EMA Partners India Ltd Management Discussions

1. Economic Review

1.1 Global Economy

The global economy demonstrated resilience through 2025, navigating persistent inflationary pressures, slower growth momentum and heightened uncertainty. However, increasing trade restrictions, tariff-related disruptions and geopolitical tensions, particularly in the Middle East, impacted market confidence, disrupted supply chains and increased volatility across energy, commodity and logistics markets.

Amid these challenges, the International Monetary Fund (IMF) has revised its global growth forecast to 3.1% for 2026, reflecting the impact of ongoing macroeconomic and geopolitical headwinds. These uncertainties are expected to continue shaping global trade, investment flows and business sentiment through FY2026-27.

Outlook

The global economy is expected to witness a gradual recovery, with growth projected to improve to 3.2% in 2027 from 3.1% in 2026. Advanced economies are forecast to grow by 1.8% in 2026, while emerging market and developing economies are expected to expand by 3.9%, highlighting continued divergence in growth trajectories.

Global inflation is projected to remain elevated at 4.4% in 2026 before moderating to 3.7% in 2027, influenced by higher energy and food prices. The outlook remains subject to geopolitical developments, particularly the duration and impact of Middle East disruptions. A prolonged conflict could sustain pressure on energy prices, delay monetary policy easing and increase input cost volatility.

In this evolving environment, businesses will need to focus on agility, strategic partnerships, operational resilience and structural transformation to navigate uncertainty and capture emerging growth opportunities.

1.2 Indian Economy

Indias economy continued its strong growth trajectory in FY2025-26, expanding 7.7% and retaining its position as the fastest-growing major economy globally. Growth was supported by resilient domestic consumption, steady agricultural performance, improving rural and urban demand, and continued public sector investments.

Sustained government spending on infrastructure, energy and industrial development strengthened economic activity and created long-term growth opportunities. Flagship initiatives such as the National Infrastructure Pipeline and manufacturing incentive programmes continued to support investments across sectors including engineering, power, manufacturing and industrial development.

Indian Economy GDP Growth Rate (in %)

Year	FY 2021 22	FY 2022 23	FY 2023 24	FY 2024 25	FY 2025 26
GDP Growth Rate	8.7	7.0	8.2	6.5	7.7

Source: MoSPI

Outlook

Indias economic outlook remains constructive, with real GDP growth expected at 6.8%-7.2% in FY2026-27, supported by strong domestic demand, sound macroeconomic fundamentals and continued investments in infrastructure and manufacturing.

Policy measures across fiscal management, monetary reforms, labour reforms and trade initiatives are expected to further strengthen economic activity. A stronger fiscal position and foreign exchange reserves of over USD 690 billion provide resilience against global uncertainties.

While external risks, including geopolitical developments, trade disruptions, energy price volatility and global capital movements, remain key monitorable factors, Indias diversified growth drivers, policy stability and expanding investment ecosystem position the economy for sustained growth over the medium term.

2. Industry Review

2.1 Global Executive Search Market Outlook

The global executive search market is projected to grow from USD 58.13 billion in 2026 to USD 103.54 billion by 2031, registering a 10.1% CAGR, driven by increasing demand for transformational leadership across industries. Digital transformation, AI adoption, ESG priorities, cybersecurity, succession planning and private equity activity are accelerating the need for specialised leadership talent, while executive search firms are expanding into leadership advisory and assessment services.

North America remains the largest executive search market, supported by multinational corporations, private equity investments, M&A activity and demand for specialised leadership roles. Asia- Pacific is expected to be the fastest-growing region, driven by business expansion, professionalisation of family-owned enterprises and rising demand for regional leadership talent. Middle East & Africa continues to gain momentum, supported by economic diversification initiatives and investments across infrastructure, technology, tourism and financial services.

Key Global Executive Search Trends

• Leadership Agility Takes Centre Stage: Organisations are prioritising leaders with adaptability, cross-cultural capabilities and the ability to drive transformation.

• Rise of Borderless Hiring: Hybrid work models are expanding global talent access and accelerating cross-border executive appointments.

• Technology-Enabled Search: AI, analytics and talent intelligence are enhancing candidate identification and assessment, while human expertise remains critical for evaluating leadership potential and cultural fit.

• Purpose-Led Leadership: Demand is increasing for executives who can integrate ESG, sustainability and ethical governance with business performance.

