EmkayGlobal Finl.Ser

Emkay Global Financial Services approved the issuance of up to 5,000 rated, listed, senior unsecured non-convertible debentures worth up to ₹50 crore on 21 August 2026. The private placement comprised a ₹25 crore base issue and a green-shoe option of up to ₹25 crore, carrying an 11.5% annual coupon payable half-yearly and a three-year tenor. The debentures were proposed for listing on BSE’s Wholesale Debt Market, with a tentative allotment date of 7 September 2026 and maturity on 7 September 2029. The company had ₹90.2 crore of NCDs outstanding by March 2026 within a ₹200 crore rated programme. Its consolidated profit for FY26 was ₹15.2 crore.

Powered by Tijori

Emkay Global Financial Services approved the issue of up to ₹50 crore of rated, listed, senior, unsecured non-convertible debentures through private placement, comprising a ₹25 crore base issue and a green-shoe option of up to ₹25 crore. The three-year debentures will carry an 11.5% annual coupon payable half-yearly and are proposed to be listed on BSE’s wholesale debt market. Emkay had ₹90.2 crore of NCDs outstanding against a ₹200 crore rated NCD programme by March 2026. The company reported FY26 standalone revenue of about ₹415 crore and consolidated profit after tax of ₹15.2 crore, down from ₹56.8 crore a year earlier.

Powered by Tijori

Aug 18 (Reuters) - Emkay Global Financial Services Ltd EMKS.NS:

• EMKAY GLOBAL FINANCIAL SERVICES - TO CONSIDER ISSUANCE OF NCDS ON AUGUST 21, 2026

Source text: ID:nBSE9m7S6S

Further company coverage: EMKS.NS

(([email protected];))

** Page Industries' PAGE.NS shares rise 2.2% to 37,320 rupees

** June-qtr revenue from ops rises 7.9% YoY; profit falls about 4% as expenses rise 10.5% YoY

** Dolat Capital ("Buy") says demand remains strong as co expects double-digit volume growth for FY27

** Emkay Global ("Add") says PAGE well placed for mid-teen growth, driven by industry consolidation, wider distribution, stronger consumer outreach and richer product mix

** Systematix Institutional Equities ("Hold") is cautious on near-term earnings outlook on higher raw material costs despite improving demand; sustained double-digit volume growth, easing costs and margin recovery will be key

** 14 of 23 brokerages rate PAGE "buy" or higher, 4 "hold" and 5 "sell" or lower; median PT 41,500 rupees - LSEG-compiled data

** YTD, stock up 3.9%

(Reporting by Abhinav Parmar in Bengaluru)

(([email protected];))

** Shares of Hindustan Unilever HLL.NS up ~1% at 2,195.80 rupees ahead of results

** Analysts expect Indian consumer goods maker's Q1 margins to be pressured due to Iran war-driven rise in raw material costs, even as demand remained resilient and price hikes boosted the topline

** Emkay Global expects 5% y/y volume growth and 4% pricing growth for HLL, largely led by home care segment; expects profit to rise 9%

** Says, gross margin to decline 130 bps y/y and EBITDA margin to contract 90 bps due to input cost inflation

** Phillip Capital also expects home care to lead growth, but says EBITDA margin to decline 50%

** Peers Nestle India NEST.NS and Tata Consumer TACN.NS posted higher Q1 profit

** YTD, HLL down 5.3% compared to Nifty FMCG index's .NIFTYFMCG 10.1% drop

(Reporting by Nishit Navin and Kashish Tandon in Bengaluru)

(([email protected]))

** Insurance company Go Digit General Insurance's GODG.NS shares fall 7.8% to 258.85 rupees, hitting an all-time low

** Q1 profit after tax falls 37.5% YoY; Net premium earned rises 7.6%

** Brokerage Emkay Global lowers TP on stock to 270 rupees from 290 rupees, says industry dynamics lead to weaker growth and profitability

** Emkay upgrades GODG to "reduce" from "sell", citing limited downside, but says competitive pressures and the company's high-cost operating model keep it from turning positive on the stock

** Jefferies cuts its target price to 380 rupees from 395 rupees after lowering FY27-FY29 EPS estimates by 5%-7%, mainly to reflect slower growth

** Seven of 10 brokerages rate the stock "buy" or higher; their median PT is 350 rupees - LSEG data

** YTD, stock down 23.9%

(Reporting by Abhinav Parmar in Bengaluru)

(([email protected];))

