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EMS Ltd (EMSLIMITED)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543983 NSE: EMSLIMITED Engineering - Construction | Small Cap | EMS Share Price

₹363.90 -1.95 (-0.53%)

As on 21-Sep'26 16:59

EMS Ltd (EMSLIMITED)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543983 NSE: EMSLIMITED Engineering - Construction | Small Cap | EMS Share Price

₹363.90 -1.95 (-0.53%)

As on 21-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,021 Cr.
Current Price
₹363.9
52-Week Low / High
₹257 / 595
TTM EPS
₹12.3
TTM Sales
₹651 Cr.
Book Value per Share
₹192.9
P/E Ratio
29.66
Higher than its 5-year historical median
Industry PE
24.4
Price to Book (P/B)
1.89
Lower than its 5-year historical median
Price to Sales (P/S)
3.11
Lower than its 5-year historical median
EV/EBITDA
17.02
Higher than its 5-year historical median
Dividend Yield
0.41%
Profitability Efficiency
Return on Equity (ROE)
8.98%
Outperforms industry median
Return on Capital Employed (ROCE)
12.80%
Outperforms industry median
Return on Assets (ROA)
7.31%
Operating Profit Margin
19.6%
Net Profit Margin
12.45%
Gross Profit Margin
19%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-35.48%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-45.05%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-50.38%
Asset Quality
Promoter Holding
69.70%
Pledged shares (%) of Promoter's holding (%)
21.95%
Reserves
₹1,015 Cr.
Equity
₹55.5 Cr.
Face Value
₹10
All Time Low / High
₹246.50 / 1016.85

EMS stock performance

Key Ratios
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Quality

Very Good
Check detailed performance

Valuation

Somewhat Undervalued

Check Valuation charts

Price Trend

Weak
Check Price chart
Q.1 Is EMS Ltd a good quality company?
EMS Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does EMS Ltd performance compare with that of its Peers?
Q.1 Revenue growth of EMS Ltd vs industry peers?
EMS Ltd revenue CAGR is 17.25%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of EMS Ltd?
Promoters hold 69.70% of the EMS Ltd, with 21.95% of their stake pledged, indicating high pledge risk.
Q.1 Stock return of EMS Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 9.61% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
EMS Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ42.5%43.4%36.1%30%31.8%32.3%28.4%12.8%-
Value Creation
Index ⓘ		2.02.11.61.11.31.31.0-0.1-

Growth Parameters ⓘ
Sales ⓘ313316307338484719942608523
Sales YoY Gr.-0.9%-2.8%10%43.4%48.6%31%-35.5%-
Adj EPS ⓘ13.315.314.91621.926.232.815.911.9
YoY Gr.-15%-2.9%7.7%37.2%19.3%25.4%-51.5%-
BVPS (₹) ⓘ34.149.464.280.1102.1141.3173.1187.1189.8
Adj Net
Profit ⓘ		62.571.969.875.210314518288.466
Cash Flow from Ops. ⓘ036.820.717.423.1-72.835.8-83.9-
Debt/CF from Ops. ⓘ00.50.12.40-00.4-0.9-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNA14.7%7.9%-35.5%
Adj EPS ⓘNA1.4%-10.1%-51.5%
BVPSⓘNA23.9%22.4%8.1%
Share Price - - 10.8% -37.3%

Key Financial Parameters ⓘ

Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		39.136.726.222.224.12320.98.86.3
Op. Profit
Mgn % ⓘ		27.5303131.42927.126.521.219.3
Net Profit
Mgn % ⓘ		2022.822.822.321.320.219.314.512.7
Debt to
Equity ⓘ		0.30.100.10000.1-
Working Cap
Days ⓘ		0200249321290269280555356
Cash Conv.
Cycle ⓘ		01960107130138141285305

Valuation of EMS - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.007.6911.3114.5826.4421.9521.95
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales326331360538793972733
Operating Expenses ⓘ + 230232247388589712589
Manufacturing Costs235211565621
Material Costs-177226353548662506
Employee Cost 321019263144
Other Costs ⓘ 912610101219
Operating Profit ⓘ 9699113150204261143
Operating Profit Margin (%) 29.5%29.9%31.3%27.9%25.7%26.8%19.6%
Other Income ⓘ + 753516912
Exceptional Items ⓘ 0000000
Interest ⓘ 346461116
Depreciation ⓘ 223371010
Profit Before Tax ⓘ 9898108148207249129
Tax ⓘ 26262939546538
Profit After Tax 72727910915318491
PAT Margin (%) 22.2%21.7%21.9%20.2%19.2%18.9%12.5%
Adjusted EPS (₹)15.415.316.622.927.433.116.3
Dividend Payout Ratio (%)0%0%0%0%7.30%4.50%9.20%
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 2303023834917989761,055
Share Capital ⓘ 12121247565656
Reserves ⓘ 2182903714447439201,000
Debt +1534457083149
Long Term Debt1334457083105
Short Term Debt20000044
Minority Interest0012233
Trade Payables3940431581533
Others Liabilities ⓘ 24327485918990
Total Liabilities ⓘ 3083785046399701,1651,329

