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Prices as of 9 Oct 2026 close · Not investment advice

EMS Limited

NSE: EMSLIMITEDWaste Management

Share price

₹320.05

-0.51% close of 9 Oct 2026

Market cap ₹1,792 CrP/E 26.4

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

45

out of 100 · worked out 9 Oct 2026

How the business score works

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹1,792 Cr

P/E ratio

26.4

P/B ratio

1.7

ROCE

12.8%

ROE

9.0%

Dividend yield

0.5%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 9 Oct 2026 close52-week high ₹549.8052-week low ₹257.75

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales fell 34.0% over the past year. Meanwhile what it keeps of every 100 rupees of sales slipped from 28.1% to 17.1% over the last three years.

Whether it grew faster than its sector

It grew 5.2% a year against a sector median of 13.4% — 8.2 percentage points slower.

Room to re-rate, or risk of de-rating

At 26.4× earnings against a market that pays 24.1× across 2199 companies we can price. Its own industry sits at 18.8×, across 4 companies. It is against its own five-year median of 20.3×, the 80th percentile of its own range.

Whether growth justifies the valuation

Its earnings are falling, so growth cannot justify the price.

Profit growthPrice per ₹1 profitPer 1% growth
EMS Limited — this one-6%/yr26.4×—
Refex Industries Limited28%/yr12.0×₹0.43
Antony Waste Handling Cell Limited3%/yr15.6×₹5.2
Eco Recycling Limited79%/yr31.9×₹0.40
Concord Enviro Systems Limited54%/yr——
Race Eco Chain Limited73%/yr22.0×₹0.30

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Waste Management), it ranks 3 of 6 on returns, 4 of 6 on growth, 3 of 6 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

A narrow advantage: it earns 12.8% on capital, ahead of 50% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

No — Over the last five years the business itself consumed ₹68 crore of cash before any plant spend, funded from lenders and shareholders. But only about 2 of every 100 rupees of profit it reported over 7 years arrived as cash — the rest is tied up. Its cash comes back more slowly than it used to: it went from being waiting 219 days for its cash to waiting 297 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

7 of 10 checks clear · 70%

How the profit check works

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

FY27 sales guided to Rs 900-950 crore after a year management calls well below expectation

Announced 12 Aug 2026 · Consolidated · Unaudited

Revenue

₹157 Cr

Revenue vs last year

-34.2%

Revenue vs last quarter

+30.5%

Net profit

₹15 Cr

Profit vs last year

-59.3%

Profit vs last quarter

+171.3%

Net margin

9.9%

EPS

₹2.79

Earnings call transcript · 13 Aug 2026

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹1,792 Cr
Prev close
₹320.05
52w High
₹559
52w Low
₹256
Enterprise value
₹1,887 Cr
Beta
1.1
Price CAGR 1y
-41.0%
Price CAGR 3y
2.0%
Price CAGR 5y
—
Price CAGR 10y
—

Ratios

Return on assets
6.8%
PEG ratio
-4.3
P/E ratio
26.4
P/B ratio
1.7
EV / EBITDA
16.9
Industry P/E
23.7
ROCE
12.8%
ROCE 5y average
27.0%
ROE
9.0%
Debt / Equity
0.1
Interest coverage
9.1
Dividend yield
0.5%
ROE 3y average
17.0%
ROE last year
9.0%

Annual P&L

Annual revenue
₹731 Cr
Annual profit
₹91 Cr
Operating margin
20.0%
Net profit margin
12.4%
EBITDA margin
19.6%
Sales growth 3y
10.8%
Sales growth 5y
17.2%
Profit growth 3y
-6.0%
Profit growth 5y
5.0%
EPS
₹16.3
Sales growth TTM
-34.0%
Profit growth TTM
-63.0%
Dividend payout
9.0%

Quarter P&L

Sales latest quarter
₹157 Cr
Profit latest quarter
₹15 Cr
YoY quarterly sales growth
-34.2%
YoY quarterly profit growth
-60.5%
OPM latest quarter
16.6%

Balance Sheet

Book Value
₹189
Face Value
₹10.0
Total debt
₹154 Cr
Total cash
₹59 Cr
Borrowings
₹154 Cr
Reserves / Equity
17.9

