Emkay Global Financial Services Limited (EMKAY) fair value: what the stock is really worth
As of Nov 11, 2026: fair value (intrinsic value) of Emkay Global Financial Services Limited stock ₹78.40, price ₹262, that is 70.1% below the price, quality 40 out of 100. Rating: strongly overvalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range ₹59.08 – ₹379.55 · fair‑value band ₹50.00 – ₹116.73 · the ₹262.40 price screens above the ₹78.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.
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Emkay Global Financial Services Limited, together with its subsidiaries, provides various financial services in India. It operates through two segments, Advisory and Transactional Services; and Financing and Investment Activities.
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The company offers stock broking, financing, depository participant, asset and wealth management, financial products distribution, investment advisory, proprietary investments, securities trading, and exempt financial advisors; and securities broking and distribution, and other related financial intermediation services.
It also provides investment banking services comprising private equity and qualified institutions placement, rights issue, and corporate advisory; institutional equities and portfolio management; commodities, currency derivatives, and retail broking services; and global investing.
The company serves foreign institutional investors, domestic mutual and hedge funds, banks, insurance companies, private equity firms, corporate houses, small and medium-sized enterprises, and high net worth individuals.
The company was formerly known as Emkay Share and Stock Brokers Private Limited and changed its name to Emkay Global Financial Services Limited in June 2008. Emkay Global Financial Services Limited was incorporated in 1995 and is based in Mumbai, India.
Stock analysis
Emkay Global Financial Services Limited (EMKAY) currently trades at ₹262.40, while our model-based Fair Value estimate is ₹78.40, 70% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of ₹135.98 per share, and 0 of the 13 models we run sit above the ₹262.40 price.
Bear case: the Dividend Discount group reads lowest at ₹36.72, and 13 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹50.00 (bear) to ₹116.73 (bull), the price of ₹262.40 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 40/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Emkay Global Financial Services Limited reported revenue of ₹4.0B in FY2026 versus ₹2.6B in FY2022, a compound +11.5%/yr. Reported net income was ₹152M in FY2026, compounding −18.1%/yr from FY2022.
Key figures
Market cap ₹7.8B (≈ $83.1M) Micro · P/E ratio 38.1 · P/S ratio 1.95 · EPS (TTM) ₹6.89 · Dividend yield 0.6% · Net margin 4.9% · Return on equity 4.5% · Return on assets (EBIT) 1.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 34 out of 100 (medium confidence).
What moves the price
The share trades about 13% below its 52-week high and 39% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at 5% fair-value upside, at −70%, EMKAY screens richer than that median.
Fair Value models
Bear₹50.00Fair Value ₹78.40Bull₹116.73
Price ₹262.40 · Downside -70.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹3.34 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Growth DCF₹71.18₹114.03₹169.4077
Residual Income₹84.79₹85.20₹88.7576
Owner Earnings₹73.29₹124.23₹195.8675
All 13 models by family
DCF Models
Owner Earnings₹73.29₹124.23₹195.8675
5Y P/E Exit₹49.78₹86.61₹127.6769
10Y P/E Exit₹58.82₹92.23₹137.3363
Earnings-Based
Graham-Dodd₹37.02₹180.75₹249.0864
Lynch FV₹63.84₹91.20₹118.5761
Dividend Discount
Gordon GGM₹23.39₹37.24₹46.6069
DDM Multi-Stage₹23.39₹36.20₹40.2367
Multiples
P/E Multiple₹53.07₹70.76₹88.4663
P/B Multiple₹142.93₹190.58₹238.2255
Asset-Based
NCAV (Graham)₹68.06₹91.21₹136.1354
Growth DCF
Growth DCF₹71.18₹114.03₹169.4077
Rev-Margin DCF₹61.01₹109.56₹173.2970
Economic Profit
Residual Income₹84.79₹85.20₹88.7576
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+25.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+26.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.3%
Start year 2021 (pandemic). Over 10 years: +14.4% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.2%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−6.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.6%
Dividend (yield on the price)0.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−10.1% vs 0.4%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 5%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
Compare Emkay Global Financial Services Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 454 stocks
Beats the industry median on 3/14 measures
Overall it trails its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside−70.1% · Bottom 25%
Profitability
Return on equity (12 months)4.5% · Below median
Return on assets0.9% · Below median
Net margin (12 months)4.9% · Below median
Operating margin (12 months)9.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)22.6% · Above median
Dividend yield (12 months)0.6% · Bottom 25%
Balance sheet
Debt / equity0.24× · Above median
Valuation Multiplesvs Capital Markets median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Emkay Global Financial Services Limited Fair Value". https://www.fairvalue-calculator.com/stock/EMKAY
Frequently asked questions
Is Emkay Global Financial Services Limited (EMKAY) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of ₹78.40 versus a price of ₹262.40, about 70% lower (overvalued).
