Scans

Tools

Home

Charts

Watchlist

Products

EMS Ltd

EMSLIMITED

NSE

₹311.85-3.33%19 Oct 2026

Reports

Infra Engineering General

EMS Ltd

EMSLIMITED

NSE

₹311.85

-3.33%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Infra Engineering General

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

EMS Limited is a water-infrastructure specialist that was born when two senior engineers left government service to build exactly what they had spent two decades managing - sewage treatment plants and sewer networks for urban India. Incorporated in 2010 and listed in 2023 after an IPO that was oversubscribed 76 times, the company has grown from a 4 MLD (million litres per day) plant to handling 80 MLD facilities, all while staying exclusively in the government sector where payments come from World Bank or Asian Development Bank-funded projects and bad debts are virtually zero. The recurring approach that explains everything else is an asset-light, full-stack model: EMS keeps design, engineering, procurement and construction in-house rather than outsourcing to consultants, buys all materials itself and only gives labour contracts, then locks in multi-year operation and maintenance deals on the assets it builds - so every project creates both a construction fee today and an annuity-like service stream for years afterward.

Business segments

Three engines built on the same government-tender chassis - a water and wastewater EPC cash cow that also feeds a long-duration O&M annuity stream, a smaller electrical and building infrastructure practice that shares the same in-house teams, and a recently acquired paper mill that exists mainly to strengthen the balance sheet.

1. Water and wastewater EPC and O&M: the group's defining engine

EMS designs, builds and then operates sewage treatment plants and sewer networks for state government bodies, earning construction revenue upfront and steady O&M fees for up to 15 years afterward - all with the client's funding already secured from multilateral lenders.

End-to-end, not piecemeal - the company is one of the few Indian players that can lay sewer pipes and build the treatment plant in a single bundled contract, which means it competes for projects that smaller, single-skill contractors cannot touch.
Design stays inside the firm - unlike many competitors who outsource engineering to consultancy firms, EMS performs process design, hydraulic calculations, layout and flow diagrams entirely with its own in-house engineers and proprietary software, so it controls both quality and cost from the first drawing.
Built, then operated by the same team - the company had 27 bundled projects with O&M scope as of March 2025, meaning it constructs the asset and then runs it for years under a separate contract; O&M revenue is invoiced quarterly, creating a recurring income stream on top of the one-time construction fee.
The client's money is already in the bank - projects are predominantly funded by the World Bank, Asian Development Bank, JICA or KWF and channelled through state bodies, which EMS says results in zero bad debts and zero delinquencies across its entire government order book.
Selective about where it goes - the company operates across five states and recently entered West Bengal with a roughly ₹780 crore STP and sewer contract, but it deliberately avoids spreading into too many new locations at once to sidestep local delays and interruptions.

2. Electrical T&D and building infrastructure: the same chassis, different structures

EMS applies its in-house engineering teams and government-tender playbook to power substations, transmission lines, buildings and roads - work that fills the pipeline between water projects and keeps the civil construction crew employed.

Substations and overhead lines for state utilities - the company designs and builds 33/11 KV, 66/33 KV and 132/33 KV substations, erects transformers and panels, and lays underground trenchless lines, all for government clients under the same B2G framework as the water business.
Buildings that range from a central bank to housing - EMS has delivered a ₹325 crore Reserve Bank of India building in Mumbai and won a Letter of Award for civil and finishing works on a multi-storeyed group housing project in Noida, with rates fixed per square foot to keep margins steady regardless of input-cost swings.
Roads in the hills - in Uttarakhand, the company restores roads down to the subgrade and lays a bituminous layer, though heavy rainfall regularly damages transmission lines there and forces restoration work before other project activities can begin.

3. Manufacturing: a paper mill bought for its balance-sheet heft

EMS acquired a former bank-auction paper unit in Fatehpur primarily so it could pledge the property as collateral for bank guarantees - the flex paper it produces is a small, self-funding side effect.

Bought from a bank, not a seller - in an earlier deal, EMS acquired a former NPA unit from a bank auction at approximately ₹22-23 crores, which now holds a collateral value of roughly ₹50 crores, instantly strengthening the company's ability to secure the bank guarantees that government contracts require.
Runs itself - the Fatehpur factory requires no funding from the parent, produces about 800-900 tons of flex paper with potential to exceed 1,100 tons, and generates a profit of roughly 5% over revenue.

