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EMS Ltd.

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ems.co.inBSE: 543983NSE: EMSLIMITED
Market Cap₹ 2,144 Cr.
Current Price
High / Low₹ 594 / 256
Stock P/E31.5
Book Value₹ 193
Price to Book3.52
Dividend Yield0.39 %
ROCE27.0 %
ROE20.7 %
Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Construction

Buy

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.

Confidence
80%
View full sector analysis →

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

ConstructionInfrastructureEngineering - Construction
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.LT3990.0033.09548970.570.954988.0315.5167941.746.6915.9812.00
2.RVNL210.5048.7943889.670.34159.5218.734321.2310.5510.814.41
3.KPIL1423.4021.3924307.760.77311.5345.856407.973.8418.958.77
4.IRB19.2524.3723250.151.353062.701412.5821372.72918.257.7253.93
5.CEMPRO1315.6037.5722600.370.23140.832.642720.927.0233.5310.09
6.ENGINERSIN277.1019.8615574.191.80157.94141.49819.84-5.8030.9420.61
7.TECHNOE954.9525.7611106.030.7393.33-31.44630.3419.8414.8615.79
8.IRCON117.8021.1611079.281.6192.03-43.921955.839.4910.159.81
9.WELENT793.4535.9310982.440.3856.36-44.29773.72-8.4416.4419.49
10.AFCONS293.1574.5110781.610.68303.00120.5226710.00692.4912.889.42
11.KEC401.5519.3110689.261.3772.62-41.725023.540.0116.355.79
12.EMSLIMITED386.1031.472144.040.3915.49-59.30157.24-34.1826.9816.56
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
138211200245206233245270239172200120157
106154153178156165174205185136170102138
Operating Profit32574768506971655436311819
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%
1861223225332
Interest2212111233345
Depreciation1113223332332
Profit before Tax31625164496770635136271521
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 Profit000037505147382819615
4.829.397.379.146.688.949.098.396.825.083.391.012.79

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
326331360538793966651
230232247388589712546
Operating Profit9699113150204254104
OPM %29.50%29.91%31.32%27.87%25.70%26.31%16.02%
7535161613
Interest346461115
Depreciation223371010
Profit before Tax989810814820724999
Tax %26.31%26.76%26.78%26.39%26.17%26.19%30.98%
Net Profit72727910915318469
EPS61.6261.2467.1122.9127.4433.05—
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

Corporate actions

2026

Sep 18

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2025

Sep 19

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2024

Sep 20

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2023

Nov 24

₹ 0.10

Rs.1.0000 per share(10%)Interim Dividend

2026

Aug 26

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital121212475656
Minority Interest001223
218290371444743920
201014688094
Trade Payables39404315815
182664628178
Total Liabilities3083785046399701,165
242943447269
Capital Work in Progress030400
00221018
4335541058948
0000243377
Cash & Bank536890121111162
186243315362445491
Total Assets3083785046399701,165

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
48362846-11634
Cash from Investing-27-8-12-21-8319
Cash from Financing-6-11-5381761
15161121-2354

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025

Shareholding Pattern

Numbers in percentages

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
69.7069.7069.7069.7069.7069.7069.7069.70
0.750.660.190.170.150.210.410.14
1.030.400.610.380.330.020.020.03
Government0.000.000.000.000.000.000.000.00
Public28.5129.2329.5029.7429.8030.0729.8630.13

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03
Press Release

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
Copy of Newspaper Publication

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
General Updates

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
Updates

2026-09-01 - Ems Limited has informed the Exchange regarding 'Providing a weblink of Annual Report FY 2025-26 to members '.

2026-09-01
Shareholders meeting

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
General Updates

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
Bagging/Receiving of orders/contracts

2026-08-29 - Ems Limited has informed the Exchange about Bagging/Receiving of orders/contracts from National Highways Authority of India

2026-08-29
Copy of Newspaper Publication

2026-08-29 - Ems Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-25
Updates

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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