Economic Overview
Global Economic Overview
In 2024, the global economy demonstrated remarkable resilience despite navigating a complex landscape marked by inflationary pressures, geopolitical uncertainties, and trade realignments. The world GDP grew by an estimated 3.3%, with the United States leading the way through strong economic fundamentals and adaptive monetary policy. Strategic rate adjustments by central banks in developed markets signalled the beginning of a shift towards stability as inflation showed signs of moderation.
While challenges such as elevated geopolitical risks, inflation persistence, and potential market volatility remain, the global economy continues to adapt and evolve. Elections across key democracies and policy recalibrations have added to the uncertainty, yet the underlying strength of institutions and coordinated global actions have supported economic continuity.
Encouragingly, long-term structural transitions· particularly in green energy and digital innovation·are creating new avenues for inclusive and sustainable growth. These shifts are expected to reshape industries and unlock value across sectors.
Outlook
According to the International Monetary Fund (April 2025), global growth for 2025 is projected at 2.8%, a recalibration from earlier estimates, reflecting the impact of shifting trade dynamics and subdued business sentiment. Nonetheless, this outlook also presents an opportunity for agile and forward-thinking enterprises to differentiate themselves. In a world of rapid transformation, organizations that remain adaptable, digitally enabled, and sustainability-focused are well- positioned to thrive.
As we look ahead, we remain optimistic about the medium- to long-term global recovery, anchored by innovation, policy support, and continued global cooperation.
Indian Economic Overview
India continued to stand out as a beacon of stability and growth in an otherwise uncertain global environment. With strong domestic consumption, robust public sector investment, and effective policy interventions, the Indian economy delivered a solid performance·recording GDP growth of 6.5% in FY2025. Inflation moderated and liquidity conditions normalised, underscoring the effectiveness of the Reserve Bank of Indias calibrated monetary approach.
Indias macroeconomic fundamentals remain resilient, bolstered by a well-capitalised banking system, healthier corporate balance sheets and sound fiscal management.
While challenges such as foreign capital outflows and currency fluctuations persist, the broader economic landscape remains conducive to sustained expansion.
Importantly, India is at a pivotal juncture. With the globalisation wave slowing, the country has a unique opportunity to chart its own growth trajectory by capitalising on its demographic dividend. Structural reforms, greater ease of doing business, and progressive deregulation will be key enablers in unlocking long-term productivity and competitiveness.
Outlook
The Reserve Bank of India projects steady GDP growth of 6.5% for FY2026, reflecting confidence in Indias ongoing economic momentum. This outlook is supported by:
Improving agricultural and industrial output
Strengthening rural and urban demand
Increased private sector investments
A revival in consumer and business confidence
Despite global headwinds, Indias growth story remains strong and forward-looking·driven by domestic dynamism, policy clarity, and a commitment to inclusive development. As structural transformations gather pace, India is well-positioned to emerge as a key engine of global growth in the coming decade.
Global Executive Search Market
Globally, executive search continues to grow as a mature industry within developed economies, and as a rapidly expanding sector in emerging regions. In the United States, staffing agencies placed an estimated 4.3 million workers·both permanent and temporary·out of a total workforce of over 205 million in 2024, illustrating agency penetration rates of 2-3%. By contrast, the Indian market, while far less saturated, is catching up with 9 million placements from a working population of 900 million, and a projected penetration growth from 1.0% to as high as 6-7% by 2028. The EMEA regions market size reached USD 265.9 billion in 2024 (penetration: 1.5%), while the US staffing market is forecast to increase from USD 47.7 billion in 2024 to USD 83 billion by 2029, representing an impressive CAGR of approximately 11.8%. Southeast Asia is poised for even faster growth, with a projected CAGR of 13.4% over the same period.
The global executive search ecosystem is dominated by a handful of major players·Heidrick & Struggles, Korn Ferry, Russell Reynolds, Spencer Stuart, and Egon Zehnder·each with an entrenched presence across North America, EMEA, and the growing APAC region. As executive mobility increases, organizations are placing a premium on leaders with not only deep domain expertise but also proven cross-border and digital transformation experience. Clients seek search partners who can present diverse, international shortlists and leverage data-driven, AI-powered talent mapping and assessment technologies.
Outlook:
We expect global demand for executive search services to remain robust through 2029, driven by digital transformation, supply chain reconfiguration, leadership renewal following the pandemic and continued globalization of talent. The companys plan is to actively grow international client partnerships, invest in cutting- edge digital sourcing capabilities and systematically capture greater market share in high-growth as well as established executive search hubs worldwide. With Indian agencies gaining global recognition for both scale and quality of delivery, company is strongly positioned to lead and benefit from the next decades executive search opportunities.