Cash Flow

Operating cash flow
-₹15 Cr
Free cash flow
-₹88 Cr
FCF yield
-5.8%
Net cash flow
-₹77 Cr

Shareholding

Promoter holding
69.7%
FII holding
0.4%
DII holding
0.0%
Public holding
29.8%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Refex Industries266.3512.83,6550.5664.6145.4916.3160.422.7
EMS328.9526.81,8270.4615.5-59.1157.2-34.212.8
Antony Waste han348.7016.99900.140.7-95.7261.05.511.2
Namo eWaste372.8559.58530.007.4135.9107.329.321.3
Eco Recyc.424.2534.18190.249.211.216.275.230.8
Effwa Infra341.5027.67900.2918.520.3163.131.329.3
Z-Tech (India)471.5019.07010.004.133.229.142.320.0
Median266.3521.47010.007.420.3107.329.318.8

Competes with: Annu Projects Limited, Antony Waste Handling Cell Limited, Concord Enviro Systems Limited, Eco Recycling Limited, Race Eco Chain Limited, Refex Industries Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales138211200245206233245270239173200121157
Expenses106154153178156165174205185136170102131
Material Cost166172138140208121
Change in Inventories25-6.05-216.36-130-8.58
Purchases of Stock-in-Trade000000
Employee Cost8.299.6811121210
Other Expenses5.859.248.6012128.79
Operating Profit32574768506971655437311826
OPM %23272328242929242321151517
Other Income1861223224332
Exceptional items (within Other Income)000000
Interest2212111233345
Depreciation1113223332332
Profit before tax31625164496770635136271521
Tax %25262626252627252523296126
Net Profit2345374737505147382819615
EPS in Rs4.828.156.728.536.688.949.098.396.825.093.391.012.79
Diluted EPS in Rs8.396.825.083.391.012.79

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales326331360538793972733652
Expenses230232247388589712588539
Material Cost622657
Change in Inventories41-151
Purchases of Stock-in-Trade00
Employee Cost3144
Other Expenses2143
Operating Profit9699113150204261143112
OPM %3030312826272017
Other Income75351691212
Exceptional items (within Other Income)00
Interest34646111615
Depreciation22336.539.621010
Profit before tax989810714820724912999
Tax %26272726262629
Net Profit7272791091531849169
EPS in Rs6261672327331612
Diluted EPS in Rs3316
Dividend Payout %0000759

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
—
5 years
17%
3 years
11%
TTM
-34%

Compounded profit growth

10 years
—
5 years
5%
3 years
-6%
TTM
-63%

Stock price CAGR

10 years
—
5 years
—
3 years
2%
1 year
-41%

Return on equity

10 years
—
5 years
18%
3 years
17%
Last year
9%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital12121247565656
Reserves2182903684447439201,000
Borrowings1644457186154
Other Liabilities6273119103101104121
Minority Interest2.632.87
Total Liabilities3083785036399701,1651,331
Fixed Assets313651549496123
CWIP03040037
Investments0012101810
Other Assets2763404515798661,0521,160
Total Assets3083785036399701,1651,331

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity4736234-11636-15
Cash from Investing Activity-27-8-15-21-8319-60
Cash from Financing Activity-6-11338176-2-2
Net Cash Flow15161121-2354-77
Free Cash Flow21279-4-14030-88

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days4410316084112141193
Inventory Days27163
Days Payable824
Cash Conversion Cycle4410316084112160333
Working Capital Days125183219137180186297
ROCE %373333292713

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Sep 2026
Line itemDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters707070707070707070707070
FIIs4.092.780.880.750.660.190.170.150.210.410.140.44
DIIs1.451.431.581.080.400.610.400.350.040.040.050.02
Public252628282930303030303030
No. of Shareholders38,76743,84158,97194,8551,14,5611,28,0711,29,9771,28,7061,24,1171,19,0861,20,7311,18,809

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -41.8% (₹549.80 → ₹320.05)Brick size ₹12.47 (fixed)Bricks 76
₹300₹400₹500₹320Nov '25Jan '26Mar '26May '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹320.05 on 9 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

