ALFA Finder
| Market Cap | ₹190.46 CrSmall Cap |
|---|---|
| P/E Ratio | 10.78Sector PE: 20.8 |
| Net Profit TTM | ₹17.66 CrTrailing 12 Months |
| Day RSI | 50.68Neutral Zone |
Key highlights
- Emerald Finance appointed as Direct Selling Agent (DSA) for Utkarsh Small Finance Bank
- Scope of agreement covers gold loan business sourcing across all of India
- Follows a similar pan-India gold loan DSA agreement with Unity Small Finance Bank on November 3, 2026
- Company reported 45.86% year-on-year revenue growth in the quarter ended September 2026
- Operating profit margin for the latest quarter stood at a robust 83.35%
Strategic Sourcing Network Expansion
The agreement with Utkarsh Small Finance Bank marks a significant step for Emerald Finance in scaling its third-party distribution business. By acting as a Direct Selling Agent, the company will leverage its existing infrastructure to source gold loan clients for the bank's gold loan vertical across India. This model allows Emerald to generate fee-based income without capital-intensive lending requirements on its own book for these specific transactions.
The tie-up aligns with the company's recent strategy of aggressive partnership-led growth, following several other distribution and service agreements signed in the final quarter of 2026.
Aggressive Partnership Trajectory in Q3 FY27
- Signed a similar gold loan DSA agreement with Unity Small Finance Bank on November 3, 2026
- Launched Early-Wage-Access program with ATS Services Private Limited on November 4, 2026
- Established employee wage access partnerships with Automotive India and Kandarp Digi Smart BPO in late October 2026
- Reported a total MSME loan book of ₹131 crore as of September 30, 2026
- Management targets onboarding 120 corporate clients for the Early-Wage-Access segment by the end of FY27
Financial Performance and Market Context
Emerald Finance has demonstrated strong financial momentum heading into this partnership, with a net profit of ₹5 crore for the quarter ended September 30, 2026, representing an 8.48% sequential growth. The company's operating revenue for the same period rose 45.86% year-on-year to ₹10.07 crore. Despite a 37.45% decline in the share price over the last year, the company maintains a Piotroski Score of 6, indicating stable financial health.
With a current P/E of 10.78 compared to the industry average of 24.3, the company is positioning itself as an efficient operator within the Banking and Finance sector.
Official Outlook on Business Association
We are pleased to announce this business association and look forward to expanding our operations across India through this partnership with Utkarsh Small Finance Bank.
| Date | Announcement | Amount |
|---|---|---|
| 04 Nov 2026 | Partnership with ATS Services Private Limited to launch Early-Wage-Access program for its employeesSource: BSE filing | – |
| 03 Nov 2026 | Direct Selling Agent agreement with Unity Small Finance Bank to source gold loans on a pan-India basisSource: scanx.trade | – |
| 30 Oct 2026 | Partnership with Automotive India to offer Early-Wage-Access program to its employeesSource: scanx.trade | – |
| 26 Oct 2026 | Partnership with Kandarp Digi Smart BPO Limited to offer Early-Wage-Access program to its employeesSource: scanx.trade | – |
| 14 Oct 2026 | Partnership with Halomax to offer Early-Wage-Access program to its employeesSource: equitypandit.com | – |
| 07 Oct 2026 | Partnership with Redhatwheels Private Limited to offer Early-Wage-Access program to its employeesSource: equitypandit.com | – |
What to watch next
- Targeted onboarding of 120 corporate clients for the EWA program by March 2027
- Audited financial statements for the year ending March 31, 2027, to determine NSE listing eligibility
- Expansion of the MSME loan book beyond the ₹131 crore mark recorded in September 2026
| Share price | ₹56.39 |
|---|---|
| Market capitalisation | ₹190.46 Cr |
| Revenue (annual) | ₹31.17 Cr |
| Net profit (annual) | ₹14.47 Cr |
| Revenue (latest quarter) | ₹10.07 Cr+6.71% vs previous quarter |
| Net profit (latest quarter) | ₹5.00 Cr+8.48% vs previous quarter |
| P/E (TTM) | 10.78×Sector 20.8× |
| Promoter holding | 59.7%0.00% QoQ |
| FII holding | 1.78%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Emerald Finance Limited announcing a DSA agreement with Utkarsh Small Finance Bank for its Gold Loan Vertical. Market figures from a third-party data provider.