Indian Executive Search Market
The Indian executive search segment is a crucial subset of the countrys recruitment and staffing industry, comprising approximately INR 1,865 crore out of the total INR 12,430 crore industry size for FY 2023-24. Although it represents about 15% of the broader market by revenue, executive search plays an outsized role given its focus on appointing C-suite and senior functional leadership. This importance translates into higher average fees, which have grown from INR 800,000-900,000 in FY 2019-20 to approximately INR 1,100,000-1,200,000 per placement in the just concluded financial year, and are anticipated to rise further to INR 1,400,000-1,500,000 by FY 202829. Placement volume has also seen steady growth, from about 11,000-13,000 permanent executive roles filled in FY 2019-20 to around 16,000-18,000 during FY 2023-24, with projections pointing to 22,000-24,000 placements annually by 2028-29.
The Indian executive search market demonstrated strong momentum in FY 2024-25, marked by a notable 9.5% year-on-year increase in CXO-level appointments as companies intensified their focus on performance- driven leadership. This growth reflects a decisive shift away from legacy role definitions towards mandates focused on measurable outcomes and strategic execution. Business head roles experienced over a 30% increase in hiring, underscoring organizational priorities to elevate operational leadership. CEOs accounted for approximately half of all top leadership hires, as firms placed premium emphasis on execution capability and strategic modernization to navigate rapid digital and market transformations.
In parallel, governance and compliance increasingly shaped leadership demand, with more than 50% of placements facilitated by retained search firms occurring at board or director levels. This trend highlights companies growing need for governance-sensitive executives, particularly those with expertise in risk management and regulatory compliance, to safeguard sustainable growth and navigate complex business environments.
The unique structure of this market is shaped by both global and domestic competition. The top 4-5 international firms, such as Heidrick & Struggles, Spencer Stuart, Korn Ferry, Egon Zehnder, and Russell Reynolds Associates, command roughly 50% of total Indian market share. Leading domestic firms, including EMA Partners, are also significant players, with EMA Partners India holding approximately 2.6% of the current market by revenue. Executive search in India is increasingly shaped by the expansion of Global Capability Centers (GCCs), especially given that 2023 saw around 50 new GCCs set up, each typically resulting in 12-15 new senior placements. These factors, combined with the rise of technology and pharmaceutical sectors, signal robust ongoing demand for sophisticated leadership talent.
Outlook
We recognize major shifts in industry requirements, such as the digitalization of search practices, widespread emphasis on Diversity, Equality, Inclusion, and Belonging (DEI&B), and the demand for transformative leaders capable of handling complex, digitally driven business models. The scarcity of proven, high-impact executives, however, creates ongoing challenges in talent identification and compensation management. Despite this, management is optimistic about prospects for continued strong growth. Indias agency penetration· currently just 1% compared to mature markets·suggests significant headroom for expansion. The companys strategy centers on deeper sector specialization, investment in AI-driven talent assessment technology, and building trusted consultative partnerships with both homegrown and multinational clients to meet the evolving demands for executive talent.
Middle East Executive Search Market
In 2024, the Middle East executive search market witnessed robust growth, underpinned by dynamic economic diversification initiatives in key countries including the UAE, Saudi Arabia, and Qatar. These nations are actively transitioning from traditional oil and gas dependence toward sectors such as finance, technology, healthcare, infrastructure, tourism and digital innovation, all of which are creating significant demand for senior leadership with deep sector expertise and extensive international experience. The broader recruitment market for the Middle East and Africa is estimated to be approximately USD 19 billion in 2024 and is projected to grow to about USD 20 billion by 2025, reflecting a compound annual growth rate (CAGR) of around 12.7%. Within this, executive search as a premium, low- volume recruitment segment benefits directly from this rapid expansion.
The client base comprises multinational corporations, sovereign wealth funds, financial institutions and government-backed mega-projects linked to national visions such as Saudi Arabias Vision 2030 and the UAEs innovation strategies. There is a strong focus on sourcing transformational leaders skilled in digital transformation, artificial intelligence, risk and crisis management, healthcare administration, supply chain resilience, and sustainability.
The competitive environment is populated by established global players, regional leaders, and niche market specialists. Success in this market requires combining extensive local knowledge with global sourcing capabilities, and firms increasingly differentiate themselves through AI-driven talent mapping, advanced psychometric assessments and virtual candidate engagement techniques. Market trends include a shift toward digital-first search processes, heightened client demand for leadership diversity, and an increasing role for executives who can lead on ESG (Environmental, Social, Governance) compliance amid evolving geopolitical dynamics. Large infrastructure and innovation projects, including Saudi Arabias NEOM and Expo City Dubai, continue to fuel demand for executive search services, with a premium on leaders who can manage complex, cross-cultural teams.
