EMS Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,554 Cr
- P/E
- 22.80
- ROE
- 8.91%
- PEG
- -4.08
- Price to sales
- 2.39
- Debt to equity
- 0.15
- 52W high / low
- ₹534 / ₹258
- Sales growth (5Y)
- 17.20%
- EBITDA margin
- 17.23%
- Net profit margin
- 12.47%
- Promoter holding
- 69.70%
- Sales (last year)
- ₹652 Cr
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]
Guidance scorecard · Q1 FY27 call
What EMS Ltd's management guided
and where it ranks in Other Utilities
RevenueQ1 FY27 call
40%+- EMS Limited aims to achieve revenues of Rs. 900 to Rs. 950 crores for FY’27, reflecting a growth of about 50% compared to the previous year.
- Q3 and Q4 are expected to be strong quarters, with combined revenues of around Rs. 300 crores, indicating confidence in meeting targets.
- The company anticipates a quarter-to-quarter revenue increase, with Q2 expected to be 30-35% higher than Q1, and Q3 and Q4 to grow over 50% sequentially.
- Order book stands at Rs. 2329 crores as of July 2026, providing a solid execution base for future revenue.
2 more points from EMS Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what EMS Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
None planned- As of Q1 FY’27, EMS Limited has no current capital expenditure (CAPEX) plans.
- The management stated there are no CAPEX or investment plans for FY’27.
- The focus appears to be on revenue growth through order book execution and bidding for new projects rather than on capital investments.
FundraisingQ1 FY27 call
None plannedSee what EMS Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- As of July 2026, EMS Limited's order book stands at approximately Rs. 2,329 crores.
- The company continues to bid for new projects across various states including Bihar, Madhya Pradesh, Maharashtra, and Karnataka.
- In Q1 FY’27, EMS converted bids worth Rs. 317 crores into work orders.
- Additionally, in Q2 FY’27, it secured work orders of about Rs. 158 crores.
- EMS is L1 (lowest bidder) for a project in Banaras exceeding Rs. 100 crores.
- The company has a bidding pipeline of Rs. 2,500 to Rs. 3,000 crores across Delhi and Maharashtra.
2 more points from EMS Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Other Utilities
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Other Utilities companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹1,488 Cr | 10.8 | |
| 2 | 40%+ | Flat | ₹807 Cr | 56.3 | |
| 3 | 40%+ | Flat | ₹690 Cr | 18.7 | |
| 4 | 40%+ | Flat | ₹334 Cr | 19.6 | |
| 5 | 40%+ | Flat | ₹94 Cr | 7.3 | |
| 6 | 20–40% | Flat | ₹3,521 Cr | 12.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Other Utilities rankingFinancials of EMS Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of EMS Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 151 | 190 | 138 | 211 | 200 | 245 | 206 | 233 | 245 | 270 | 239 | 173 | 200 |
| Expenses + | 109 | 143 | 106 | 154 | 153 | 178 | 156 | 165 | 174 | 205 | 185 | 136 | 170 |
| Operating Profit | 43 | 48 | 32 | 57 | 47 | 68 | 50 | 69 | 71 | 65 | 54 | 37 | 31 |
| OPM % | 28% | 25% | 23% | 27% | 23% | 28% | 24% | 29% | 29% | 24% | 23% | 21% | 15% |
| Other Income + | 1 | 2 | 1 | 8 | 6 | 1 | 2 | 2 | 3 | 2 | 2 | 4 | 3 |
