EMS Limited (EMSLIMITED)

Utilities · Other Utilities · NSE · Updated 13 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹382 ↓ 30.86% (1Y)

🎯 Key Takeaways

EMS Limited is transitioning from a mature utility player into a growth-oriented infrastructure enabler, with recent financial performance reflecting accelerating momentum in its core water and sewerage segments. The company has demonstrated consistent top-line expansion and margin resilience, supported by a robust order book and government-aligned project execution.
Revenue grew 5.1% QoQ to ₹245 in Q3FY25.
⚠️ 1) Execution risk in large infrastructure projects, where delays or cost overruns could impact margins despite strong order book. 2) Commoditisation o

Market Cap

₹1,803

P/E Ratio

9.6

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

EMS Limited is transitioning from a mature utility player into a growth-oriented infrastructure enabler, with recent financial performance reflecting accelerating momentum in its core water and sewerage segments. The company has demonstrated consistent top-line expansion and margin resilience, supported by a robust order book and government-aligned project execution. This phase is characterized by operational scaling and strategic capital deployment rather than pure cash generation.

📰 What's Happening

In Q1 FY27 (ended June 30, 2026), EMS Limited reported consolidated PAT of Rs 15.49 crore, surging 171.28% YoY, driven by 30.49% revenue growth to Rs 157.24 crore and 31.62% EBITDA growth to Rs 28.14 crore. The company secured new orders worth Rs 20,864.46 lakhs in May 2026 for sewer network construction in Varanasi, alongside board-approved contracts in Varanasi and Meerut. Management highlighted alignment with government budget allocations for water supply and sewerage infrastructure as a key growth catalyst. The CRISIL credit rating was reaffirmed at A-/Stable (long-term) and A2+ (short-term), with the bank facility limit enhanced to Rs 660 crores.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	211	200	245	206	233	245
Operating Profit	65	53	68	53	71	74
OPM %	27.1%	23.5%	27.6%	24.4%	29.4%	29.0%
Net Profit	45	37	47	37	50	51
EPS	₹9.39	₹7.37	₹9.14	₹6.68	₹8.94	₹9.09

Revenue has grown sequentially for four consecutive quarters, rising from Rs 200 crore in Q3FY24 to Rs 245 crore in Q3FY25, with OPM holding steady near 29% despite inflationary pressures. The sharp PAT growth in Q1 FY27 reflects both scale and operational efficiency, as EBITDA expanded faster than revenue. This trend aligns with management's focus on high-margin infrastructure contracts and disciplined cost management, suggesting improving leverage in the business model.

🔮 Management Outlook & What's Next

Management emphasized growth opportunities in water supply and sewerage infrastructure aligned with government budget allocations as the primary driver for future performance. No specific revenue or margin guidance was provided, but the reaffirmation of the CRISIL rating and enhanced bank facility suggest confidence in execution capabilities and financial flexibility to capitalise on the order backlog.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Other Utilities

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
VA Tech Wabag Limited	8,637	34.4	—	—	—
ION Exchange (India) Limited	5,722	26.3	—	—	—
Enviro Infra Engineers Limited	3,393	16.3	—	—	—
EMS Limited	1,803	9.6	—	—	—
Antony Waste Handling Cell Limited	1,338	18.4	—	—	—
Denta Water and Infra Solutions Limited	702	10.7	—	—	—
Concord Enviro Systems Limited	600	11.2	—	—	—
Race Eco Chain Limited	226	37.4	—	—	—

🔗 Peer Stock Analyses

WABAG IONEXCHANG EIEL AWHCL DENTA

⚠️ Risk Factors

1) Execution risk in large infrastructure projects, where delays or cost overruns could impact margins despite strong order book. 2) Commoditisation of utility services in a regulated environment may constrain pricing power. 3) Dependence on government budget cycles and award timelines introduces visibility risk into future cash flows.

📋 Recent Filings

🧠 Analyst's Read

EMS Limited is executing a clear infrastructure growth strategy with tangible financial momentum, but investors should monitor project execution timelines and order-to-revenue conversion rates to sustain the current growth trajectory.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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