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EMA Partners India Ltd

EMAPARTNER

NSE

₹80.00-1.23%19 Oct 2026 at 3:31 PM

Reports

Miscellaneous

EMA Partners India Ltd

EMAPARTNER

NSE

₹80.00

-1.23%

19 Oct 2026 at 3:31 PM

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Miscellaneous

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.

EMA Partners India is a headhunter that went public - the first executive search firm to list on an Indian stock exchange, a move designed to bring transparency to an industry built on relationships. Founded in 2003 by K. Sudarshan and originally called Executive Management Associates, it grew from a single Mumbai office into a firm that now places leaders from the boardroom to the mid-to-senior level across India, Singapore, and the UAE. Its recurring approach is to win the top-floor mandate first - the CEO or board search - and then use that trusted relationship to cross-sell everything else down the white-collar chain, from mid-level hiring to tech-driven bulk recruitment.

Business segments

Four engines at different stages - a mature cash-generating search practice, two mid-market and tech-led hiring platforms being scaled, and a newly acquired digital RPO that instantly adds heft - all fed by relationships forged at the C-suite.

1. EMA Partners Retained Executive Search: the cash-generating anchor

This is the firm's mature, high-margin core - it finds board members and C-suite leaders for a non-refundable fee, and its roughly 29% EBITDA margin funds the build-out of every newer business.

Paid for the pursuit, not just the placement - clients pay a non-refundable fee at predefined milestones (accepting the engagement, presenting shortlisted candidates, and when the candidate accepts or joins), typically calculated as a percentage of the hired executive's annual compensation or as a fixed fee. This means the firm earns money even if a search does not end in a hire, insulating it from the all-or-nothing risk of contingency recruiting.
A global network it can tap on demand - as a member firm of EMA Partners International, a partnership spanning 40 offices across over 30 countries and structured like a Big Four accounting network, the firm can source candidates for a multinational's India CEO role or place an Indian executive in a Southeast Asian leadership post without building offices everywhere itself.
Riding the GCC wave - in 2023 around 50 new GCCs were set up, each typically resulting in 12-15 new senior placements, creating a direct and repeatable demand pipeline for the firm's core service.
A fragmented market where it is a top-10 player - the firm holds an estimated 2.6% share of the Indian executive search market, ranking among the top ten by revenue, while the top four or five international firms together command roughly half the market. The remaining half is contested by domestic firms, giving a focused local player with a global network room to grow.

2. James Douglas Professional: the mid-level cross-sell

This brand targets the layer just below the C-suite - a segment dominated by boutique firms - and its confidence comes from already owning the client relationship at the board level.

Named after a founding partner, sold on a different promise - the brand carries the name of an EMA Partners International founder who permitted its use, and it combines technology with proprietary internal processes to build leadership teams at the mid-to-senior level, a space where the firm believes most competitors are small and unbranded.
A fee structure that shares the risk - unlike the fully retained flagship business, a portion of the fee is earned upfront upon commissioning the engagement, with the rest paid as a percentage of the hired candidate's first-year salary or as a fixed fee, making it a hybrid between retained and contingency pricing.
People are the inventory, and they take time to mature - the business added roughly 30 people during FY26, and each new hire typically needs 9 to 12 months before they start generating a return, so growth here is a function of patient, front-loaded investment in headcount.

3. James Douglas Global: the technology-led RPO bet

Launched in May 2025, this is the firm's attempt to industrialise hiring - using an AI platform called MatchCore to run entire recruitment processes for large clients on multi-year contracts.

A platform built in-house, not bought - MatchCore is a proprietary AI engine that matches candidates to roles based on skills, experience, and behavioural fit, while automating screening, scheduling, and candidate engagement, and it integrates with major HR software systems. The firm calls the business "technology first," betting that a clean-sheet AI platform gives it an edge over established RPO providers with older tech stacks.
Longer contracts, different economics - RPO engagements typically run from six months to three years and use a blended fee model, creating a more predictable revenue stream than the episodic nature of executive search.
Marquee logos as proof of concept - Mr. Harish Pillai, Managing Director of James Douglas Global, has already delivered large-scale hiring programs for clients including Google, American Express, and Deutsche Bank, serving as reference cases that the platform can handle enterprise-grade demand.

4. Taggd: the acquired scale play in digital RPO

Acquired in June 2026 for ₹95 crore in an all-cash deal, Taggd is India's largest homegrown RPO provider - it brings over 700,000 cumulative hires, more than 100 clients, and its own AI platform called TARA, instantly making EMA Partners a serious contender in tech-led mass recruitment.

Bought, not built, for immediate heft - Taggd had already delivered over 700,000 permanent hires across 14 industries and reported revenue of ₹93 crore in FY2024-25 before the acquisition, giving the firm a scaled RPO asset overnight rather than waiting years to build one organically.
Kept independent to preserve what works - Taggd continues to operate under its own brand and leadership team, a structure that protects its existing client relationships and entrepreneurial culture while the parent company integrates the combined platform with James Douglas.
A platform pairing that creates a full stack - the combination of James Douglas and Taggd is intended to create one of India's largest recruitment platforms, covering Executive Search, Professional Search, and RPO under one roof, so a client can get a CEO and a hundred entry-level hires from the same firm.

