Emkay Global Financial Services LimitedQ2 FY27 Results & Financial Update
Emkay Global Financial Services Limited: Q2 FY27 standalone results and company financials – revenue ₹141.51 Cr, PAT ₹29.55 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Emkay Global Financial Services Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the quarter ended September 30, 2026, Emkay Global Financial Services Limited delivered a standalone revenue of INR 141.51 crore and a total income of INR 145.94 crore.
Standalone profitability for Q2 FY27 stood at a profit before tax of INR 38.71 crore and a profit after tax of INR 29.55 crore, accompanied by basic and diluted earnings per share of INR 10.84.
According to the company's consolidated investor presentation, consolidated revenue reached INR 1,567 million (up 103% year-on-year) and consolidated profit after tax reached INR 310 million, reflecting strong operational scaling across major business verticals.
The capital markets environment experienced a mixed backdrop during the quarter, with secondary cash equity and derivatives trading volumes moderating in August and September following the implementation of Client Asset Safeguarding (CAS) guidelines.
Despite secondary market moderation, primary market activity remained robust across initial public offerings, qualified institutional placements, and offers for sale, supported by domestic liquidity and strong institutional participation.
The asset management business expanded its asset base, with assets under management across PMS and AIF strategies growing by 64% year-on-year to INR 25,624 million as all nine investment strategies outperformed their respective benchmarks.
Wealth management AUM reached INR 1,99,782 million, supported by net sales across alternative investment products, geographic expansion with a new branch added in Bhopal, and successful migration to a new technology platform.
The investment banking division executed seven key transactions during the quarter, including mandates across initial public offerings, qualified institutional placements, and offers for sale with an aggregate transaction value of INR 1,89,862.16 million.
01 · Business model
What does Emkay Global Financial Services do?
Emkay Global Financial Services Limited is an established institutional and retail capital markets player operating across institutional equities, investment banking, asset management, and wealth management.
The company's asset management division, Emkay Investment Managers Ltd. (EIML), offers various portfolio management services and alternative investment fund strategies targeted at domestic and institutional investors.
The wealth management arm provides dedicated advisory, portfolio management, and transactional services to high-net-worth and ultra-high-net-worth individuals across an expanding geographic branch footprint.
The institutional equities and research franchise covers multiple industry sectors, supporting corporate engagement through regular research publications, flagship conferences, and corporate access events.
02 · Historical context
What shaped the business before this quarter
Emkay has built a multi-decade operating history in Indian capital markets across broking, advisory, and asset management.
Consolidated annual revenue grew from INR 3,362 million in FY25 to INR 3,770 million in FY26, while consolidated profit after tax shifted from INR 569 million in FY25 to INR 151 million in FY26.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹141.51 Cr |
| Total income | ₹145.94 Cr |
| Profit before tax | ₹38.71 Cr |
| Profit after tax | ₹29.55 Cr |
| EPS | ₹10.84 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 20.9% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 27.4% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹4.43 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Capital markets revenue stood at INR 1,005 million in Q2 FY27, reflecting strong primary market execution and institutional equity activity.
Wealth management revenue reached INR 215 million in Q2 FY27, driven by advisory revenue of INR 72 million (up 33% year-on-year) and transactional revenue of INR 143 million (up 22% year-on-year).
Asset management revenue contributed INR 91 million in Q2 FY27, growing 21% quarter-on-quarter, underpinned by strong inflows into PMS and AIF strategies.
What drove margins
Standalone expenses for Q2 FY27 included finance costs of INR 7.14 crore, depreciation and amortisation of INR 2.87 crore, and provisions of INR 24.91 crore.
Consolidated employee benefits expenses rose to INR 638 million and other expenses reached INR 428 million in Q2 FY27, reflecting business scale-up and investments in digital infrastructure.
05 · Demand, customers & order book
Where demand is coming from
Executed 7 key capital market transactions during Q2 FY27 with a total transaction value of INR 1,89,862.16 million, including mandates for Ather Energy, Hindustan Copper, and Behari Lal Engineering.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Emkay Capital Builder remained the largest contributor to strategy-wise inflows (33%), followed by Emkay SMIDCap Growth Engine and Emkay's Golden Decade.
Portfolio mix in wealth management as of Q2 FY27 comprised 71.40% mutual funds, 12.96% direct equity, 11.99% AIF/PMS, and 3.65% other products across 37,500 revenue-contributing clients.
Geography and market mix
The wealth management business added a new location in Bhopal during the quarter, bringing the total to 22 Emkay Wealth locations across 15 cities and 5 EIML locations across 4 cities.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
Continued investments in platform modernisation, AI-led research and engagement tools, trading technology execution platforms, and migration of the wealth business to a new technology platform.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The wealth management team leveraged promoter client relationships to refer deals to the investment banking division, successfully concluding 2 deals during the quarter.
09 · Reported developments
What changed operationally
Delivered record consolidated revenue of INR 1,567 million and consolidated PAT of INR 310 million in Q2 FY27.
Hosted Emkay Confluence 2026 in August, bringing together over 200 companies and 1,000 clients across more than 7,500 meetings.
10 · Items worth noticing
The line items that can distort a quick read
Standalone tax expense for Q2 FY27 was recorded at INR 9.16 crore against profit before tax of INR 38.71 crore.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Employer brand rating
Emkay's overall employee rating on AmbitionBox reached a peak level of 4.0 in Q2 FY27, up from 3.4 in Q2 FY26 and 3.2 in Q2 FY25.
12 · Key Q&A
The quarter, answered directly
What does Emkay Global Financial Services do?
Emkay Global Financial Services Limited is an established institutional and retail capital markets player operating across institutional equities, investment banking, asset management, and wealth management.
What is the clearest takeaway from Q2 FY27?
During the quarter ended September 30, 2026, Emkay Global Financial Services Limited delivered a standalone revenue of INR 141.51 crore and a total income of INR 145.94 crore.
What drove revenue or demand?
Capital markets revenue stood at INR 1,005 million in Q2 FY27, reflecting strong primary market execution and institutional equity activity.
What mattered most for margins or profitability?
Standalone expenses for Q2 FY27 included finance costs of INR 7.14 crore, depreciation and amortisation of INR 2.87 crore, and provisions of INR 24.91 crore.
What changed operationally beyond the headline numbers?
Continued investments in platform modernisation, AI-led research and engagement tools, trading technology execution platforms, and migration of the wealth business to a new technology platform.
What should the next disclosure help confirm?
Monitor pipeline execution and closure rates for upcoming initial public offerings and qualified institutional placements in H2 FY27.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Primary market activity: Monitor pipeline execution and closure rates for upcoming initial public offerings and qualified institutional placements in H2 FY27.
- 02
AUM trajectory: Track net inflows and asset growth across PMS, AIF, and wealth management strategies amid evolving equity market sentiment.
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