EMS LimitedInfrastructure & ConstructionEMSLIMITED
Q1 FY27 concall · earnings callEMS Limited
The company is recovering from a period of project delays and restrictions, aiming to return to FY24-25 revenue and margin levels by year-end.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Stand-alone Operating Income | ₹125.72 Cr | 50% | |
| Stand-alone EBITDA | 25.53% | 39.81% | |
| Stand-alone PAT | ₹15.03 Cr | 184.65% | |
| Consolidated Operating Income | ₹157.24 Cr | 30% | |
| Consolidated EBITDA | ₹28.14 Cr | 31.62% | |
| Consolidated PAT | ₹15.49 Cr | 1.28% | |
| Order Book | ₹2,329 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹245.29 Cr+22.9% YoY+5.1% QoQ | ₹50.59 Cr+35.2% YoY+1.9% QoQ | ₹9.09+23.3% YoY+1.7% QoQ |
| Q2 FY25 | ₹233.47 Cr+10.9% YoY+13.2% QoQ | ₹49.65 Cr+9.5% YoY+33.6% QoQ | ₹8.94-4.8% YoY+33.8% QoQ |
| Q1 FY25 | ₹206.28 Cr— YoY-15.9% QoQ | ₹37.16 Cr— YoY-21.6% QoQ | ₹6.68— YoY-26.9% QoQ |
| Q4 FY24 | ₹245.26 Cr— YoY+22.9% QoQ | ₹47.38 Cr— YoY+26.6% QoQ | ₹9.14— YoY+24% QoQ |
| Q3 FY24 | ₹199.56 Cr— YoY-5.2% QoQ | ₹37.43 Cr— YoY-17.5% QoQ | ₹7.37— YoY-21.5% QoQ |
TL;DR
- Q1 FY27 showed strong sequential growth, with stand-alone operating income up 50%.
- Management expects further growth in the coming quarters, targeting FY27 revenue of Rs. 900-950 crores.
- Profit margins declined due to fixed costs during project slowdowns and are expected to recover as execution ramps up.
- Order book stands at Rs. 2329 crores, with new orders continuing to be secured.
- Execution in key projects like Kolkata is expected to improve significantly from Q3 onward.
Said on the call
“If we are going to jump another 50% in next quarter, hypothetically, maybe 30% we are planning to jump. And again 40%, 50%.”
From the Q&A
| Topic | What management said |
|---|---|
| West Bengal Project Execution | Restrictions have lifted, but execution rates of Rs. 70-80 crore will likely only be achieved from Q3. Q2 revenue from the sewer line project will be lower. |
| Bidding Pipeline | In Q1, converted bids to work orders of Rs. 317 crores. In Q2, received a work order of Rs. 158 crores and are L1 for a project in Banaras exceeding Rs. 100 crores. |
| Margin Contraction | Explained as due to fixed establishment and machinery costs during revenue slowdowns caused by heavy rains and other restrictions. Margins increased from 6.3% PAT in Q4 FY26 to 11.95% in Q1 FY27 and are expected to return to normal levels with revenue growth. |
| Working Capital Days | Stated as around 120 days. |
| Order to Revenue Conversion | Typically takes 8-9 months after a work order is issued for real revenue to start. Project timelines are 2-3 years. |
| FY27 Revenue and Margin Outlook | Targeting revenue of Rs. 900-950 crores, aiming to be at par with FY24-25 EBITDA and PAT levels. Expects Q2 revenue to be 30-35% higher than Q1, with Q3/Q4 growth exceeding 50% quarter-on-quarter. Confident in achieving margins similar to the order book built. |
| Geographic Revenue Mix | Q1 revenue was about 42% from Uttar Pradesh and about 61% from Uttarakhand. |
Guidance
- Aiming for FY27 revenue to be at par with FY24-25, i.e., Rs. 900-950 crores.
- Expects to be at par with FY24-25 numbers in terms of revenue, EBITDA, and PAT by the end of this year.
- Q2 revenue expected to be 30-35% higher than Q1, with Q3 and Q4 growth exceeding 50% quarter-on-quarter.
- No major CAPEX plans for FY27 as of yet.
Source
Summary written from the transcript filed by EMS Limited for the call held on 19 Aug 2026; published 19 Aug 2026, 16:31 IST.
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