EMS Limited reports modest Q1 FY26 growth, maintains full-year projections

EMS Limited reported Q1 FY26 revenue of INR 211.32 crores, a 3.73% increase from INR 203.72 crores in the same quarter last year. Earnings for the quarter were INR 37.38 crores, up from INR 36.84 crores, representing a 1.46% rise in PAT. The company attributed the subdued growth to an early and extended rainy season, which impacted underground works for sewerage and water supply lines in June 2025.

Despite the Q1 impact, EMS Limited maintains its full-year revenue growth projection of 25%, aiming for INR 1250 crores, with a PAT margin target of 20% (+/-1-1.5%). The unexecuted order book stands at INR 2500 crores, with an additional INR 4000 crores in the tender pipeline. The company anticipates securing another INR 600 crores in orders by December 2025, bringing the unexecuted order book to INR 3000 crores.

The company's focus remains on water and wastewater projects (75% of business), with 20-25% in electrical transmission and building works. EMS reiterated its debt-free status, excluding HAM projects which are separate SPVs, and plans to continue organic growth through internal accruals without taking on new debt.