EMA Partners India Ltd. (EMAPARTNER)

SME Cap

EMA Partners India Ltd. is India's first listed global executive search platform, offering retained executive search for Board, C-Suite, and Senior Executive levels. It also provides mid-to-senior level talent acquisition via James Douglas and a tech-driven recruitment marketplace (MyRCloud) with AI/ML capabilities.

₹80

-1.00 · -1.23%

Market cap ₹188 Cr

Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm IST

Details

Quote19 Oct, 03:31 pm IST

Base fundamentals16 Oct 2026 · screener

Latest result26 Apr, 11:20 pm IST

Score20 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags24 Apr 2026

Coverage13/14 · 93%

Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)

Technical timing lens

Trend score and candlestick chart

21Bearish

full bear SMA stack · SMA20 -2.7% / mo · MACD −

Stock trend: 21

Sector RS: —

Services FPI tailwindFlow only

FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence

Compare peers →

Technical chart

EMAPARTNERD candles · FIT view-9.0%

Latest close ₹80.00 on 2026-10-19

Bar

-5.3%

RSI

MACD hist

-0.08

52W pos

38%

2026-10-19O ₹84.45H ₹84.50L ₹80.00C ₹80.00Vol 19,000 sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

EMAPARTNERNifty 500

EMAPARTNER: -2.4%
Nifty 500: -5.6%
Vs Nifty 500: +3.1 pp

Chart stats

19 Oct 2026

From 52W high: -23.4%
52W range position: 38%
ATR (14): 4.6%
Volume vs 20D: 1.21x
Avg traded value: ₹0.1 Cr
20D price channel: ₹72 - ₹88.3

No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.

Quarter ended 31 Mar 2026

Bad · 25

PAT -44% YoY · Rev +24% YoY · margin expansion · +15% QoQ

Revenue: ₹47 Cr; YoY +23.7%
PAT: ₹5 Cr; YoY -44.4%
Operating margin: 14.0%; QoQ -500 bps
PAT margin: 10.6%; QoQ -643 bps

Filed 31 Mar 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 4 Downtrend

Current trend context ranked against all active NSE stocks. It describes the chart; it is not a buy or sell signal.

RS percentile: 54; +14 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 4 Downtrend
Sector rotation: #12; neutral · 148 stocks
Industry rotation: #56; neutral · 11 stocks

Trend structure

Below 20-DMABelow 50-DMABelow 200-DMA

RSI (14)

Weak momentum

MACD

Below signal

Histogram -0.08

Volume participation

1.2x average

Versus 20-session average

20-session position

49% of range

₹72 low · ₹88.25 high

Relative performance

vs Nifty 500

1M: -1.8 pp; stock -5.3%
3M: +3.1 pp; stock -2.4%
6M: -0.4 pp; stock -4.8%
1Y: -13.1 pp; stock -20.1%

From 52W high

-23.2%

High ₹104.1

52W range position

38%

₹65.25 - ₹104.1

ATR (14)

4.6%

₹3.71

Avg traded value

₹0.1 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

Research snapshot

What the evidence says now

Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.

Suggested next step

Check latest quarters

Result consistency is weak; verify whether the thesis is improving or deteriorating.

U-Score

Legacy · FAIR VALUE

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 31 Mar 2026

Bad · 25/100

PAT -44% YoY · Rev +24% YoY · margin expansion · +15% QoQ

Filed 31 Mar 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹47 Cr	+23.7%	+14.6%
EBITDA	₹7 Cr	NDF	-12.5%
Operating margin	14.0%	NDF	-500 bps
PAT	₹5 Cr	-44.4%	-28.6%
PAT margin	10.6%	NDF	-643 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 14.80
P/B: 1.23
EV/EBITDA: 11.12
Market Cap: 188.00Cr

Profitability

ROE: 8.75%
ROCE: 10.80%
ROA: 7.02%
Dividend Y: —

Growth (CAGR)

Revenue 5Y: 13.00%
EPS 5Y: 13.00%
Revenue 3Y: 20.00%
EPS 3Y: 62.00%

Balance Sheet

Debt/Equity: 0.01
Interest Coverage: —
Altman Z: 8.29
Book Value: 66.10

Cash Flow

FCF Yield: 14.36%
FCF Positive Y: 3/5
OCF: -1.00 Cr
EPS TTM: 5.30

Shareholding

Promoter Hold: 65.76%
Promoter Pledge: 0.00%
Momentum 52W: 41%

Financial History

Updated 20/10/2026

Revenue

₹ Cr

Latest: 47.0+14.6% vs prev

Net Profit

₹ Cr

Latest: 5.0-28.6% vs prev

ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend is weak — long-term trend down. RSI 45.

Price < SMA20 < SMA50 < SMA200 — full bearish stack.
SMA20 falling (~2.7% over last month) — short-term momentum negative.
RSI(14) at 45 — sideways, no extreme reading.
MACD below signal but histogram contracting — bearish momentum easing.
23% off 52W high · 23% above 52W low.

Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 4 Downtrend

1M return

-5.3%

3M return

-4.1%

6M return

+13.5%

1Y return

-18.4%

RS 1D

RS 20D

+14

Sector rank

#12

Industry rank

#56

Stage evidence

Price is 3.4% below the 30-week proxy.
The 50-DMA is below the 30-week proxy and its slope is falling -0.9%.

50-DMA

price below

200-DMA

price below

Sector

neutral

Industry

neutral

Relative-strength line vs Nifty 500 (base 100)

241 observations

19 Oct 2026Value 84.77-0.21%

RS vs Nifty 50085

Valuation & peers

U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies

Growth at Value

Fundamental score breakdown

U band · FAIR VALUE

Valuation18/30

Growth18/25

Quality0/20

Balance Sheet11/15

Cash Flow6/10

Piotroski

5/9 (+3)

Penalties

-8

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

48/100 · legacy band FAIR VALUE

Positive drivers

FCF yield is supportive at 14.4%.
Fair-value margin of safety is positive at 52.6%.
Balance sheet contributes 11/15 to the score.

Main drags

Penalty bucket subtracts 8 points.
Quality is weaker at 0/20; verify the latest quarterly trend.
Valuation is weaker at 18/30; verify the latest quarterly trend.

Sector valuation model

Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks

For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.

Blended relative

Primary lens

PE, EV/EBITDA, margin of safety, and FCF yield together.

Secondary checks

ROE/ROCE, growth, cash conversion, leverage, promoter risk.

Main risk check

One cheap metric is not enough if quality or cash flow is weak.

14.8

1.2

EV/EBITDA

11.1

ROE

8.8%

ROCE

10.8%

FCF Yield

14.4%

Debt/Equity

0.0

MoS

+52.6%

Score movement

Stored run vs live recompute

This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.

Stored run: 20 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 48

Legacy U-Score band

FAIR VALUE

Previous: FAIR VALUE

Margin of safety

+52.6%

Previous: +52.6%

Score history

12 stored score snapshots. Latest stored move: +0 points.

20 Oct 2026

v4.3-runtime-valuation

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number

₹88.78

+9.9% MoS

Growth-justified P/E

31.9

Growth-justified Value

₹168.86

+52.6% MoS

PEG

0.71

Comparable companies

Peers

Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

IPSL

SME

Integrated Personnel Services Ltd.

Infollion Research Services Ltd.

Spectrum Talent Management Ltd.

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis under stressReviewed 2026-07-03T08:11:39.951Z

Management commentary snapshot

FY26 consolidated revenue grew 18.2% YoY to INR 874 Mn, but PAT declined 2.4% YoY to INR 123 Mn. H2-FY26 revenue rose 34.7% YoY, while PAT fell 10.3% YoY, driven by significant investments in new business verticals.

The thesis is under stress due to substantial front-loaded investments in new business verticals, leading to consolidated margin dilution and PAT decline despite strong revenue growth. Management projects a clear path to profitability for new ventures within 12 months, which needs close monitoring.

Growth engines

Strategic Expansion in Mid to Senior Level Hiring

James Douglas Professional Search established in India and UAE, focusing on the ₹30,000–₹35,000 crore professional services market.

Tech-driven Recruitment Platform

MyRCloud, a SaaS platform, offers end-to-end recruitment solutions at scale using advanced AI/ML algorithms, with platform usage and placement fees.

Addition of New Partners

Adding new Partners across India, UAE, and Singapore to expand sector coverage and deepen existing sectors.

Fast-growing Executive Search Markets

India, UAE, and ASEAN are identified as the fastest-growing executive search markets, positioning the company for growth.

Capacity and execution

James Douglas Professional Search Establishment

James Douglas Professional Search was established in India and UAE to focus on mid to senior level hiring.

New Partner Additions

New Partners are being added across India, UAE, and Singapore to enhance sector coverage.

Tailwinds

Growth in Executive Search Markets

India, UAE, and ASEAN are identified as the fastest-growing executive search markets.

Corporate India Business Transformation

Corporate India is undergoing a massive business transformation, driving demand for talent.

UAE as a Global Economic Hub

UAE is emerging as a global hub for economic growth, visible from hiring trends.

Talent Criticality for India's Economy

Talent is critical for India to achieve its goal of becoming a $10 trillion economy by 2047.

Management accountability

What management said, and what results must prove

Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.

Analyst reading lens

Compare BOTH

YoY comparison reflects annual business growth and overall profitability trends. QoQ (H-o-H) is crucial to assess sequential momentum in new business ramp-up and the impact of ongoing investments on margins.

Sector KPIs management disclosed

Mature Business EBITDA Margin

Mature (existing) business delivered strong profitability with ~29% EBITDA margin in FY26.

New Business EBITDA Loss

New verticals are currently loss-making with an EBITDA loss of INR 107.1 Mn in FY26, due to elevated cost levels (~4x income).