** HDFC Life Insurance Company's shares HDFL.NS up about 2% at 565.3 rupees ahead of Q1 results

** Analysts expect insurer to post slower new business growth than peers due to weakness in banking channel sales

** Systematix expects HDFL's new business premium and annualised premium equivalent (APE) to grow at 9% each, below industry rate

** Emkay Global expects 10% APE rise vs 12.5% yr-ago, citing slowdown in HDFC Bank channel

** Says value of new business margin to shrink around 100 bps from year-ago quarter, due to unavailability of tax credit following tax cuts

** Demand for term life insurance plans strong; growth hindered by higher competition in high-margin non-participating products, analysts said

** YTD, stock down about 25.5% vs ICICI Prudential Life Insurance's ICIR.NS 24% fall, SBI Life Insurance SBIL.NS 9.5% decline

(Reporting by Nishit Navin and Mridula Kumar in Bengaluru)

(([email protected]))

** India's JSW Cement JSWC.NS rises as much as 11.8% to 142.50 rupees - its highest since Oct. 10, 2025

** Stock on track for best week on record, with 12.4% gain so far through Friday

** Cement maker's Q4 consol total net profit jumps over 10-fold y/y; rev from ops up 10.9% y/y

** Emkay Global hikes PT on stock to 125 rupees from 115 rupees; says at ~11x FY28E EV/EBITDA, the risk-reward ratio appears balanced

** Bobs Capital says the strong diversified earnings pool, well-spread regional mix and strong backward integration will help improve the quality of earnings

** Brokerage hikes PT on stock to 148 rupees from 139 rupees

** Co rated "buy" on average by 15 analysts, median PT at 146 rupees - LSEG data

** YTD, stock up about 16%

($1 = 95.8800 Indian rupees)

(Reporting by Brijesh Patel in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

** Shares of Equitas Small Finance Bank EQUI.NS surge 7.9% to 72.14 rupees

** Lender reports five-fold jump in Q4 net profit on lower credit costs with an improved asset quality

** Percentage of gross non-performing loans improved to 2.60% from 2.75% prev qtr; provisions down 52% Y/Y

** Emkay Global upgrades EQUI to "add" from "reduce" with PT of 75 rupees factoring in co's sharp and sustained turnaround

** After reporting a massive loss in Q1 FY26, EQUI has made a strong comeback with sustained credit growth acceleration to 18% YoY, sharp margin expansion and reduced credit costs as MFI stress is largely behind - Emkay

** BOBCaps expects EQUI's loans to grow at 20% CAGR over FY26-29 with return ratios improving on healthy growth, lower credit costs

** YTD, stock up 14.5%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** JK Tyre & Industries JKIN.NS rises as much as 6.3% to a more than 21-month high of 522.05 rupees, last up 4.2%

** Emkay Global reiterates "buy" rating, raises TP to 625 rupees, saying the firm is entering a phase of accelerating revenue growth and offers valuation comfort compared to peers.

** Brokerage says co's 50 billion rupees medium-term capex plan enhances multiyear growth visibility and JKIN's strong cash generation would help fund most of the capex

** Notes stock undervalued at current levels

** Stock rated "hold" on avg, median TP at 480 rupees, per data compiled by LSEG

** YTD, JKIN up ~32%

(Reporting by Brijesh Patel in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

** Eureka Forbes EURK.NS jumps as much as 7.8% to a six-month high of 654.4 rupees

** Brokerages flag robust growth prospects post an analyst meet, where the company forecast doubling revenue to 56 billion rupees ($625.96 million) and tripling operating profit to 8.5 billion rupees by FY30

** ICICI Securities ("Buy"; PT raised to 700 rupees), Emkay Global ("Buy"; PT 775 rupees) and Antique Stock Broking ("Buy"; PT 701 rupees) say growth in water and air solutions, a richer product mix, and strong execution will likely power earnings

** Antique says EURK is poised for a multi-year growth cycle

** Stock is rated "Strong Buy" by 11 analysts with a median target of 730 rupees, according to data compiled by LSEG

** EURK is up 11.6% YTD, outperforming the Nifty Microcap 250's .NIFTYMICROCAP250 7.6% decline

($1 = 89.4625 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

** Analysts, on avg, expect India's ICICI Lombard ICIL.NS to post ~15% y/y growth in consol profit to 7.97 billion rupees ($89.85 million), per data compiled by LSEG

** Emkay Global expects the general insurance co's profit growth to be driven by healthy investment growth and a slight improvement in combined ratios

