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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/E32.4
Book Value₹ 190
Price to Book3.57
Dividend Yield0.39 %
ROCE28.4 %
ROE20.9 %
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 30.9%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 22.9%
  • Company has delivered good sales growth of 24.4% CAGR over last 5 years

CONS

  • Recent results are weak - TTM profit is down 60.5% 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 -0.04x)
  • Total debt has risen sharply - up 940.9% year on year
  • Equity base is being diluted - shares outstanding up 372.6%
  • Operating margins have contracted to 26.3% from 32.6%

* 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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
11319617723420423124226621114416984126
8314113216915416317220416010914268107
Operating Profit30554565506870625135271518
OPM %26.62%28.02%25.30%27.77%24.33%29.46%29.00%23.28%24.29%24.22%16.09%18.49%14.63%
1860223224232
Interest1101111121233
Depreciation1112222222222
Profit before Tax29615062496769615036261420
Tax %25.56%26.40%26.04%25.76%24.82%26.32%27.53%25.15%25.39%22.80%30.27%61.29%26.57%
Net Profit2245374637505046372818515
4.669.297.278.936.638.929.048.236.735.053.200.952.71

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
313316307338484719941523
227221212232344525694427
Operating Profit86959510614019524796
OPM %27.52%30.01%30.97%31.35%28.96%27.06%26.27%18.37%
57545151212
Interest33463249
Depreciation11122587
Profit before Tax88979510214020324796
Tax %28.89%26.29%26.60%26.64%26.37%25.98%26.07%31.07%
Net Profit6372707510315018266
EPS50.2361.165.9463.9621.9527.0032.82—
Dividend Payout %0.00%0.00%0.00%0.00%0.00%7.41%4.57%—

COMPOUNDED SALES GROWTH

10 Years:
—
5 Years:
24%
3 Years:
41%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
20%
3 Years:
34%

STOCK PRICE CAGR

10 Years:
—
5 Years:
—
3 Years:
—
1 Year:
-34%

RETURN ON EQUITY

10 Years:
—
5 Years:
23%
3 Years:
23%
Last Year:
21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital12121212475656
148220290365433729906
191781013821
Trade Payables3737324014712
66383059455466
Total Liabilities2833243724865538541,060
4293426295654
Capital Work in Progress0000400
23410101926
264335511028948
00000238377
Cash & Bank1221011018292106158
129148198317316345396
Total Assets2833243724865538541,060

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
037211863-7330
Cash from Investing0-22-2-6-19-8223
Cash from Financing0-36-19-5-41562
0-21-07-0156

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019Mar 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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