What is the fair value of EMKAY?
Our model-based fair value for Emkay Global Financial Services Limited is ₹78.40 (as of Nov 7, 2026), built from audited fundamentals. The current price: ₹262.40.
What is the quality score of EMKAY?
Emkay Global Financial Services Limited has a Quality Score of 40/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Emkay Global Financial Services Limited (EMKAY)?
Our model-based price target is the fair value of ₹78.40 (as of Nov 7, 2026) from 13 valuation models. Cautious scenario ₹50.00, optimistic scenario ₹116.73. It is a calculation from audited fundamentals, not an analyst target.
What is the Emkay Global Financial Services Limited stock forecast for 2026?
Our models put fair value at ₹78.40, about 70% lower versus a price of ₹262.40 (overvalued). Cautious scenario ₹50.00, optimistic scenario ₹116.73. The calculation is refreshed regularly with new filings.
What is the revenue of Emkay Global Financial Services Limited (EMKAY)?
Emkay Global Financial Services Limited reported trailing-twelve-month revenue of about ₹4.0B (latest available figure, as of Nov 7, 2026).
Does Emkay Global Financial Services Limited pay a dividend?
Emkay Global Financial Services Limited currently shows a dividend yield of 0.57% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Emkay Global Financial Services Limited (EMKAY) and when is the ex-dividend date?
Emkay Global Financial Services Limited pays a dividend of ₹1.50 per share a year, a dividend yield of 0.6%. The last ex-dividend date was Aug 3, 2026. A dividend has been paid every year since 2021. The payout ratio is 21.8% of earnings. Free cash flow covers the dividend 73.60 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Emkay Global Financial Services Limited (EMKAY)?
For today's price to be fair in a discounted-cash-flow model, Emkay Global Financial Services Limited would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 13.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +23.3 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of EMKAY use?
Our models discount Emkay Global Financial Services Limited at 13.9 %: a base by market capitalisation (micro), damped by beta 0.36, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Emkay Global Financial Services Limited that is less than minus 40 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.9 %) and the same formula as our fair value.
How much growth has Emkay Global Financial Services Limited (EMKAY) delivered so far?
Over the past 5 years revenue at Emkay Global Financial Services Limited grew +23.3 % a year. The price currently implies free-cash-flow growth of less than minus 40 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Emkay Global Financial Services Limited (EMKAY) growing?
The median revenue growth in the sector is +8.9 % a year. That is the yardstick for the growth priced into Emkay Global Financial Services Limited (less than minus 40 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Emkay Global Financial Services Limited (EMKAY)?
The free-cash-flow yield on the price is 39.61 %: that much free cash flow Emkay Global Financial Services Limited produces per unit of market value. When it exceeds the discount rate of our models (13.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Emkay Global Financial Services Limited (EMKAY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Emkay Global Financial Services Limited it is ₹78.40 per share (as of Nov 7, 2026), against a price of ₹262.40. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Emkay Global Financial Services Limited stock overvalued or undervalued in 2026?
As of Nov 7, 2026, EMKAY trades above its calculated fair value: price ₹262.40, fair value ₹78.40, a gap of about −70% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of EMKAY?
