Financial Performance Highlights

Q4 FY26 Results:

  • Total Income: ₹9.76 crores (compared to ₹6.49 crores in Q4 FY25)
  • Net Profit: ₹4.364 crores
  • EPS: ₹4.36

Full Year FY26 Results:

  • Total Income: ₹31.2 crores
  • EBITDA: ₹3.3 crores
  • Net Profit: ₹15.15 crores
  • EPS: ₹4.36

Business Operations Update

Early Wage Access (EWA) Business:

  • Continued healthy traction with increasing adoption among corporates and employees
  • Expanded corporate ecosystem and strengthened employee engagement
  • Proprietary API-driven technology platform enables seamless onboarding, salary validation, disbursement, and customer services
  • Rollout and scaling of Emerald EWA mobile application
  • Disbursement available through WhatsApp mode
  • Current active corporate clients: 214 companies
  • Total employees covered: 30,000-40,000
  • Active user rate: 15% of covered employees use EWA monthly
  • Average employee salary: ₹55,000-₹60,000
  • Average loan amount: ₹25,000
  • Loan limits: 50% of earned salary or ₹100,000, whichever is lower
  • Corporate exposure caps implemented to manage concentration risk

Gold Loan Syndication Business:

  • Q4 FY26 disbursements: ₹375 crores
  • Banking and NBFC partners include ICICI, HDFC, RBL, and Muthoot Finance

Partner Ecosystem:

  • Works with more than 40 financial partners
  • Supported by relationships with 14 lenders across multiple lending products

Credit Rating Update

CRISIL upgraded the company's rating from BB+ to BBB- during FY26.

Non-Performing Assets (NPA) Details

  • Gross NPA for FY26: ₹66 lakhs (across EWA, business loan, and personal loan)
  • Recoveries during year: ₹38 lakhs
  • Written off as of March 31, 2026: ₹23 lakhs
  • Post write-off collection in April 2026: approximately ₹6 lakhs
  • Breakup of written off amount: ₹8 lakhs from business loan, remainder from EWA
  • No new customers added to NPA in Q4 FY26

Cross-Sell Performance

  • Q4 FY26 cross-sell disbursement: ₹12 crores
  • EWA disbursement: ₹10 crores
  • Total EWA + cross-sell disbursement: ₹22 crores
  • Cross-sell products include personal loans, home loans, gold loans
  • Average yield on cross-sell: 1.3% (varies by product: personal loans ~4%, gold loans ~1%, home loans/LAP ~1-1.25%)
  • Cross-sell primarily driven by 85% of employees who don't use EWA

Technology and Platform Development

  • Continued investment in digital infrastructure, automation, and platform integration
  • Added cross-sell module in app and portal
  • Systems track customer activity and dormancy with workflows to maintain engagement
  • Monthly repeat rate: 90%

Corporate Client Metrics

  • Total corporate clients: 214 as of March 31, 2026
  • Active corporate clients: 180-185
  • Corporate rejection rate: approximately 60% (based on CIBIL or banking issues)
  • Corporate churn: 7 corporates dropped out since program inception
  • Largest clients: Ind-Swift Labs and IDS Infotech (approximately 1,000 employees each)

Future Product Expansion

Plans to expand into:

  • Small-ticket mutual funds
  • Insurance products
  • Digital gold and silver
  • Negotiating commercials with vendors for these new products

Guidance and Outlook

  • Management expressed optimism about sustaining growth momentum
  • Focus on expanding corporate network, strengthening technology capabilities, deepening strategic partnerships
  • Maintaining prudent risk management and operational discipline
  • EPS expectation for FY27: crossing ₹7
  • Corporate addition target: 120-150 corporates per year
  • Growth expected to continue at similar pace as FY25 to FY26, subject to market conditions

Regional Expansion

  • Current focus: North and West India
  • Recently onboarded companies in Eastern and Southern India
  • Lending expected to commence in these regions in coming months
  • Not targeting very large IT giants (TCS, Infosys, HDFC) due to complexity

Cost Structure Update

  • Increase in other expenses in Q4 due to provisions and write-off of miscellaneous expenditure
  • CSR provisions included in other expenses

Funding Update

  • Rating upgrade expected to reduce cost of funds
  • Receiving offers from financial institutions for funding
  • Update expected shortly

Management Confirmation

The company confirmed that no unpublished price sensitive information was shared/discussed during the call.