• Growing Leadership Talent Scarcity: Organisations are strengthening succession planning, leadership pipelines and proactive talent strategies to secure high- impact executives.

• Global Reach with Local Expertise: Successful executive search increasingly requires international networks combined with deep understanding of local markets and talent dynamics.

Outlook

The global executive search industry is expected to witness sustained growth as organisations continue to prioritise leadership excellence, strategic talent acquisition and business transformation. Firms with strong sector expertise, global networks, technology-enabled capabilities and advisory- led solutions are well positioned to capture emerging opportunities.

2.2 Indian Executive Search Market

The Indian executive search market is witnessing strong momentum, driven by rising demand for senior leadership talent across technology, financial services, manufacturing, pharmaceuticals and consumer sectors.

India Hiring Market Trends

Indias hiring landscape demonstrated strong resilience during FY2026, supported by broad- based demand across sectors, increasing adoption of AI-led capabilities and growing contribution from emerging cities. Demand remained strong for high- value talent, with hiring in the Rs.20 lakh+ annual compensation band increasing 16% YoY. Unicorn hiring also gained momentum, registering a 24% YoY growth.

AI/ML Talent Demand Accelerates

Artificial Intelligence and Machine Learning (AI/ ML) roles witnessed strong momentum, with hiring growing 37% YoY in March 2026. Demand was particularly pronounced at the higher end of the salary spectrum, with the Rs.50 lakh + band growing 55%, followed by 40-49 lakh band at 40% and 30-39 lakh band at 41%, highlighting increasing demand for specialised AI talent.

Non-IT Sectors Drive Hiring Resilience

Service-led sectors such as hospitality, education and BPO/ITES emerged as key growth drivers, delivering consistent hiring momentum through FY2026. These sectors also supported entry-level employment, with fresher hiring in March increasing across hospitality (49%), BPO/ITES (38%) and education (25%). Insurance and real estate also maintained steady growth momentum.

Tier-II Cities Strengthen Talent Contribution

Emerging cities continued to gain prominence as sustainable hiring hubs, supported largely by non-IT sectors. Cities such as Coimbatore, Gandhinagar and Surat demonstrated consistent hiring growth, driven by opportunities in BPO/ITES, pharmaceuticals, oil & gas and other industries.

Fresher Hiring and Premium Talent Demand Rise

Hiring for professionals with 0-3 years of experience increased 16% YoY, representing the strongest growth among experience categories. Demand for premium entry-level talent remained particularly strong, with hiring in the Rs.20 lakh+ salary bracket for freshers growing 23% YoY.

Overall, FY2026 closed on a positive note, with sustained hiring momentum across non-IT sectors, emerging cities and high-value skill categories. Increasing demand for AI capabilities, specialised expertise and future-ready talent is expected to shape Indias employment landscape in FY2027.

Market drivers

• Business Expansion and Leadership Demand: Growth across sectors, increasing investments and expansion of enterprises are driving demand for experienced C-suite and senior leadership talent.

• Digital Transformation and AI Adoption: Rapid technology adoption is accelerating the need for leaders with expertise in AI, digital transformation, data analytics and technology- led business models.

• Growth of GCCs and Global Enterprises: Expansion of Global Capability Centres (GCCs), multinational operations and global delivery hubs is creating demand for specialised leadership across functions and industries.

• Private Equity and Entrepreneurial Ecosystem Growth: Rising PE investments, start-up expansion and professionalisation of promoter- led businesses are increasing the need for strategic leadership talent.

• Succession Planning and Leadership Advisory: Organisations are increasingly focusing on succession planning, leadership assessment and talent strategy to ensure long-term business continuity.

• Expansion Beyond Metro Markets: Growing business activity across Tier-II cities is broadening executive talent demand and creating new opportunities across emerging markets.

Outlook

Indias executive search market is expected to maintain a positive growth trajectory, supported by economic expansion, sectoral transformation and rising demand for future-ready leaders. Organisations are increasingly seeking executives who can drive innovation, manage complexity and lead digital and business transformation initiatives.

Demand is expected to remain strong across technology, financial services, healthcare, infrastructure, manufacturing and emerging sectors, with AI, sustainability and operational resilience becoming key leadership priorities. The continued growth of GCCs, private equity-backed businesses and new-age enterprises will further strengthen the need for specialised executive talent.

