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10 Yrs X-Ray 
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Analyst Note 
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About
Emkay Global Financial Services Ltd (EMKAY)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532737 NSE: EMKAY Finance - Stock Broking | Small Cap | EmkayGlobal Finl.Ser Share Price
₹267 2.85 (1.08%)
As on 23-Sep'26 13:37
Emkay Global Financial Services Ltd (EMKAY)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532737 NSE: EMKAY Finance - Stock Broking | Small Cap | EmkayGlobal Finl.Ser Share Price
₹267 2.85 (1.08%)
As on 23-Sep'26 13:37
Key Metrics
Valuation Multiples
Market Cap
₹738 Cr.
Current Price
₹267
52-Week Low / High
₹185 / 410
TTM EPS
₹7
TTM Sales
₹396 Cr.
Book Value per Share
₹128.9
P/E Ratio
37.78
Higher than its 5-year historical median
Industry PE
47.8
Price to Book (P/B)
2.05
In line with its 5-year historical median
Price to Sales (P/S)
1.86
Higher than its 5-year historical median
EV/EBITDA
-1.33
Lower than its 5-year historical median
Dividend Yield
0.56%
Profitability Efficiency
Return on Equity (ROE)
4.91%
Underperforms industry median
Return on Capital Employed (ROCE)
8.33%
Underperforms industry median
Return on Assets (ROA)
1.00%
Operating Profit Margin
8.4%
Net Profit Margin
4%
Gross Profit Margin
9.2%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
10.68%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-47.94%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-73.5%
Asset Quality
Promoter Holding
72.83%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹332 Cr.
Equity
₹27.9 Cr.
Face Value
₹10
All Time Low / High
₹11.12 / 409.90
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Strong
Is Emkay Global Financial Services Ltd a good quality company?
Emkay Global Financial Services Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Emkay Global Financial Services Ltd performance compare with that of its Peers?
Revenue growth of Emkay Global Financial Services Ltd vs industry peers?
Emkay Global Financial Services Ltd revenue CAGR is 18.44%, compared to the industry median CAGR of 9.57%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Emkay Global Financial Services Ltd?
Promoters hold 72.83% of the Emkay Global Financial Services Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Emkay Global Financial Services Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 14.8% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Emkay Global Financial Services Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 7.2% | 17.3% | 7.4% | -8.7% | 11.2% | 15.6% | 7.7% | 22.3% | 27.4% | 9.1% | - |
| Value Creation Index ⓘ | -0.5 | 0.2 | -0.5 | -1.6 | -0.2 | 0.1 | -0.5 | 0.6 | 1.0 | -0.4 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 93.8 | 132 | 127 | 118 | 143 | 175 | 186 | 253 | 315 | 349 | 367 |
| Sales YoY Gr. | - | 41% | -3.9% | -6.8% | 20.5% | 22.8% | 6.3% | 36.1% | 24.5% | 10.7% | - |
| Adj EPS ⓘ | 1.9 | 7.3 | 2 | -5.1 | 3.3 | 5.4 | 4.3 | 9.9 | 23.2 | 4.5 | 5.7 |
| YoY Gr. | - | 286.8% | -72.5% | -354.2% | NA | 65.6% | -20% | 129.4% | 134.3% | -80.5% | - |
| BVPS (₹) ⓘ | 48.4 | 54.6 | 53.8 | 47.3 | 50.8 | 55.1 | 58 | 67.4 | 91 | 95.1 | 103.6 |
| Adj Net Profit ⓘ | 4.6 | 17.9 | 4.9 | -12.6 | 8 | 13.3 | 10.6 | 24.5 | 58.9 | 11.9 | 16 |
| Cash Flow from Ops. ⓘ | -17 | 35.5 | 18 | 57.8 | -15.8 | 34.7 | -68.7 | -16.3 | -19.4 | -80.4 | - |
