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 ₹ 1,615 Cr.
- Current Price ₹ 291
- High / Low ₹ 655 / 256
- Stock P/E 17.8
- Book Value ₹ 190
- Dividend Yield 0.52 %
- ROCE 12.5 %
- ROE 8.91 %
- Face Value ₹ 10.0
Pros
Cons
- Dividend payout has been low at 3.94% of profits over last 3 years
- Company has high debtors of 193 days.
- Promoter holding has decreased over last 3 years: -30.3%
* 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.
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 326 | 331 | 360 | 538 | 793 | 966 | 733 | |
| 230 | 232 | 247 | 388 | 589 | 712 | 592 | |
| Operating Profit | 96 | 99 | 113 | 150 | 204 | 254 | 140 |
| OPM % | 30% | 30% | 31% | 28% | 26% | 26% | 19% |
| 7 | 5 | 3 | 5 | 16 | 16 | 12 | |
| Interest | 3 | 4 | 6 | 4 | 6 | 11 | 13 |
| Depreciation | 2 | 2 | 3 | 3 | 7 | 10 | 10 |
| Profit before tax | 98 | 98 | 107 | 148 | 207 | 249 | 129 |
| Tax % | 26% | 27% | 27% | 26% | 26% | 26% | 29% |
| 72 | 72 | 79 | 109 | 153 | 184 | 91 | |
| EPS in Rs | 61.64 | 61.17 | 66.51 | 22.91 | 27.44 | 33.05 | 16.30 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 7% | 5% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 17% |
| 3 Years: | 11% |
| TTM: | -24% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 5% |
| 3 Years: | -6% |
| TTM: | -51% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -52% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 18% |
| 3 Years: | 17% |
| Last Year: | 9% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 47 | 56 | 56 | 56 |
| Reserves | 218 | 290 | 368 | 444 | 743 | 920 | 1,000 |
| 16 | 4 | 4 | 45 | 71 | 86 | 154 | |
| 62 | 73 | 119 | 103 | 101 | 104 | 121 | |
| Total Liabilities | 308 | 378 | 503 | 639 | 970 | 1,165 | 1,331 |
| 31 | 36 | 51 | 54 | 94 | 96 | 123 | |
| CWIP | 0 | 3 | 0 | 4 | 0 | 0 | 37 |
| Investments | 0 | 0 | 1 | 2 | 10 | 18 | 10 |
| 276 | 340 | 451 | 579 | 866 | 1,052 | 1,160 | |
| Total Assets | 308 | 378 | 503 | 639 | 970 | 1,165 | 1,331 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 47 | 36 | 23 | 4 | -116 | 34 | -15 | |
| -27 | -8 | -15 | -21 | -83 | 19 | -60 | |
| -6 | -11 | 3 | 38 | 176 | 1 | -2 | |
| Net Cash Flow | 15 | 16 | 11 | 21 | -23 | 54 | -77 |
| Free Cash Flow | 21 | 27 | 9 | -4 | -140 | 27 | -88 |
| CFO/OP | 50% | 36% | 20% | 31% | -36% | 38% | 14% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 44 | 103 | 160 | 84 | 112 | 142 | 193 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 44 | 103 | 160 | 84 | 112 | 142 | 193 |
| Working Capital Days | 125 | 183 | 219 | 137 | 180 | 187 | 297 |
| ROCE % | 37% | 33% | 33% | 29% | 27% | 13% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Fixed Asset Turnover Ratio x ・Includes some standalone data |
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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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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
2d - Transcript of Earnings Conference Call held on Saturday, May 30, 2026
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
30 May - EMS Limited concluded its May 30, 2026 earnings conference call on FY26 audited results.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
30 May - Newspaper Publication relating to Audited Standalone and Consolidated Financial Results of the company for the Quarter and Financial Year ended March 31, 2026
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Results For The Quarter And Financial Year Ended March 31 2026
29 May - Board approved FY26 audited results, Rs 1.5 dividend, waived chairman salary, and gave Rs 35 crore guarantee.
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Corporate Action-Board approves Dividend
29 May - EMS approved FY26 audited results, Rs1.5 dividend, Rs35 crore subsidiary guarantee, and strategic consultant appointment.
Annual reports
Concalls
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May 2026TranscriptPPTREC
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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]