EMS Limited reported a significant improvement in financial performance for Q1FY27 (ended June 30, 2026), with standalone operating income rising 50.27% YoY to ₹125.72 crore. The Ghaziabad-based engineering, procurement, and construction (EPC) firm attributed the growth to increased execution of works in its core infrastructure segments, particularly water supply and sewerage solutions.

Standalone profit after tax (PAT) for the quarter stood at ₹15.03 crore, a sharp increase from ₹3.74 crore in the corresponding period last year. Earnings per share (EPS) were ₹2.71, compared to ₹6.73 in Q1FY26. On a consolidated basis, revenue from operations grew 30.49% to ₹157.24 crore, while consolidated PAT reached ₹15.49 crore, up from ₹3.81 crore in Q1FY25.

Financial highlights

The Board of Directors approved the unaudited standalone and consolidated financial results in a meeting held on August 12, 2026. The results were reviewed by the Audit Committee and limited reviewed by statutory auditors Ajay K. Kapoor & Company.

Note: Previous year figures for comparison have been adjusted where necessary to conform to current period classifications.

Segment performance

On a consolidated basis, the Contractor segment remained the primary revenue driver, contributing ₹129.45 crore in Q1FY27, down from ₹217.19 crore in Q1FY26, but showing strong profitability with a segment result of ₹25.86 crore before tax, finance cost, and exceptional items. The Manufacturing segment, which includes flex sheets and paper products, generated ₹27.79 crore in revenue.

A new reportable segment, Ready Mix Concrete (RMC), was added following the consolidation of EMS Concrete, a partnership firm in which EMS Limited holds a 75% interest. This consolidation commenced from April 1, 2026.

Order book and new wins

As on June 30, 2026, the company's order book stood at ₹23,289.10 crore. During the April-June 2026 period, EMS Limited received new orders worth ₹3,167.45 crore. Key awards include:

• Varanasi sewer networks: Three separate contracts totaling approximately ₹21,389.22 lakh for laying sewer networks and house connections in problematic wards of Nagar Nigam, Varanasi. These include works in Durgakund, Nariyan, Sarainandan, Jolha Northan, Bhelupur, Hukulganj, Nai Basti, Shivpurwa, Tulasipur, Birdopur, and Kajipur.
• Meerut sewerage system: A contract worth ₹525.23 lakh for establishing a sewerage system at Lala Laipat Rai Medical College in Meerut, Uttar Pradesh.

In its earnings conference call held on August 13, 2026, management updated investors on recent order inflows. Ashish Tomar, Managing Director, stated that the company secured work orders worth approximately ₹317 crore in Q1FY27. Additionally, the firm received a work order of about ₹158 crore in Q2FY27 (July-September 2026) to date. The company is also the lowest bidder (L1) for a project in Varanasi valued at over ₹100 crore, with conversion expected in the coming months.

Tomar noted that the total order book stands at ₹23,290 crore as of July 2026. He highlighted an active bidding pipeline of ₹2,500-3,000 crore across Delhi and Maharashtra, with ongoing bids in Bihar, Madhya Pradesh, and exploration projects in Karnataka.

Guidance and operational outlook

Management provided guidance for FY27, targeting annual revenue of ₹900-950 crore, aiming to match FY25 levels. Tomar projected sequential growth of 30-35% in Q2FY27, followed by more than 50% quarter-on-quarter growth in Q3 and Q4. He identified Q4 as the strongest quarter and Q2 as the weakest due to seasonal factors.

H.K. Kansal, CEO, addressed margin compression in recent quarters, attributing it to fixed establishment and machinery costs during periods of reduced revenue caused by heavy rains in Uttarakhand and election-related restrictions in West Bengal. He noted that PAT margins improved from 6.3% in Q4FY26 to 11.95% in Q1FY27. Management expects margins to recover as revenue volumes increase, though they may remain slightly below historical levels due to increased competition.

Regarding working capital, Kansal stated that the typical cycle is around 120 days, requiring approximately ₹300-350 crore for a ₹1,000 crore turnover. He acknowledged that delays in government payments can hamper work execution, creating a cyclical impact on cash flows.

On client concentration, Tomar disclosed that Uttar Pradesh contributed 42% of revenue and Uttarakhand 61% in recent quarters. He clarified that while project timelines typically span two to three years, revenue recognition usually begins six to nine months after the issuance of a work order, with full conversion taking 18-24 months.

Credit rating and outlook

Crisil Limited reaffirmed its long-term credit rating at CRISIL A-/Stable and short-term rating at CRISIL A2+ for the company's total bank loan facilities, which have been enhanced to ₹660 crore from ₹625 crore.

Ramveer Singh, Chairman of EMS Limited, stated that the growing order book reflects faith in the company's capabilities as a turnkey EPC player. He highlighted that government focus on infrastructure development, particularly in water supply and sewerage systems, provides ample growth opportunities.

What the numbers show

The surge in standalone PAT by 184.65% contrasts with a more moderate 50.27% rise in operating income, indicating improved operational leverage or lower tax and finance burdens relative to revenue growth. The consolidated PAT growth of 171.28% was slightly lower than the standalone figure, suggesting that subsidiary operations or non-controlling interests may have diluted the overall profit expansion rate compared to the parent entity's performance. The addition of the RMC segment marks a strategic diversification beyond traditional contracting and manufacturing. Management’s guidance for ₹900-950 crore annual revenue implies a required run rate of approximately ₹250-270 crore per quarter for the remainder of FY27, aligning with their projection of accelerated execution in Q3 and Q4.

EMS Limited concluded its earnings conference call on August 13, 2026, to discuss its standalone and consolidated unaudited financial results for the quarter ended June 30, 2026. The meeting involved discussions with analysts and institutional investors regarding the company's performance for the period.

The conference call was held in furtherance of the advance intimation issued by the company on August 6, 2026. It was conducted pursuant to Regulation 30 read with Schedule III and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Ashish Tomar, Managing Director and CFO of EMS Limited, confirmed the conclusion of the event. He is digitally signed as the authorized signatory for the disclosure.

Audio Recording Available

The audio recording of the earnings conference call has been uploaded to the company's website. Investors can access the recording via the following navigation path:

• Investor
• Disclosure under Regulation 30 of LODR
• Financial Year 2026-27
• Concall EMS Limited 13.08.2026

Company Details

EMS Limited, formerly known as EMS Infracon Private Limited, holds ISO certifications for 9001:2015, 14001:2015, and 45001:2018.