As leadership hiring becomes more strategic and technology-enabled, executive search firms with deep sector expertise, strong networks and advisory-led capabilities are well positioned to capture emerging opportunities and support organisations in building resilient leadership pipelines.

2.3 Middle East Executive Search Market

The Middle East executive search market continues to be supported by long-term economic diversification initiatives, despite a moderation in hiring activity during FY2026 amid geopolitical uncertainties and evolving macroeconomic conditions. According to the Cooper Fitch Q2 2026 Gulf Employment Index, job opportunities across the GCC declined 3% quarter-on-quarter, as regional disruptions, supply chain pressures and rising business costs led organisations to defer non-critical hiring and focus on strategic leadership appointments. Hiring activity witnessed a sharper impact during the initial phase of the disruption, with job opportunities declining 13% month-on-month in March 2026.

Key Trends in the Middle East Executive Search Market

• Shift Towards Strategic Leadership Hiring: Organisations are increasingly moving from volume-based hiring to targeted recruitment for mission-critical leadership roles and specialised executive capabilities.

• Resilient Sectoral Demand: Executive hiring remains robust across technology, infrastructure, healthcare, financial services, renewable energy and tourism, supported by ongoing economic transformation initiatives.

• Rise of Future-Ready Leadership: Demand is increasing for leaders with expertise in digital transformation, artificial intelligence, ESG, operational resilience and business transformation.

• More Rigorous Hiring Processes: Heightened market uncertainty has resulted in longer decision cycles, more comprehensive assessments and greater Board involvement in senior leadership appointments.

• Government-Led Growth Initiatives: Mega projects and national development programmes, including Saudi Vision 2030 and the UAEs diversification agenda, continue to drive sustained demand for experienced leadership talent.

Outlook

The Middle East executive search market is poised for sustained growth, driven by economic diversification, government-led investments and rising demand for transformational leaders across the GCC. Despite near-term moderation due to geopolitical and macroeconomic uncertainties, organisations continue to prioritise strategic leadership appointments to support resilience and long-term growth.

Demand is increasing for executives with expertise in digital transformation, AI, cybersecurity, risk management, ESG and operational resilience, as businesses navigate a rapidly evolving environment. Growth sectors including infrastructure, renewable energy, healthcare, financial services, technology and tourism continue to create opportunities for specialised leadership talent.

The UAE remains a key regional hub with strong demand across technology, cybersecurity, logistics and defence-related sectors, while Saudi Arabia continues to gain momentum through Vision 2030, multinational investments and expansion across diverse industries. The regions evolving business landscape is expected to sustain demand for executive search and leadership advisory services.

2.4 Singapore Executive Search Market

Singapore continues to present a strong opportunity on a long-term basis as a hub for Southeast Asia. At the same time, we are witnessing increasing cost pressures in Singapore as the market struggles to cope with increasing costs of doing business, fierce competition in a mature market and overall challenges of building a sustainable franchise.

We continue to evaluate potential opportunities to profitably deliver growth in Singapore to try and ramp up our market coverage and presence.

3. Company Overview

Founded in 2003, EMA Partners India is a leading executive search and leadership advisory firm specialising in Board, C-suite and senior leadership appointments across India, the Middle East and Singapore. Headquartered in Mumbai, the Company provides executive search, leadership consulting and staffing solutions to multinational corporations, Indian enterprises, promoter-led businesses and not-for-profit organisations. EMA Partners India is a member firm of EMA Partners International Limited with a global footprint of 30+ international offices. EMA Partners India Limited operates 100% subsidiaries in UAE and Singapore focused on the Executive Search business.

Leveraging deep sector expertise, a strong global network and a relationship-driven approach, EMA Partners helps organisations identify and attract transformational leadership talent across diverse industries. Ranked among the top 10 executive search firms in India by revenue, the Company commands an estimated ~2.6% share of the Indian executive search market, reflecting its strong industry presence and reputation as a trusted leadership partner.

EMA Partners India Limited has specialised subsidiaries operating across the white-collar hiring value chain. The company established James Douglas Professional Search, a wholly owned subsidiary across both India and UAE. James Douglas Professional Search operates in the fast growing mid to senior executive search segment.

