Q1 2027 EMS Ltd Earnings Call Transcript

Aug 13, 2026 / 06:30 AM GMT

Release Date Price: ₹369.15 (-3.36%)

Transcript

Key Points

Positve

EMS Ltd (NSE:EMSLIMITED) reported a 50% sequential increase in standalone operating income to Rs 125.72 crore in Q1 FY27, with EBITDA up 39.81% and PAT up 184.65%.
The company secured new work orders worth Rs 317 crore in Q1 FY27, and has already received an additional Rs 158 crore in Q2, with L1 status on a project exceeding Rs 100 crore.
Management is confident of achieving 50% revenue growth in FY27, targeting Rs 900-950 crore, with Q3 and Q4 expected to see over 50% quarter-on-quarter growth.
EBITDA margins improved to 11.95% in Q1 FY27 from 6.3% in Q4 FY26, and management expects to return to historical margin levels as revenue ramps up.
The company is expanding geographically, bidding for projects in Maharashtra and Karnataka, in addition to its existing presence in Uttar Pradesh, Uttarakhand, Bihar, and Madhya Pradesh.
Order book stands at Rs 2,329 crore, providing strong revenue visibility for the coming years.

Negative

Execution in Q1 FY27 was impacted by election-related restrictions in West Bengal, delaying the Kolkata sewage project, with full ramp-up only expected from Q3.
Margins remain below historical levels due to fixed costs (establishment, machinery) being spread over lower revenue, a situation exacerbated by seasonal disruptions like heavy rains.
The company faces recurring seasonal disruptions (e.g., monsoon rains) that hamper execution and revenue, leading to volatile quarterly performance.
Working capital cycle is stretched to around 120 days, with delayed government payments creating a cycle that hampers cash flow and further slows execution.
Revenue concentration is high, with 42% from Uttar Pradesh and 61% from Uttarakhand in the quarter, indicating geographic concentration risk.
Management acknowledged that competition is increasing, which may prevent margins from returning to the higher levels seen in FY24.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

EMSL.NS - EMS Ltd
Q1 2027 EMS Ltd Earnings Call
Aug 13, 2026 / 06:30AM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon ladies and gentlemen and welcome to the earnings call of Q1 FY27 for EMS Limited. As a reminder, all participant lines will be in listen-only mode.

There will be an opportunity for you to ask questions after the management discussion concludes.

Should you need assistance during the conference call, please signal an operator by pressing star followed by zero on your touch tone phone.

EMS Limited was incorporated in 2010 by Mr. Amur Singh and Mr. Ashish Tomar and is involved in 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 waste water scheme projects and water supply scheme

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