Emerald Finance Ltd

BSE: 538882

₹ 50.35-4.55%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 174 crWebsite: www.emeraldfin.comUpdated: 24 Oct 2026

About

Emerald Finance Ltd is an NBFC that runs an Early Wage Access platform for employees, lends from its own book mainly to SMEs and retail borrowers, and distributes retail loans from other financial institutions through Shubhbank.com. Its own NBFC loan book stood at INR111 crores at the end of FY26. Revenue for FY26 was 31.17 (Rs Cr).^[1][2][3]

Business lines

Early Wage Access platform lets eligible employees draw part of their earned but unpaid wages before the normal salary date (FY26).^[1]
Own lending book serves mainly SMEs and retail borrowers (FY26).^[1]
Shubhbank.com distributes retail loan products offered by various financial institutions, with a Pan-India presence (FY26).^[1]
EWA was 4.5% of consolidated revenue in Q3 FY26; management stated an ideal long-term mix of 46% interest, 46% fee and 8% EWA.^[4]

Loan book and asset quality

NBFC loan book was INR111 crores at FY26 year-end, compared with INR103 crores in Q3 FY26 and INR80 crores in March 2025.^[2][4][5]
The AUM is mostly MSME business loans; EWA is a very small portion (Q3 FY26).^[4]
Business loans earned a yield of 18% plus a 1.5% upfront processing fee in Q1 FY26.^[6]
Gross NPA written off was ₹23 lakhs in FY26. EWA NPA was ₹26 lakhs in Q3 FY26.^[2][4]
Management said the historical NPA rate has been under 0.4-0.5% since the company got its NBFC licence (Q3 FY26 call).^[4]

Funding

Debt to equity was 0.17x in FY26, compared with 0.2x in Q3 FY26.^[2][4]
Borrowing cost was 10.9% in Q3 FY26, compared with 10.95% on the SBI facility in Q1 FY26.^[4][6]
CRISIL upgraded the company's rating from BB+ to BBB- (Q4 FY26 call). Management expected this to lower its cost of funds.^[2]

Early Wage Access operating numbers

There were 214 active EWA corporates as of March 31, 2026, compared with 150 active in Q3 FY26 and 120 in Q2 FY26.^[2][4][5]
EWA disbursements were INR10 crores in March 2026, compared with INR8-8.5 crores in December 2025. Both were below the guided INR11.5-12 crores.^[2][4]
Cross-sell disbursements of INR12 crores exceeded EWA-only disbursements of INR10 crores in Q4 FY26.^[2]
There were 4,000 monthly active EWA users in Q4 FY26, compared with about 2,900-2,950 in Q3 FY26.^[2][4]
Over 30,000 employees were onboarded with a 90% month-on-month repeat rate; 15% use EWA monthly (Q4 FY26).^[2]
The corporate rejection rate was almost 60%, based on CIBIL or banking checks (Q4 FY26).^[2]
The EWA service fee was 1.25%-2.5% per transaction, an 18%-30% APR (Q2 FY26).^[5]

Gold loan syndication

Gold loan syndication disbursed INR375 crores in Q4 FY26, compared with INR300 crores in Q3 FY26, about ₹115 Cr in Q2 FY26 and ₹80 Cr in Q1 FY26.^[2][4][5]
Partners include ICICI, HDFC, RBL and Muthoot Finance (Q4 FY26).^[2]
Syndication is fee-based, at a 1-1.3% fee, with no NPA risk on Emerald's books (Q2 FY26).^[5]

Plans

Management targets adding 150-200 EWA corporate clients in FY27.^[2]
The company plans to distribute health insurance, general insurance, small-ticket mutual funds and digital gold/silver to EWA employees; commercials were under negotiation (Q4 FY26).^[2]
Expansion into South and East India is under way; one South India corporate was onboarded (Q4 FY26).^[2]
NSE listing is targeted after the FY27 balance sheet is filed (Q3 FY26 call).^[4]

Recent developments

28 Sep 2026: the company partnered with Iconic, Mohali to offer its Early Wage Access program to Iconic's employees.^[7]
Q4 FY26: a senior hire from ICICI Bank joined as Business Head (sales head).^[2]
Q3 FY26: the EWA app was on Google Play and the company began making disbursements via WhatsApp.^[4]

Market Cap

₹174 Cr

High / Low

₹93 / 45

Stock P/E

10.7

Price / Book

1.8

Book Value

₹28

EPS

₹4.2

No. of Shares

3.45 Cr

ROE

16.0%

Debt / Equity

0.18

Sales

₹31 Cr

Net Profit

₹15 Cr

Promoter holding

59.7%

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