EMS Ltd.
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ABOUT
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company has delivered good profit growth of 20.5% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 30.1%
- Company has a good return on equity (ROE) track record: 3 Years ROE 23.1%
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 24.3% CAGR over last 5 years
CONS
- Recent results are weak - TTM profit is down 59.6% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.18x)
- Equity base is being diluted - shares outstanding up 372.6%
- Operating margins have contracted to 26.3% from 32.2%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3990.00 | 33.09 | 548970.57 | 0.95 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 210.50 | 48.79 | 43889.67 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1423.40 | 21.39 | 24307.76 | 0.77 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.25 | 24.37 | 23250.15 | 1.35 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1315.60 | 37.57 | 22600.37 | 0.23 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 277.10 | 19.86 | 15574.19 | 1.80 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 954.95 | 25.76 | 11106.03 | 0.73 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| IRCON | 117.80 | 21.16 | 11079.28 | 1.61 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| WELENT | 793.45 | 35.93 | 10982.44 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| AFCONS | 293.15 | 74.51 | 10781.61 | 0.68 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| KEC | 401.55 | 19.31 | 10689.26 | 1.37 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| EMSLIMITED | 386.10 | 31.47 | 2144.04 | 0.39 | 15.49 | -59.30 | 157.24 | -34.18 | 26.98 | 16.56 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 138 | 211 | 200 | 245 | 206 | 233 | 245 | 270 | 239 | 172 | 200 | 120 | 157 | |
| 106 | 154 | 153 | 178 | 156 | 165 | 174 | 205 | 185 | 136 | 170 | 102 | 138 | |
| Operating Profit | 32 | 57 | 47 | 68 | 50 | 69 | 71 | 65 | 54 | 36 | 31 | 18 | 19 |
| OPM % | 23.43% | 27.09% | 23.47% | 27.57% | 24.37% | 29.35% | 28.98% | 24.03% | 22.65% | 20.97% | 15.35% | 15.20% | 12.06% |
| 1 | 8 | 6 | 1 | 2 | 2 | 3 | 2 | 2 | 5 | 3 | 3 | 2 | |
| Interest | 2 | 2 | 1 | 2 | 1 | 1 | 1 | 2 | 3 | 3 | 3 | 4 | 5 |
| Depreciation | 1 | 1 | 1 | 3 | 2 | 2 | 3 | 3 | 3 | 2 | 3 | 3 | 2 |
| Profit before Tax | 31 | 62 | 51 | 64 | 49 | 67 | 70 | 63 | 51 | 36 | 27 | 15 | 21 |
| Tax % | 25.41% | 26.50% | 25.94% | 25.78% | 24.79% | 26.33% | 27.51% | 25.15% | 25.14% | 22.73% | 29.01% | 61.31% | 26.51% |
| Net Profit | 0 | 0 | 0 | 0 | 37 | 50 | 51 | 47 | 38 | 28 | 19 | 6 | 15 |
| 4.82 | 9.39 | 7.37 | 9.14 | 6.68 | 8.94 | 9.09 | 8.39 | 6.82 | 5.08 | 3.39 | 1.01 | 2.79 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 326 | 331 | 360 | 538 | 793 | 966 | 651 | |
| 230 | 232 | 247 | 388 | 589 | 712 | 546 | |
| Operating Profit | 96 | 99 | 113 | 150 | 204 | 254 | 104 |
| OPM % | 29.50% | 29.91% | 31.32% | 27.87% | 25.70% | 26.31% | 16.02% |
| 7 | 5 | 3 | 5 | 16 | 16 | 13 | |
| Interest | 3 | 4 | 6 | 4 | 6 | 11 | 15 |
| Depreciation | 2 | 2 | 3 | 3 | 7 | 10 | 10 |
| Profit before Tax | 98 | 98 | 108 | 148 | 207 | 249 | 99 |
| Tax % | 26.31% | 26.76% | 26.78% | 26.39% | 26.17% | 26.19% | 30.98% |
| Net Profit | 72 | 72 | 79 | 109 | 153 | 184 | 69 |
| EPS | 61.62 | 61.24 | 67.11 | 22.91 | 27.44 | 33.05 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 7.29% | 4.54% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 24%
- 3 Years:
- 39%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 20%
- 3 Years:
- 33%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -34%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 24%
- 3 Years:
- 23%
- Last Year:
- 21%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 47 | 56 | 56 |
| Minority Interest | 0 | 0 | 1 | 2 | 2 | 3 |
| 218 | 290 | 371 | 444 | 743 | 920 | |
| 20 | 10 | 14 | 68 | 80 | 94 | |
| Trade Payables | 39 | 40 | 43 | 15 | 8 | 15 |
| 18 | 26 | 64 | 62 | 81 | 78 | |
| Total Liabilities | 308 | 378 | 504 | 639 | 970 | 1,165 |
| 24 | 29 | 43 | 44 | 72 | 69 | |
| Capital Work in Progress | 0 | 3 | 0 | 4 | 0 | 0 |
| 0 | 0 | 2 | 2 | 10 | 18 | |
| 43 | 35 | 54 | 105 | 89 | 48 | |
| 0 | 0 | 0 | 0 | 243 | 377 | |
| Cash & Bank | 53 | 68 | 90 | 121 | 111 | 162 |
| 186 | 243 | 315 | 362 | 445 | 491 | |
| Total Assets | 308 | 378 | 504 | 639 | 970 | 1,165 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 48 | 36 | 28 | 46 | -116 | 34 | |
| Cash from Investing | -27 | -8 | -12 | -21 | -83 | 19 |
| Cash from Financing | -6 | -11 | -5 | 38 | 176 | 1 |
| 15 | 16 | 11 | 21 | -23 | 54 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - Ems Limited has informed the Exchange regarding a press release dated September 03, 2026, titled "EMS Limited emerges Lowest Bidder (L-1) for Rs. 218.65 Crores, Rajasthan Sewerage Project".
2026-09-02 - Ems Limited has informed the Exchange about Copy of Newspaper Publication regarding 16th Annual General Meeting of EMS Limited along with E-voting Details and Record date
2026-09-01 - Ems Limited has informed the Exchange about Receipt of Lowest Bidder (l-1) status awarded by Government of Rajasthan for sewerage work
2026-09-01 - Ems Limited has informed the Exchange regarding 'Providing a weblink of Annual Report FY 2025-26 to members '.
2026-09-01 - Ems Limited has informed the Exchange regarding Notice of 16th Annual General Meeting to be held on September 26, 2026
2026-08-31 - Ems Limited has informed the Exchange about Receipt of Highest Bidder (H1) Status received from National Highways Authority of India
2026-08-29 - Ems Limited has informed the Exchange about Bagging/Receiving of orders/contracts from National Highways Authority of India
2026-08-29 - Ems Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-25 - Ems Limited has informed the Exchange regarding 'Fixation of Date, Time and Venue of 16th Annual General Meeting of the company .
News
Recent coverage and analyst commentary for EMSLIMITED
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