Taggd: Strengthening Our Integrated Talent Solutions Platform

EMA Partners India Limited completed its strategic acquisition of Taggd, which is now a wholly owned subsidiary of the company. This acquisition of marks a significant milestone in the Companys evolution as an integrated talent solutions platform. By combining EMA Partners expertise in executive search with Taggds technology-enabled Recruitment Process Outsourcing (RPO) capabilities and James Douglas Professional Search, the Company has expanded its service portfolio to offer end-to-end talent acquisition solutions across leadership, professional and enterprise hiring.

Our Business Verticals

Business	Offering	Target Segment
EMA Partners	Executive search and leadership advisory services for Board, CXO and senior leadership appointments, supported by deep sector expertise and a global network.	Board, C-suite & Senior Executives
James Douglas	Specialised recruitment solutions for middle and senior management roles through a relationship- led, domain-focused approach.	Mid to Senior- Level Professionals
Taggd	Taggd is Indias largest homegrown Recruitment Process Outsourcing (RPO) company, delivering end-to- end talent acquisition solutions through a technology-enabled platform.	Digital RPO Project Based Hiring

Strategic Value of the Acquisition

• A Comprehensive Talent Platform: The combined platform spans Board and CXO search, executive hiring, project-based recruitment and AI-enabled RPO, enabling EMA Partners to address the full spectrum of enterprise hiring requirements through a single integrated platform.

• Leadership Advisory Powered by Technology: EMA Partners long-standing leadership advisory expertise, combined with Taggds AI-driven recruitment capabilities, creates a differentiated proposition that blends strategic consulting with technology-enabled execution.

• Multiple Engines of Growth: The enlarged platform benefits from complementary growth drivers across executive search, professional hiring, project-based recruitment and RPO, creating a diversified and resilient business model with significant cross-selling potential.

SWOT Analysis

Strengths

• Strong global executive search network with cross-border capabilities.

• Integrated talent solutions platform spanning executive search, professional hiring and technology-enabled RPO.

• Enhanced technology capabilities with AI- enabled recruitment solutions, improving scalability and delivery efficiency.

• Long-standing client relationships supported by deep industry expertise across sectors and functional domains.

Weaknesses

• Business performance remains linked to leadership hiring cycles.

• Consultant-led delivery model requiring highly specialised talent.

• Longer execution and conversion cycles for senior-level assignments.

• Integration and synergy realisation following the Taggd acquisition.

Opportunities

• Rising demand for Board, CXO and leadership talent.

• Expansion of Global Capability Centres (GCCs) and private equity-backed enterprises.

• Cross-selling opportunities across executive search, professional hiring and RPO through the integrated talent platform.

• Growing adoption of AI-enabled recruitment and Recruitment Process Outsourcing (RPO) solutions.

Threats

• Macroeconomic uncertainty impacting executive hiring activity.

• Intensifying competition from global, boutique and technology-enabled recruitment firms.

• Talent attraction and retention challenges within the consulting industry.

• Rapid technological advancements requiring continuous innovation and investment.

4. Financial Review

(INR Mn, unless otherwise stated)

Particulars	FY 2026	FY 2025	Growth
Revenue from Operations	873.64	739.30	18.2%
EBITDA	143.74	133.13	8.0%
EBITDA Margin (%)	16.45%	18.01%	(156) bps
PAT	123.05	126.14	(2.4%)
PAT Margin (%)	14.08%	17.06%	(298) bps
Diluted EPS (INR)	5.29	6.73	(21.4%)

Consolidated performance

• Revenue from operations grew 18.2% year- on-year to Rs.873.64 Mn, reflecting sustained momentum in the core Executive Search business alongside the initial contribution from newly launched verticals.

• EBITDA rose 8.0% to Rs.143.74 Mn, with EBITDA margin at 16.45%. Profit after tax was Rs.123.05 Mn, translating into a PAT margin of 14.08%.

• Performance strengthened materially in the second half. H2 FY26 revenue grew approximately 35% year-on-year to around Rs.470 Mn, EBITDA rose approximately 70% year-on-year, and EBITDA margin expanded 292 basis points to 14.25%, with a PAT margin of 11.1%.

• The marginal decline in PAT, notwithstanding EBITDA growth, is attributable to non-operating items rather than to operating performance: other income was lower at Rs.32.17 Mn (FY25: Rs.50.90 Mn), largely on account of mark-to- market movements on treasury investments, and depreciation and amortisation increased to Rs.24.20 Mn (FY25: Rs.20.46 Mn). These were partly offset by a reduction in finance costs to Rs.0.73 Mn (FY25: Rs.5.49 Mn).