Group structure and partners

EMS uses subsidiaries and joint ventures as bidding and execution vehicles - each one is formed to meet the technical or financial prequalification bar of a specific government tender, not to diversify into unrelated businesses.

Subsidiaries that hold specific contracts - Mirzapur Ghazipur STPS Private Limited (60% held) exists solely to execute a 15-year Hybrid Annuity Model STP project in Uttar Pradesh, while SK UEM Water Projects Private Limited handles O&M contracts for sewerage treatment plants.
JV partners open doors to bigger bids - the company forms partnerships with other infrastructure firms to jointly meet prequalification criteria; a Letter of Acceptance for three STPs in Indore worth ₹41,646.07 lakhs involves EMS holding a 26% share alongside a JV partner, and a December 2025 JV with Neercare India was created for carrying on the business of design and building of sewage treatment plants, pumping stations, and sewerage networks.
A concrete venture with a family connection - EMS Concrete, a 75%-held partnership formed in December 2025 with Mr. Gajendra Parihar on an arm's-length basis, will manufacture and supply ready-mix concrete and allied construction materials.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹1,732Cr

Close Price

₹311.95

Industry

Infra Engineering General

Price To Earnings

25.42

Price To Sales

2.66

Revenue

₹652Cr

Rev Gr TTM

Revenue Growth TTM

-34.02%

PAT Gr TTM

PAT Growth TTM

-62.95%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	211	200	245	206	233	245	270	239	173	200	121	157
Growth YoY Revenue Growth YoY%	73.9	31.8	28.9	49.5	10.9	22.9	10.0	15.8	-25.7	-18.3	-55.3	-34.2
Expenses ExpensesCr	154	153	178	156	165	174	205	185	136	170	102	131
Operating Profit Operating ProfitCr	57	47	68	50	69	71	65	54	37	31	18	26
OPM OPM%	27.1	23.5	27.6	24.4	29.4	29.0	24.0	22.6	21.4	15.3	15.2	16.6
Other Income Other IncomeCr	8	6	1	2	2	3	2	2	4	3	3	2
Interest Expense Interest ExpenseCr	2	1	2	1	1	1	2	3	3	3	4	5
Depreciation DepreciationCr	1	1	3	2	2	3	3	3	2	3	3	2
PBT PBTCr	62	51	64	49	67	70	63	51	36	27	15	21
Tax TaxCr	16	13	16	12	18	19	16	13	8	8	9	6
PAT PATCr	45	37	47	37	50	51	47	38	28	19	6	15
Growth YoY PAT Growth YoY%	52.0	24.9	32.3	63.1	9.5	35.2	-1.0	2.4	-43.3	-61.9	-87.8	-59.3
NPM NPM%	21.6	18.8	19.3	18.0	21.3	20.6	17.4	15.9	16.2	9.6	4.7	9.8
EPS EPS₹	9.4	7.4	9.1	6.7	8.9	9.1	8.4	6.8	5.1	3.4	1.0	2.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	211	200	245	206	233	245	270	239	173	200	121	157
Growth YoY Revenue Growth YoY%	73.9	31.8	28.9	49.5	10.9	22.9	10.0	15.8	-25.7	-18.3	-55.3	-34.2
Expenses ExpensesCr	154	153	178	156	165	174	205	185	136	170	102	131
Operating Profit Operating ProfitCr	57	47	68	50	69	71	65	54	37	31	18	26
OPM OPM%	27.1	23.5	27.6	24.4	29.4	29.0	24.0	22.6	21.4	15.3	15.2	16.6
Other Income Other IncomeCr	8	6	1	2	2	3	2	2	4	3	3	2
Interest Expense Interest ExpenseCr	2	1	2	1	1	1	2	3	3	3	4	5
Depreciation DepreciationCr	1	1	3	2	2	3	3	3	2	3	3	2
PBT PBTCr	62	51	64	49	67	70	63	51	36	27	15	21
Tax TaxCr	16	13	16	12	18	19	16	13	8	8	9	6
PAT PATCr	45	37	47	37	50	51	47	38	28	19	6	15
Growth YoY PAT Growth YoY%	52.0	24.9	32.3	63.1	9.5	35.2	-1.0	2.4	-43.3	-61.9	-87.8	-59.3
NPM NPM%	21.6	18.8	19.3	18.0	21.3	20.6	17.4	15.9	16.2	9.6	4.7	9.8
EPS EPS₹	9.4	7.4	9.1	6.7	8.9	9.1	8.4	6.8	5.1	3.4	1.0	2.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	326	331	360	538	793	972	733	652
Growth Revenue Growth%		1.6	8.8	49.5	47.4	22.6	-24.6	-34.0
Expenses ExpensesCr	230	232	247	388	589	715	592	539
Operating Profit Operating ProfitCr	96	99	113	150	204	258	140	112
OPM OPM%	29.5	29.9	31.3	27.9	25.7	26.5	19.2	17.2
Other Income Other IncomeCr	7	5	3	5	16	9	12	12
Interest Expense Interest ExpenseCr	3	4	6	4	6	8	13	15
Depreciation DepreciationCr	2	2	3	3	7	10	10	10
PBT PBTCr	98	98	107	148	207	249	129	99
Tax TaxCr	26	26	29	39	54	65	38	31
PAT PATCr	72	72	79	109	153	184	91	69
Growth PAT Growth%		-0.7	9.8	37.9	40.3	20.4	-50.4	-63.0
NPM NPM%	22.2	21.7	21.9	20.2	19.2	18.9	12.4	10.5
EPS EPS₹	61.6	61.2	67.3	22.9	29.4	33.0	16.3	12.3