| Debt/CF from Ops. ⓘ | -1.7 | 0.3 | 0.6 | 0.1 | 0 | 0 | 0 | -2.2 | -3.4 | -1.6 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 15.7% | 19.6% | 23.3% | 10.7% | ||||
| Adj EPS ⓘ | 10.2% | 6.9% | 1.7% | -80.5% | ||||
| BVPSⓘ | 7.8% | 13.4% | 17.9% | 4.5% | ||||
| Share Price | 14.7% | 17.7% | 46.3% | -29.4% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 4 | 14.2 | 3.7 | -10.1 | 6.6 | 10.2 | 7.6 | 15.8 | 29.7 | 5 | 5.7 |
| Op. Profit Mgn % ⓘ | 15.2 | 21.9 | 13.3 | -1.4 | 14.3 | 11.6 | 5.1 | 7.9 | 18.1 | 9.2 | 9.3 |
| Net Profit Mgn % ⓘ | 4.9 | 13.6 | 3.9 | -10.6 | 5.6 | 7.6 | 5.7 | 9.7 | 18.7 | 3.4 | 4.3 |
| Debt to Equity ⓘ | 0.2 | 0.1 | 0.1 | 0.1 | 0 | 0 | 0 | 0.2 | 0.3 | 0.5 | - |
| Working Cap Days ⓘ | 252 | 259 | 241 | 220 | 271 | 399 | 501 | 462 | 540 | 659 | 743 |
| Cash Conv. Cycle ⓘ | -115 | -100 | -83 | -149 | -215 | -155 | -91 | -113 | -199 | -147 | 119 |
Valuation of EmkayGlobal Finl.Ser - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 26.43 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income + | 116 | 157 | 149 | 138 | 164 | 274 | 215 | 315 | 361 | 396 |
| Exceptional Items ⓘ | 11 | 1 | 3 | 5 | 3 | 3 | 12 | 31 | 25 | 19 |
| Expenditure ⓘ + | 100 | 120 | 138 | 155 | 147 | 228 | 203 | 273 | 301 | 375 |
| Exceptional Items ⓘ | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 16 | 37 | 12 | -17 | 17 | 46 | 13 | 42 | 61 | 21 |
| Taxes ⓘ | 4 | 8 | 4 | -5 | 6 | 11 | -1 | 12 | 4 | 6 |
| Profit After Tax | 12 | 29 | 8 | -12 | 12 | 35 | 14 | 31 | 57 | 15 |
| Adjusted EPS (₹) | 5.0 | 11.7 | 3.6 | -5.1 | 4.5 | 13.7 | 5.7 | 13.1 | 22.4 | 5.8 |
| Dividend Payout Ratio (%) | 20% | 17.20% | 28.20% | 0% | 22.10% | 9.10% | 17.50% | 11.40% | 17.90% | 25.80% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Equity Capital + | 135 | 161 | 167 | 153 | 166 | 201 | 210 | 241 | 303 | 327 |
| Short term borrowings | 49 | 34 | 22 | 8 | 10 | 11 | 15 | 33 | 0 | 46 |
| Long Term Borrowings | 3 | 2 | 2 | -4 | 2 | 30 | 36 | 34 | 71 | 72 |
| Current Liabilities | 162 | 201 | 157 | 226 | 399 | 537 | 506 | 810 | 887 | 1,303 |
| Trade Payables | 68 | 97 | 68 | 122 | 117 | 137 | 120 | 209 | 204 | 251 |
| Other Liabilities | -117 | -131 | -89 | -130 | -127 | -148 | -135 | -241 | -204 | -244 |
| Total Liabilities ⓘ | 299 | 365 | 326 | 375 | 567 | 768 | 752 | 1,085 | 1,260 | 1,756 |
Assets | ||||||||||
| Non Current Asset + | 70 | 81 | 124 | 85 | 103 | 116 | 158 | 144 | 132 | 175 |
| Current Asset + | 229 | 284 | 202 | 290 | 464 | 651 | 594 | 941 | 1,128 | 1,581 |
| Total Assets ⓘ | 299 | 365 | 326 | 375 | 567 | 768 | 752 | 1,085 | 1,260 | 1,756 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -22 | 30 | 21 | 94 | -44 | 60 | -63 | 24 | -2 | -72 |
| Cash Flow From Investing Activity ⓘ | -15 | -8 | 4 | -1 | -3 | -4 | 5 | -8 | -10 | -13 |
| Cash Flow From Financing Activity ⓘ | 35 | -20 | -27 | -26 | -3 | -7 | -7 | 2 | 11 | 86 |
| Net Cash Flow ⓘ | -3 | 2 | -1 | 66 | -51 | 48 | -65 | 18 | -1 | 1 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
Operational & Financial Ratios | ||||||||||
| EPS (₹) | 5 | 11.70 | 3.60 | -5.10 | 4.50 | 13.70 | 5.70 | 13.10 | 22.40 | 5.80 |
| DPS (₹) | 1 | 2 | 1 | 0 | 1 | 1.30 | 1 | 1.50 | 4 | 1.50 |
| BVPS (₹) | 55.3 | 65.8 | 67.1 | 60.6 | 65.3 | 77.8 | 82 | 94.5 | 116.6 | 121.5 |
Performance Ratios | ||||||||||
| ROA (%) | 4.6 | 8.6 | 2.4 | -3.4 | 2.5 | 5.2 | 1.8 | 3.3 | 4.9 | 1.0 |
| ROE (%) | 9.5 | 19.3 | 5.1 | -7.6 | 7.6 | 19.8 | 7.1 | 14.1 | 21.5 | 4.9 |
| ROCE (%) | 12.3 | 21.5 | 9.8 | -5.7 | 12.1 | 25.4 | 7.7 | 19.0 | 21.7 | 8.3 |
