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Emkay Global Allots 2.78 Lakh Equity Shares to Promoter on Warrant Conversion
Emkay Global Financial Services has allotted 2,78,300 equity shares to its promoter, Krishna Kumar Karwa, following the exercise of convertible warrants. The conversion occurred at an issue price of Rs. 239.50 per share, bringing in a capital infusion of approximately Rs. 5 crore (75% balance payment). This move has increased the promoter's individual stake in the company from 20.07% to 20.92%. The total paid-up equity capital of the company has subsequently increased to Rs. 26.19 crore.
Key Highlights
Allotment of 2,78,300 equity shares at a total issue price of Rs. 239.50 per share
Receipt of Rs. 4.99 crore as the 75% balance subscription amount from the promoter
Promoter Krishna Kumar Karwa's shareholding increased from 20.07% to 20.92%
Total paid-up equity capital rose from 2,59,10,763 to 2,61,89,063 shares
6,93,400 warrants remain outstanding for future conversion by the promoter
💼 Action for Investors
The promoter's decision to exercise warrants and increase their stake is a positive signal of long-term confidence in the company. Investors should monitor the conversion of the remaining warrants which will lead to further marginal equity dilution.
Emkay Global Seeks Shareholder Approval for Appointment of Raunak Karwa as Executive Director
Emkay Global Financial Services has initiated a postal ballot to seek shareholder approval for the appointment of Mr. Raunak Karwa as a Whole-Time Director. The proposed tenure is for three years, effective from February 1, 2026, until January 31, 2029. The resolution includes a total monthly remuneration cap of ,00,000 and seeks permission for promoter-directors' remuneration to potentially exceed 5% of net profits. Shareholders can cast their votes electronically between February 20 and March 21, 2026.
Key Highlights
Appointment of Mr. Raunak Karwa as Executive Director for a 3-year term starting February 1, 2026.
Proposed monthly remuneration capped at ,00,000, including ,50,000 basic salary and ,07,975 HRA.
Special resolution requested to allow promoter-director remuneration to exceed 5% of the company's net profits.
Remote e-voting period scheduled from February 20, 2026, to March 21, 2026.
Final results of the postal ballot to be announced on or before March 24, 2026.
💼 Action for Investors
Investors should monitor the leadership transition and evaluate if the remuneration structure aligns with the company's long-term performance and governance standards. No immediate portfolio action is required beyond participating in the e-voting process.
Emkay Global Investor Update: 19% 3Y PAT CAGR and INR 2,321 Mn Revenue in 9M-FY26
Emkay Global Financial Services reported a revenue of INR 2,321 Mn for the first nine months of FY26, maintaining a 3-year PAT CAGR of 19% up to FY25. The company's revenue mix is diversifying, with Capital Markets contributing 57% and Wealth Management growing to 23%. Despite a 30-year legacy and a net worth of INR 3,692 Mn, the annualized ROE for 9M-FY26 stands at a relatively low 3.79%. The firm continues to expand its global footprint with subsidiaries in Singapore and Dubai while covering over 200 companies under research.
Key Highlights
Achieved 9M-FY26 revenue of INR 2,321 Mn with a PAT margin of 4.09%.
Maintained a strong 19% 3-year PAT CAGR and 7%+ Revenue CAGR as of FY25.
Total assets reached INR 1,93,844 Mn with a net worth of INR 3,692 Mn as of December 2025.
Research coverage includes 200+ companies, including 37 NIFTY and 28 SENSEX constituents.
Revenue mix shows 57% from Capital Markets, 23% from Wealth Management, and 8% from Asset Management.
💼 Action for Investors
Investors should monitor the company's ability to improve its ROE from the current 3.79% by scaling its high-margin Wealth and Asset Management divisions. The stock remains a play on Indian capital market volumes and institutional participation.
Emkay Global Appoints Raunak Karwa as Whole Time Director for 3-Year Term
Emkay Global Financial Services has redesignated Mr. Raunak Karwa from a Non-Executive Director to a Whole Time Director, effective February 1, 2026. The appointment is for a fixed term of 3 years and is subject to shareholder approval. Mr. Karwa, who is the son of Managing Director Krishna Kumar Karwa, brings experience from founding FinLearn Academy and working with EY and ICICI Securities. This move indicates a strengthening of the executive leadership team and potential succession planning within the promoter family.
Key Highlights
Mr. Raunak Karwa redesignated as Whole Time Director (Executive Director) effective February 1, 2026.
The appointment is for a tenure of 3 years, subject to approval by company members.
Mr. Karwa has been the MD & CEO of Finlearn Edutech Private Limited since 2021.
He is the son of Mr. Krishna Kumar Karwa, the current Managing Director of Emkay Global.
The appointee has prior advisory and corporate finance experience at Ernst & Young and ICICI Securities.
💼 Action for Investors
Investors should view this as a routine management transition and succession step; monitor for any shifts in business strategy following his formal executive induction.
