 25
BoughtParag Morey · -27,520 · ₹20.8 L16 Jun 25
BoughtYatin Kumar Singh · -60,000 · ₹45.4 L16 Jun 25
Bulk / block deals
SoldNK SECURITIES RESEARCH PRIVATE LIMITED · NSE1.67 L @ ₹172.9510 Apr 24
BoughtNK SECURITIES RESEARCH PRIVATE LIMITED · NSE1.67 L @ ₹172.7310 Apr 24
SoldMUDUPULAVEMULA SURENDRANADHA REDDY · NSE1.43 L @ ₹174.2710 Apr 24
Stake changes
BoughtAntique Securities Private Ltd→ 21.36% · 75.00 L24 Oct 25
SoldEquity Intelligence India Pvt ltd & Mr. Porinju Veliyath→ 0.41% · 1.62 L16 Aug 21
SoldPortfolio Management Clients of Equity Intelligence India Pvt Ltd & Mr. Porinju Veliyath→ 2.60% · 1.86 L7 Jul 21
Promoter pledges
ReleasedAxis bank Ltd48.51 L · 19.65% held19 Apr 24
PledgedICICI Bank Limited18.50 L · 0.00% held18 May 22
ReleasedKotak Mahindra Bank Limited41.50 L · 16.86% held30 Dec 19
What shareholders were asked to approve
2 proposals passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Postal ballot · 13 Oct 2026
See the official result
1
To approve Appointment of Mr. Rajesh Shah (DIN: 06390775) as a Non-Executive Independent Director of the Company for a period of 5 years with effect from 19th August, 2026.
Backed by 100% of shareholders other than promotersneeded 75%
5.02 L votes for, 239 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 15 named members
owning 72.9% between them · as of 2026-09-30
Krishna Kumar Karwa22.10%
Prakash Kacholia19.70%
Emkay Corporate Services Private Limited17.37%
Priti Prakash Kacholia6.73%
Raunak Karwa6.27%
Krishna Kumar Karwa (HUF) (Krishna Kumar Karwa being Karta)0.36%
Murlidhar Karwa (HUF) (Krishna Kumar Karwa being Karta)0.36%
Deepak Kacholiano shares
Business done with them
FY2026 · 6 of the group
The company paid ₹10 cr to companies in the promoter group last year — about 2.7% of its ₹377 cr revenue and received ₹36 cr back from them.
Krishna Kumar Karwa
Other income from them · Salaries, Brokerage, Dividend, Interest & Interest
also owns 22.10% of the company
₹18 cr
company received
Prakash Kacholia
Other income from them · Salaries, Brokerage, Dividend, Interest & Interest
also owns 19.70% of the company
₹17 cr
company received
Krishna Kumar Karwa
Other payments to them · Salaries, Brokerage, Dividend, Interest & Interest
also owns 22.10% of the company
₹4 cr
company paid
Prakash Kacholia
Other payments to them · Salaries, Brokerage, Dividend, Interest & Interest
also owns 19.70% of the company
₹4 cr
company paid
Emkay Corporate Services Private Limited
Other payments to them · Brokerage & Depository charges
also owns 17.37% of the company
₹2 cr
company paid
Raunak Karwa
Other payments to them · Dividend, Brokerage & Depository charges
also owns 6.27% of the company
₹78.5 L
company paid
Prakash Kacholia
Contribution received from them · Salaries, Brokerage, Dividend, Interest & Interest
also owns 19.70% of the company
₹32.6 L
company received
Murlidhar Karwa HUF
Other payments to them · Dividend, Brokerage & Depository charges
₹4 L
company paid
Krishna Kumar Karwa HUF
Other payments to them · Dividend, Brokerage & Depository charges
₹4 L
company paid
Emkay Corporate Services Private Limited
Other income from them · Brokerage & Depository charges
also owns 17.37% of the company
₹3.7 L
company received
Krishna Kumar Karwa HUF
Other income from them · Dividend, Brokerage & Depository charges
₹0.01 L
company received
Murlidhar Karwa HUF
Other income from them · Dividend, Brokerage & Depository charges
₹0.01 L
company received

The company also transacted with 42 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹2 cr raised in Sep 2026 by selling shares to selected investors

As of Sep 2026, the company says it has spent 1% of what it set aside. CARE Ratings Limited watches the spending on the exchange’s behalf.

Working Capital Requirement
1%
of what was set aside
General Corporate Purpose
0%
of what was set aside

The rupee amounts in this company’s own breakdown don’t add up to the amount it says it raised — a common filing slip, where a table meant to be read in lakhs is entered as whole rupees. Rather than guess which is right, we show only the percentages, which are unaffected.

₹3 cr raised in Sep 2026 by selling shares to selected investors

As of Sep 2026, the company says it has spent 1% of what it set aside. CARE Ratings Limited watches the spending on the exchange’s behalf.

Working Capital Requirement
1%
of what was set aside
General Corporate Purpose
0%
of what was set aside

The rupee amounts in this company’s own breakdown don’t add up to the amount it says it raised — a common filing slip, where a table meant to be read in lakhs is entered as whole rupees. Rather than guess which is right, we show only the percentages, which are unaffected.

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.