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	326	331	360	538	793	972	733	652
Growth Revenue Growth%		1.6	8.8	49.5	47.4	22.6	-24.6	-34.0
Expenses ExpensesCr	230	232	247	388	589	715	592	539
Operating Profit Operating ProfitCr	96	99	113	150	204	258	140	112
OPM OPM%	29.5	29.9	31.3	27.9	25.7	26.5	19.2	17.2
Other Income Other IncomeCr	7	5	3	5	16	9	12	12
Interest Expense Interest ExpenseCr	3	4	6	4	6	8	13	15
Depreciation DepreciationCr	2	2	3	3	7	10	10	10
PBT PBTCr	98	98	107	148	207	249	129	99
Tax TaxCr	26	26	29	39	54	65	38	31
PAT PATCr	72	72	79	109	153	184	91	69
Growth PAT Growth%		-0.7	9.8	37.9	40.3	20.4	-50.4	-63.0
NPM NPM%	22.2	21.7	21.9	20.2	19.2	18.9	12.4	10.5
EPS EPS₹	61.6	61.2	67.3	22.9	29.4	33.0	16.3	12.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	12	12	12	47	56	56	56
Reserves ReservesCr	218	290	368	444	743	920	1,000
Current Liabilities Current LiabilitiesCr	60	66	109	78	89	92	158
Non Current Liabilities Non Current LiabilitiesCr	19	10	13	68	81	95	114
Total Liabilities Total LiabilitiesCr	308	378	503	639	970	1,165	1,331
Current Assets Current AssetsCr	224	300	415	400	592	749	812
Non Current Assets Non Current AssetsCr	84	79	88	239	378	417	518
Total Assets Total AssetsCr	308	378	503	639	970	1,165	1,331

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	12	12	12	47	56	56	56
Reserves ReservesCr	218	290	368	444	743	920	1,000
Current Liabilities Current LiabilitiesCr	60	66	109	78	89	92	158
Non Current Liabilities Non Current LiabilitiesCr	19	10	13	68	81	95	114
Total Liabilities Total LiabilitiesCr	308	378	503	639	970	1,165	1,331
Current Assets Current AssetsCr	224	300	415	400	592	749	812
Non Current Assets Non Current AssetsCr	84	79	88	239	378	417	518
Total Assets Total AssetsCr	308	378	503	639	970	1,165	1,331

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	47	36	23	-25	-116	36	-15
Investing Cash Flow Investing Cash FlowCr	-27	-8	-15	-10	-83	19	-60
Financing Cash Flow Financing Cash FlowCr	-6	-11	3	56	176	-2	-2
Net Cash Flow Net Cash FlowCr	15	16	11	21	-23	54	-77
Free Cash Flow Free Cash FlowCr	21	27	15	-33	-140	30	-88
CFO To PAT CFO To PAT%	65.1	49.7	28.7	-23.3	-75.9	19.7	-16.3
CFO To EBITDA CFO To EBITDA%	49.1	36.2	20.1	-16.9	-56.9	14.1	-10.6