Group structure and partners

The firm operates through six subsidiaries across three countries, with the founders still at the helm and a global partnership network that gives it reach without the cost of owning offices everywhere.

A hub-and-spoke structure - the parent company in Mumbai controls wholly owned operating subsidiaries in India, Singapore, and Dubai, with the Singapore and Dubai units serving as the operational pillars for Southeast Asia and the Middle East respectively. The step-down subsidiary Reccloud Technologies runs the MyRCloud platform, while James Douglas has separate entities in India and Dubai.
Founder-led with institutional memory - Chairman and Managing Director K. Sudarshan and Whole-Time Director S. Krishna Prakash each have over 20 years in executive search, and senior partners have tenures ranging from 9 to 21 years, creating a stable leadership core that has navigated multiple economic cycles.
Evidence-based assessments as a differentiator - a partnership with Decision Dynamics AB provides research-backed leadership assessment tools using validated methodologies, adding a layer of science to the art of evaluating senior candidates.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

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Edit Ratios

Mkt Cap

Market Capitalization

₹186Cr

Close Price

₹80.00

Industry

Miscellaneous

Price To Earnings

15.12

Price To Sales

2.13

Revenue

₹87Cr

Rev Gr TTM

Revenue Growth TTM

18.17%

PAT Gr TTM

PAT Growth TTM

-1.09%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	29	39	39	35	41	47
Growth YoY Revenue Growth YoY%			35.9	-9.7	3.5	34.7
Expenses ExpensesCr	22	29	30	31	33	40
Operating Profit Operating ProfitCr	7	10	9	4	8	7
OPM OPM%	23.3	25.4	23.9	11.3	19.2	14.3
Other Income Other IncomeCr	0	1	1	4	2	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1
PBT PBTCr	7	11	10	8	10	7
Tax TaxCr	1	1	2	1	2	3
PAT PATCr	6	9	7	6	7	5
Growth YoY PAT Growth YoY%			17.1	-35.2	7.1	-10.3
NPM NPM%	19.7	23.3	17.0	16.7	17.5	11.1
EPS EPS₹	0.0	0.0	0.0	2.8	3.1	2.2

Quarter	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	29	39	39	35	41	47
Growth YoY Revenue Growth YoY%			35.9	-9.7	3.5	34.7
Expenses ExpensesCr	22	29	30	31	33	40
Operating Profit Operating ProfitCr	7	10	9	4	8	7
OPM OPM%	23.3	25.4	23.9	11.3	19.2	14.3
Other Income Other IncomeCr	0	1	1	4	2	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1
PBT PBTCr	7	11	10	8	10	7
Tax TaxCr	1	1	2	1	2	3
PAT PATCr	6	9	7	6	7	5
Growth YoY PAT Growth YoY%			17.1	-35.2	7.1	-10.3
NPM NPM%	19.7	23.3	17.0	16.7	17.5	11.1
EPS EPS₹	0.0	0.0	0.0	2.8	3.1	2.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	57	50	67	74	87
Growth Revenue Growth%		-12.0	34.2	9.9	18.2
Expenses ExpensesCr	43	46	51	61	73
Operating Profit Operating ProfitCr	14	4	16	13	14
OPM OPM%	24.8	8.1	24.5	18.0	16.4
Other Income Other IncomeCr	1	1	2	5	3
Interest Expense Interest ExpenseCr	0	0	0	1	0
Depreciation DepreciationCr	1	1	1	2	2
PBT PBTCr	14	4	17	16	15
Tax TaxCr	2	1	2	3	3
PAT PATCr	11	3	15	12	12
Growth PAT Growth%		-74.4	397.8	-14.9	-1.1
NPM NPM%	20.2	5.9	21.7	16.8	14.1
EPS EPS₹	6.6	1.8	8.4	6.8	5.3

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	57	50	67	74	87
Growth Revenue Growth%		-12.0	34.2	9.9	18.2
Expenses ExpensesCr	43	46	51	61	73
Operating Profit Operating ProfitCr	14	4	16	13	14
OPM OPM%	24.8	8.1	24.5	18.0	16.4
Other Income Other IncomeCr	1	1	2	5	3
Interest Expense Interest ExpenseCr	0	0	0	1	0
Depreciation DepreciationCr	1	1	1	2	2
PBT PBTCr	14	4	17	16	15
Tax TaxCr	2	1	2	3	3
PAT PATCr	11	3	15	12	12
Growth PAT Growth%		-74.4	397.8	-14.9	-1.1
NPM NPM%	20.2	5.9	21.7	16.8	14.1
EPS EPS₹	6.6	1.8	8.4	6.8	5.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	12	12
Reserves ReservesCr	39	40	54	126	142
Current Liabilities Current LiabilitiesCr	14	12	14	16	17
Non Current Liabilities Non Current LiabilitiesCr	4	1	7	1	0
Total Liabilities Total LiabilitiesCr	59	53	77	154	171
Current Assets Current AssetsCr	42	38	52	129	141
Non Current Assets Non Current AssetsCr	17	16	25	25	30
Total Assets Total AssetsCr	59	53	77	154	171

