EMS Ltd

Cost Auditor re-appointment

• Re-appointed M/s Jatin Sharma & Co. as Cost Auditors for FY 2026-27.

Final dividend: record date and payment

• Record date fixed Sep 19, 2026 for dividend of ₹1.50 per share, subject to AGM approval.
• Dividend, if declared, paid within 30 days from declaration.

AGM date, time and venue

• AGM to be held on Sep 26, 2026 at 12:00 PM via Video Conferencing.

Promoter pledge release

• Purpose: release of pledged promoter shares after repayment of Rs 8.9 crore loan from Tata Capital Limited.
• Event: 4,30,000 shares released on 19 August 2026 by promoter Ramveer Singh.
• Encumbrance change: 84,94,100 encumbered (15.29%) reduced to 80,64,100 (14.52%).
• Promoter holding: Ramveer Singh holds 3,76,75,882 shares (67.85%).
• Disclosure: dated 21 August 2026 under Regulation 31(1)/(2) SEBI SAST; lender Tata Capital.

Contract win details

• EMS Limited received L-1 status for a Rajasthan water treatment project.
• Contract awarded by Public Health Engineering Department, Government of Rajasthan.
• Estimated order value including GST is Rs 22,245.82 Lakhs.
• Scope includes survey, investigation, design, construction, testing, and commissioning of water infrastructure.
• Major works include 76.5 MLD capacity WTPs, pumping stations, and 185.4 km pipelines.
• Execution timeline is 24 months.
• O&M period: 5 years after 1 year DLP under Amrut 2.0.
• No promoter/group interest in the awarding entity.
• Not a related party transaction.
• Letter of Award to be issued; further developments to be updated.

Order details

• Awarding entity: UP Jal Nigam (Urban), Varanasi (domestic).
• Scope: surveying, soil investigation, design and turnkey sewerage works.
• Contract includes construction of 10 MLD STP with co-treatment plant and related works.
• Order value: Rs 10,581.65 lakhs excluding GST.
• Timeline: to be executed in 24 months.
• Domestic entity; L-1 status.
• Related party: No promoter interest; not a related party transaction.
• Terms: As per contract; turnkey arrangement.

L-1 award details

• L-1 status awarded by Public Health Engineering Department, Government of Rajasthan for Kota WTP project.
• Estimated order value including GST is Rs 19,086.27 Lakhs.
• Project scope includes construction of 100 MLD WTP and ancillaries.
• Key components: BPT 800 KL, CWR 1500 KL, OHSR 1500 KL.
• Execution period to be 24 months.
• O&M for 5 years after 1-year defect period under AMRUT 2.0.
• Awarding entity: Domestic entity; no related party interest.
• Formal Letter of Award pending; L-1 award status already notified.

Financial Performance

• Stand-alone revenue: Rs 125.72 crores, up ~50% QoQ.
• Stand-alone EBITDA: 25.53%, up ~39.81% QoQ.
• Stand-alone PAT: Rs 15.03 crores, up ~184.65% QoQ.
• Consolidated revenue: Rs 157.24 crores, up ~30% QoQ.
• Consolidated EBITDA: Rs 28.14 crores, up ~31.62% QoQ.
• Consolidated PAT: Rs 15.49 crores, up ~1.28% QoQ.
• Orders secured in quarter: Rs 317 crores.
• Order book: Rs 2329 crores as of July 2026.
• West Bengal project run-rate expected at Rs 70-80 crores from Q3.

Operating Update

• West Bengal project restrictions lifted; Q3/Q4 ramp anticipated.
• Delhi/Maharashtra bid pipeline: Rs 2,500–3,000 crores.
• Q1 bid-to-work orders: Rs 317 crores; Q2: Rs 158 crores; Banaras > Rs 100 crores (L1).
• Geography mix: Uttar Pradesh 42%; Uttarakhand 61% of current quarter revenue.
• Expansion in Bihar, Madhya Pradesh; exploring Maharashtra and Karnataka.

Capex and Projects

• No CAPEX plan as of yet.
• Project timelines: 2–3 years; revenue starts after 6–7 months post work order.
• Revenue to be recognized over 18–24 months per typical EPC projects.

Balance Sheet and Cash Flow

• Working capital cycle around 120 days.
• Rs 1,000 crore turnover requires approx. Rs 300–350 crores working capital.
• Government payment delays constrain cash flows; cycle described as ‘egg and chicken’.

Outlook and Guidance

• End-FY'27: parity with 2024-25 revenue, EBITDA, and PAT.
• FY'27 revenue target: Rs 900–950 crores.
• H2 to be stronger; Q2 up 30–35% vs Q1; Q4 strongest.
• Target EBITDA around 25% and PAT around 15% for FY27.
• No CAPEX plan as of yet.

Q&A Highlights

• Q: West Bengal run-rate, return to original execution? A: Q3 ramp; restrictions lifted.
• Q: How long to convert order-book to revenue? A: 6–9 months engineering; 18–24 months total.
• Q: Revenue visibility for next quarters? A: Q2 up 30–35% QoQ; Q3/Q4 stronger.
• Q: Top clients’ revenue share? A: UP 42%, Uttarakhand 61% (current quarter).
• Q: Any CAPEX plans for FY'27? A: No such plans as of now.

Risks and Watchpoints

• Seasonality and weather-related disruptions impacting execution.
• Election codes and government restrictions affecting project timelines.
• Delays in government payments impacting working capital.

NHAI H-1 award for two toll projects

• EMS has Highest Bidder status for two NHAI work orders: Rangamati and Bartana Fee Plazas.
• Total estimated order value (excluding TCS) ~Rs 4,221.83 lakhs.
• Rangamati order value ~Rs 2,230.55 lakhs; Bartana order ~Rs 1,991.27 lakhs.
• Execution period for each order: 1 year.
• Entity awarding the orders: National Highways Authority of India, via competitive bidding.
• Orders are domestic; no promoter or related-party concerns reported.
• EMS to provide updates on further developments and LOA receipt.

Order win: Jodhpur sewerage project

• L-1 status awarded by Municipal Corporation Jodhpur for sewerage works.
• Contract value Rs 12,980.13 lakhs including GST; O&M approx Rs 690 lakhs excluded.
• Execution period 24 months.
• Scope: laying new sewer line and rejuvenation of old/damaged lines and lateral system in Jodhpur City.
• Domestic entity; promoter group has no interest; not a related party transaction.
• Company will update on LOA receipt and further developments.

Meeting Details

• Date and time: August 13, 2026 at 12:00 P.M.
• Event type: earnings conference call (group)
• Mode: virtual
• Organizer: EMS Limited

Participants

• Key company participant: Managing Director and CFO.

Purpose

• Discuss Standalone and consolidated unaudited results for quarter ended June 30, 2026.

Additional Notes

• Audio recording of the call uploaded on the company website.