Emkay Global Financial Services Limited (EMKAY.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+147.3%

₹652.84

vs ₹264.00 price

Levered DCF

₹631.33

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.3

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	31.81×	9.15×	9.36×	11.19×	7.62×	14.37×	-5.03×	18.04×
P/B	1.27×	1.78×	1.26×	0.75×	1.28×	0.96×	0.41×	1.56×
P/S	1.22×	1.7×	1.12×	0.81×	1×	1.15×	0.5×	1.91×
EV / EBITDA	15.43×	7.13×	5.34×	6.88×	3.42×	5.22×	5.27×	10.22×
Gross margin	70.5%	32.9%	24.7%	26.2%	49.2%	26.9%	29.9%	38.3%
Operating margin	5.4%	9.1%	2.7%	-0.1%	15.9%	8.4%	-14.8%	5.5%
Net margin	3.8%	17.9%	12.0%	7.2%	13.2%	8.0%	-10.0%	6.4%
Current ratio	0.84×	1.3×	1.21×	1.15×	1.15×	1.11×	1.36×	1.61×
Debt / equity	0.26×	0.18×	0.17×	0.18×	0.13×	0.15×	0.1×	0.13×
Interest coverage	1.66×	6.24×	2.11×	-0.08×	25.59×	7.32×	-3.5×	1.49×
Dividend yield	2.1%	0.7%	0.8%	2.0%	1.0%	0.0%	4.7%	2.3%
Payout ratio	67.4%	6.5%	7.6%	21.9%	7.3%	0.0%	-23.5%	67.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.0%	18.7%	13.5%	6.7%	16.8%	6.7%	-8.2%	5.2%
Return on invested capital	3.1%	7.3%	1.8%	-0.1%	12.6%	4.4%	-7.5%	2.7%
Return on assets	0.9%	4.6%	3.0%	1.9%	4.4%	2.0%	-3.3%	2.7%
Free cash flow yield	63.8%	-1.7%	4.5%	-45.3%	21.3%	36.3%	143.3%	4.9%
Earnings yield	3.1%	10.5%	10.7%	8.9%	13.1%	7.0%	-19.9%	3.3%
Enterprise value	₹5.4B	₹5.5B	₹3B	₹1.7B	₹1.9B	₹1.4B	-₹186M	₹2.5B
Net debt / EBITDA	1.52×	0.11×	-0.11×	0.34×	-1.24×	-0.79×	23.25×	-0.53×
Cash conversion cycle (days)	-626	-227	-152	-12	-193	-165	-289	-19