EMS Limited, an ISO 9001:2015 certified, multi-disciplinary EPC company headquartered in Delhi, is a prominent player in India's water infrastructure and sewage treatment sector. Specializing in providing turnkey services for water and wastewater collection, treatment, and disposal, the company has been dedicated to sustainable development and promoting a cleaner environment since its inception in 1998. EMS offers end-to-end, single-source solutions encompassing engineering, design, construction, and installation of water, wastewater, and domestic waste treatment facilities.
The company's operations are primarily focused on Water & Sewerage Projects, which constituted 70% of its business in FY24. Within this segment, EMS undertakes Sewage Treatment Plants (STPs) and Sewage Network Schemes, as well as Common Effluent Treatment Plants (CETPs) under Wastewater Scheme Projects (WWSPs). Additionally, they execute Water Treatment Plants (WTPs), pumping stations, and pipeline laying for water supply under Water Supply Scheme Projects (WSSPs).
EMS excels in executing comprehensive Water Supply & Sewerage Infrastructure Projects. This includes expertise in gravity and pressure pipeline networks, Water Treatment Plants, Sewage Treatment Plants, reservoirs, and pump houses, complemented by complete Electro-Mechanical solutions. Beyond its core offerings, EMS Group Companies are also involved in diverse ventures such as Industrial Waste Treatment on a Public-Private Partnership (PPP) basis, Solar Power Generation, and International Turnkey Infrastructure Projects.
Since 2010, EMS has a strong track record of delivering quality services to various government bodies and municipalities. As of February 28, 2023, the company had successfully completed nearly 50 projects across five states: Bihar, Uttarakhand, Madhya Pradesh, Rajasthan, and Haryana. Over the past 13 years, EMS has executed a total of 67 projects and currently holds an order book of ₹1,745 crore, with 18 ongoing projects spanning WWTPs, WSSPs, EPS, and Hybrid Annuity Model (HAM) segments.
The company has also established subsidiary operations, notably SKUEM Water Projects Pvt. Ltd. This subsidiary owns and operates a Common Effluent Treatment Plant (CETP) with a capacity of 4.5 MLD in SIDCUL, operating under a Build, Operate, Own and Transfer (BOOT) model. The concession period for this CETP extends until 2035.
For the full fiscal year ended March 2025, EMS reported a net profit of ₹183.54 crore, marking a significant increase of 20.45% from ₹152.38 crore in the preceding year. Revenue for the same period rose by 21.75% to ₹965.83 crore, up from ₹793.31 crore in FY24.
- Q4 FY25: Net profit of ₹46.60 crore (down 1.67% YoY) on sales of ₹265.83 crore (up 8.39% YoY).
- Q3 FY25: Net profit of ₹50.50 crore (up 35.28% YoY) on sales of ₹245.29 crore (up 22.92% YoY).
- FY25 Performance: Net Profit of ₹183.54 crore, Net Sales of ₹965.83 crore
- FY24 Performance: Net Profit of ₹152.38 crore, Net Sales of ₹793.31 crore
- Market Capitalization: ₹3,383.21 crore (as of July 7, 2025)
- Promoter Holding: 69.70% (as of March 2025)
- P/E Ratio: 18.43
- P/B Ratio: 4.23
As of July 7, 2025, EMS Limited has a market capitalization of ₹3,383.21 crore. The stock has experienced a 52-week high of ₹1,016 and a 52-week low of ₹535.05. The company trades at a Price-to-Earnings (P/E) ratio of 18.43 and a Price-to-Book (P/B) ratio of 4.23. Promoter holding stood at 69.70% as of March 2025.
The Board of Directors has recommended a final dividend of ₹1.5 per equity share (15%) for FY25, subject to shareholder approval. The current dividend yield is 0.25%.
EMS has recently secured substantial contracts, underscoring its robust market position:
- In June 2025, EMS was awarded a significant ₹781.98 crore pollution abatement contract by the Kolkata Municipal Corporation, encompassing a 36-month execution period followed by 15 years of operation and maintenance.
- The company received a ₹104.05 crore water supply project from UP Jal Nigam, with an execution timeline of 24 months.
- Another sewerage project contract, valued at ₹98.8 crore, was awarded by UP Jal Nigam, featuring an execution period of 21 months.
EMS has demonstrated technological advancement with its capability in Minimal Liquid Discharge (MLD) for STPs, reaching an 80 MLD capacity. The company's progression from a 4 MLD size project in 2024 to an 80 MLD capacity highlights its commitment to innovation in wastewater treatment.
EMS Limited entered the public markets in 2023 through an Initial Public Offering (IPO). The company offered 1,52,24,925 equity shares, raising ₹321 crore. This comprised a fresh issue of 69,30,807 equity shares (₹146 crore) and an offer for sale of 82,94,118 equity shares (₹175 crore). The company was listed on September 21, 2023.
EMS Limited, with its core expertise in water supply and wastewater projects, is strategically positioned to benefit from India's increasing focus on water and sanitation. The government's heightened allocation for these critical sectors provides a strong impetus for the industry. The Department of Drinking Water and Sanitation received an allocation of ₹77,390 crore for FY25, maintaining a high level of funding.
The management anticipates approximately 30% revenue growth in FY25, aiming to reach the ₹1,000 crore milestone. The company is virtually debt-free and has demonstrated strong profit growth with a Compound Annual Growth Rate (CAGR) of 20.4% over the last five years.
With India's escalating emphasis on water infrastructure development and sustained government investment in water and sanitation projects, EMS Limited is well-placed to capitalize on the growing demand for water treatment and sewerage infrastructure solutions across the nation.