No. The price is what the market pays today (₹262.40); the fair value is what the company's own numbers justify (₹78.40). For Emkay Global Financial Services Limited the two are ₹184.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is Emkay Global Financial Services Limited worth?
The market values Emkay Global Financial Services Limited at about ₹7.8B (market capitalisation, as of Nov 7, 2026). Per share that is ₹262.40; our models calculate a fair value of ₹78.40 per share.
What do the bullish and bearish scenarios say about EMKAY?
Our models span a range for Emkay Global Financial Services Limited: cautious scenario ₹50.00, base ₹78.40, optimistic ₹116.73 per share (as of Nov 7, 2026, price ₹262.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EMKAY?
Emkay Global Financial Services Limited trades at a price-to-earnings ratio of 38.1 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹78.40 is built from several models across several years. Other multiples: P/B 2.0, P/S 1.9, EV/EBITDA 23.7.
How solid is the balance sheet of Emkay Global Financial Services Limited (EMKAY)?
Balance-sheet figures for Emkay Global Financial Services Limited (as of Nov 7, 2026): return on equity 4.5%, debt of 0.24 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is EMKAY from its 52-week high?
Emkay Global Financial Services Limited trades at ₹262.40, about 13% below its 52-week high of ₹302.05 and 39% above the low of ₹188.31 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of ₹78.40 is for.
Which stocks are comparable to Emkay Global Financial Services Limited?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Emkay Global Financial Services Limited stock attractive at the current price?
The data as of Nov 7, 2026: price ₹262.40, calculated fair value ₹78.40 (−70%), Quality Score 40/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of EMKAY calculated?
We run Emkay Global Financial Services Limited through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of ₹78.40 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0% above its aggregate fair value. Emkay Global Financial Services Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Emkay Global Financial Services Limited (EMKAY)?
The closing price on Nov 11, 2026 was ₹262.40. Our model-based fair value is ₹78.40, about 70% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Emkay Global Financial Services Limited right now?
The price sits above even our optimistic bull case (₹116.73). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (₹50.00 to ₹116.73) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Emkay Global Financial Services Limited (EMKAY) come from?
Earnings per share at Emkay Global Financial Services Limited grew +11.9 % a year from 2016 to 2026. Broken into its drivers: revenue per share +13.7 %, EBIT margin −12.0 %, tax rate +1.5 %, residual (interest, one-offs) +10.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Emkay Global Financial Services Limited
How large is the market capitalisation of Emkay Global Financial Services Limited (EMKAY)?
The market capitalisation of Emkay Global Financial Services Limited is ₹7.8B (≈ $83.1M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Emkay Global Financial Services Limited (EMKAY)?
The price-to-sales ratio of Emkay Global Financial Services Limited is 1.95 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Emkay Global Financial Services Limited (EMKAY)?
Earnings per share at Emkay Global Financial Services Limited are ₹6.89 (price ÷ EPS = P/E 38.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Emkay Global Financial Services Limited (EMKAY)?
The dividend yield of Emkay Global Financial Services Limited is 0.6% (payout 21.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Emkay Global Financial Services Limited (EMKAY)?
The net margin of Emkay Global Financial Services Limited is 4.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Emkay Global Financial Services Limited (EMKAY)?
The return on equity (ROE) of Emkay Global Financial Services Limited is 4.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Emkay Global Financial Services Limited (EMKAY)?
On an EBIT basis the return on assets of Emkay Global Financial Services Limited is 1.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Emkay Global Financial Services Limited (EMKAY)?
The operating margin of Emkay Global Financial Services Limited is 9.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Emkay Global Financial Services Limited (EMKAY)?
Revenue at Emkay Global Financial Services Limited is growing +22.6% versus a year earlier (3y avg +26.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Emkay Global Financial Services Limited (EMKAY)?
Earnings per share at Emkay Global Financial Services Limited are growing +68.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Emkay Global Financial Services Limited (EMKAY) carry?
The net debt of Emkay Global Financial Services Limited is ₹528M (fiscal year 2026, ≈ 0.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026