Emkay Global Q3 FY26: AUM Crosses ₹5,300 Mn, Inflows Exceed ₹1,400 Mn
Emkay Global Financial Services demonstrated resilient growth in Q3 FY26, with its Asset Management AUM for Capital Builder strategies surpassing ₹5,300 mn. The company recorded total inflows of over ₹1,400 mn during the quarter, significantly bolstered by the Emkay SMID strategy which raised ₹1,300 mn. Strategic milestones included acting as Merchant Banker for an ₹11,000 mn QIP and upgrading clearing memberships on NSE and BSE. Furthermore, the conversion of 2,78,300 promoter warrants into equity shares indicates strong internal confidence in the company's long-term value.
Key Highlights
Asset Management AUM for Capital Builder PMS and AIF strategies exceeded ₹5,300 mn as of Dec 2025.
Total quarterly inflows reached over ₹1,400 mn, with the SMIDCap strategy alone raising ₹1,300 mn.
Promoter and Managing Director exercised 2,78,300 warrants, strengthening the equity base.
Successfully acted as Merchant Banker for Anant Raj Limited's ₹11,000 mn Qualified Institutional Placement.
Upgraded clearing capabilities on NSE and BSE to provide end-to-end settlement and diversify revenue.
💼 Action for Investors
Investors should view the growth in AUM and the promoter warrant exercise as positive indicators of business momentum and management alignment. Monitor the impact of the new clearing services and technology upgrades on operational margins in the coming quarters.
Emkay Global Q3 FY26 Net Profit at ₹3.13 Cr; Appoints Raunak Karwa as Executive Director
Emkay Global reported a standalone net profit of ₹3.13 crore for Q3 FY26, marking a recovery from a loss of ₹2.11 crore in the previous quarter, though it remains significantly lower than the ₹9.86 crore profit recorded in Q3 FY25. Revenue from operations grew 25% quarter-on-quarter to ₹79.48 crore, primarily driven by a rise in fees and commission income. The company also announced the appointment of Raunak Karwa as Executive Director for a three-year term starting February 2026. Furthermore, the firm successfully raised ₹44.20 crore through the issuance of unsecured NCDs during the quarter.
Key Highlights
Standalone Net Profit stood at ₹313.08 Lakhs for Q3 FY26, recovering from a loss of ₹210.64 Lakhs in Q2 FY26.
Total Revenue from Operations increased to ₹7,948.25 Lakhs, a 25% growth over the preceding quarter.
Fees and Commission Income rose to ₹7,105.17 Lakhs, up from ₹5,845.15 Lakhs in the previous quarter.
Successfully allotted 4,420 unsecured NCDs aggregating to ₹44.20 Crores on a private placement basis.
Mr. Raunak Karwa appointed as Whole Time Director for a 3-year term effective February 1, 2026.
💼 Action for Investors
Investors should monitor if the quarter-on-quarter recovery in profitability can be sustained given the sharp year-on-year decline. The impact of the new executive leadership and the utilization of the ₹227.52 crore warrant fundraise are key factors to watch.
Emkay Global Q3 FY26 Standalone PAT at ₹3.13 Cr; Appoints Raunak Karwa as Executive Director
Emkay Global Financial Services reported a standalone profit of ₹3.13 crore for Q3 FY26, marking a recovery from a loss of ₹2.11 crore in the preceding quarter. However, on a year-on-year basis, the profit is significantly lower than the ₹9.86 crore reported in Q3 FY25. For the nine-month period ending December 2025, the company's standalone PAT saw a sharp decline to ₹3.78 crore from ₹47.96 crore in the previous year. The company also announced the appointment of Raunak Karwa as a Whole Time Director and successfully raised ₹44.20 crore through NCDs.
Key Highlights
Standalone Q3 FY26 PAT stood at ₹313.08 Lakhs, recovering from a loss of ₹210.64 Lakhs in Q2 FY26.
9-month standalone PAT dropped by over 92% to ₹378.32 Lakhs compared to ₹4,795.59 Lakhs in the previous year.
Total Revenue for Q3 FY26 increased to ₹84.15 Crore from ₹78.85 Crore in the same quarter last year.
Allotted 4,420 Senior Unsecured NCDs aggregating to ₹44.20 Crores on a private placement basis.
Appointed Mr. Raunak Karwa as Whole Time Director for a 3-year term effective February 1, 2026.
💼 Action for Investors
Investors should exercise caution as the sharp decline in 9-month profitability suggests significant margin pressure despite stable revenue. Monitor the impact of the new leadership and the utilization of the ₹227.5 crore warrant-based fundraise on future growth.
Emkay Global Shareholders Approve Ajay Mahajan as Independent Director with 99.99% Votes
Shareholders of Emkay Global Financial Services have overwhelmingly approved the appointment of Mr. Ajay Mahajan as an Independent Director via a postal ballot. The special resolution received 99.9994% of the valid votes cast, reflecting near-unanimous support from all shareholder categories. A total of 1.87 crore votes were cast in favor, while only 116 votes were recorded against. This appointment is expected to enhance the company's board-level expertise and independent oversight.