Outlook
Management remains optimistic about future growth prospects in the Middle East, focusing on expanding local consultant teams, strengthening ties with sovereign and multinational clients, and investing in technology- enabled, culturally nuanced search methodologies that are critical to meeting evolving leadership needs in a competitive and rapidly changing market.
Singapore Executive Search Market
Singapore continues to serve as a vital executive search hub within the Asia Pacific region in 2024 and 2025, due to its status as a preferred regional headquarters for multinational corporations and emerging companies with Pan-Asian and global leadership footprints. The city-states favourable business climate, regulatory stability, and strategic geographic location underpin a highly sophisticated executive search market focused on C-suite and board-level recruitment across sectors such as finance, technology, healthcare, logistics, and manufacturing.
Although specific figures isolated for Singapore are not readily available, the broader Asia Pacific executive search market·of which Singapore is a core contributor·is projected to be a significant driver in the global market, which is expected to reach approximately USD 58.13 billion by 2025. Demand in Singapore is particularly strong for leaders adept at managing crossborder teams, driving digital and business transformation agendas, and navigating complex, multi-jurisdictional regulatory environments. Organizations increasingly require executive search partners capable of identifying diverse talent, including strong female and multicultural candidates, as well as leaders possessing skills in ESG, data science, and geopolitical risk management.
The competitive landscape features major global executive search firms such as Korn Ferry, Spencer Stuart, Heidrick & Struggles, Egon Zehnder, and Russell Reynolds, complemented by local and regional boutique firms. Firms differentiate themselves through sector expertise, proprietary AI-driven candidate analytics, and the ability to support clients strategic and regulatory priorities. Key market trends include accelerated adoption of artificial intelligence and predictive analytics in candidate sourcing and assessment, growing demand for "future-ready" leadership skilled in digital disruption and sustainability, and enhanced focus on leadership pipelines with broad Asia experience beyond Singapore, notably including mainland China, Indonesia, and Southeast Asia.
Outlook
Management views Singapore as a strategic springboard for regional talent acquisition and anticipates continued sectoral specialization and technological investment through 2025. Priorities include expanding digital recruitment platforms, fostering innovation in diversity and inclusion initiatives, and deepening client partnerships to support evolving leadership demands both within Singapore and across adjacent markets. The outlook remains confident, reinforced by Singapores position as a regional business and innovation hub.
Company Overview
EMA Partners India Limited is a Mumbai-headquartered company specializing in executive search, management consulting, and staffing solutions.
EMA Partners operates across all three key recruitment segments·executive search, professional search, and general recruitment·through a diversified brand portfolio that enables comprehensive market coverage. In the executive search and leadership hiring segment, EMA Partners ranks among the top 10 firms in India by revenue, with an estimated market share of ~2.6%. This segment remains highly consolidated, with global firms.
EMA Partners India operates across India, the Middle East, and Singapore, offering services through three distinct practice areas:
Financial Review
Year | FY 2024-25 | FY 2023-24 | Growth |
Revenue | 739.31 | 672.96 | 9.9% |
EBITDA | 133.21 | 164.86 | (19.2)% |
PAT | 126.14 | 142.73 | (11.6)% |
The decline in EBITDA and Net Profit was a result of strategic investments in our long-term growth and a challenging year for our technology business. Our core search business showed strong performance with 14% year-over-year revenue growth, but this was offset by a 31% drop in revenue from our technology business, which impacted our overall growth. Furthermore, we intentionally increased employee costs by hiring senior talent to strengthen our search capabilities and made capital investments in a new office and proprietary technology, which led to higher depreciation expenses. Finally, the introduction of a new corporate tax in Dubai also impacted our net profit. While these factors temporarily reduced profitability, they are essential for driving future revenue and securing our position as a market leader.
Human Resources
We believe our employees are key contributors to our success. We focus on attracting and retaining top talent with the skills, interests, and backgrounds that strengthen our business.
Our success depends on our ability to attract, develop, motivate, and retain a highly skilled, multi-dimensional team. Our people management strategy rests on four pillars:
1. Recruiting
2. Training and development
3. Compensation
4. Retention
As of March 31, 2025, we employed 107 full-time team members, including those in our subsidiaries.
Risk Management
In an increasingly volatile and unpredictable global environment, the Company has adopted a proactive risk management and mitigation framework. The Risk Management Committee supports the Board in identifying, assessing, and monitoring diverse risks. It regularly reviews exposures and the effectiveness of mitigation measures, with periodic diligence exercises and implementation of corrective actions as needed.
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.
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.
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