Any current/future new fundraising through debt or equity?

No plans to expand borrowings: CEO Harish Kumar Kansal stated that current banking facilities are sufficient for project execution. Existing debt includes around Rs.700 crores exposure: Rs.650 crores non-fund-based bank guarantees, Rs.50 crores cash credit limit, and Rs.25 crores loan against a HAM project. Promoter borrowing of Rs.210 crores taken against pledged shares; Rs.70 crores already repaid with plan to reduce to below Rs.100 crores by end of current financial year and clear next year. No mention of any planned equity fundraising in the call transcript. Focus remains on aggressive bid

Any current/future capex/capital investment/strategic investment?

EMS Limited took over a factory near Kanpur (Fatehpur) from NCLT as collateral for non-fund based bank guarantees. Initial plan was not to run the factory, but it is operational, producing about 800-900 tons with potential to scale to 1,100+ tons next financial year. The factory is self-sufficient and not requiring further funding from the company. The company purchased the land and factory for about Rs.60 crores; the market value is now almost double. No plans for further investment in the factory unless profitability improves. The company is aggressively bidding on new projects, including a

Future growth expectations in sales/revenue/volumes?

Current order book stands at over Rs.2,200 crores as of December 2025. Expected order inflow of around Rs.1,000 crores in the next 3-4 months, potentially increasing the order book to about Rs.3,000 crores by Q1 FY27. Company targets a 40%-50% growth in order book during FY26. Several large projects (totaling approx. Rs.1,100 crores) started in Q3, with revenues expected to ramp up in Q4 FY26 and Q1 FY27 as execution gains pace. Revenue recovery delayed due to rain and natural disasters in Uttarakhand affecting Q2 and Q3, but a strong rebound is expected post Q4 FY26. Long-term outlo

Future growth expectations in earnings/operating earnings/profits/EPS?

The company expects gradual recovery and growth starting Q4 FY26, with significant acceleration from Q1 FY27. FY27 earnings are anticipated to be better than FY25, indicating a rebound beyond pre-challenging years. Management targets FY26 PAT around 15%, with EBITDA margins above 22-23%. Long-term, the company aims to maintain an average PAT of approximately 15% amid rising competitiveness. Order book expected to grow significantly, targeting around Rs. 3,000 crores by Q1 FY27 from Rs. 2,200 crores currently, implying increased revenue visibility. Margins under pressure in recent qua

Current/ Expected Orderbook/ Pending Orders?

Current order book as of December 2025 stands at over Rs. 2,200 crores. Approximately Rs. 1,100 crores (around 50%) of this order book started execution in Q3, involving major projects in Kolkata, Ayodhya, Agra, and Fatehpur. The company is aggressively bidding, especially for Delhi Jal Board and other state projects under AMRUT 2.0, with a bidding pipeline of around Rs. 4,000 crores. Expected order inflow over the next 3-4 months is around Rs. 1,000 crores, potentially increasing the order book to about Rs. 3,000 crores by Q1 of the next financial year (FY27). The company aims for a w

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EMS LtdQ4 FY27Other Utilities

EMS Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹412P/E: 13.7Market Cap: ₹1.8K CrSector: Other Utilities

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

Yes

Capex

N/A

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→Current order book stands at over Rs.2,200 crores as of December 2025.
→Expected order inflow of around Rs.1,000 crores in the next 3-4 months, potentially increasing the order book to about Rs.3,000 crores by Q1 FY27.
→Company targets a 40%-50% growth in order book during FY26.
→Several large projects (totaling approx. Rs.1,100 crores) started in Q3, with revenues expected to ramp up in Q4 FY26 and Q1 FY27 as execution gains pace.
→Revenue recovery delayed due to rain and natural disasters in Uttarakhand affecting Q2 and Q3, but a strong rebound is expected post Q4 FY26.
→Long-term outlook suggests FY27 revenue will surpass FY25 levels.
→The company is aggressively bidding, especially for Delhi Jal Board projects and others across states, maintaining a healthy bidding pipeline of Rs.4,000 crores.

Margin guidance

Category 3

→The company expects gradual recovery and growth starting Q4 FY26, with significant acceleration from Q1 FY27.
→FY27 earnings are anticipated to be better than FY25, indicating a rebound beyond pre-challenging years.
→Management targets FY26 PAT around 15%, with EBITDA margins above 22-23%.
→Long-term, the company aims to maintain an average PAT of approximately 15% amid rising competitiveness.
→Order book expected to grow significantly, targeting around Rs. 3,000 crores by Q1 FY27 from Rs. 2,200 crores currently, implying increased revenue visibility.
→Margins under pressure in recent quarters but expected to improve as new orders progress from design to execution and billing phases.
→No immediate financial distress; company plans aggressive bidding and business expansion to drive future growth and profitability.

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Fundraise plans

→No plans to expand borrowings: CEO Harish Kumar Kansal stated that current banking facilities are sufficient for project execution.
→Existing debt includes around Rs.700 crores exposure: Rs.650 crores non-fund-based bank guarantees, Rs.50 crores cash credit limit, and Rs.25 crores loan against a HAM project.
→Promoter borrowing of Rs.210 crores taken against pledged shares; Rs.70 crores already repaid with plan to reduce to below Rs.100 crores by end of current financial year and clear next year.
→No mention of any planned equity fundraising in the call transcript.
→Focus remains on aggressive bidding and order book growth without additional borrowing.

Order book

Yes

→Current order book as of December 2025 stands at over Rs. 2,200 crores.
→Approximately Rs. 1,100 crores (around 50%) of this order book started execution in Q3, involving major projects in Kolkata, Ayodhya, Agra, and Fatehpur.
→The company is aggressively bidding, especially for Delhi Jal Board and other state projects under AMRUT 2.0, with a bidding pipeline of around Rs. 4,000 crores.
→Expected order inflow over the next 3-4 months is around Rs. 1,000 crores, potentially increasing the order book to about Rs. 3,000 crores by Q1 of the next financial year (FY27).
→The company aims for a winning ratio improvement from 10-15% to around 20% due to aggressive bidding.
→Revenue recognition from new orders starts with some lag due to mobilization and site setup, typically about 90 days after expenditure.

Capex plans

→EMS Limited took over a factory near Kanpur (Fatehpur) from NCLT as collateral for non-fund based bank guarantees.
→Initial plan was not to run the factory, but it is operational, producing about 800-900 tons with potential to scale to 1,100+ tons next financial year.
→The factory is self-sufficient and not requiring further funding from the company.
→The company purchased the land and factory for about Rs.60 crores; the market value is now almost double.
→No plans for further investment in the factory unless profitability improves.
→The company is aggressively bidding on new projects, including a bidding pipeline of around Rs.4,000 crores and expects Rs.1,000 crores in new order inflows in the next 3-4 months.
→Borrowings are sufficient for current project execution; no plans for additional borrowing or expansion in debt.

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