EMSLIMITED

EMS share price & financials

Price
₹350.15
Market cap
₹2.2k Cr
Sector
Utilities
Calls analysed
8
Latest concall · Q1 FY27 · call held 13 Aug 2026

EMS Q1 FY27

Consolidated EBITDA ₹28.14 cr Consolidated PAT ₹15.49 cr Standalone PAT Margin 11.95%

What went well

  • Consolidated Operating Income for Q1 FY27 was ₹157.24 crores, marking a 30% increase over the last quarter.
  • Consolidated EBITDA for Q1 FY27 stood at ₹28.14 crores, an increase of 31.62% QoQ.
  • The company secured new work orders worth ₹317 crores in Q1 FY27, with an additional ₹158 crores received in Q2 FY27 to date.

What to watch

  • Consolidated PAT growth was modest at 1.28% QoQ, reaching ₹15.49 crores.
  • Margins were impacted by fixed establishment costs during periods of hampered work due to external factors like elections, heavy rains, and restrictions.
Read the full call →

What EMS does

EMS Limited is a multi-disciplinary EPC (engineering, procurement and construction) company that designs, builds and operates water and wastewater infrastructure such as water treatment plants, pumping stations, sewage treatment plants and sewer networks for state and municipal government bodies, with several projects funded by the World Bank. It also executes electrical transmission and distribution works and building/public infrastructure projects such as roads and housing. The company runs an asset-light, turnkey model with in-house design, civil-construction and O&M teams, leases most execution equipment, and undertakes bundled EPC-plus-O&M contracts including hybrid annuity model (HAM) projects.

Segments

  • Water & Wastewater
  • Electrical Transmission & Distribution
  • Building & Public Infrastructure
Employees
530+
Design & engineering team
120+ engineers
Projects delivered since inception
70+
States with project presence
6
Sewerage pipeline laid
1,400+ km executed
Cumulative sewage treated
500+ billion litres
Founded 2010Headquarters New Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 22 tracked 1 delivered 9 missed 12 open
  • Order Book Execution Timeline delivered said Q1 FY25 Promised: 2 to 2.5 years Q1 FY27: Management reiterated the execution cycle: 'Project timeline is two to three years... typical timeline is from 18 to 24 months'. This is consistent with or better than the original promise.
  • EBITDA Margin missed said Q1 FY25 Promised: 24% to 26% Q1 FY27: Target period has passed. The promise was missed.
  • EBITDA Margin (FY27) at risk said Q4 FY26 Promised: about 25% Q1 FY27: Q1 FY27 reported EBITDA margin was ~17.9% (₹28.14cr / ₹157.24cr), significantly below the full-year target. Management now guides for FY27 EBITDA to be 'at par with 2024-2025 numbers', which is a less specific target.

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 34.3%, net profit down 60.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue233 245 270 239 173 −26%200 −18%120 −56%157 −34%
EBITDA69 71 65 54 37 −46%31 −56%18 −72%26 −52%
Net profit50 51 47 38 28 −44%19 −63%6 −87%15 −61%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −32.3% 1Y

₹300₹400₹500₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q1 FY26 — 10 Sept 2025Q2 FY26 — 18 Nov 2025Q3 FY26 — 13 Feb 2026Q4 FY26 — 29 May 2026Q1 FY27 — 13 Aug 2026

1Y: ₹566.15 on 10 Sept 2025 → ₹383.1. High ₹583.85 (18 Sept 2025), low ₹257.75 (9 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−3.4%
13 Aug
Q4 FY26
−10.5%
30 May
Q3 FY26
−9.0%
14 Feb
Q2 FY26
−1.4%
18 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 4.0% a year over 2 years, FY24 to FY26. Operating margin narrowed to 19.1%.

Year endingFY24FY25FY26
Revenue₹794 Cr₹954 Cr₹732 Cr
Operating profit₹204 Cr₹255 Cr₹140 Cr
Operating margin25.7%26.7%19.1%
Interest₹7 Cr₹5 Cr₹13 Cr
Depreciation₹6 Cr₹10 Cr₹11 Cr
Net profit₹152 Cr₹185 Cr₹91 Cr
Net margin19.1%19.4%12.4%
Cash from operations₹-116 Cr₹34 Cr₹-15 Cr
Free cash flow₹-140 Cr₹27 Cr₹-88 Cr
ROCE29.0%27.0%13.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹12 Cr₹12 Cr₹47 Cr₹56 Cr₹56 Cr₹56 Cr
Reserves₹290 Cr₹368 Cr₹444 Cr₹743 Cr₹986 Cr₹1.0k Cr
Borrowings₹4 Cr₹4 Cr₹45 Cr₹71 Cr₹165 Cr₹154 Cr
Other liabilities₹73 Cr₹119 Cr₹103 Cr₹101 Cr₹111 Cr₹121 Cr
Total liabilities₹378 Cr₹503 Cr₹639 Cr₹970 Cr₹1.3k Cr₹1.3k Cr
Fixed assets₹36 Cr₹51 Cr₹54 Cr₹94 Cr₹126 Cr₹123 Cr
Capital work in progress₹3 Cr₹0 Cr₹4 Cr₹0 Cr₹37 Cr₹37 Cr
Investments₹0 Cr₹1 Cr₹2 Cr₹10 Cr₹10 Cr₹10 Cr
Other assets₹340 Cr₹451 Cr₹579 Cr₹866 Cr₹1.1k Cr₹1.2k Cr
Total assets₹378 Cr₹503 Cr₹639 Cr₹970 Cr₹1.3k Cr₹1.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.38 pp while DIIs trimmed −0.35 pp. The shareholder count shrank 7% to 1,20,731.

Promoters
69.7%
FIIs
0.1%
DIIs
0.1%
Public
30.1%

Since Jun 2025

  • Public +0.38 pp
  • DIIs −0.35 pp
  • FIIs −0.03 pp

How it drifted, 12 quarters

Over this window the public went from 21.3% to 30.1% — +8.8 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 69.7%, FIIs 7.2%, DIIs 1.8%, Public 21.3%.Dec '23: Promoters 69.7%, FIIs 4.1%, DIIs 1.4%, Public 24.8%.Mar '24: Promoters 69.7%, FIIs 2.8%, DIIs 1.4%, Public 26.1%.Jun '24: Promoters 69.7%, FIIs 0.9%, DIIs 1.6%, Public 27.8%.Sep '24: Promoters 69.7%, FIIs 0.8%, DIIs 1.1%, Public 28.5%.Dec '24: Promoters 69.7%, FIIs 0.7%, DIIs 0.4%, Public 29.2%.Mar '25: Promoters 69.7%, FIIs 0.2%, DIIs 0.6%, Public 29.5%.Jun '25: Promoters 69.7%, FIIs 0.2%, DIIs 0.4%, Public 29.7%.Sep '25: Promoters 69.7%, FIIs 0.1%, DIIs 0.3%, Public 29.8%.Dec '25: Promoters 69.7%, FIIs 0.2%, DIIs 0.0%, Public 30.1%.Mar '26: Promoters 69.7%, FIIs 0.4%, DIIs 0.0%, Public 29.8%.Jun '26: Promoters 69.7%, FIIs 0.1%, DIIs 0.1%, Public 30.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of EMS above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ramveer Singh 67.85%unchanged
Summit Constructions Private Limited 1.80%unchanged
Ashish Tomar 0.02%unchanged
Nirmala Tomar 0.01%unchanged
Sakshi Tomar Parihar 0.01%unchanged
Gajendra Parihar 0.01%unchanged
Kritika Tomar 0.01%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse EMS

Guides on how to read this kind of business and the numbers that matter.