Valuation Parameters | ||||||||||
| Price/Book(x) | 1.5 | 2.2 | 1.6 | 0.4 | 1.0 | 1.3 | 0.8 | 1.2 | 1.8 | 1.6 |
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Emkay Global Financial Services Ltd FAQs
The current trading price of EmkayGlobal Finl.Ser on 23-Sep-2026 13:37 is ₹267.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 22-Sep-2026 the market cap of EmkayGlobal Finl.Ser stood at ₹737.6 Cr
The latest P/E ratio of EmkayGlobal Finl.Ser as of 22-Sep-2026 is 46.71.
The latest P/B ratio of EmkayGlobal Finl.Ser as of 22-Sep-2026 is 2.55.
The 52-week high of EmkayGlobal Finl.Ser is ₹409.9 and the 52-week low is ₹185.3.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of EmkayGlobal Finl.Ser is ₹367 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Emkay Global Financial Services Ltd is a average quality company.
The key valuation ratios of Emkay Global Financial Services Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Emkay Global Financial Services Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Emkay Global Financial Services Ltd
Emkay Global Financial Services, formerly known as Emkay Share and Stock Brokers, was established by two enterprising chartered accountants -- Krishnakumar Karwa and Prakash Kacholia -- on January 24, 1995. The company subsequently got listed on the BSE and the NSE in 2006.
Emkay Global Financial Services, a truly Indian, dynamic and visionary firm, and a trusted name in the financial services arena, offers the entire gamut of advisory services under one roof. Right from investing, trading, research and financial planning to portfolio management services, it provides its clients with integrated, robust and reliable solutions to satisfy all their financial needs.
The company has extensive research capabilities, high degree of integrity and confidentiality in carrying out client transactions, superior technology backed systems and strong domain expertise in both, the cash and derivatives segments, makes it the preferred investment house for all categories of investors.
Over and above broking services, it has been successfully distributing savings/investment instruments, such as mutual fund schemes, saving bonds, IPOs, etc.
It caters to the financial needs of institutional as well as retail clients and high net worth individuals. The company’s ever expanding and diversified customer base gives it the strength and confidence to weather the volatility of the stock market. It also enables it to maintain high levels of customer service during volatile times. It meets the support needs of this investor base through execution skills driven by an experienced sales team and research-backed advice generated by a team of highly experienced analysts.
The journey that it has embarked upon has enabled it to grow into a Rs 1,300 million plus net worth company, with over 350 retail outlets spread across the length and breadth of India. It invites everyone to join it on this very rewarding journey and reap the benefits of a resurgent India.
Business area of the company
- Equity and derivatives broking (retail and institutional)
- Equity research
- Corporate advisory
- Depository services
- Wealth management and portfolio management services
- Insurance broking
- Investment banking
- Commodities research and broking
- E-broking
- Mutual fund distribution
- IPOs
Subsidiary
Emkay Commotrade
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