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 ₹ 1,631 Cr.
- Current Price ₹ 294
- High / Low ₹ 695 / 285
- Stock P/E 12.6
- Book Value ₹ 185
- Dividend Yield 0.52 %
- 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
- Promoters have pledged 26.4% of their holding.
* 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 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 | 790 | |
| 221 | 212 | 232 | 344 | 525 | 693 | 615 | |
| Operating Profit | 95 | 95 | 106 | 140 | 195 | 247 | 175 |
| OPM % | 30% | 31% | 31% | 29% | 27% | 26% | 22% |
| 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 | 173 |
| Tax % | 26% | 26% | 27% | 26% | 26% | 26% | |
| 72 | 70 | 75 | 103 | 150 | 182 | 129 | |
| EPS in Rs | 27.00 | 32.82 | 23.21 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 7% | 5% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 24% |
| 3 Years: | 41% |
| TTM: | -13% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 21% |
| 3 Years: | 34% |
| TTM: | -30% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -55% |
| 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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Board Meeting Intimation for Intimation Of Board Meeting Under Regulation 29 Of SEBI (LODR) To Be Held On February 27, 2026
1d - Board meeting Feb 27 to consider raising funds via equity, GDRs, ADRs, FCCBs, QIP, other securities.
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Closure of Trading Window
1d - Board meeting Feb 27, 2026 to consider raising funds via equity/GDR/ADR/FCCB/QIP/preferential/private placement.
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Announcement Under Regulation 30
20 Feb - Paid Rs.117,500 stamp duty and Rs.98,300 penalty to Collector of Stamps, NCT Delhi on Feb 20, 2026.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
17 Feb - Transript of Earnings Conference call with Investors and Analysts held on Saturday, February 14, 2026
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
14 Feb - Earnings call on Feb 14, 2026 for quarter/nine-months ended Dec 31, 2025; audio uploaded.
Annual reports
Concalls
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Feb 2026TranscriptPPT
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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]