1. Taggd acquisition - On 23 June 2026, EMA Partners executed an agreement to acquire 100% of Taggd, India's largest homegrown RPO provider, for ₹95 crore in an all-cash deal. Taggd brings ₹93 crore of FY25 revenue and an AI-led platform that has delivered over 700,000 hires, roughly doubling EMA's consolidated topline and adding a scaled RPO engine alongside the existing search franchise.
2. New business profitability by FY27 - The new verticals (James Douglas Professional, James Douglas Global, MyRCloud) generated \~₹4 crore of revenue in FY26 against an EBITDA loss of ₹11 crore, with H2 revenue growing 134% over H1 while employee cost rose only 63%. Management expects these businesses to turn EBITDA-positive and PAT-positive in FY27, which would remove an ₹11 crore drag that currently consumes most of the core search profit.
3. Core executive search margin expansion - The core search business delivered \~₹82 crore revenue at \~29% EBITDA margin and 25% PAT margin in FY26, with management indicating an aim to maintain consistent organic topline growth going forward. At a ₹191 crore market cap, the core business alone already generates ₹22 crore of PAT, and sustained growth at these margins compounds the base while new businesses move toward breakeven.
4. James Douglas Professional Search scaling - James Douglas added \~30 people in FY26, with a typical 9-12 month gestation before new hires deliver, and management expects a turnaround during FY27. The mid-to-senior hiring addressable market is \~₹10,500 crore by 2029-30, and steady-state productivity of ₹90 lakh to ₹1 crore per employee at \~19-20% margins makes this a meaningful second earnings stream as the team reaches full productivity.
5. Dubai core business cash generation - The Dubai core executive search business delivered FY26 revenue of \~₹23.5-24 crore and EBITDA of \~₹8.5 crore. That is a 35%+ EBITDA margin on a ₹24 crore revenue base, providing a self-funded international profit centre that offsets investment spend elsewhere.
6. IPO proceeds redeployed for fee-earner hiring - The company increased its IPO allocation for leadership hiring by ₹4.66 crore to ₹30.19 crore and extended the utilisation timeline to March 2028. New partners are expected to break even in one year and reach full potential by year three, then grow 20% annually, directly feeding the 18-20% organic growth target in the core business.
7. Singapore turnaround under new leadership - A new managing partner with over 20 years of search experience at Korn Ferry and Heidrick & Struggles was appointed in November 2025, and the Singapore business narrowed its loss to \~₹10 lakh on revenue of \~₹3-3.5 crore in FY26. Management expects to build Singapore into a steady-state profit engine, adding a third geography to the Dubai-India earnings base.
8. Acquisition pipeline funded by ₹100 crore cash - The company held close to ₹100 crore in cash as of H1 FY26 and has appointed an investment bank to scout for acquisition targets in India that are synergistic with the current business. With the Taggd deal already demonstrating deployment capability, the remaining cash and identified pipeline of founder-led boutiques in white-space sectors provide a funded second wave of inorganic growth.