** Combined ratios show how much an insurance company spends on claims and expenses compared to earned premiums

** JM Financial expects net earned premium for ICIL to grow 12% and profit after tax to grow 8%

** Adds, with strong growth in fire insurance and expectation of improvement in motor growth post GST cuts and hike in motor third party premiums, it sees a potential uptick in growth for ICIL

** ICIL rated 'buy' on average by 23 analysts, with a median PT of 2130 rupees - per data compiled by LSEG

**As of Monday's close, ICIL is up 2.6% YTD vs. the Nifty Financial Services sub-index's .NIFTYFIN 14% rise

($1 = 88.7000 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected]))

** Shares of Emkay Global Financial Services EMKS.NS rise 7.1% to 256.67 rupees

** Co's board to meet on September 22 to consider raising funds via issue of securities on preferential basis

** Trading vols over 3x the 30-day average at 82,092 shares so far

** EMKS down ~18% YTD

(Reporting by Vijay Malkar)

(([email protected];))

Sept 17 (Reuters) - Emkay Global Financial Services Ltd EMKS.NS:

• EMKAY GLOBAL FINANCIAL SERVICES LTD - TO CONSIDER RAISING FUNDS BY WAY OF ISSUE OF SECURITIES

Source text: ID:nnAZN4JCA1A

Further company coverage: EMKS.NS

(([email protected];))

** Shares of auto component maker Suprajit Engineering SUPE.NS rise 2.4% to 458 rupees

** Emkay Global Financial Services upgrades stock to "buy" rating; has TP of 550 rupees - implying 22% upside from last close

** Brokerage says SUPE's India business alone justifies its current market cap, with underappreciated global operations

** Adds, domestic business is diversifying beyond cables into braking systems and electronics, with new tech tie-ups such as Blubrake for anti-lock braking system

** Emkay forecasts 9%/21%/48% revenue/EBITDA/EPS over FY25–28E, with return on equity improving to 19% and net debt nearing zero

** Stahlschmidt Cable Systems (SCS) acquisition expected to break even by Q4FY26; global margins seen rising to 10.9% by FY28 - Emkay

** SUPE rated "buy" by 7 analysts on average; median target price 466 rupees – data compiled by LSEG

** Stock trims YTD losses to 0.1%

(Reporting by Rudra Pratap Singh in Bengaluru)

(([email protected]))

** Long-term view on Indian QSRs (Quick Service Restaurants)remains constructive and the ongoing prolonged growth slowdown is nearing its end, says Emkay Global

** Sees potential for return of mid-teen growth in FY26E for QSRs, beyond the muted Q4 - Emkay

** Emkay covers Jubilant Foodworks JUBI.NS, Westlife Foodworld WEST.NS and Devyani International DEVY.NS with "add", while Sapphire Foods SAPI.NS gets a "buy" rating.

** JUBI, DEVY and WEST up between 0.8%-4.2%, while SAPI is down close to 1%

** Average recommendation for JUBI, DEVY and SAPI is "buy," while WEST is a "hold", as per LSEG data

** Emkay remains in favor of JUBI and Sapphire, led by relatively better operating performance

** Maintains "add" on Westlife and upgrades Devyani to "add" from "reduce", due to price correction.

(Reporting by Shivani Tanna in Bengaluru)

(([email protected];))

** Shares of Dabur India DABU.NS fall 7.2% to 460.15 rupees, heads for fourth straight session of losses

** Consumer goods major flagged a drop in India FMCG business growth due to "delayed and truncated winters and a slowdown in urban markets"

** Consolidated revenue expected to be flattish during the quarter

** Expects Q4 operating profit margin to contract by around 150-175 basis points y/y

** Emkay Global cuts PT for DABU to 450 rupees - 9.3% below previous close - from 500 rupees; keeps "reduce" rating

** Emkay sees need for aligning with evolving consumption trend for topline recovery

** DABU down ~9% so far in 2025

(Reporting by Vijay Malkar)

(([email protected];))

March 7 (Reuters) - Emkay Global Financial Services Ltd EMKS.NS:

• EMKAY MUTUAL FUND TRUSTEE STRUCK OFF AND DISSOLVED

Source text: ID:nNSE5BDqvT

Further company coverage: EMKS.NS

(([email protected];;))

** Nifty FMCG index .NIFTYFMCG down for 15th consecutive session, set for longest losing streak since February 2011

** FMCG index down 0.6% on the day, has lost 11% so far in 15 sessions

** Earnings pressure due to weak demand and margin stress weighing on the sector, analysts say

** Emkay Global maintains "underweight" stance on FMCG stocks despite valuation comfort, says awaiting signs of improved consumption

