EMS Ltd
EMS Limited is a multi-disciplinary EPC company, headquartered in Delhi that specializes in providing turnkey services in water and wastewater collection, treatment and disposal. EMS provides complete, single-source services from engineering and design to construction and installation of water, wastewater and domestic waste treatment facilities.[1]
- Market Cap ₹ 1,441 Cr.
- Current Price ₹ 260
- High / Low ₹ 695 / 256
- Stock P/E 11.2
- Book Value ₹ 185
- Dividend Yield 0.58 %
- ROCE 28.4 %
- ROE 20.9 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 20.6% CAGR over last 5 years
Cons
- Promoters have pledged 26.4% of their holding.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Utilities Utilities Other Utilities Waste Management
Part of BSE Allcap BSE Utilities
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 316 | 307 | 338 | 484 | 719 | 941 | 790 | |
| 221 | 212 | 232 | 344 | 525 | 693 | 615 | |
| Operating Profit | 95 | 95 | 106 | 140 | 195 | 247 | 175 |
| OPM % | 30% | 31% | 31% | 29% | 27% | 26% | 22% |
| 7 | 5 | 4 | 5 | 15 | 11 | 11 | |
| Interest | 3 | 4 | 6 | 3 | 2 | 4 | 5 |
| Depreciation | 1 | 1 | 2 | 2 | 5 | 8 | 8 |
| Profit before tax | 98 | 95 | 102 | 140 | 203 | 247 | 173 |
| Tax % | 26% | 26% | 27% | 26% | 26% | 26% | |
| 72 | 70 | 75 | 103 | 150 | 182 | 129 | |
| EPS in Rs | 27.00 | 32.82 | 23.21 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 7% | 5% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 24% |
| 3 Years: | 41% |
| TTM: | -13% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 21% |
| 3 Years: | 34% |
| TTM: | -30% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -59% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 22% |
| Last Year: | 21% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 47 | 56 | 56 | 56 |
| Reserves | 220 | 290 | 365 | 433 | 729 | 906 | 970 |
| 17 | 1 | 2 | 0 | 1 | 13 | 36 | |
| 75 | 69 | 108 | 73 | 68 | 86 | 95 | |
| Total Liabilities | 324 | 372 | 486 | 553 | 854 | 1,061 | 1,156 |
| 29 | 0 | 34 | 39 | 78 | 81 | 80 | |
| CWIP | 0 | 0 | 0 | 4 | 0 | 0 | 0 |
| Investments | 3 | 4 | 10 | 10 | 19 | 26 | 26 |
| 292 | 368 | 442 | 500 | 757 | 953 | 1,050 | |
| Total Assets | 324 | 372 | 486 | 553 | 854 | 1,061 | 1,156 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 17 | 23 | -73 | 30 | |||
| -6 | -19 | -82 | 23 | |||
| -5 | -4 | 156 | 2 | |||
| Net Cash Flow | 7 | -0 | 1 | 56 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 41 | 109 | 137 | 107 | 121 | 146 |
| Inventory Days | 74 | |||||
| Days Payable | 64 | |||||
| Cash Conversion Cycle | 51 | 109 | 137 | 107 | 121 | 146 |
| Working Capital Days | 132 | 203 | 199 | 168 | 210 | 194 |
| ROCE % | 36% | 32% | 33% | 31% | 28% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Fixed Asset Turnover Ratio x |
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| Active EPC Projects Count |
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| Number of Engineers Count |
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| Unexecuted Order Book INR Lakhs |
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| Bundled Projects with O&M Scope Count |
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| Maximum STP Capacity Executed MLD |
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| Total Cumulative Projects Executed Count |
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Documents
Announcements
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General Updates
9h - Ramveer Singh pledged 1,20,58,690 shares (20%+ of capital) on March 10, 2026 to Tata Capital and SG Finserve.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
1 Mar - Newspaper Publication for 01/2025-26 Extraordinary General Meeting of the company to be held on March 23, 2026
- Shareholders Meeting- Extraordinary General Meeting To Be Held On Monday, March 23, 2026 28 Feb
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Announcement under Regulation 30 (LODR)-Raising of Funds
27 Feb - Board approved QIP up to ₹300 crore; EGM cut-off March 17, 2026; authorised capital raised to ₹70 crore.
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Board Meeting Intimation for Intimation Of Board Meeting Under Regulation 29 Of SEBI (LODR) To Be Held On February 27, 2026
24 Feb - Board meeting Feb 27 to consider raising funds via equity, GDRs, ADRs, FCCBs, QIP, other securities.
Annual reports
Concalls
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Feb 2026TranscriptPPT
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Nov 2025TranscriptPPTREC
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Sep 2025TranscriptPPTREC
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Jun 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Aug 2024TranscriptPPTREC
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Feb 2024TranscriptPPT
Business Divisions FY25
1) Water & Sewerage Projects (70%): [1] The company provides Sewage solutions, Water Supply Systems, Water and Waste Treatment Plants, and maintenance of Wastewater Scheme Projects (WWSPs) and Water Supply Scheme Projects (WSSPs) for government authorities/bodies. WWSPs include Sewage Treatment Plants (STPs) along with Sewage Network Schemes and Common Effluent Treatment Plants (CETPs) and WSSPs include Water Treatment Plants (WTPs) along with pumping stations and laying of pipelines for the supply of water. [2] with an 80 MLD capacity i.e. the maximum capacity of Minimal Liquid Discharge for STPs. [3]