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19 Nov 2025
EMS Limited Q2 FY26 Financial Results – EPC Sewerage & Water Infrastructure Company
📊 Stock Analysis
Complete financial analysis with key metrics and investment outlook
Published on: 19 November 2025, 11:25 AM IST
EMS Ltd Q2 FY2026 Financial Results
EMS Limited, a leading EPC and O&M player specializing in water supply, sewerage networks, wastewater treatment systems, and allied infrastructure, reported a challenging quarter due to severe and prolonged rainfall across multiple working sites. The disruptions significantly slowed excavation, pipeline laying, and on-ground execution, resulting in lower revenue realization during the second quarter.
The company highlighted that September is usually the slowest quarter every year due to monsoon-related constraints—but this year’s rainfall was unusually heavy and persistent, affecting progress more severely than normal.
Stock Performance & Key Metrics
- Market Cap: ₹2,560 Cr
- Current Price: ₹462
- High / Low: ₹1,017 / ₹457
- Stock P/E: 15.7
- Book Value: ₹187
- Dividend Yield: 0.32%
- ROCE: 26.9%
- ROE: 20.7%
- EPS: ₹29.4
- Debt to Equity: 0.16
- Debt: ₹165 Cr
- PEG Ratio: 0.48
- Industry P/E: 22.6
Q2 FY26 Standalone Financial Performance
| Particulars | Q2 FY26 | Q2 FY25 | YoY Change |
|---|---|---|---|
| Operating Income | ₹144.41 Cr | ₹231.07 Cr | ↓ 37.50% |
| EBITDA | ₹39.30 Cr | ₹70.05 Cr | ↓ 43.90% |
| PBT | ₹36.31 Cr | ₹67.22 Cr | ↓ 46.00% |
| PAT | ₹28.03 Cr | ₹49.53 Cr | ↓ 43.41% |
Q2 FY26 Consolidated Results
| Particulars | Q2 FY26 | Q2 FY25 | YoY Change |
|---|---|---|---|
| Operating Income | ₹172.47 Cr | ₹233.47 Cr | ↓ 26.12% |
| EBITDA | ₹41.55 Cr | ₹70.56 Cr | ↓ 41.11% |
| PBT | ₹36.42 Cr | ₹67.41 Cr | ↓ 46.00% |
| PAT | ₹28.14 Cr | ₹49.65 Cr | ↓ 43.32% |
H1 FY26 Standalone Performance
| Particulars | H1 FY26 | H1 FY25 | YoY Change |
|---|---|---|---|
| Operating Income | ₹355.68 Cr | ₹434.79 Cr | ↓ 18.20% |
| EBITDA | ₹92.82 Cr | ₹121.84 Cr | ↓ 23.82% |
| PBT | ₹86.41 Cr | ₹116.22 Cr | ↓ 25.60% |
| PAT | ₹65.41 Cr | ₹86.37 Cr | ↓ 24.27% |
Management Commentary
According to the company, around 70–75% of EMS Ltd’s revenue is generated from sewerage and water pipeline projects, activities heavily affected by rainfall due to safety constraints, waterlogging, and structural instability at excavation sites.
Mr. Ramveer Singh, Chairman of EMS Ltd, stated:
- Q2 is seasonally the weakest quarter every year due to monsoon-related challenges.
- This year’s rainfall was exceptionally intense and prolonged, creating substantial execution disruptions.
- With improved weather, all sites have resumed full-scale operations.
- The company expects a strong recovery in H2 with better execution and higher revenue visibility.
Operational Updates & New Project Wins
EMS Ltd secured two major Letters of Award (LoA):
- Agra Water Supply Reorganization Scheme – Contract value: ₹104.05 Cr
- Fatehpur Sewerage & STP Project – Contract value: ₹183.81 Cr
Both projects are to be executed within 24 months, significantly strengthening the company’s order book and revenue pipeline for FY26–27.
Outlook
- Execution expected to normalize in Q3 & Q4 as weather stabilizes.
- Strong order inflow ensures visibility for the coming years.
- Margins likely to stabilize as operations return to full capacity.
- Water & wastewater infrastructure demand remains strong due to urbanization and government focus.
About EMS Ltd
Established in 2010, EMS Limited is an EPC and O&M company specializing in sewerage solutions, water supply systems, wastewater schemes, and electrical contracting. The company works across Uttar Pradesh, Maharashtra, Bihar, Uttarakhand, Rajasthan, and recently West Bengal, delivering major infrastructure projects with strong execution capabilities.
Click here to view the official BSE filing
Data as per Q2 FY26 BSE filing | Published on November 19, 2025