Fixed Assets

Net Fixed Assets ⓘ +24294344726993
Gross Block3743596297102138
Accumulated Depreciation13141618253445
CWIP ⓘ 03040037
Investments ⓘ 0022101810
Inventories4335541058948226
Trade Receivables3993116124243377387
Cash Equivalents 53689012111116259
Others Assets ⓘ 147150199239445491516
Total Assets ⓘ 3083785046399701,1651,329
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 4736284-11636-15
PBT ⓘ 9898108148207249129
Adjustment ⓘ 3252-5912
Changes in Working Capital ⓘ -53-64-84-103-276-160-121
Tax Paid ⓘ -0-0-1-42-42-62-35
Cash Flow From Investing Activity ⓘ + -27-8-12-21-8319-60
Capex -26-8-14-8-32-12-76
Net Investments -0-0-1-16-48209
Others ⓘ 0032-3117
Cash Flow From Financing Activity ⓘ + -6-11-538176-2-2
Net Proceeds from Shares ⓘ 0000000
Net Proceeds from Borrowing ⓘ -5-8142251322
Interest Paid ⓘ -1-0-6-4-6-8-13
Dividend Paid ⓘ 0000-6-6-8
Others ⓘ -0-20-0163-0-3
Net Cash Flow ⓘ 15161121-2354-77
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)31.4927.0423.0324.9223.6920.728.98
ROCE (%)41.3437.3332.832.8930.3326.9812.8
Asset Turnover Ratio1.060.960.820.940.990.910.59
PAT to CFO Conversion(x)0.650.50.350.04-0.760.2-0.16
Working Capital Days
Receivable Days44.1073.20106.3081.4084.20116.20190.30
Inventory Days48.1043.2045.4053.9044.5025.7068.20
Payable Days-860.701,941.4067.3030.207.806.3017.10

Top 5 Mutual Funds Holding

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Announcements

EMS Ltd FAQs

The current trading price of EMS on 21-Sep-2026 16:59 is ₹363.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 20-Sep-2026 the market cap of EMS stood at ₹2,020.8 Cr

The latest P/E ratio of EMS as of 20-Sep-2026 is 30.56.

The latest P/B ratio of EMS as of 20-Sep-2026 is 1.92.

The 52-week high of EMS is ₹595.0 and the 52-week low is ₹256.5.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of EMS is ₹523 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that EMS Ltd is a good quality company.

The key valuation ratios of EMS Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of EMS Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About EMS Ltd

EMS was originally incorporated as ‘EMS Infracon Private Limited’ a private limited company under the Companies Act, 1956 at Delhi, pursuant to a certificate of incorporation dated December 21, 2010 issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana. Thereafter on June 30, 2012, the company took over the business of partnership firm, M/s Satish Kumar. Thereafter, name of the company was changed from ‘EMS Infracon Private Limited’ to ‘EMS Private Limited’, pursuant to a special resolution passed by the shareholders of the company on September 30, 2022 and a fresh certificate of incorporation consequent to change of name was issued by the Registrar of Companies, Delhi (RoC) on October 26, 2022. Subsequently, the company was converted from private to public company, pursuant to a special resolution passed by the shareholders of the company on October 27, 2022 and a fresh certificate of incorporation consequent to change of name was issued by the Registrar of Companies, Delhi (RoC) on November 25, 2022.

The company is in the business of Sewerage solution provider, Water Supply System, Water and Waste Treatment Plants, Electrical Transmission and Distribution, Road and Allied works, operation 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 supply of water (collectively, ‘Projects’).  The treatment process installed at STPs and CETPs is compliant with Ministry of Environment, Forest and Climate Change of India norms and the treated water can be used for horticulture, washing, refrigeration and other process industries. 

It has an in-house team for designing, engineering and construction which makes it self-reliant on all aspects of its business. It has a team of many engineers who are supported by third-party consultants and industry experts to ensure compliance and quality standards laid down by the industry and government agencies & departments. It also have its own team for civil construction works thereby reducing dependence on third parties. The scope of its services typically includes design and engineering of the projects, procurement of raw materials, and execution at site with overall project management up to the commissioning of projects. Post commissioning, operations and maintenance of these plants for a certain period of time is generally a part of the award in recent times. It has a team of dedicated engineers and personnel focused on operations and maintenance of completed projects. 

Business area of the company

The company is in the business of Sewerage solution provider, Water Supply System, Water and Waste Treatment Plants, Electrical Transmission and Distribution, Road and Allied works, operation and maintenance of Wastewater Scheme Projects and Water Supply Scheme Projects for government authorities/bodies.

Services of the company

  • Air conditioning
  • Design & installation
  • Commercial heat pumps
  • Heating
  • Process cooling
  • Service & maintenance
  • Ventilation

History and millstones

  • 2012: Acquisition of partnership firm namely ‘Satish Kumar’.
  • 2012: Achieved turnover more than Rs 100 crore.
  • 2013: Started Operations of BOOT CETP in SIDCUL, Haridwar.
  • 2014: Awarded Asian Development Bank Funded Sewerage Project in Dehradun.
  • 2015: Awarded World Bank Funded Project of Sewerage Scheme in Narora.
  • 2016: Awarded World Bank Funded Project of Sewerage Scheme in Allahabad.
  • 2016: Awarded Electrification Work of 4 Districts in Uttar Pradesh.
  • 2017: First Project in State of Bihar, Awarded World Bank Funded Project of Sewerage Scheme in Patna.
  • 2018: Achieved turnover in excess of Rs 200 crore.2018: Awarded Water Supply Scheme of Unnao and Shuklaganj in Uttar Pradesh.
  • 2019: Achieved turnover in excess of Rs 300 crore.
  • 2020: First Project in State of Rajasthan, Awarded Asian Development Bank Funded Project of Sewerage and Water Supply Scheme in Tonk.
  • 2021: Awarded Sewerage Scheme in Mirzapur and Ghazipur on Hybrid Annuity Model by Namami Gange.
  • 2022: Awarded Project for Zero Liquid Discharge CETP in Banthar, Unnao by Namami Gange.
  • 2023: Awarded CPWD Building Project for RBI Colony in Navi Mumbai.

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