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 ₹ 3,457 Cr.
- Current Price ₹ 623
- High / Low ₹ 1,017 / 535
- Stock P/E 18.8
- Book Value ₹ 176
- Dividend Yield 0.32 %
- ROCE 26.6 %
- ROE 20.7 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 20.4% CAGR over last 5 years
Cons
- Debtor days have increased from 113 to 142 days.
* 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 SmallCap BSE Allcap BSE Utilities
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 326 | 331 | 360 | 538 | 793 | 966 | |
| 230 | 232 | 247 | 388 | 589 | 715 | |
| Operating Profit | 96 | 99 | 113 | 150 | 204 | 251 |
| OPM % | 30% | 30% | 31% | 28% | 26% | 26% |
| 7 | 5 | 3 | 5 | 16 | 16 | |
| Interest | 3 | 4 | 6 | 4 | 6 | 8 |
| Depreciation | 2 | 2 | 3 | 3 | 7 | 10 |
| Profit before tax | 98 | 98 | 107 | 148 | 207 | 249 |
| Tax % | 26% | 27% | 27% | 26% | 26% | 26% |
| 72 | 72 | 79 | 109 | 153 | 184 | |
| EPS in Rs | 27.44 | 33.05 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 7% | 5% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 24% |
| 3 Years: | 39% |
| TTM: | 22% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | 33% |
| TTM: | 24% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -3% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 22% |
| Last Year: | 21% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 47 | 56 | 56 |
| Reserves | 218 | 290 | 368 | 444 | 743 | 920 |
| 16 | 4 | 4 | 45 | 71 | 86 | |
| 62 | 73 | 119 | 103 | 101 | 104 | |
| Total Liabilities | 308 | 378 | 503 | 639 | 970 | 1,165 |
| 31 | 36 | 51 | 54 | 94 | 96 | |
| CWIP | 0 | 3 | 0 | 4 | 0 | 0 |
| Investments | 0 | 0 | 1 | 2 | 10 | 18 |
| 276 | 340 | 451 | 579 | 866 | 1,052 | |
| Total Assets | 308 | 378 | 503 | 639 | 970 | 1,165 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 47 | 36 | 23 | 4 | -116 | 34 | |
| -27 | -8 | -15 | -21 | -70 | 19 | |
| -6 | -11 | 3 | 38 | 176 | 1 | |
| Net Cash Flow | 15 | 16 | 11 | 21 | -9 | 54 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 44 | 103 | 160 | 84 | 112 | 142 |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 44 | 103 | 160 | 84 | 112 | 142 |
| Working Capital Days | 127 | 184 | 219 | 137 | 156 | 189 |
| ROCE % | 37% | 33% | 33% | 29% | 27% |
Documents
Announcements
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Closure of Trading Window
5h - Trading window closed from July 1, 2025, till 48 hours post Q1 FY26 results announcement.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
24 Jun - EMS Limited awarded Rs.781.98 Cr Kolkata Municipal Corporation pollution abatement contract, 36 months plus 15 years O&M.
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Intimation Of Receipt Of Lowest Bidder(L-1) Status Awarded By UP Jal Nigam (Urban) - Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
21 Jun - EMS Limited awarded Rs.104.05 Cr UP Jal Nigam water supply project, 24-month execution.
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Intimation Of Receipt Of Lowest Bidder(L-1) Status Awarded By UP Jal Nigam (Urban) - Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
21 Jun - EMS Limited awarded Rs. 98.8 Cr sewerage project contract by UP Jal Nigam, 21-month execution.
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Intimation Of Receipt Of Lowest Bidder(L-1) Status Awarded By UP Jal Nigam (Urban) - Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
17 Jun - EMS Limited awarded Rs.183.81 Cr Fatehpur sewerage construction contract by UP Jal Nigam.
Concalls
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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 FY24
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]