Intimation of credit rationale

4th August, 2026 To, To, Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, P. J. Tower, Dalal Street, Bandra (East), Mumbai- 400 051. Mumbai 400 001. Equity Scrip Code: EMKAY Equity Scrip Code: 532737 Debt Scrip Codes: 976528 and 977388 Dear Sir/ Madam, Sub.: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) – Credit Rating of facilities / instruments of the Company We refer to our letter dated 1st August, 2026, informing about credit rating letter issued by ICRA Limited. In this connection, please find enclosed a copy of the ratings rationale issued by ICRA Limited on 3rd August, 2026 at 5.15 p.m. (also available on their website at https://www.icra.in/Rationale/ShowRationaleReport?Id=144784). The details as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with relevant Mater Circular, is attached as Annexure to this letter. Kindly take the same on record. Yours faithfully For Emkay Global Financial Services Limited Nishant S. Shirke Company Secretary and Compliance Officer Encl: a/a Administrative Office: Paragon Centre, C-06, Ground Floor, Pandurang Budhkar Marg, Worli, Mumbai - 400 013. Tel: +91 22 6629 9299 Fax: +91 22 6629 9105 Email: compliance@emkayglobal.com Re gistered Office: The Ruby,7th Floor, Senapati Bapat Marg, Dadar (West), Mumbai - 400 028. Tel: +91 22 6612 1212 Fax: +91 22 6612 1299 Website: www.emkayglobal.com CIN: L67120MH1995PLC084899 EMKAY GLOBAL FINANCIAL SERVICES LIMITED Details of Credit Rating Current rating details Outlook Verification Name of (Stable/P Rating Action Date of status of Sr. the Credit Credit Rating ositive/N (New/Upgrade/D Specify other Date of ISIN (Amount) Credit Credit No. Rating rationale egative/ owngrade/Re- rating action Verification Rating Rating Agency No affirm/Other) Agencies Outlook) 1. [ICRA]BBB+ Stable New - Reaffirmed and INE296H01011 assigned for 2. [ICRA]A2+ - - 03rd 3rd ICRA enhanced August, Verified August, Limited amount 2026 2026 3. INE296H08016 [ICRA] Reaffirmed Outlook revised BBB+ Stable to Stable from 4. INE296H08024 Reaffirmed (Stable) Positive Administrative Office: Paragon Centre, C-06, Ground Floor, Pandurang Budhkar Marg, Worli, Mumbai - 400 013. Tel: +91 22 6629 9299 Fax: +91 22 6629 9105 Email: compliance@emkayglobal.com Re gistered Office: The Ruby,7th Floor, Senapati Bapat Marg, Dadar (West), Mumbai - 400 028. Tel: +91 22 6612 1212 Fax: +91 22 6612 1299 Website: www.emkayglobal.com CIN: L67120MH1995PLC084899 EMKAY GLOBAL FINANCIAL SERVICES LIMITED August 03, 2026 Emkay Global Financial Services Limited: Outlook revised to Stable from Positive; ratings reaffirmed and rated amount enhanced for bank lines; [ICRA]BBB+ (Stable) assigned to NCDs Summary of rating action Previous rated Current rated Financial sector Instrument* amount amount Rating action regulator# (Rs. crore) (Rs. crore) [ICRA]BBB+ (Stable); reaffirmed and Non-convertible debenture 100.00 100.00 SEBI Outlook revised to Stable from Positive Non-convertible debenture - 100.00 [ICRA]BBB+ (Stable); assigned SEBI Short-term – Non-fund based bank 300.00 - - RBI lines [ICRA]BBB+ (Stable); assigned Long term/ Short term – Fund based/ - 800.00 /[ICRA]A2+; reaffirmed and assigned on RBI Non-fund based bank lines enhanced amount Total 400.00 1,000.00 *Instrument details are provided in Annexure I # SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. Rationale The outlook revision reflects the persistence of performance metrics at levels weaker than earlier expectations amid industry and regulatory headwinds, with the durability of intermittent improvements yet to be established. Following a recovery in operating performance during FY2024 and FY2025, the company witnessed performance pressures in FY2026. A marginal moderation in net operating income (NOI) amid subdued market conditions, along with elevated employee expenses, weighed on the profitability in FY2026. Consequently, Emkay reported moderate profitability with net profit of Rs. 15 crore, profit before tax (PBT) (excluding mark-to-market gains)/NOI of 6% and return on net worth (RoNW) of 4% in FY2026 lower than the respective three-year averages of Rs. 35 crore, 11% and 13%. The company’s cost structure remains elevated on account of high employee-related expenses in the investment banking and institutional broking segments. Its gradual scale-up in the recently forayed clearing business is likely to support margins. However, a meaningful improvement in profitability will hinge on the timely and consistent execution of its sizeable pipeline of merchant banking mandates, with the recovery timeline remaining dependent on investor sentiment and prevailing market conditions. The ratings reaffirmation and Stable outlook continue to factor in Emkay’s established market position with a track record of over three decades in the capital markets, and its comfortable capitalisation profile for the current scale of operations, supported by the recent capital raise. The credit profile is, however, constrained by the company’s modest scale of operations and its exposure to the inherently volatile capital markets, besides the high dependence on technology, the evolving regulatory environment and elevated cost structure. Key rating drivers and their description Credit strengths Long track record in capital market-related business – Emkay has a track record of over three decades in the capital markets industry, with a diversified presence across institutional and retail securities broking, clearing services, margin trade financing, www.icra .in 1 Sensitivity Label : Public Page | investment banking, wealth management and asset management. The company caters to more than 300 institutional clients, including foreign portfolio investors, domestic mutual funds, hedge funds, alternative investment funds and portfolio management services. Emkay's institutional equities franchise benefits from a research platform comprising 45 analysts with coverage across over 240 companies and spanning 22 sectors. The company remains an institutionally focussed brokerage house, deriving around 50% of its NOI from the institutional broking segment while maintaining a cash turnover market share of over 1%. The breadth of its institutional offering has been further enhanced by its recent foray into clearing services, under which it currently manages cash collateral of about Rs. 300 crore. Emkay also has an established investment banking franchise, with a differentiated focus on the small and mid-cap segment. In FY2026, it executed equity capital market transactions aggregating Rs. 4,178 crore, translating into net fee income of Rs. 31 crore. Additionally, the company caters to retail, high net worth (HNI) and ultra-high net worth (UHNI) clients. As on March 31, 2026, it had 11,147 active National Stock Exchange (NSE) clients. Comfortable capitalisation for current scale of operations – As on June 30, 2026, Emkay's capitalisation profile remained comfortable, characterised by a net worth of ~Rs. 410 crore and a gearing of 0.3 times on a provisional basis. The company primarily utilises borrowings to support the working capital requirements of its broking, clearing and margin trade financing businesses. In line with industry trends, the working capital intensity increased in the recent period amid the evolving regulatory landscape. While the company has started availing fund-based borrowings in recent years, these are largely utilised towards availing bank guarantees and intraday facilities. With the recent tightening of use on intraday lines and associated collateral norms for availing it, effective Jul [Showing first 8,000 characters — download PDF for full document]