EMA Partners India Ltd
Incorporated in 2003, EMA Partners India Limited is an executive search firm offering specialized hiring solutions.[1]
- Market Cap ₹ 177 Cr.
- Current Price ₹ 76.0
- High / Low ₹ 133 / 65.2
- Stock P/E 38.2
- Book Value ₹ 45.7
- Dividend Yield 0.00 %
- ROCE -0.37 %
- ROE -0.94 %
- Face Value ₹ 5.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Debtor days have improved from 122 to 63.1 days.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 2.73% over last 3 years.
- Earnings include an other income of Rs.6.29 Cr.
* 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.
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 15.04 | 14.87 | 14.36 | 10.94 | 20.73 | |
| 10.72 | 11.39 | 13.02 | 11.30 | 19.66 | |
| Operating Profit | 4.32 | 3.48 | 1.34 | -0.36 | 1.07 |
| OPM % | 28.72% | 23.40% | 9.33% | -3.29% | 5.16% |
| 1.03 | 0.75 | 1.79 | 4.52 | 6.29 | |
| Interest | 0.38 | 0.16 | 0.15 | 0.48 | 0.22 |
| Depreciation | 0.66 | 0.65 | 0.73 | 1.25 | 1.34 |
| Profit before tax | 4.31 | 3.42 | 2.25 | 2.43 | 5.80 |
| Tax % | 28.54% | 18.71% | 26.67% | 18.52% | |
| 3.08 | 2.77 | 1.65 | 1.97 | 4.62 | |
| EPS in Rs | 61.60 | 65.50 | 39.02 | 0.85 | 1.98 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -10% |
| TTM: | 26% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 590% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -28% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 3% |
| Last Year: | -1% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 0.05 | 0.04 | 0.04 | 11.62 | 11.62 |
| Reserves | 27.94 | 28.22 | 29.87 | 91.04 | 94.62 |
| 3.43 | 0.14 | 6.55 | 0.59 | 0.46 | |
| 4.07 | 4.47 | 3.91 | 5.75 | 9.80 | |
| Total Liabilities | 35.49 | 32.87 | 40.37 | 109.00 | 116.50 |
| 8.96 | 8.53 | 9.65 | 17.12 | 17.12 | |
| CWIP | 0.00 | 0.00 | 7.50 | 0.00 | 0.06 |
| Investments | 8.73 | 10.25 | 10.00 | 21.00 | 28.99 |
| 17.80 | 14.09 | 13.22 | 70.88 | 70.33 | |
| Total Assets | 35.49 | 32.87 | 40.37 | 109.00 | 116.50 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 0.81 | 5.57 | 0.78 | -1.67 | |
| -1.84 | -1.72 | -7.91 | -62.84 | |
| -0.49 | -5.79 | 6.29 | 63.32 | |
| Net Cash Flow | -1.52 | -1.94 | -0.84 | -1.18 |
| Free Cash Flow | 0.17 | 5.35 | -8.57 | -2.90 |
| CFO/OP | 42% | 189% | 87% | 242% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 141.49 | 138.19 | 165.47 | 63.06 |
| Inventory Days | ||||
| Days Payable | ||||
| Cash Conversion Cycle | 141.49 | 138.19 | 165.47 | 63.06 |
| Working Capital Days | 45.87 | 53.51 | 84.64 | 106.43 |
| ROCE % | 11.67% | 5.89% | -0.37% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Sep 2025 | |
|---|---|---|---|---|
| Fee Earners Headcount Number |
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| Operating revenue per fee earning employee INR Lakhs |
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| Executive Search Professionals Headcount Number |
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| New Client Contribution % |
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| Number of Clients Number |
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| Repeat Business Contribution % |
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| Assignments per Employee (Projected Steady State) Number |
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| Employee Productivity (Projected Steady State) INR Mn per year |
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| Indian Executive Search Market Share % |
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| Number of Offices Number |
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| Presence - Number of Countries Number |
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| Total Group Headcount Number |
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Documents
Announcements
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
8 April 2026 - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026; no rematerialisation requests received.
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Updates
1 April 2026 - Appointment of R.K. Stock Holding as market maker from Apr 2, 2026; Alacrity discontinued Apr 1, 2026.
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Trading Window
31 March 2026 - Trading window closed from April 01, 2026 until 48 hours after audited results for year ended March 31, 2026.
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Shareholders meeting
28 March 2026 - Special resolution passed March 28, 2026 to vary utilization of IPO proceeds; 76.58% votes polled, 99.983% in favor.
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General Updates
28 March 2026 - Postal ballot: shareholders passed special resolution to vary IPO proceeds; votes polled 1,78,03,165; result dated 28 March 2026.
Annual reports
Concalls
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Nov 2025Transcript PPT
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May 2025Transcript PPT
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Feb 2025Transcript PPT
Business Model[1]
EMA Partners India Limited is an executive search firm specializing in leadership hiring solutions across multiple sectors. The business is supported by its subsidiaries operating in different geographies and serving distinct market segments.
Services Offered[2]
1. C-Suite and Board-Level Hiring: Through "EMA Partners" for India, the Middle East, and Singapore.
2. Mid to Senior-Level Hiring: Via "James Douglas Professional Search" in India and the Middle East.
3. Entry to Mid-Level Hiring: Using the "MyRCloud" AI-powered recruitment platform.
4. Consultancy: Leadership and HR consulting services through inactive subsidiaries (reassessing market opportunities).