Emerald Finance Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Emerald Finance Ltd filed with BSE on 03 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Emerald Finance reported Q4 FY26 total income of INR9.76 crores versus INR6.49 crores in Q4 FY25, with net profit of INR4.364 crores and an EPS of INR4.36. For the full year FY26, total income was INR31.2 crores with net profit of INR15.15 crores and EPS of INR4.36. Management discussed growth in its Early Wage Access, gold loan syndication and cross-sell businesses, a CRISIL rating upgrade from BB+ to BBB-, and answered detailed questions on NPA recovery, corporate onboarding, and cross-sell yields.
4 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Total income: INR9.76 crores (Q4 FY26)
p. 4
“the company reported total income of INR9.76 crores as compared to INR6.49 crores in Q4 FY25”
Sanjay Aggarwal, page 4 of the filed PDF · View the filing
Total income: INR6.49 crores (Q4 FY25)
p. 4
“the company reported total income of INR9.76 crores as compared to INR6.49 crores in Q4 FY25”
Sanjay Aggarwal, page 4 of the filed PDF · View the filing
Net profit: INR4.364 crores (Q4 FY26)
p. 4
“Our net profit is at INR4.364 crores and -- net profit is at INR4.364 crores with an EPS of INR4.36”
Sanjay Aggarwal, page 4 of the filed PDF · View the filing
EPS: INR4.36 (Q4 FY26)
p. 4
“Our net profit is at INR4.364 crores and -- net profit is at INR4.364 crores with an EPS of INR4.36”
Sanjay Aggarwal, page 4 of the filed PDF · View the filing
Total income: INR31.2 crores (FY26)
p. 4
“For the full year FY26, the company delivered total income of INR31.2 crores, reflecting healthy growth over FY25”
Sanjay Aggarwal, page 4 of the filed PDF · View the filing
EBITDA margin: INR3.3 crores (FY26)
p. 4
“EBITDA margin stood at INR3.3 crores while the net profit came at INR15.15 crores, translating into EPS of INR4.36”
Sanjay Aggarwal, page 4 of the filed PDF · View the filing
Net profit: INR15.15 crores (FY26)
p. 4
“EBITDA margin stood at INR3.3 crores while the net profit came at INR15.15 crores, translating into EPS of INR4.36”
Sanjay Aggarwal, page 4 of the filed PDF · View the filing
Gold loan syndication disbursal: INR375 crores (Q4 FY26)
p. 4
“we disbursed about INR375 crores during the last quarter through our banking and NBFC partners, including ICICI, HDFC, RBL and Muthoot Finance”
Sanjay Aggarwal, page 4 of the filed PDF · View the filing
Financial partners: more than 40 financial partners, 14 lenders
p. 4
“Today, Emerald works with more than 40 financial partners and is supported by relationships with 14 lenders across multiple lending products and financial services category”
Sanjay Aggarwal, page 4 of the filed PDF · View the filing
CRISIL rating: upgraded from BB+ to BBB-
p. 4
“I'm very pleased to share that CRISIL has upgraded our rating from BB+ to BBB-”
Sanjay Aggarwal, page 4 of the filed PDF · View the filing
Gross NPA: INR66 lakhs (FY26)
p. 5
“we had a gross NPA last year, which is including EWA plus our business loan and personal loan of INR66 lakhs”
Gurmeet Kaur, page 5 of the filed PDF · View the filing
NPA recovered: INR38 lakhs (FY26)
p. 5
“We recovered INR38 lakhs from our NPA pool and remaining as of March 31, we had written off INR23 lakhs”
Gurmeet Kaur, page 5 of the filed PDF · View the filing
NPA written off: INR23 lakhs (FY26)
p. 5
“We recovered INR38 lakhs from our NPA pool and remaining as of March 31, we had written off INR23 lakhs”
Gurmeet Kaur, page 5 of the filed PDF · View the filing
EWA disbursal: INR10 crores (quarter)
p. 7
“I would say INR10 crores and INR12 crores. INR10 crores is EWA and INR12 crores cross-sell.”
