This article first appeared on GuruFocus .
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Total Income (Q4 FY26):INR9.76 crore, up from INR6.49 crore in Q4 FY25.
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Net Profit (Q4 FY26):INR4.36 crore.
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Total Income (FY26):INR31.2 crore, reflecting healthy growth over FY25.
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EBITDA Margins:INR233.3 crore.
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Net Profit (FY26):INR15.15 crore.
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Earnings Per Share (EPS) (FY26):INR4.36.
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Gold Loan Disbursement (Q4 FY26):INR375 crore.
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CRISIL Rating Upgrade:From BB+ to BBB-.
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Warning! GuruFocus has detected 2 Warning Signs with BOM:538882.
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Is BOM:538882 fairly valued? Test your thesis with our free DCF calculator.
Release Date: June 01, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Emerald Finance Ltd ( BOM:538882 ) reported a significant increase in total income for Q4 FY26, reaching INR9.76 crore compared to INR6.49 crore in Q4 FY25.
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The company's net profit for FY26 was INR15.15 crore, translating into an EPS of INR4.36, indicating strong financial performance.
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CRISIL upgraded Emerald Finance Ltd's rating from BB+ to BBB-, reflecting improved creditworthiness.
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The Early Wage Access (EWA) business showed healthy traction, supported by increasing adoption among corporates and employees.
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Emerald Finance Ltd expanded its corporate ecosystem, now working with over 40 financial partners and 14 lenders, enhancing its strategic partnerships.
Negative Points
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The company faced challenges with non-performing assets (NPAs), with a gross NPA of INR66 lakhs, of which INR23 lakhs were written off.
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There was a slowdown in the disbursal run rate for the EWA business, attributed to a volatile market environment.
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The company acknowledged the need for more comprehensive and transparent reporting, as investors expressed concerns over the lack of detailed financial breakdowns.
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Emerald Finance Ltd's focus remains primarily on the North and West regions of India, with limited expansion into the South and East.
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The company is not currently pursuing partnerships with large IT giants due to the complexities involved, potentially limiting growth opportunities in that sector.
Q & A Highlights
Q: In the last earnings call, it was mentioned that INR26 lakhs of NPA was to be collected, with INR9 lakhs already recovered. Has the remaining INR17 lakhs been collected? A: Gurmeet Kaur, Chief Risk Officer, explained that the gross NPA was INR66 lakhs, with INR38 lakhs recovered. As of March 31, INR23 lakhs was written off, and INR6 lakhs was recovered post-write-off.
Q: How many companies are currently active in the Early Wage Access (EWA) program, and what is the target for adding new companies this year? A: Talin Aggarwal, Head of Strategic Partnerships, stated that about 180-185 companies are active, with a target to add 150-200 companies, depending on market conditions.
Q: What is the revenue split for the INR22 crore disbursed in EWA and cross-sell? A: Talin Aggarwal mentioned that INR10 crore was disbursed in EWA and INR12 crore in cross-sell. The market volatility has affected the disbursal run rate.
Q: What is the average salary of employees using EWA, and what is the average loan amount given? A: Talin Aggarwal noted that the average salary is INR55,000 to INR60,000, with an average loan amount of INR25,000. The maximum loan is INR1 lakh.
Q: Are there any plans to expand into new product categories like mutual funds and insurance? A: Talin Aggarwal confirmed plans to expand into small-ticket mutual funds and insurance, aiming to earn distributor fees from the existing client base.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