• The decline in earnings per share additionally reflects the enlarged share base, with FY26 EPS computed on 23.25 Mn shares against a lower weighted average number of shares in FY25.

Segmental composition

• The core Executive Search business, which accounts for approximately 90% of consolidated revenue, remained a strong profit engine, delivering EBITDA of approximately Rs.250 Mn at a margin of ~29% and PAT of approximately Rs.220 Mn at a margin of ~25%. This underscores the resilience of an asset- light, cash-generative model built on longstanding client relationships.

• Consolidated margins moderated on account of planned investments in the new business verticals, which are in their build-out phase and contributed revenue of approximately Rs.40 Mn during the year.

• Aggregate investment in these businesses was approximately Rs.150 Mn, of which approximately Rs.110 Mn represented employee costs associated with the addition of around 30 client-facing professionals across India and the UAE. As these are people-led investments expensed in the year of incurrence rather than capitalised, the entire outlay has been absorbed in the FY26 Statement of Profit and Loss.

• Consequently, the new verticals recorded an EBITDA loss of approximately Rs.110 Mn and a PAT loss of approximately Rs.90 Mn, resulting in a temporary dilution of consolidated profitability.

Financial position and outlook

• The Companys balance sheet remains debt- free, with net worth of Rs.1,537.14 Mn as at March 31, 2026 and cash, bank balances and treasury investments aggregating approximately Rs.1,083 Mn. Return on equity and return on capital employed stood at 8.5% and 7.8% respectively, reflecting the substantial liquidity carried on the balance sheet pending deployment.

• Early evidence of operating leverage is visible, with second-half revenue growth in the new verticals outpacing the increase in employee costs. Management expects these businesses to turn EBITDA and PAT positive over the next twelve months.

5. Risk Management

The Company has established a robust risk management framework to identify, assess, monitor and mitigate risks that could impact its strategic objectives and business performance. This framework enables proactive risk identification, regular monitoring and timely implementation of mitigation measures, thereby strengthening operational resilience and supporting sustainable growth.

The Board of Directors, along with the Senior Management team, periodically reviews key business risks, evaluates the effectiveness of mitigation strategies and recommends corrective actions where necessary. Through continuous risk assessment, strong governance practices and a disciplined control environment, the Company remains well-positioned to navigate evolving market dynamics and emerging business risks.

6. Human Resources

People are the cornerstone of EMA Partners success. The Companys ability to deliver superior executive search and leadership advisory solutions is driven by the expertise, integrity and commitment of its professionals. It remains focused on attracting, developing and retaining high-calibre talent while fostering a collaborative, inclusive and performance- oriented workplace.

Its human capital strategy is built around four strategic priorities:

• Talent Acquisition: Attracting experienced professionals with strong industry expertise, leadership capabilities and clientcentric mindsets.

• Learning & Development: Investing in continuous learning, capability enhancement and leadership development to strengthen consulting excellence.

• Performance & Rewards: Fostering a high- performance culture through merit-based recognition, competitive rewards and career advancement opportunities.

• Employee Engagement & Retention: Promoting an inclusive, collaborative and empowering work environment that supports employee well-being, engagement and long-term career growth.

As of March 31, 2026, the Company employed 109 full-time professionals across its operations, including its subsidiaries.

7. Internal Control

We have established an adequate internal control mechanism to safeguard all our assets and ensure operational excellence. The mechanism also meticulously records all transaction details and ensures regulatory compliance. We have multiple policy frameworks to ensure adequate controls on business processes. Further, Risk and Control dashboards have been defined and are periodically updated for all important operational processes. At periodic intervals, the management team and statutory auditors ensure that the defined controls are operative. Reputed audit firms also ensure that all transactions are correctly authorised and reported in accordance with the relevant regulatory framework. The reports are reviewed by the Audit Committee of the Board. Wherever necessary, internal control systems are strengthened, and corrective actions are initiated.

8. Cautionary Statement

Certain statements in the Management Discussion and Analysis describing the Companys objectives, and predictions may be forward-looking statements within the meaning of applicable laws and regulations. Actual results may vary significantly from the forward-looking statements contained in this document due to various risks and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India, volatility in interest rates, new regulations and Government policies that may impact the Companys business as well as its ability to implement the strategy. The Company does not undertake to update these statements.