Talin Aggarwal, page 7 of the filed PDF · View the filing
Cross-sell disbursal: INR12 crores (quarter)
p. 7
“I would say INR10 crores and INR12 crores. INR10 crores is EWA and INR12 crores cross-sell.”
Talin Aggarwal, page 7 of the filed PDF · View the filing
Corporate rejection rate: almost as high as 60%
p. 7
“Our corporate rejection rate is almost as high as 60% now.”
Talin Aggarwal, page 7 of the filed PDF · View the filing
Active EWA corporates: 180, 185
p. 5
“Okay. Active are about 180, 185.”
Talin Aggarwal, page 5 of the filed PDF · View the filing
Employees covered under EWA program: above 30,000
p. 12
“About 35,000, 40,000, 30,000, I believe.”
Talin Aggarwal, page 12 of the filed PDF · View the filing
Corporates dropped from EWA program: seven corporates (since inception)
p. 17
“Till now, there have been seven corporates who dropped out from the program, or we have cut them due to non-payment or due to other liquidity risks which we were seeing with the corporate.”
Talin Aggarwal, page 17 of the filed PDF · View the filing
Last quarter revenue growth: almost a 25% growth (quarter-on-quarter)
p. 14
“Last quarter was pretty decent in terms of top line. We almost have a 25% growth from the last quarter.”
Sanjay Aggarwal, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EPS — crossing 7 · FY27
stated conditionally by Sanjay Aggarwal
p. 9
“Last year we were 4.36, and I am pretty decent if all things go well, we should be crossing 7 this year.”
Sanjay Aggarwal, page 9 of the filed PDF · View the filing
Corporate additions — 150 to 200 companies · this year
stated conditionally by Talin Aggarwal
p. 6
“So, we're looking at an addition of anywhere between 150 to 200 companies depending on the market environment and the quantum and the size of the company we are getting.”
Talin Aggarwal, page 6 of the filed PDF · View the filing
Corporate additions — 120 to 150 corporates a year · next two years
stated conditionally by Talin Aggarwal
p. 15
“I think the next two years, we are again just looking to add about 120 to 150 corporates a year, hopefully on a growing trajectory quarter-on-quarter.”
Talin Aggarwal, page 15 of the filed PDF · View the filing
Corporate onboarding capacity — 400 to 500 corporates · this year
stated as an aspiration by Sanjay Aggarwal
p. 16
“Even if we have to, you know, our systems are prudent and robust to handle even if we are able to onboard about 400 to 500 corporates this year.”
Sanjay Aggarwal, page 16 of the filed PDF · View the filing
Cost of funds — near term
stated conditionally by Sanjay Aggarwal
p. 11
“Not yet, but we are receiving a lot of offers from financial institutions to take funds from them. I think you should hear from us shortly. I cannot comment right now but it is in near term.”
Sanjay Aggarwal, page 11 of the filed PDF · View the filing
EWA disbursement growth — next one to two years
stated as an aspiration by Sanjay Aggarwal
p. 11
“I think we will continue to grow as we have been growing over the last eight quarters, we should continue to grow in that manner.”
Sanjay Aggarwal, page 11 of the filed PDF · View the filing
SME loan book growth — this year
stated as an aspiration by Sanjay Aggarwal
p. 20
“I think, there should be good growth in this year. I cannot commit on the numbers right now, but there should be decent growth this year.”
Sanjay Aggarwal, page 20 of the filed PDF · View the filing
Revenue/bottom line growth — FY26 to FY27
stated conditionally by Talin Aggarwal
p. 18
“We'll just look to grow it at probably the same pace as from FY25 to FY26, subject to market conditions.”
Talin Aggarwal, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management gave full-year gross NPA, recovery and write-off figures across the loan book.
Answered by Gurmeet Kaur
Asked by Manish Kunwar: What is the status of the previously disclosed NPA recovery?
p. 5
“So, we had the total gross NPA for the financial year was INR66 lakhs. Out of the recoveries that happened during the year before we could write it off was INR38 lakhs already.”
