Any current/future new fundraising through debt or equity?

A Board resolution was passed to raise up to Rs. 300 crores as a permission for any eventuality, not an immediate plan to raise funds. The company currently has no intention to raise funds for regular EPC projects. Fundraising will be considered only if a large HAM project requiring capital infusion is secured. Previous Board resolution is valid for one year but no active fundraising is underway. Pledge of shares has been reducing steadily and is expected to be zero by the end of next year. No immediate plan to raise funds through debt or equity unless project requirements demand it.

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

There is no explicit mention of current or immediate capex or strategic investment plans in the transcript. The company has passed a Board resolution to raise up to Rs. 300 crores as a precaution, but no immediate fund raise or capital investment is planned unless a large HAM (Hybrid Annuity Model) project requiring capital arises. For regular EPC projects, the company does not intend to raise funds or make major capital investments. The focus is on managing working capital, improving payment cycles, and bidding aggressively for new government projects, with Rs. 2,500-3,000 crores worth of ten

Future growth expectations in sales/revenue/volumes?

EMS Limited aims to achieve a long-term CAGR of around 20%-25% in revenue growth up to 2030. Historically, the company has grown revenue roughly threefold every six years, maintaining ~20% CAGR from 2013 to 2025. Recent setbacks in FY '26 caused a revenue dip, but management expects recovery by FY '27, targeting revenues around Rs. 1,000 crores, similar to FY '25 levels. From FY '27 onward, the company plans to grow at an average of 20%-25% annually over the next several years. The management acknowledges short-term volatility but remains confident in maintaining steady organic growth, project

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

EMS Limited targets a long-term CAGR of around 20%-25% from FY '27 through FY 2030. FY '26 is considered a washout year due to external challenges, with recovery planned in FY '27. FY '27 revenue is expected to surpass FY '25 levels (around Rs. 1,000 crores). Operating margins are targeted to improve to about 25% EBITDA by FY '27. Profit After Tax (PAT) margin guidance is approximately 15% for FY '27. Management expects to raise revenues by 25%-30% starting FY '27 to restore growth trajectory. Institutional investors had exited at higher stock prices; efforts continue to onboard them through r

Current/ Expected Orderbook/ Pending Orders?

As of March 31, 2026, the unexecuted order book stood at Rs. 1,837 crores. Post that, orders worth Rs. 209 crores have been received from UP Jal Nigam in Varanasi. Three more tenders are expected to be finalized soon, with bids likely converting into orders. Approximately Rs. 2,500 to Rs. 3,000 crores worth of tenders are in the pipeline, including projects with Delhi Jal Board and Maharashtra. The company aims to secure additional work exceeding Rs. 1,500 crores within the year. Typical project completion timelines are two to three years. Based on a work order book of around Rs. 3,000 crores,

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EMS LtdQ1 FY26Other Utilities

EMS Ltd Q1 FY26 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 1

Fundraise

Yes

Order

Yes

Capex

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→EMS Limited aims to achieve a long-term CAGR of around 20%-25% in revenue growth up to 2030.
→Historically, the company has grown revenue roughly threefold every six years, maintaining ~20% CAGR from 2013 to 2025.
→Recent setbacks in FY '26 caused a revenue dip, but management expects recovery by FY '27, targeting revenues around Rs. 1,000 crores, similar to FY '25 levels.
→From FY '27 onward, the company plans to grow at an average of 20%-25% annually over the next several years.
→The management acknowledges short-term volatility but remains confident in maintaining steady organic growth, projecting 25%-30% growth in the near term to compensate for prior disruptions.
→Order book growth and upcoming project wins bolster confidence for future revenue scaling.

Margin guidance

Category 1

→EMS Limited targets a long-term CAGR of around 20%-25% from FY '27 through FY 2030.
→FY '26 is considered a washout year due to external challenges, with recovery planned in FY '27.
→FY '27 revenue is expected to surpass FY '25 levels (around Rs. 1,000 crores).
→Operating margins are targeted to improve to about 25% EBITDA by FY '27.
→Profit After Tax (PAT) margin guidance is approximately 15% for FY '27.
→Management expects to raise revenues by 25%-30% starting FY '27 to restore growth trajectory.
→Institutional investors had exited at higher stock prices; efforts continue to onboard them through roadshows.
→The company plans organic growth primarily in government-funded infrastructure projects and water sector, with no major diversification planned.

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Fundraise plans

Yes

→A Board resolution was passed to raise up to Rs. 300 crores as a permission for any eventuality, not an immediate plan to raise funds.
→The company currently has no intention to raise funds for regular EPC projects.
→Fundraising will be considered only if a large HAM project requiring capital infusion is secured.
→Previous Board resolution is valid for one year but no active fundraising is underway.
→Pledge of shares has been reducing steadily and is expected to be zero by the end of next year.
→No immediate plan to raise funds through debt or equity unless project requirements demand it.

Order book

Yes

→As of March 31, 2026, the unexecuted order book stood at Rs. 1,837 crores.
→Post that, orders worth Rs. 209 crores have been received from UP Jal Nigam in Varanasi.
→Three more tenders are expected to be finalized soon, with bids likely converting into orders.
→Approximately Rs. 2,500 to Rs. 3,000 crores worth of tenders are in the pipeline, including projects with Delhi Jal Board and Maharashtra.
→The company aims to secure additional work exceeding Rs. 1,500 crores within the year.
→Typical project completion timelines are two to three years.
→Based on a work order book of around Rs. 3,000 crores, the target revenue for the next year is approximately Rs. 1,000 crores.

Capex plans

→There is no explicit mention of current or immediate capex or strategic investment plans in the transcript.
→The company has passed a Board resolution to raise up to Rs. 300 crores as a precaution, but no immediate fund raise or capital investment is planned unless a large HAM (Hybrid Annuity Model) project requiring capital arises.
→For regular EPC projects, the company does not intend to raise funds or make major capital investments.
→The focus is on managing working capital, improving payment cycles, and bidding aggressively for new government projects, with Rs. 2,500-3,000 crores worth of tenders in pipeline.
→The company is concentrating on organic growth and maintaining a 20%+ CAGR without diversifying away from the government water sector.

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