| Interest | 1 | 1 | 2 | 2 | 1 | 2 | 1 | 1 | 1 | 2 | 3 | 3 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 3 | 2 | 2 | 3 | 3 | 3 | 2 | 3 |
| Profit before tax | 42 | 48 | 31 | 62 | 51 | 64 | 49 | 67 | 70 | 63 | 51 | 36 | 27 |
| Tax % | 28% | 25% | 25% | 26% | 26% | 26% | 25% | 26% | 27% | 25% | 25% | 23% | 29% |
| Net Profit + | 30 | 36 | 23 | 45 | 37 | 47 | 37 | 50 | 51 | 47 | 38 | 28 | 19 |
| EPS in Rs | 25.11 | 7.54 | 4.82 | 8.15 | 6.72 | 8.53 | 6.68 | 8.94 | 9.09 | 8.39 | 6.82 | 5.09 | 3.39 |
Financials of EMS Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales + | 326 | 331 | 360 | 538 | 793 | 966 | 883 |
| Expenses + | 230 | 232 | 247 | 388 | 589 | 712 | 696 |
| Operating Profit | 96 | 99 | 113 | 150 | 204 | 254 | 187 |
| OPM % | 30% | 30% | 31% | 28% | 26% | 26% | 21% |
| Other Income + | 7 | 5 | 3 | 5 | 16 | 16 | 11 |
| Interest | 3 | 4 | 6 | 4 | 6 | 11 | 11 |
| Depreciation | 2 | 2 | 3 | 3 | 7 | 10 | 10 |
| Profit before tax | 98 | 98 | 107 | 148 | 207 | 249 | 177 |
| Tax % | 26% | 27% | 27% | 26% | 26% | 26% | |
| Net Profit + | 72 | 72 | 79 | 109 | 153 | 184 | 132 |
| EPS in Rs | 61.64 | 61.17 | 66.51 | 22.91 | 27.44 | 33.05 | 23.69 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 7% | 5% |
Financials of EMS Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 47 | 56 | 56 | 56 |
| Reserves | 218 | 290 | 368 | 444 | 743 | 920 | 986 |
| Borrowings + | 16 | 4 | 4 | 45 | 71 | 86 | 165 |
| Other Liabilities + | 62 | 73 | 119 | 103 | 101 | 104 | 111 |
| Total Liabilities | 308 | 378 | 503 | 639 | 970 | 1,165 | 1,317 |
| Fixed Assets + | 31 | 36 | 51 | 54 | 94 | 96 | 126 |
| CWIP | 0 | 3 | 0 | 4 | 0 | 0 | 37 |
| Investments | 0 | 0 | 1 | 2 | 10 | 18 | 10 |
| Other Assets + | 276 | 340 | 451 | 579 | 866 | 1,052 | 1,143 |
| Total Assets | 308 | 378 | 503 | 639 | 970 | 1,165 | 1,317 |
Financials of EMS Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 47 | 36 | 23 | 4 | -116 | 34 |
| Cash from Investing Activity + | -27 | -8 | -15 | -21 | -83 | 19 |
| Cash from Financing Activity + | -6 | -11 | 3 | 38 | 176 | 1 |
| Net Cash Flow | 15 | 16 | 11 | 21 | -23 | 54 |
| Free Cash Flow | 21 | 27 | 9 | -4 | -140 | 27 |
| CFO/OP | 50% | 36% | 20% | 31% | -36% | 38% |
Financials of EMS Ltd
Ratios
Working capital efficiency and return ratios
| 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 | 125 | 183 | 219 | 137 | 180 | 187 |
| ROCE % | 37% | 33% | 33% | 29% | 27% |
Guidance history
How EMS Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 40%+ | Flat | None planned | None planned | Rising |
| Q4 FY26 call → | 20–40% | Up 2%+ | None planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | — | None planned | Rising |
| Q2 FY26 call → | 20–40% | Flat | — | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
6 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −47.4% | 7% |
| Last 6 months | −19.1% | 23% |
| Last 3 months | −31.7% | 4% |
The price is 68.9% below its all-time high of ₹901.75 (20 Dec 2024). Stocks more than 20% below their peak have their score halved, so 13 became 6.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For EMS Ltd: 0.4 × 7 + 0.4 × 23 + 0.2 × 4 = 13, halved to 6 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What EMS Ltd's management said in earlier quarters
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