Gurmeet Kaur, page 5 of the filed PDF · View the filing
Management attributed the slowdown to volatile market conditions and a high corporate rejection rate.
Answered by Talin Aggarwal
Asked by Bibhor Halan: Why is the EWA disbursement run rate slowing versus the prior guidance?
p. 7
“The market is very finicky, or maybe I should say the market has become highly volatile in the past three to four months. Our corporate rejection rate is almost as high as 60% now.”
Talin Aggarwal, page 7 of the filed PDF · View the filing
Management stated EWA-only profit was about 6% versus the overall 8% figure disclosed for the year.
Answered by Talin Aggarwal
Asked by Bibhor Halan: What is the EWA-only revenue percentage for the quarter?
p. 7
“6% is EWA only, only the profit from EWA. The number given in the presentation is EWA overall.”
Talin Aggarwal, page 7 of the filed PDF · View the filing
Management reiterated an EPS target of crossing 7 rather than restating the earlier profit range.
Answered by Sanjay Aggarwal
Asked by Bibhor Halan: What is the FY27 profit guidance update given previous guidance of INR32-40 crores?
p. 9
“Last year we were 4.36, and I am pretty decent if all things go well, we should be crossing 7 this year.”
Sanjay Aggarwal, page 9 of the filed PDF · View the filing
Management said no reduction yet but expects updates soon given new funding offers.
Answered by Sanjay Aggarwal
Asked by Divesh Rathi: Is there a cost of funds reduction expected after the CRISIL rating upgrade?
p. 11
“We will be updating you shortly on this. I cannot say right now, but we will be updating very shortly.”
Sanjay Aggarwal, page 11 of the filed PDF · View the filing
Management agreed to add an AUM disclosure slide in future presentations.
Answered by Talin Aggarwal
Asked by Ketan R. Chheda: Will the company disclose assets under management for its own loan book going forward?
p. 17
“Awesome, awesome. No worries, from next time onwards we will just add a slide about the total AUM of the company.”
Talin Aggarwal, page 17 of the filed PDF · View the filing
Management said no new customer was added to NPA in the quarter and the prior university-related issue was fully recovered.
Answered by Gurmit Kaur
Asked by Bibhor Halan: What was the incremental NPA slippage in Q4?
p. 19
“Have we added any, have we added any new customer to an NPA? No, we have not added any new customer to the NPA.”
Gurmit Kaur, page 19 of the filed PDF · View the filing
Management said currently all loans to EWA customers are distributed rather than held on balance sheet, aside from small-ticket loans.
Answered by Talin Aggarwal
Asked by Bibhor Halan: What proportion of cross-sell loans are underwritten on the company's own book versus distributed?
p. 19
“Right now 100% distribution. Currently 100% distribution. We're not giving any large ticket loan to our EWA customers.”
Talin Aggarwal, page 19 of the filed PDF · View the filing
Risks flagged
High corporate rejection rate amid volatile market conditions affecting EWA disbursements
p. 7
“The market is very finicky, or maybe I should say the market has become highly volatile in the past three to four months. Our corporate rejection rate is almost as high as 60% now.”
Talin Aggarwal, page 7 of the filed PDF · View the filing
Weak overall economic conditions reflected in disbursement trends
p. 7
“I think overall the economy is not in a very healthy shape at the moment, and the same is being reflected in our disbursements as well.”
Talin Aggarwal, page 7 of the filed PDF · View the filing
Corporates dropped from EWA program due to non-payment or liquidity risk
p. 17
“Till now, there have been seven corporates who dropped out from the program, or we have cut them due to non-payment or due to other liquidity risks which we were seeing with the corporate.”
Talin Aggarwal, page 17 of the filed PDF · View the filing
Loss on input tax credit for NBFC sector contributing to higher other expenses
p. 20
“And plus, that credit loss in NBFC sector, input credit we only took 50%. The 50% we have to write it off.”
Sanjay Aggarwal, page 20 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.