Financial Results Overview

The Board of Directors of EMS Limited at its meeting held on November 12, 2026, approved the Standalone and Consolidated Unaudited Financial Results for the quarter and half year ended September 30, 2026. The meeting commenced at 03:30 PM and concluded at 03:45 PM.

Standalone Financial Results (₹ in Lakhs)

Quarter Ended September 30, 2026:

  • Revenue from operations: 16,089.43
  • Other income: 271.20
  • Total income: 16,360.63
  • Total expenses: 13,286.38
  • Profit before tax: 3,074.25
  • Tax expense: 781.67
  • Profit for the period: 2,292.58
  • Other comprehensive income: -0.16
  • Total comprehensive income: 2,292.42
  • Basic EPS: ₹4.13
  • Diluted EPS: ₹4.13

Half Year Ended September 30, 2026:

  • Revenue from operations: 28,661.85
  • Other income: 478.15
  • Total income: 29,140.00
  • Total expenses: 24,019.37
  • Profit before tax: 5,120.63
  • Tax expense: 1,325.41
  • Profit for the period: 3,795.22
  • Other comprehensive income: -0.26
  • Total comprehensive income: 3,794.96
  • Basic EPS: ₹6.83
  • Diluted EPS: ₹6.83

Consolidated Financial Results (₹ in Lakhs)

Quarter Ended September 30, 2026:

  • Revenue from operations: 19,389.99
  • Other income: 274.00
  • Total income: 19,663.99
  • Total expenses: 16,517.69
  • Profit before tax: 3,146.30
  • Tax expense: 803.82
  • Profit for the period: 2,342.48
  • Other comprehensive income: -0.16
  • Total comprehensive income: 2,342.32
  • Profit attributable to shareholders: 2,341.77
  • Profit attributable to non-controlling interest: 0.71
  • Basic EPS: ₹4.22
  • Diluted EPS: ₹4.22

Half Year Ended September 30, 2026:

  • Revenue from operations: 35,113.68
  • Other income: 484.80
  • Total income: 35,598.49
  • Total expenses: 30,344.41
  • Profit before tax: 5,254.08
  • Tax expense: 1,362.49
  • Profit for the period: 3,891.59
  • Other comprehensive income: -0.26
  • Total comprehensive income: 3,891.33
  • Profit attributable to shareholders: 3,889.76
  • Profit attributable to non-controlling interest: 1.83
  • Basic EPS: ₹7.00
  • Diluted EPS: ₹7.00

Key Financial Metrics

Standalone Q2 FY27 vs Q1 FY27 Growth:

  • Operating income: 27.97% (₹160.89 cr vs ₹125.72 cr)
  • EBITDA: 40.32% (₹35.82 cr vs ₹25.53 cr)
  • PBT: 50.23% (₹30.74 cr vs ₹20.46 cr)
  • PAT: 52.37% (₹22.92 cr vs ₹15.03 cr)

Consolidated Q2 FY27 vs Q1 FY27 Growth:

  • Operating income: 23.32% (₹193.90 cr vs ₹157.24 cr)
  • EBITDA: 37.52% (₹38.70 cr vs ₹28.14 cr)
  • PBT: 49.27% (₹31.46 cr vs ₹21.08 cr)
  • PAT: 51.21% (₹23.42 cr vs ₹15.49 cr)

Order Book and Contract Awards

As of September 30, 2026, the company's order book stood at ₹3,152.78 crores (including O&M) compared to ₹2,389.40 crores as of September 30, 2025.

Contracts received during Q2 FY27:

1. Delhi Jal Board, Delhi: ₹15,828.57 lakhs for sewer lines in Tikri Kalan GOC (15 months execution)

2. UP Jal Nigam (Urban), Varanasi: ₹10,581.65 lakhs (ex-GST) for sewer house connections and associated works

3. UP Jal Nigam (Urban), Varanasi: ₹10,284.76 lakhs (ex-GST) for sewer networks in 4 problematic wards

4. Municipal Corporation Jodhpur: ₹12,980.13 lakhs (including GST) for sewer line laying and rejuvenation (24 months)

5. NHAI: ₹1,991.27 lakhs (ex-TCS) for user fee agency at Bartana Fee Plaza

6. Public Health Engineering Department, Rajasthan: ₹19,086.27 lakhs (including GST) for 100 MLD WTP and ancillary works (24 months)

7. Public Health Engineering Department, Rajasthan: ₹22,245.82 lakhs (including GST) for water infrastructure in Udaipur (24 months)

8. Rajasthan Sewerage Project: ₹218.65 crores (including GST) for sewerage works across 6 ULBs (18 months execution + 10 years O&M)

9. NHAI: ₹2,838.88 lakhs (ex-TCS) for user fee collection at Varshamedi Fee Plaza (24 months)

Subsidiary Information

The consolidated results include the following entities:

Wholly Owned Subsidiaries:

  • SKUEM Water Projects Private Limited
  • EMS Green Energy Private Limited
  • Canary Infrastructure Private Limited

Partially Owned Subsidiaries:

  • EMS-TCP JV Private Limited (74%)
  • Mirzapur Ghazipur STP Private Limited (74%)
  • EMS Industries Private Limited (60%)

Partnership Firms/AOP:

  • EMS Constructions (74%)
  • EMS Concrete (75%)
  • EMSNIPLJV (74%)

Acquisition Activity

During the quarter, EMS Limited acquired an additional 140 equity shares of Mirzapur Ghazipur STPS Private Limited at ₹18,629 per share (including premium of ₹18,619), aggregating to ₹26,08,060. This increased the company's shareholding from 60% to 74%, reducing Non-Controlling Interest from 40% to 26%.

Auditor Qualifications

M/s Ajay K. Kapoor & Company (FRN: 013788N) issued limited review reports with the following qualifications:

1. The financial results do not include the profit/loss of EMS Himal Hydro JV (51% share) and EMS Singh JV (1% share) as financial statements were not provided by management, though deemed to have no material impact.

2. For consolidated results, the fair value of Polymatech Electronics Limited (unlisted entity) could not be assessed due to unavailability of latest financial statements, hence shares are considered at cost price.

3. The auditors did not review interim financial results of Mirzapur Ghazipur STPS Private Limited (subsidiary), which reflected total assets of ₹10,561.61 lakhs, revenue of ₹966.13 lakhs (H1) and ₹357.28 lakhs (Q2), net loss of ₹(11.85) lakhs (H1) and ₹(8.64) lakhs (Q2), and net cash flow of ₹(2.50) lakhs for April-September 2026.

Segment Information

The Group operates in three segments:

1. Construction of Infrastructure Projects (Contractor)

2. Manufacturing of flex sheets and paper products

3. Manufacturing of Ready Mix Concrete (RMC)

Consolidated Segment Revenue (Q2 FY27):

  • Contractor: ₹16,532.88 lakhs
  • Manufacturing of flex sheets and paper products: ₹2,745.61 lakhs
  • Manufacturing of RMC: ₹99.78 lakhs

Additional Information

The company changed its accounting policy for subsidiary SKUEM Water Projects Private Limited's PPE from revaluation model to cost model to align with holding company's policy during consolidation.

Previous periods' figures have been regrouped and rearranged for comparability.

The unaudited financial results are available on the company's website (www.ems.co.in) and stock exchange websites.