95.00inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

133cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

97,45,226inr

2026-03-31

News

News and filings about EMS Limited. Open one to see why it matters.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • DI (ductile iron) pipes
  • HDPE pipes
  • RCC sewer pipes
  • cement
  • crushed sand
  • dense bituminous material
  • emulsions
  • iron and steel
  • power from state grids
  • stores and spare parts
  • water for project execution

Depends on the price of

  • cement
  • fuel
  • steel

Sells to

  • AMRUT / Ministry of Housing and Urban Affairs urban-mission projects · Water supply and sewerage EPC packages under AMRUT and Housing & Urban Development Ministr…
  • Bihar Urban Infrastructure Development Corporation (BUIDCO) · Sewerage lines, sewage treatment plants and wastewater infrastructure EPC/O&M services
  • Central Public Works Department (CPWD) · Building construction, sanitary installations, STP, substation, pump house and related inf…
  • Namami Gange / National Mission for Clean Ganga (NMCG) · Sewage treatment and river-rejuvenation EPC projects under the Namami Gange programme. Gle…
  • Rajasthan Urban Drinking Water Sewerage and Infrastructure Corporation (RUDSICO) · Sewer systems, sewage treatment plants and pumping stations under AMRUT sewerage packages
  • State Infrastructure and Industrial Development Corporation of Uttarakhand (SIDCUL) · Common effluent treatment plant services for industrial units at SIDCUL Haridwar
  • The Kolkata Municipal Corporation · Pollution abatement work for rejuvenation of River Adi Ganga, including design-build and 1…
  • UP Jal Nigam (Urban) · Water supply, sewerage networks, sewage treatment plants, pumping stations and related EPC…

Buys from

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Utilities
Industry
Waste Management
Classification
Utilities › Waste Management
ISIN
INE0OV601013

Business segments

  • Contractor · 87%
  • Manufacturing of flex sheets and paper products · 14%

Plants

  • Common Effluent Treatment Plant, SIDCUL Haridwar · Haridwar, Uttarakhand
  • Sewage Treatment Plant, Etah · Etah, Uttar Pradesh
  • Sewage Treatment Plant, Indirapuram · Ghaziabad, Uttar Pradesh
  • Sewage Treatment Plant, Munger · Munger, Bihar
  • Sewage Treatment Plant, Saidpur · Patna, Bihar
  • Sewage Treatment Plant, Tonk · Tonk, Rajasthan
  • Water Treatment Plant, Unnao · Unnao, Uttar Pradesh

News impact

Big market events that reach EMS Limited, and how the effect spreads.

No recent market events reach this company.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

18 Sep 2026unspecified₹1.5
19 Sep 2025unspecified₹1.5
20 Sep 2024unspecified₹1
24 Nov 2023interim₹1

Splits, bonuses & buybacks

  • daily-prices repair: 8 rows from NSE's archive (replace 2, delete 1, insert 5), 2023-11-12..2026-02-01 (docs/flat_day_repair.md)1× · 12 Nov 2023

Bulk & block deals

DateWhoBought / soldSharesPrice
2 Sep 2026MICROCURVES TRADING PRIVATE LIMITEDSELL4,67,743₹399.77
2 Sep 2026MICROCURVES TRADING PRIVATE LIMITEDBUY4,67,743₹399.52
2 Sep 2026JUNOMONETA FINSOL PRIVATE LIMITEDSELL4,09,097₹397.62
2 Sep 2026JUNOMONETA FINSOL PRIVATE LIMITEDBUY4,01,057₹397.31
2 Sep 2026QE SECURITIES LLPBUY3,11,303₹395.49
2 Sep 2026NK SECURITIES RESEARCH PRIVATE LIMITEDSELL3,05,307₹397.87
2 Sep 2026NK SECURITIES RESEARCH PRIVATE LIMITEDBUY3,05,307₹397.66
2 Sep 2026QE SECURITIES LLPSELL2,92,163₹399.33
25 Jun 2026HRTI PRIVATE LIMITEDSELL3,17,403₹422.71
25 Jun 2026HRTI PRIVATE LIMITEDBUY2,85,714₹422.60

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.