** Near-term earnings would be stressed, with inflationary pressure hurting some players - Emkay

** Tax relief from the budget would increase disposable incomes but won't substantially benefit FMCG companies, says Elara Capital

** FMCG index down 8.4% since budget

** Index is 8.6% lower so far in 2025 vs 3.9% decline in benchmark Nifty 50 .NSEI

(Reporting by Vivek Kumar M)

(([email protected];))

** Shares of Paytm PAYT.NS climb ~5% to 901.70 rupees

** Brokerage Emkay Global upgrades fintech firm to "Buy" from "Add", and raises PT to 1,050 rupees from 750 rupees

** Recent approval from the country's payments regulator NPCI to sign new UPI users eases a major regulatory overhang, says Emkay

** NPCI nod for new UPI users would help PAYT to rebuild monthly transacting users' base over the next 12-18 months - Emkay

** Adds, PAYT will also be able to cross retail financial products like insurance and loans, thereby improving per user revenue

** Stock has gained ~28% since getting the nod from NPCI in October 2024

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

Oct 28 (Reuters) - Emkay Global Financial Services Ltd EMKS.NS:

• EMKAY GLOBAL FINANCIAL SERVICES - RAISING OF FUNDS VIA ISSUANCE OF NCDS FOR 1 BILLION RUPEES

Source text: ID:nBSE40mbhd

Further company coverage: EMKS.NS

(([email protected];))

** Petronet LNG PLNG.NS rises 5.4% to 362.75 rupees - top pct gainer on mid-cap 100 index .NIFMDCP100, which is down 1.4% amid broad sell-off in domestic markets

** Emkay Global upgrades to "buy" from "add", raises TP to Street-high of 425 rupees - a 23.4% upside to last close - LSEG

** Says India's top gas importer's valuations remain attractive at current levels and earnings outlook is steady, with EPS rising 7%-9% by FY27

** Adds co does not plan to bring any major tariff tweaks and is likely to sustain volume growth - both positives for stock outlook

** Avg rating of 31 analysts is "hold"; median TP is 315 rupees

** Stock up 63% YTD vs NIFMDCP100's 29% rise

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of Paytm PAYT.NS up around 3% at 670 rupees after Emkay Global upgrades to "add" from "reduce"

** Doubles PT to 750 rupees, 3rd-highest among 14 analysts and implying a 22% upside from stock's last close

** Emkay says regulatory overhang from cenbank action is easing and PAYT should get approvals to onboard new users and merchants soon

** Notes PAYT has protected its merchant base and says merchant lending to be key growth driver

** Based on that and cost cuts, it expects PAYT to swing to positive EBITDA before ESOP (stock options) by end of this year and to post net profits by FY27

** Avg rating of 14 analysts on PAYT is "hold," median PT 465 rupees -LSEG data

(Reporitng by Nishit Navin)

(([email protected];))

By Bharath Rajeswaran

BENGALURU, May 28 (Reuters) - India's benchmark Nifty 50 stock index .NSEI will rise a further 7% over the rest of this year, irrespective of the outcome of the country's ongoing national elections, the chief investment officer of Emkay Investment Managers said on Tuesday.

The index has risen 5.3% to around 22,900 points so far this year and Emkay expects the index to finish the year at roughly 24,500, said Manish Sonthalia.

That is slightly higher than equity analysts' 2024-end target of 23,850 points, according to a Reuters poll conducted earlier this month, as retail investors plough money into one of the world's most expensive stock markets.

The past couple of weeks, however, have seen a surge in trading volatility on doubts over the outcome of India's six-week-long national elections that ends next week.

Opinion polls ahead of the elections had predicted the ruling Bharatiya Janata Party and its allies could win three-fourths of parliament's 543 seats but expectations have since moderated.

Emkay's base case is for the BJP and its allies to win 320 seats, give or take 20. A stronger victory could lead to a "euphoric" reaction but investors should not cash out, Sonthalia cautioned.

If the BJP win fewer than 280 seats, it will be a negative surprise for the markets, he said.

"However, it will be a golden opportunity to buy quality large- and mid-cap names as valuations would turn very attractive for medium- to long-term investors."

Contrary to the general opinion, Sonthalia thinks the Nifty 50's valuations -- as measured by comparing stock prices to one-year forward earnings (PE) -- are not very costly.

He expects the Nifty 50's PE to rise to 25 times, from 20 times currently.

