EMSLIMITED

EMS Limited

EMS Limited (EMSLIMITED) financial statements and selected valuation metrics through 30 June 2026.

Utilities›Utilities›Other Utilities›Waste Management

ems.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹322.60
Market cap
1,790 Cr
Stock P/E
26.3
P/B
1.69
Dividend yield
0.5%
ROE (FY26)
8.6%
ROCE (FY26)
11.7%
Operating margin (FY26)
17.8%
Debt / equity (FY26)
0.15
OCF / EBITDA (FY26)
-10.6%
OCF / EBITDA (3Y)
-16.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

EMS builds water supply, sewerage and wastewater treatment projects, along with roads and power-distribution works, as an engineering, procurement and construction (EPC) contractor mainly for government bodies in India.

Company snapshot

2ndBy market cap

Ranked among 6 companies in Waste Management.

What we see

Positives
  • ✓Debt-to-equity of 0.15x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales211 Cr200 Cr245 Cr206 Cr233 Cr245 Cr266 Cr239 Cr172 Cr200 Cr120 Cr157 Cr
Operating expenses (approx.)153 Cr153 Cr178 Cr156 Cr165 Cr174 Cr205 Cr185 Cr136 Cr170 Cr102 Cr131 Cr
EBITDA57 Cr47 Cr68 Cr50 Cr69 Cr71 Cr61 Cr54 Cr36 Cr31 Cr18 Cr26 Cr
OPM %27.1%23.5%27.6%24.4%29.4%29.0%22.9%22.7%21.0%15.3%15.2%16.6%
Other income8 Cr6 Cr0.67 Cr2 Cr2 Cr3 Cr6 Cr2 Cr5 Cr3 Cr3 Cr2 Cr
Interest2 Cr1 Cr2 Cr0.96 Cr0.78 Cr1 Cr2 Cr3 Cr3 Cr3 Cr4 Cr5 Cr
Depreciation1 Cr1 Cr3 Cr2 Cr2 Cr3 Cr3 Cr3 Cr2 Cr3 Cr3 Cr2 Cr
Profit before tax62 Cr51 Cr64 Cr49 Cr67 Cr70 Cr63 Cr51 Cr36 Cr27 Cr15 Cr21 Cr
Tax %26.5%25.9%25.8%24.8%26.3%27.5%25.2%25.1%22.7%29.0%61.3%26.5%
Net profit45 Cr37 Cr47 Cr37 Cr50 Cr51 Cr47 Cr38 Cr28 Cr19 Cr6 Cr15 Cr
EPS (₹)₹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 (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales331 Cr360 Cr538 Cr793 Cr966 Cr733 CrSign in free for the trailing twelve months
Operating expenses (approx.)232 Cr247 Cr389 Cr589 Cr715 Cr592 CrSign in free for the trailing twelve months
EBITDA99 Cr113 Cr149 Cr204 Cr251 Cr140 CrSign in free for the trailing twelve months
OPM %29.9%31.3%27.7%25.7%26.0%19.2%Sign in free for the trailing twelve months
Other income5 Cr3 Cr5 Cr16 Cr16 Cr12 CrSign in free for the trailing twelve months
Interest4 Cr6 Cr4 Cr6 Cr8 Cr13 CrSign in free for the trailing twelve months
Depreciation2 Cr3 Cr3 Cr7 Cr10 Cr10 CrSign in free for the trailing twelve months
Profit before tax98 Cr107 Cr147 Cr207 Cr249 Cr129 CrSign in free for the trailing twelve months
Tax %26.8%26.6%26.0%26.2%26.2%29.4%Sign in free for the trailing twelve months
Net profit72 Cr79 Cr109 Cr153 Cr184 Cr91 CrSign in free for the trailing twelve months
EPS (₹)₹61.24₹67.27₹23.15₹29.38₹33.05₹16.30Sign in free for the trailing twelve months
Dividend payout %———3.6%3.0%9.1%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital12 Cr12 Cr47 Cr56 Cr56 Cr56 Cr
Reserves290 Cr368 Cr441 Cr743 Cr920 Cr1,000 Cr
Borrowings3 Cr4 Cr45 Cr71 Cr86 Cr154 Cr
Other liabilities73 Cr118 Cr103 Cr99 Cr101 Cr118 Cr
Total liabilities378 Cr503 Cr639 Cr970 Cr1,165 Cr1,331 Cr
Fixed assets (net)9 Cr18 Cr18 Cr66 Cr62 Cr79 Cr
CWIP3 Cr0.30 Cr4 Cr0 Cr0 Cr37 Cr
Investments0.44 Cr0.51 Cr1 Cr32 Cr45 Cr40 Cr
Inventories35 Cr54 Cr105 Cr89 Cr48 Cr226 Cr
Trade receivables93 Cr158 Cr124 Cr243 Cr377 Cr387 Cr
Cash & bank50 Cr61 Cr82 Cr72 Cr94 Cr17 Cr
Other assets187 Cr211 Cr306 Cr469 Cr539 Cr544 Cr
Total assets378 Cr503 Cr639 Cr970 Cr1,165 Cr1,331 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity36 Cr23 Cr-25 Cr-116 Cr34 Cr-15 Cr
Cash from investing-8 Cr-15 Cr-10 Cr-70 Cr19 Cr-60 Cr
Cash from financing-11 Cr3 Cr56 Cr176 Cr0.85 Cr-2 Cr
Net cash flow16 Cr11 Cr21 Cr-9 Cr54 Cr-77 Cr
Free cash flow (OCF − Capex)27 Cr8 Cr-35 Cr-149 Cr27 Cr-88 Cr

Ratios

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %33.6%29.4%28.2%24.5%24.2%11.7%
ROE %23.8%20.5%21.9%19.0%18.8%8.6%
Debtor days10316084112142192
Inventory days6281936128125
Days payable7064146918
Cash conversion cycle94176163167162299
OCF / EBITDA %36.2%20.1%-17.0%-56.9%13.4%-10.6%
OCF / EBITDA % (3 years)——9.2%-25.5%-17.9%-16.4%
Debt / equity0.010.00980.090.090.090.15
Current ratio4.543.826.156.148.155.14
Net debt / EBITDA-0.48-0.51-0.24-0.0082-0.030.98