EMS Ltd
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]
- Market Cap ₹ 2,435 Cr.
- Current Price ₹ 438
- High / Low ₹ 1,017 / 429
- Stock P/E 15.1
- Book Value ₹ 185
- Dividend Yield 0.34 %
- ROCE 28.4 %
- ROE 20.9 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 20.6% CAGR over last 5 years
Cons
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Utilities Utilities Other Utilities Waste Management
Part of BSE SmallCap BSE Allcap BSE Utilities
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 316 | 307 | 338 | 484 | 719 | 941 | 864 | |
| 221 | 212 | 232 | 344 | 525 | 693 | 645 | |
| Operating Profit | 95 | 95 | 106 | 140 | 195 | 247 | 218 |
| OPM % | 30% | 31% | 31% | 29% | 27% | 26% | 25% |
| 7 | 5 | 4 | 5 | 15 | 11 | 11 | |
| Interest | 3 | 4 | 6 | 3 | 2 | 4 | 5 |
| Depreciation | 1 | 1 | 2 | 2 | 5 | 8 | 8 |
| Profit before tax | 98 | 95 | 102 | 140 | 203 | 247 | 217 |
| Tax % | 26% | 26% | 27% | 26% | 26% | 26% | |
| 72 | 70 | 75 | 103 | 150 | 182 | 161 | |
| EPS in Rs | 27.00 | 32.82 | 29.05 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 7% | 5% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 24% |
| 3 Years: | 41% |
| TTM: | 2% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 21% |
| 3 Years: | 34% |
| TTM: | -5% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -45% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 22% |
| Last Year: | 21% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 47 | 56 | 56 | 56 |
| Reserves | 220 | 290 | 365 | 433 | 729 | 906 | 970 |
| 17 | 1 | 2 | 0 | 1 | 13 | 36 | |
| 75 | 69 | 108 | 73 | 68 | 86 | 95 | |
| Total Liabilities | 324 | 372 | 486 | 553 | 854 | 1,061 | 1,156 |
| 29 | 0 | 34 | 39 | 78 | 81 | 80 | |
| CWIP | 0 | 0 | 0 | 4 | 0 | 0 | 0 |
| Investments | 3 | 4 | 10 | 10 | 19 | 26 | 26 |
| 292 | 368 | 442 | 500 | 757 | 953 | 1,050 | |
| Total Assets | 324 | 372 | 486 | 553 | 854 | 1,061 | 1,156 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 17 | 23 | -73 | 30 | |||
| -6 | -19 | -82 | 23 | |||
| -5 | -4 | 156 | 2 | |||
| Net Cash Flow | 7 | -0 | 1 | 56 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 41 | 109 | 137 | 107 | 121 | 146 |
| Inventory Days | 74 | |||||
| Days Payable | 64 | |||||
| Cash Conversion Cycle | 51 | 109 | 137 | 107 | 121 | 146 |
| Working Capital Days | 132 | 203 | 199 | 168 | 210 | 194 |
| ROCE % | 36% | 32% | 33% | 31% | 28% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
20 Nov - Earnings call Transcript held on Tuesday, November 18, 2025 for the quarter and half year ended September 30, 2025
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
18 Nov - Earnings call on Nov 18, 2025 for quarter/half year ended Sep 30, 2025; audio uploaded.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
15 Nov - Newspaper Publication of Extract of Unaudited Standalone and consolidated Financial results of the company for the quarter and half year ended September 30, 2025
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Announcement under Regulation 30 (LODR)-Change in Management
14 Nov - EMS Limited appoints Harish Kumar Kansal as CEO and KMP effective November 14, 2025.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
14 Nov - Approved Q2/H1 FY26 results: H1 standalone PAT Rs65.41cr, consolidated PAT Rs66.20cr; CEO Harish Kansal appointed Nov 14, 2025.
Annual reports
Concalls
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Nov 2025TranscriptPPTREC
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Sep 2025TranscriptPPTREC
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Jun 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Aug 2024TranscriptPPTREC
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Feb 2024TranscriptPPT
Business Divisions FY25
1) Water & Sewerage Projects (70%): [1] The company provides Sewage solutions, Water Supply Systems, Water and Waste Treatment Plants, and maintenance of Wastewater Scheme Projects (WWSPs) and Water Supply Scheme Projects (WSSPs) for government authorities/bodies. WWSPs include Sewage Treatment Plants (STPs) along with Sewage Network Schemes and Common Effluent Treatment Plants (CETPs) and WSSPs include Water Treatment Plants (WTPs) along with pumping stations and laying of pipelines for the supply of water. [2] with an 80 MLD capacity i.e. the maximum capacity of Minimal Liquid Discharge for STPs. [3]