Emerald Finance Ltd

Emerald Finance Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Emerald Finance Ltd

₹ 46.3 -6.12%
30 Mar - close price
emeraldfin.com BSE: 538882
About

Incorporated in 1983, Emerald Finance Ltd offers financial products and services, including its flagship Earned Wage Access (EWA) in India.[1]

Key Points

Business Overview:[1][2]
EFL is a Chandigarh-based, non systematically important, non-deposit-taking Non-Banking Finance Corporation. The company specializes in retail and MSME lending and operates as a loan origination platform for over 40 financial institutions through its wholly-owned subsidiary, Eclat Net Advisors Private Limited. It has expanded its offerings to include Personal Loans and Business Loans.

Website BSE
  • Market Cap ₹ 160 Cr.
  • Current Price ₹ 46.3
  • High / Low ₹ 112 / 45.5
  • Stock P/E 11.9
  • Book Value ₹ 26.3
  • Dividend Yield 0.32 %
  • ROCE 18.4 %
  • ROE 13.8 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 47.6% CAGR over last 5 years

Cons

  • Company has a low return on equity of 11.0% over last 3 years.
  • Promoter holding has decreased over last 3 years: -8.30%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Finance Non Banking Financial Company (NBFC)

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
3.05 3.87 2.78 3.24 3.42 3.89 4.39 5.00 5.72 6.45 6.71 6.90 7.80
Interest 0.23 0.23 0.22 0.26 0.44 0.50 0.66 0.76 0.77 0.71 0.68 0.61 0.69
1.32 1.83 1.41 1.73 1.40 1.83 1.45 1.50 1.66 1.95 1.80 1.48 1.77
Financing Profit 1.50 1.81 1.15 1.25 1.58 1.56 2.28 2.74 3.29 3.79 4.23 4.81 5.34
Financing Margin % 49.18% 46.77% 41.37% 38.58% 46.20% 40.10% 51.94% 54.80% 57.52% 58.76% 63.04% 69.71% 68.46%
0.00 -0.07 0.00 0.02 0.01 0.02 0.01 0.01 0.02 0.04 0.03 0.00 0.00
Depreciation 0.00 0.03 0.00 0.00 0.00 0.06 0.00 0.00 0.00 0.08 0.00 0.00 0.00
Profit before tax 1.50 1.71 1.15 1.27 1.59 1.52 2.29 2.75 3.31 3.75 4.26 4.81 5.34
Tax % 25.33% 26.32% 25.22% 25.20% 25.79% 25.00% 25.33% 25.09% 25.08% 29.33% 25.12% 25.16% 25.09%
1.12 1.25 0.86 0.95 1.19 1.13 1.71 2.05 2.48 2.65 3.19 3.60 4.00
EPS in Rs 0.37 0.41 0.29 0.32 0.39 0.37 0.57 0.63 0.73 0.77 0.92 1.04 1.16
Gross NPA %
Net NPA %
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
1 1 2 4 7 8 5 8 12 13 22 28
Interest 0 0 0 0 0 0 0 1 1 1 3 3
1 1 1 4 5 6 3 5 6 6 6 7
Financing Profit 0 0 0 1 2 2 2 3 5 6 12 18
Financing Margin % 16% 21% 17% 18% 24% 21% 36% 40% 41% 42% 56% 65%
0 0 0 0 0 0 -0 0 -0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 0 0 0 1 2 2 2 3 5 6 12 18
Tax % 29% 31% 29% 26% 28% 21% 26% 26% 25% 26% 25%
0 0 0 1 1 1 1 2 3 4 9 13
EPS in Rs 0.03 0.03 0.07 0.19 0.41 0.44 0.48 0.85 1.15 1.37 2.62 3.89
Dividend Payout % 0% 0% 0% 0% 0% 18% 6% 12% 9% 7% 6%
Compounded Sales Growth
10 Years: 38%
5 Years: 23%
3 Years: 37%
TTM: 47%
Compounded Profit Growth
10 Years: 59%
5 Years: 48%
3 Years: 53%
TTM: 82%
Stock Price CAGR
10 Years: 14%
5 Years: 30%
3 Years: 25%
1 Year: -54%
Return on Equity
10 Years: 10%
5 Years: 11%
3 Years: 11%
Last Year: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 3 3 3 3 9 9 9 29 30 30 35 35
Reserves 0 0 1 2 5 6 7 9 13 17 50 56
Borrowing 0 0 0 1 1 3 3 5 5 15 16 15
0 0 1 1 1 2 4 3 3 3 6 8
Total Liabilities 3 3 5 7 16 20 23 46 52 65 106 114
0 0 0 0 0 0 0 0 0 1 1 1
CWIP 0 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 0 0 0 0 0 0 0 0 0 0
3 3 5 7 16 20 23 45 51 64 105 113
Total Assets 3 3 5 7 16 20 23 46 52 65 106 114

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
0 0 -0 0 -5 -4 3 -23 2 -11 -13
0 0 -1 -0 -0 -0 -0 -0 -0 -0 -0
0 0 2 1 8 1 -0 21 3 8 28
Net Cash Flow 0 0 0 1 3 -3 2 -2 5 -4 15
Free Cash Flow 0 0 -1 0 -5 -4 3 -23 1 -12 -14
CFO/OP 0% 0% -166% 9% -276% -178% 107% -586% 27% -159% -88%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
ROE % 3% 3% 5% 12% 12% 9% 9% 9% 9% 9% 14%

Insights

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Mar 2023 Mar 2024 Dec 2025
Assets Under Management (AUM)
₹ Cr

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Gross Non-Performing Assets (GNPA)
%
Total Distributed Loans (DSA Business)
₹ Cr
Average Ticket Size of EWA
₹
Geographical Presence (Cities)
Number
Number of Onboarded Corporates (EWA)
Number
Total Processed Salary Advances
₹ Cr

Shareholding Pattern

Numbers in percentages

10 Recently
Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
67.80% 67.80% 67.80% 67.80% 67.80% 67.80% 62.35% 60.51% 59.50% 59.50% 59.50% 59.50%
0.71% 0.71% 0.71% 1.31% 1.31% 1.31% 9.16% 9.78% 9.36% 5.96% 1.74% 1.74%
31.50% 31.49% 31.50% 30.90% 30.90% 30.89% 28.49% 29.72% 31.14% 34.55% 38.76% 38.76%
No. of Shareholders 2,9763,2893,4934,2094,3324,3316,4148,3719,88310,28710,98911,229

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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