Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 8 Oct - EMS received LOA for Jodhpur sewerage works worth Rs 12,980.13 lakhs, executable over 24 months.
Source: Bse
EMS Limited (EMSLIMITED)
Small CapInfra stocks · Small cap · NSE
EMS Limited operates in Water & Infra, within the Infra sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
₹311.85
-10.75 · -3.33%
Market cap ₹1,822 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result12 Aug, 05:07 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
34BearishSMA20 -11.5% / mo · RSI oversold · MACD − · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 33
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
EMSLIMITEDD candles · FIT view-12.0%Latest close ₹311.85 on 2026-10-19
Bar
-3.2%
RSI
27
MACD hist
-0.28
52W pos
19%
2026-10-19O ₹322.05H ₹324.95L ₹310.65C ₹311.85Vol 72,015 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
EMSLIMITEDNifty InfraNifty 500
- EMSLIMITED
- -27.5%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -22.0 pp
Chart stats
19 Oct 2026- From 52W high
- -44.2%
- 52W range position
- 18%
- ATR (14)
- 3.8%
- Volume vs 20D
- 0.54x
- Avg traded value
- ₹4.4 Cr
- 20D price channel
- ₹310.7 - ₹372
₹559.2
₹256.1 - ₹559.2
₹11.9
Latest completed session
20-session average
22.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED24
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -34.3% · PAT -60.5% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model-106.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence58
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -34% YoY · PAT -61% YoY · margin compression · +31% QoQ
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹157 Cr | -34.3% | +30.8% |
| EBITDA | ₹26 Cr | -51.9% | +44.4% |
| Operating margin | 17.0% | -600 bps | +200 bps |
| PAT | ₹15 Cr | -60.5% | +150.0% |
| PAT margin | 9.6% | -635 bps | +455 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 26.70
- P/B
- 1.73
- EV/EBITDA
- 16.20
- Market Cap
- 1822.00Cr
Profitability
- ROE
- 8.91%
- ROCE
- 12.80%
- ROA
- 5.18%
- Dividend Y
- 0.46%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 5.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- -6.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- 7.47×
- Altman Z
- 6.08
- Book Value
- 190.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -15.00 Cr
- EPS TTM
- 12.28
Shareholding
- Promoter Hold
- 69.70%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 731-24.8% vs prev
Net Profit
₹ CrLatest: 91.0-50.5% vs prev
Return on Equity
%Latest: 8.6-54.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 27. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~13.0% over last month) — short-term momentum negative.
- RSI(14) at 27 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- 43% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
14
RS percentile
Stage 1 Base / Transition
1M return
-14.9%
3M return
-27.5%
6M return
-16.5%
1Y return
-40.2%
RS 1D
-1
RS 20D
-21
Sector rank
#16
Industry rank
#70
Stage evidence
- Price is 12.7% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +1.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 58.99-2.33%
RS vs Nifty 50059
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth8/25
Quality0/20
Balance Sheet9/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
24
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
24/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 9/15 to the score.
- Growth contributes 8/25 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Fair-value margin of safety is negative at -106.1%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
26.7
PB
1.7
EV/EBITDA
16.2
ROE
8.9%
ROCE
12.8%
FCF Yield
—
Debt/Equity
0.1
MoS
-106.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
24
Previous: 24
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-106.1%
Previous: -106.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
24
24
24
24
24
24
24
24
24
24
24
24
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹229.12
-36.1% MoS
Growth-justified P/E
12.3
Growth-justified Value
₹151.29
-106.1% MoS
PEG
5.34
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GALAPREC
Small
Gala Precision Engineering Limited
Construction & Engineering
match 63
40
39.1
13.2%
-50%
WATCHLIST
BLKASHYAP
Small
B. L. Kashyap and Sons Limited
Construction & Engineering
match 63
23
32.6
2.0%
-30940%
OVERVALUED
GPTINFRA
Small
GPT Infraprojects Limited
Construction & Engineering
match 61
59
15.4
17.3%
+36%
FAIR VALUE
SEPC
Small
SEPC Limited
Construction & Engineering
match 61
28
36.4
3.2%
-62%
OVERVALUED
CAPACITE
Small
Capacit'e Infraprojects Limited
Construction & Engineering
match 60
75
8.2
10.4%
+68%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
EMS Limited operates in Water & Infra, within the Infra sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
58Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 22nd percentile of the scored universe and 34th percentile within Infra. Main check: results consistency is weak at 15/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
29 docs text-extracted · 14 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
22nd percentile
overall median 67 · Infra: 34th pctile, median 64 · Small: 25th pctile, median 66
Evidence depth
Financial-only
29 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
38
weak · capital discipline
Results
15
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 69.7%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-15 Cr.
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -10.5%.
- ▸Revenue CAGR is 11% but EPS CAGR is -6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching EMS Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 9 Sep - EMS received NHAI LOA for Varshamedi Fee Plaza operations; order value about Rs. 2,838.88 lakhs for one year.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 3 Sep - EMS Limited emerges L-1 bidder for Rs 218.65 crore Rajasthan sewerage project.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep - Newspaper Publication of 16th Annual General Meeting of EMS Limited, Details of E-voting and Record Date
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR)- Receipt Of Lowest Bidder (L-1) Status Awarded By Government Of Rajasthan 1 Sep - EMS Limited becomes L-1 bidder for Rajasthan sewerage work worth Rs 21,864.75 lakh, to be executed in 18 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 20 Aug - EMS Limited received LOA from UP Jal Nigam for sewerage works worth Rs.10,581.65 lakh, executable in 24 months.
Source: Bse
Announcement
Announcement Under Regulation 30 Of LODR- Receipt Of Lowest Bidder (L1) Status Received From Government Of Rajasthan 20 Aug - EMS Ltd became L-1 bidder for Rs 222.46 crore Rajasthan water infrastructure project in Udaipur.
Source: Bse
Announcement
Announcement Under Regulation 30 Of LODR- Receipt Of Lowest Bidder L-1 Status For Construction Work Of Water Treatment Plant 19 Aug - EMS becomes L-1 bidder for ₹190.86 crore Kota water treatment plant project, executable in 24 months.
Source: Bse
Announcement
Announcement Under Regulation 30- Intimation Of Receipt Of Highest Bidder (H-1) Status Received From National Highways Authority Of India For 2 Work Orders 18 Aug - EMS becomes H-1 bidder for two NHAI fee plaza operations worth Rs 4,221.83 lakhs for one year.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 15 Jul - EMS Limited received LOA for sewer network and house connections in Varanasi, worth ₹10,284.76 lakhs over 24 months.
Source: Bse
Announcement
Announcement Under Regulation 30(LODR) 13 Jul - EMS Ltd secured L-1 status for UP Jal Nigam sewerage project worth Rs 10,581.65 lakh over 24 months.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR), Receipt Of Lowest Bidder L1 Status By Delhi Jal Board 7 Jul - EMS becomes L-1 bidder for Delhi Jal Board sewerage work worth Rs. 15,828.57 lakhs over 15 months.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.