Among sectors, Sonthalia is bullish on banking and financial services, power producers and financiers, defence and large oil marketing companies on account of earnings momentum and enhanced interest and investments in these sectors.

Consumer staples in mass-end is a bit risky, he said, because of uncertainty about the recovery in rural demand.

($1 = 83.1582 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 9769003463;))

** Shares of Gujarat State Petronet Ltd (GSPL) GSPT.NS fall to an exchange-allowed maximum of 20% to 302.15 rupees

** Petroleum and Natural Gas regulator lowered GSPL's gas grid tariff from co expected 50.8 rupees/million british thermal units (MMTU) to 18.1 rupees/MMTU

** At least three brokerages slash ratings on GSPL stock post regulator's declaration - LSEG

** "This is a material hit to earnings for GSPL" - ICICI Securities

** Brokerage Emkay Global says tariff model's long-term nature will result in weaker outlook for GSPL despite tailwinds like lower LNG prices

** The tariff cut will impact the unified tariff of GSPL by 4%, while return on capital employed will decline sharply to 11%-12% - Kotak

** Stock eyes busiest trading day since Nov. 25, 2022

** Including session's losses, stock is down 1.3% YTD

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of metal and lead recycling company Gravita India GRAI.NS rise as much as 13.1% to 1,045.85 rupees

** Kotak Institutional Equities initiates coverage with "buy" rating and fair value of 1,200 rupees

** Says, GRAI poised to benefit from higher scrap availability and reduced costs as the lead recycling industry formalises

** Expects revenue and profit to grow at CAGR of 20% and 22%, respectively, over next three years, with a high return on capital employed (ROCE) of more than 20%

** Risks include commodity price volatility, regulatory changes affecting scrap, and competition from battery OEMs in recycling

** Stock eyes second straight month of gains; on track for a fourth consecutive session of gains, if trends hold

** Brokerages Antique Stock Broking and Emkay Global both rate the stock as "buy," with PT of 1,410 rupees and 1,325 rupees, respectively

(Reporting by Navamya Ganesh Acharya in Bengaluru)

(([email protected]; +91 8805175330 ;))

** Shares of JK Tyre & Industries Ltd JKIN.NS rise as much as 2.6% to 515.95 rupees

** Emkay Global retains "buy" on co; TP of 700 rupees unchanged

** Management at investor meeting said, co accelerating focus on high-growth, high-margin passenger car radial (PCR) tyres via well-timed capex, largely in the sports utility vehicle tyres segment

** Co expects shift in buying preferences, along with fleet management solutions to act as an incremental growth lever - Emkay

** "Sustained margins and accelerated deleveraging to drive re-rating," says Emkay

** YTD JKIN shares up 28.7%

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

Repeats with no changes to text

** Analysts note as "positive surprise for markets" the ruling Bharatiya Janata Party's (BJP) victories in three key states; could boost industrials, financials and auto stocks among others

** BJP's win should calm fears over fiscal populism and allay market concerns over political risks, says Nomura

** Motilal Oswal Financial Services retains preference in banking and financial services, industrials, real estate, auto and consumer discretionary sectors

** Emkay Global adds two-wheelers to its top sectoral bets; retains bullish outlook on chemicals, hotels, mid-size financials

** Phillip Capital reiterates positive view on industrials (capital goods and defence), cement, metals, pipes, automobile, financials, pharma, consumer discretionary and staples

** Expects these segments to rise due to BJP's focus on more welfare schemes in the run-up to 2024 elections

** Nifty has given returns between 9% and 36% in six months ahead of general elections (November to May) in five occasions (1999-2019)

** Nifty rose 5.52% in November, its best month since July 2022; both Nifty .NSEI and Sensex .BSESN hit record highs on Monday

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Indian speciality chemical cos' price realisations getting hurt in refrigerant gas segment in U.S. due to China's dumping and lower prices, says Emkay Global

** Cos will shift more towards Gulf/domestic markets from U.S. for their new capacity additions and compete with Chinese imports, reducing price benefit for cos - Emkay

** Emkay says US seeing higher imports from United Arab Emirates from new huge capacity addition by a JV between IGas Holdings (IGas) in US and China's Juhua Group

** Brokerage says Indian cos will have to strategize on optimizing between volumes and price and turn cautious on refrigerant gas business

** Emkay maintains "buy" on SRF SRFL.NS and Anupam Rasyan ANUY.BO, "hold" on Navin Flourine NAFL.NS and "sell" on Gujarat Fluorochemicals GUJL.NS

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))