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Revenue
₹47 Cr
verified against source
Revenue YoY
18%
reported change
EBITDA
₹14 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
EMA Partners India reported FY26 consolidated revenue of ₹87 crore (+18% YoY), with EBITDA of ₹14 crore (+8% YoY) and PAT of ₹12 crore. The mature executive search business delivered 29% EBITDA margin (₹25 crore EBITDA), while new verticals (James Douglas, MyCloud) generated ₹5 crore revenue but incurred ₹11 crore EBITDA loss, dragging consolidated margins to 16.45% (-156bps YoY). H2 FY26 showed strong momentum with revenue up 35% YoY and EBITDA margins expanding 292bps to 14.25%. Management expects new businesses to turn EBITDA-positive in FY27, with core business targeting 18-20% organic growth and steady-state PAT margins of 25%. A ₹7.25 crore buyback (₹100/share) was announced. Key risk: Middle East geopolitical tensions could disrupt Dubai operations, which contributed ~28% of consolidated revenue.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects James Douglas and MyCloud to achieve EBITDA profitability during FY27, with a clear path to profitability over the next 12 months.
- The mature executive search segment is expected to maintain consistent organic growth of 18-20%, driven by ticket size expansion and steady volumes.
- On a steady-state basis, the company aims to deliver 25% PAT margins, though near-term investments may cause fluctuations.
- Board approved a buyback of up to ₹7.25 crore (3.12% of paid-up capital) at ₹100 per share, with promoters not participating.
Risks flagged
- The war that erupted in late February 2026 caused pressure on the professional search business in Dubai, with March activity affected. Normalization is not yet complete.
- Despite management's expectation of EBITDA positivity in FY27, the new verticals (James Douglas, MyCloud) are still in investment phase and may take longer to break even if revenue growth slows.
- Singapore and Dubai subsidiaries have shown significant revenue and margin swings due to restructuring and new business ramp-up, creating uncertainty in consolidated results.
- Management is conserving cash for potential acquisitions, but no specific targets or timelines were provided, raising uncertainty about value-accretive deployment.
Key quotes
- We are already seeing early signs of operating leverage with revenue growth outpacing employee cost growth in the second half and we do see a clear path to profitability over the next 12 months.
- We are tracking two or three potential acquisition opportunities. So we'll be very pleased to update you at an appropriate time.
- We own client relationships at the top. So our confidence in building the other parts of the business stems from the fact that since we have relationships at the top our ability to cross-sell is very good.
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