New Business Revenue Growth (H2 vs H1)

New business revenue ramp-up was strong, with 134% growth in H2-FY26 vs H1-FY26.

Consolidated EBITDA Margin

Consolidated EBITDA margin declined to 16.45% in FY26 (down 156 Bps YoY) and 14.25% in H2-FY26 (down 292 Bps YoY), impacted by new business investments.

Management forward view

New Business Profitability Timeline

Management states margin dilution is temporary and investment-led, with a clear path to profitability over the next 12 months.

New Business Operating Leverage

New business revenue growth (134% H-o-H) materially outpaced employee cost growth (63% H-o-H), indicating improving scale and operating leverage.

Proposed Share Buyback

The company proposed a buyback of 725,000 equity shares at INR 100 per share, reflecting management confidence and aiming for higher EPS and ROE.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
New Business Revenue Growth	134% H-o-H in H2-FY26	Sustained high growth rates to achieve scale and operating leverage.
New Business EBITDA Loss	INR 107.1 Mn in FY26	Reduction in losses and progress towards profitability within the next 12 months.
Consolidated EBITDA Margin	16.45% in FY26	Stabilization and improvement as new businesses scale and become profitable.
Diluted EPS	INR 5.29/Share in FY26	Reversal of the declining trend and positive impact from new business profitability and buyback.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Trust Score

70Limited evidence · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 73rd percentile within Services. Main check: results consistency is weak at 48/100.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 05 Sept 2026

management-trust-v1

8 docs text-extracted · 4 concalls text-extracted

Score band

Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank

63rd percentile

overall median 67 · Services: 73rd pctile, median 66 · SME: 81st pctile, median 64

Evidence depth

Financial-only

8 documents have extracted text, but claim history is not strong enough yet.

Claim delivery

Outcome history still building

0 claims extracted · No contradicted claim yet

How to read this Trust Score

Limited evidence · low confidence

What it measures

Reliability of management and financial delivery, using financial behaviour only.

Confidence

Treat this as an early read until more concalls and outcomes are matched.

Investor use

Acceptable, but check the weakest sub-score before increasing exposure.

Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.

Forensic breakdown

Read low sub-scores as due-diligence warnings, not automatic sell signals.

Promoter

strong · holding, pledge, alignment

Cash flow

acceptable · profit to cash conversion

Balance sheet

strong · leverage and solvency

Discipline

watch · capital discipline

Results

watch · quarterly consistency

Trust positives

▸Promoter holding is 65.8%.
▸Promoter pledge is zero.
▸Promoter holding increased 2.4%.
▸FCF yield is 13.6%.

Trust risks

▸Operating cash flow is negative at ₹-1 Cr.
▸ROCE trend is -7.9%.
▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Compare Services stocks Browse Indian stocks starting with E Explore fundamental stock screeners Browse Indian investment themes

Related companies

Integrated Personnel Services Ltd. (IPSL)Infollion Research Services Ltd. (INFOLLION)Spectrum Talent Management Ltd. (SPECTSTM)Service Care Ltd. (SERVICE)Aarvi Encon Limited (AARVI)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Nse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

EMA Partners India Ltd. (EMAPARTNER)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 31 Mar 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

Strategic Expansion in Mid to Senior Level Hiring

Tech-driven Recruitment Platform

Addition of New Partners

Fast-growing Executive Search Markets

James Douglas Professional Search Establishment

New Partner Additions

Growth in Executive Search Markets

Corporate India Business Transformation

UAE as a Global Economic Hub

Talent Criticality for India's Economy

What management said, and what results must prove

Mature Business EBITDA Margin

New Business EBITDA Loss

New Business Revenue Growth (H2 vs H1)

Consolidated EBITDA Margin

New Business Profitability Timeline

New Business Operating Leverage

Proposed Share Buyback

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching EMA Partners India Ltd.

Important announcements & filings

Sep 2026 · General Updates 11 Sep - EMA Partners issued FY2025-26 annual report link and AGM notice for September 28, 2026.

Sep 2026 · Copy of Newspaper Publication 5 Sep - Newspaper ads confirm annual report dispatch and 23rd AGM notice for 28 Sept 2026.

Sep 2026 · Copy of Newspaper Publication 4 Sep - Newspaper advertisement issued for annual report pre-dispatch; 23rd AGM on September 28, 2026 via VC/OAVM.

Aug 2026 · PPT

Aug 2026 · PPT

May 2026 · Post Buyback Public Announcement 21 May 2026 - Post-buyback public announcement published for 7.25 lakh shares at ₹100, aggregate ₹725 lakh.

May 2026 · Copy of Newspaper Publication 8 May 2026 - Newspaper ad issued May 8, 2026 for buyback corrigendum in Business Standard and Navshakti.

Apr 2026 · Transcript

Apr 2026 · PPT

Annual Report 2026

Nov 2025 · Transcript

Nov 2025 · PPT