Emkay Global Financial Services Limited (IN:EMKAY)
:EMKAY
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Emkay Global Financial Services Limited
(EMKAY)
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Rating:50Neutral
Price Target:
₹195.00
▼(-32.00% Downside)
Action:Reiterated
Date:05/18/26
The score is held back primarily by weak technicals (clear downtrend with negative momentum) and a demanding valuation (high P/E with low yield). Financial performance is mixed: strong FY2026 revenue growth and low leverage are positives, but sharp margin/ROE deterioration and historically volatile cash generation reduce confidence in earnings quality.
Positive Factors
Accelerating revenue
Sustained top-line acceleration (~45% YoY in FY2026) signals stronger client activity and product demand across core services. Durable revenue momentum supports reinvestment in research, distribution and IB capabilities, improving prospects for multi-quarter earnings recovery and scale benefits.
Negative Factors
Sharp margin deterioration
A large, persistent drop in margins and ROE materially reduces return on invested capital and constrains the firm's ability to fund growth or dividends organically. If margins reflect structural mix or cost pressures, earnings recovery may be slow and require strategic fixes.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating revenue
Sustained top-line acceleration (~45% YoY in FY2026) signals stronger client activity and product demand across core services. Durable revenue momentum supports reinvestment in research, distribution and IB capabilities, improving prospects for multi-quarter earnings recovery and scale benefits.
Read all positive factors
Emkay Global Financial Services Limited (EMKAY) vs. iShares MSCI India ETF (INDA)
Market Cap
₹5.79B
Dividend Yield0.56%
Average Volume (3M)13.47K
Price to Earnings (P/E)31.8
Beta (1Y)0.64
Revenue Growth9.76%
EPS Growth-74.05%
CountryIN
Employees513
SectorServices
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)8.76
Shares Outstanding26,336,731
10 Day Avg. Volume1,542
30 Day Avg. Volume13,470
Financial Highlights & Ratios
PEG Ratio-0.43
Price to Book (P/B)1.27
Price to Sales (P/S)1.22
P/FCF Ratio1.57
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Emkay Global Financial Services Limited Business Overview & Revenue Model
Company Description
Emkay Global Financial Services Limited, through its subsidiaries, provides stock broking, investment banking, portfolio management, and wealth management services in India. The company offers institutional equities, private wealth management and ...
How the Company Makes Money
null...
Emkay Global Financial Services Limited Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
72
Positive
Cash Flow
54
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.73B | 3.96B | 3.17B | 2.70B | 1.95B | 2.56B |
| Gross Profit | 670.14M | 2.79B | 1.04B | 668.71M | 512.43M | 1.26B |
| EBITDA | 365.93M | 347.51M | 769.90M | 556.69M | 240.65M | 552.82M |
| Net Income | 222.94M | 152.01M | 568.31M | 324.39M | 140.76M | 338.04M |
Balance Sheet | ||||||
| Total Assets | 15.42B | 17.40B | 12.33B | 10.65B | 7.31B | 7.64B |
| Cash, Cash Equivalents and Short-Term Investments | 7.33B | 9.16B | 10.05B | 8.07B | 4.20B | 4.76B |
| Total Debt | 706.48M | 1.00B | 551.45M | 417.18M | 375.70M | 263.32M |
| Total Liabilities | 12.40B | 13.59B | 9.30B | 8.24B | 5.21B | 5.63B |
| Stockholders Equity | 3.02B | 3.81B | 3.03B | 2.41B | 2.10B | 2.01B |
Cash Flow | ||||||
| Free Cash Flow | -220.73M | 3.08B | -89.52M | 135.22M | -712.57M | 549.34M |
| Operating Cash Flow | -175.44M | 3.17B | -20.90M | 221.69M | -634.19M | 597.42M |
| Investing Cash Flow | -80.15M | -4.11B | -101.47M | -62.36M | 50.73M | -40.20M |
| Financing Cash Flow | -76.21M | 948.55M | 108.77M | 24.10M | -69.00M | -72.85M |
Emkay Global Financial Services Limited Technical Analysis
Positive
286.75
Price Trends
219.04
Positive
238.74
Negative
257.08
Negative
Market Momentum
-2.65
Positive
51.50
Neutral
62.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:EMKAY, the sentiment is Positive. The current price of 286.75 is above the 20-day moving average (MA) of 221.37, above the 50-day MA of 219.04, and above the 200-day MA of 257.08, indicating a neutral trend. The MACD of -2.65 indicates Positive momentum. The RSI at 51.50 is Neutral, neither overbought nor oversold. The STOCH value of 62.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:EMKAY.
Emkay Global Financial Services Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹7.25B | 14.33 | ― | 0.78% | -8.73% | -16.84% | |
65 Neutral | ₹1.49B | 27.05 | ― | ― | -6.18% | -16.00% | |
58 Neutral | ₹2.36B | 9.79 | ― | ― | 11.01% | -9.91% | |
56 Neutral | ₹573.55M | -0.73 | ― | 0.42% | -37.23% | -545.59% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
50 Neutral | ₹5.79B | 31.81 | ― | 0.56% | 9.76% | -74.05% |
* Services Sector Average
IN:EMKAY
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Emkay Global Financial Services Limited Corporate Events
Emkay Global boosts equity capital as promoter fully converts warrants
May 12, 2026
Emkay Global Financial Services has increased its equity base following the full conversion of 4,15,100 remaining warrants held by promoter Krishna Kumar Karwa into an equal number of shares. The warrants, originally issued as part of a 95,00,000 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.