Key Highlights
Special resolution for Ajay Mahajan's appointment as Independent Director passed with 99.9994% majority.
Promoter group and Public Institutions both voted 100% in favor of the appointment.
A total of 1,87,98,315 votes were cast in favor out of 1,87,98,431 total valid votes.
The voting process concluded on January 9, 2026, with 94 members voting in favor and 4 against.
💼 Action for Investors
No immediate action is required as this is a positive governance update. Investors should monitor how the new independent director contributes to the company's strategic oversight.
Emkay Global Shareholders Approve Ajay Mahajan as Independent Director with 99.99% Majority
Emkay Global Financial Services Limited has successfully passed a special resolution to appoint Mr. Ajay Mahajan as an Independent Director. The postal ballot process, which concluded on January 9, 2026, saw a total of 1,87,98,431 votes polled, representing 73.34% of the total outstanding shares. The resolution received overwhelming support from shareholders, with 99.9994% of the votes cast in favor. This appointment is part of the company's efforts to strengthen its board governance and independent oversight.
Key Highlights
Special Resolution for the appointment of Mr. Ajay Mahajan as Independent Director passed with requisite majority.
Total of 1,87,98,315 votes (99.9994%) were cast in favor of the appointment.
Only 116 votes (0.0006%) were cast against the resolution.
The total voter turnout represented 73.34% of the company's 2,56,32,463 outstanding shares.
Promoter and Promoter Group showed 100% support for the resolution with 1,78,53,984 votes in favor.
💼 Action for Investors
Investors should view this as a positive step toward robust corporate governance. No immediate action is required as this is a routine board strengthening measure.
Emkay Global to issue NCDs aggregating to ₹54 crore
Emkay Global Financial Services Limited plans to issue Senior, Unsecured, Listed, Rated Transferable, Redeemable, Non-Convertible Debentures (NCDs) aggregating to ₹54 crore through private placement. The issue consists of 5,400 NCDs with a face value of ₹1,00,000 each. These NCDs are proposed to be listed on the Wholesale Debt Market Segment of BSE Limited. The tentative allotment date is December 18, 2025, and the maturity date is December 18, 2027, with bullet repayment at the end of the 2-year tenure.
Key Highlights
Issue of Non-Convertible Debentures (NCDs) aggregating to ₹54 crore
5,400 NCDs of face value of ₹1,00,000 each
Proposed allotment date: December 18, 2025
Proposed maturity date: December 18, 2027
Credit Rating: [ICRA] BBB+ (Positive) Reaffirmed
💼 Action for Investors
Investors should note the terms of the NCDs, including the fixed rate coupon based on bidding at the Electronic Book Provider (EBP) Platform of BSE and the credit rating. Monitor the BSE for the listing and trading of these NCDs.
Emkay Global to issue NCDs aggregating to ₹54 crore
Emkay Global Financial Services plans to issue Non-Convertible Debentures (NCDs) aggregating to ₹54 crore through private placement. The issue consists of 5,400 NCDs with a face value of ₹1,00,000 each. These NCDs are senior, unsecured, listed, rated, transferable, and redeemable. The proposed allotment date is December 18, 2025, with a maturity date of December 18, 2027, and will be listed on the Wholesale Debt Market Segment of BSE Limited.
Key Highlights
Issuance of Non-Convertible Debentures (NCDs) aggregating to ₹54 crore.
5,400 NCDs with a face value of ₹1,00,000 each.
Proposed allotment date: December 18, 2025.
Proposed maturity date: December 18, 2027.
Credit Rating of [ICRA] BBB+ (Positive) Reaffirmed
💼 Action for Investors
Investors should monitor the interest rates offered on these NCDs and assess their risk appetite before considering investment. Keep an eye on the BSE Wholesale Debt Market segment for listing details.
Emkay Global to Issue NCDs Aggregating to ₹54 Crore
Emkay Global Financial Services Limited plans to issue Non-Convertible Debentures (NCDs) aggregating to ₹54 crore through private placement. The issue consists of 5,400 NCDs with a face value of ₹1,00,000 each. These NCDs are senior, unsecured, listed, rated, transferable, and redeemable. The proposed allotment date is December 18, 2025, with a maturity date of December 18, 2027, and will be listed on the Wholesale Debt Market Segment of BSE Limited.
Key Highlights
Issuance of NCDs aggregating to ₹54 crore.
5,400 NCDs with a face value of ₹1,00,000 each.
Proposed allotment date: December 18, 2025.
Proposed maturity date: December 18, 2027.
Credit Rating of [ICRA] BBB+ (Positive) Reaffirmed
💼 Action for Investors
Investors should monitor the yield offered on these NCDs and consider their risk appetite before investing. Keep an eye on the BSE Wholesale Debt Market for listing details.