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	47	36	23	-25	-116	36	-15
Investing Cash Flow Investing Cash FlowCr	-27	-8	-15	-10	-83	19	-60
Financing Cash Flow Financing Cash FlowCr	-6	-11	3	56	176	-2	-2
Net Cash Flow Net Cash FlowCr	15	16	11	21	-23	54	-77
Free Cash Flow Free Cash FlowCr	21	27	15	-33	-140	30	-88
CFO To PAT CFO To PAT%	65.1	49.7	28.7	-23.3	-75.9	19.7	-16.3
CFO To EBITDA CFO To EBITDA%	49.1	36.2	20.1	-16.9	-56.9	14.1	-10.6

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					2,230	3,432	1,442	1,732
Price To Earnings Price To Earnings					14.6	18.7	15.9	25.4
Price To Sales Price To Sales					2.8	3.5	2.0	2.7
Price To Book Price To Book					2.8	3.5	1.4	1.6
EV To EBITDA EV To EBITDA					10.7	13.0	10.9	16.8
Profitability Ratios Profitability Ratios
GPM GPM%	32.8	33.3	35.7	33.3	30.3	31.3	28.1	28.1
OPM OPM%	29.5	29.9	31.3	27.9	25.7	26.5	19.2	17.2
NPM NPM%	22.2	21.7	21.9	20.2	19.2	18.9	12.4	10.5
ROCE ROCE%	41.2	33.6	29.5	28.3	24.5	24.3	11.8	11.8
ROE ROE%	31.5	23.8	20.8	22.2	19.1	18.8	8.6	8.6
ROA ROA%	23.5	19.0	15.7	17.0	15.7	15.8	6.8	6.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					2,230	3,432	1,442	1,732
Price To Earnings Price To Earnings					14.6	18.7	15.9	25.4
Price To Sales Price To Sales					2.8	3.5	2.0	2.7
Price To Book Price To Book					2.8	3.5	1.4	1.6
EV To EBITDA EV To EBITDA					10.7	13.0	10.9	16.8
Profitability Ratios Profitability Ratios
GPM GPM%	32.8	33.3	35.7	33.3	30.3	31.3	28.1	28.1
OPM OPM%	29.5	29.9	31.3	27.9	25.7	26.5	19.2	17.2
NPM NPM%	22.2	21.7	21.9	20.2	19.2	18.9	12.4	10.5
ROCE ROCE%	41.2	33.6	29.5	28.3	24.5	24.3	11.8	11.8
ROE ROE%	31.5	23.8	20.8	22.2	19.1	18.8	8.6	8.6
ROA ROA%	23.5	19.0	15.7	17.0	15.7	15.8	6.8	6.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ISGEC	BONDADA	BGRENERGY	EMSLIMITED	AXTEL	ARTSON	KRRAIL
Market CapitalizationMkt CapCr	6,635	3,243	2,295	1,732	671	561	61
Close PriceClose₹	902.40	290.40	318.10	311.95	415.50	152.00	15.95
IndustryIndustry	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General
Price To EarningsPE	33.86	14.85		25.42	21.51
Price To SalesPS	0.89	1.09	10.12	2.66	2.93	4.14	0.97
RevenueRevenueCr	7,458	2,977	227	652	229	136	63
Revenue Growth TTMRev Gr TTM%	19.5%		-38.2%	-34.0%	42.1%	-16.3%	-90.3%
PAT Growth TTMPAT Gr TTM%	5.7%		-10.8%	-63.0%	97.3%	-246.4%	-661.8%

	ISGEC	BONDADA	BGRENERGY	EMSLIMITED	AXTEL	ARTSON	KRRAIL
Market CapitalizationMkt CapCr	6,635	3,243	2,295	1,732	671	561	61
Close PriceClose₹	902.40	290.40	318.10	311.95	415.50	152.00	15.95
IndustryIndustry	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General
Price To EarningsPE	33.86	14.85		25.42	21.51
Price To SalesPS	0.89	1.09	10.12	2.66	2.93	4.14	0.97
RevenueRevenueCr	7,458	2,977	227	652	229	136	63
Revenue Growth TTMRev Gr TTM%	19.5%		-38.2%	-34.0%	42.1%	-16.3%	-90.3%
PAT Growth TTMPAT Gr TTM%	5.7%		-10.8%	-63.0%	97.3%	-246.4%	-661.8%

FY2026

FY2025

FY2024

FY2023

FY2026

Jun 26