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	12	12
Reserves ReservesCr	39	40	54	126	142
Current Liabilities Current LiabilitiesCr	14	12	14	16	17
Non Current Liabilities Non Current LiabilitiesCr	4	1	7	1	0
Total Liabilities Total LiabilitiesCr	59	53	77	154	171
Current Assets Current AssetsCr	42	38	52	129	141
Non Current Assets Non Current AssetsCr	17	16	25	25	30
Total Assets Total AssetsCr	59	53	77	154	171

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	8	3	12	13	-1
Investing Cash Flow Investing Cash FlowCr	-3	-1	-12	-79	28
Financing Cash Flow Financing Cash FlowCr	-1	-6	7	63	-1
Net Cash Flow Net Cash FlowCr	4	-4	7	-4	27
Free Cash Flow Free Cash FlowCr	7	2	0	11	-4
CFO To PAT CFO To PAT%	72.5	92.7	81.6	101.5	-5.4
CFO To EBITDA CFO To EBITDA%	59.0	66.7	72.3	94.8	-4.6

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	8	3	12	13	-1
Investing Cash Flow Investing Cash FlowCr	-3	-1	-12	-79	28
Financing Cash Flow Financing Cash FlowCr	-1	-6	7	63	-1
Net Cash Flow Net Cash FlowCr	4	-4	7	-4	27
Free Cash Flow Free Cash FlowCr	7	2	0	11	-4
CFO To PAT CFO To PAT%	72.5	92.7	81.6	101.5	-5.4
CFO To EBITDA CFO To EBITDA%	59.0	66.7	72.3	94.8	-4.6

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				257	173	186
Price To Earnings Price To Earnings				20.3	14.1	15.1
Price To Sales Price To Sales				3.5	2.0	2.1
Price To Book Price To Book				1.9	1.1	1.2
EV To EBITDA EV To EBITDA				14.5	7.7	8.8
Profitability Ratios Profitability Ratios
GPM GPM%	99.8	100.0	100.0	100.0	100.0	100.0
OPM OPM%	24.8	8.1	24.5	18.0	16.4	16.4
NPM NPM%	20.2	5.9	21.7	16.8	14.1	14.1
ROCE ROCE%	32.9	10.2	27.4	11.8	9.8	9.8
ROE ROE%	29.1	7.3	27.1	9.1	8.0	8.0
ROA ROA%	19.6	5.5	19.1	8.1	7.2	7.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				257	173	186
Price To Earnings Price To Earnings				20.3	14.1	15.1
Price To Sales Price To Sales				3.5	2.0	2.1
Price To Book Price To Book				1.9	1.1	1.2
EV To EBITDA EV To EBITDA				14.5	7.7	8.8
Profitability Ratios Profitability Ratios
GPM GPM%	99.8	100.0	100.0	100.0	100.0	100.0
OPM OPM%	24.8	8.1	24.5	18.0	16.4	16.4
NPM NPM%	20.2	5.9	21.7	16.8	14.1	14.1
ROCE ROCE%	32.9	10.2	27.4	11.8	9.8	9.8
ROE ROE%	29.1	7.3	27.1	9.1	8.0	8.0
ROA ROA%	19.6	5.5	19.1	8.1	7.2	7.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SPITZE	ELGNZ	INM	EMAPARTNER	ADCOUNTY	CSSL	JSTL
Market CapitalizationMkt CapCr	201	196	186	186	182	178	178
Close PriceClose₹	33.26	86.90	133.00	80.00	81.00	74.00	88.50
IndustryIndustry	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous
Price To EarningsPE	19.23	8.65	6.87	15.12	8.54	10.87	30.62
Price To SalesPS	3.81	0.49	2.23	2.13	1.93	0.23	2.50
RevenueRevenueCr	53	400	84	87	94	778	71
Revenue Growth TTMRev Gr TTM%		1.9%	41.9%	18.2%			66.0%
PAT Growth TTMPAT Gr TTM%		9.8%	13.1%	-1.1%			222.5%

	SPITZE	ELGNZ	INM	EMAPARTNER	ADCOUNTY	CSSL	JSTL
Market CapitalizationMkt CapCr	201	196	186	186	182	178	178
Close PriceClose₹	33.26	86.90	133.00	80.00	81.00	74.00	88.50
IndustryIndustry	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous
Price To EarningsPE	19.23	8.65	6.87	15.12	8.54	10.87	30.62
Price To SalesPS	3.81	0.49	2.23	2.13	1.93	0.23	2.50
RevenueRevenueCr	53	400	84	87	94	778	71
Revenue Growth TTMRev Gr TTM%		1.9%	41.9%	18.2%			66.0%
PAT Growth TTMPAT Gr TTM%		9.8%	13.1%	-1.1%			222.5%