Core Business EBITDA Margin
29%
Stable YoY
Mature executive search business maintained high profitability, generating ₹25 crore EBITDA.
EMAPARTNERSINDIA
Other
25 Apr 2026
EMA Partners India Limited — Q4 FY26
EMA Partners India reported FY26 consolidated revenue of ₹87 crore (+18% YoY), with EBITDA of ₹14 crore (+8% YoY) and PAT of ₹12 crore.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
New Business Revenue
₹5 crore
+150% YoY
James Douglas and MyCloud contributed ₹5 crore revenue, up from ~₹2 crore in FY25.
Total Employees
107
Flat YoY
Headcount remained at 107, but mix shifted with 30 new hires in James Douglas and rationalization in MyCloud.
Clients Served
160
+14% YoY
EMA Partners worked with over 160 clients during FY26, leveraging cross-sell opportunities.
Management Guidance
New businesses to turn EBITDA positive in FY27
Management expects James Douglas and MyCloud to achieve EBITDA profitability during FY27, with a clear path to profitability over the next 12 months.
Management guidance marginsCore business to grow 18-20% organically
The mature executive search segment is expected to maintain consistent organic growth of 18-20%, driven by ticket size expansion and steady volumes.
Management guidance growthLong-term PAT margin target of 25%
On a steady-state basis, the company aims to deliver 25% PAT margins, though near-term investments may cause fluctuations.
Management guidance marginsBuyback of ₹7.25 crore at ₹100/share
Board approved a buyback of up to ₹7.25 crore (3.12% of paid-up capital) at ₹100 per share, with promoters not participating.
Management guidance otherKey Risks
Middle East geopolitical tensions impacting Dubai operations
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.
high · analyst_questionNew business profitability may be delayed
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.
medium · data_observationVolatility in subsidiary performance
Singapore and Dubai subsidiaries have shown significant revenue and margin swings due to restructuring and new business ramp-up, creating uncertainty in consolidated results.
medium · data_observationCash deployment and acquisition risk
Management is conserving cash for potential acquisitions, but no specific targets or timelines were provided, raising uncertainty about value-accretive deployment.
low · management_commentaryNotable 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.
Frequently Asked Questions
What was EMA Partners India's revenue in Q4 FY26?
EMA Partners India reported revenue of ₹47 Cr in Q4 FY26, representing a +18% change compared to the same quarter last year.
What guidance did EMA Partners India management give for FY27?
New businesses to turn EBITDA positive in FY27: Management expects James Douglas and MyCloud to achieve EBITDA profitability during FY27, with a clear path to profitability over the next 12 months. Core business to grow 18-20% organically: The mature executive search segment is expected to maintain consistent organic growth of 18-20%, driven by ticket size expansion and steady volumes. Long-term PAT margin target of 25%: On a steady-state basis, the company aims to deliver 25% PAT margins, though near-term investments may cause fluctuations. Buyback of ₹7.25 crore at ₹100/share: Board approved a buyback of up to ₹7.25 crore (3.12% of paid-up capital) at ₹100 per share, with promoters not participating.
What are the key risks for EMA Partners India in FY27?
Key risks include Middle East geopolitical tensions impacting Dubai operations — 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.; New business profitability may be delayed — 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.; Volatility in subsidiary performance — Singapore and Dubai subsidiaries have shown significant revenue and margin swings due to restructuring and new business ramp-up, creating uncertainty in consolidated results.; Cash deployment and acquisition risk — Management is conserving cash for potential acquisitions, but no specific targets or timelines were provided, raising uncertainty about value-accretive deployment..
Did EMA Partners India meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full EMA Partners India Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.