EMS Limited Q1FY27 revenue rises 50% as management guides for ₹900 to ₹950 crore FY27 revenue

EMS Limited reported a 50.27% year on year rise in standalone operating income to ₹125.72 crore in Q1FY27, while standalone profit after tax jumped 184.65% to ₹15.03 crore. The company said higher execution in water supply and sewerage projects supported the revenue growth.

Consolidated revenue from operations increased 30.49% to ₹157.24 crore, while consolidated PAT rose 171.28% to ₹15.49 crore. Management has guided for FY27 revenue of ₹900 crore to ₹950 crore, with stronger execution expected in the second half of the year.

EMS Limited Q1FY27 financial performance

Metric	Q1FY27	Q1FY26	Change
Standalone operating income	₹125.72 crore	₹83.66 crore	50.27%
Standalone EBITDA	₹25.53 crore	₹18.26 crore	39.81%
Standalone PAT	₹15.03 crore	₹3.74 crore	184.65%
Consolidated revenue	₹157.24 crore	₹120.50 crore	30.49%
Consolidated PAT	₹15.49 crore	₹3.81 crore	171.28%

The company said revenue growth was supported by higher execution in its core infrastructure projects. Standalone PAT margins also improved to 11.95% in Q1FY27 from 6.3% in Q4FY26.

Order book and new orders

EMS Limited reported an order book of around ₹23,289 crore as of June 30, 2026. During Q1FY27, management said the company secured work orders worth about ₹317 crore. It also received a further order worth around ₹158 crore in Q2FY27 up to the August 13 earnings call.

The company has an active bidding pipeline of ₹2,500 crore to ₹3,000 crore across Delhi and Maharashtra, with bids also underway in Bihar, Madhya Pradesh and Karnataka.

FY27 revenue guidance

Management expects revenue to rise 30% to 35% sequentially in Q2FY27, followed by more than 50% quarter on quarter growth in Q3 and Q4. Q4 is expected to be the strongest quarter, while Q2 is expected to remain weaker because of seasonal factors.

Management attributed recent margin pressure to fixed establishment and machinery costs during periods of lower execution caused by heavy rains and election related restrictions. Margins are expected to improve as project execution increases, although competition could keep them below earlier levels.

Working capital remains an execution factor

EMS said its normal working capital cycle is around 120 days. The company estimates that ₹300 crore to ₹350 crore of working capital is required for ₹1,000 crore of turnover.

Management also noted that delays in government payments can affect project execution and cash flows. This will remain important as the company works through its large order book.

What investors should watch

Investors will watch the pace of project execution, revenue growth and margin recovery through the next two quarters. Client concentration is another factor, with Uttar Pradesh and Uttarakhand accounting for significant portions of recent revenue.

EMS also has to convert its large order book into revenue while managing working capital requirements. The company's ability to deliver the FY27 revenue guidance will depend on execution during the second half of the year.

What is the FY27 revenue target of EMS Limited?

EMS Limited has guided for FY27 revenue of ₹900 crore to ₹950 crore, with management expecting stronger execution in the second half of the financial year.

What were EMS Limited's Q1FY27 results?

EMS Limited reported standalone operating income of ₹125.72 crore in Q1FY27, up 50.27% year on year. Standalone PAT rose 184.65% to ₹15.03 crore.

What is the order book of EMS Limited?

EMS Limited's order book stood at around ₹23,289 crore as of June 30, 2026. The company also received new orders worth about ₹317 crore during Q1FY27.

Is EMS Limited's revenue expected to grow in FY27?

Management expects revenue growth to accelerate during FY27, with sequential growth of 30% to 35% projected for Q2FY27 and more than 50% quarter on quarter growth expected in Q3 and Q4.

What is the working capital cycle of EMS Limited?

EMS Limited said its normal working capital cycle is around 120 days. Management estimates that ₹300 crore to ₹350 crore of working capital is required for ₹1,000 crore of turnover.

What does EMS Limited do?

EMS Limited is an EPC company involved in water supply, sewerage, water and waste treatment, electrical transmission and distribution, road works and related infrastructure projects.

What is the latest EMS Limited share price?

EMS Limited shares were trading around ₹395 on August 19, 2026, according to the latest market data available at the time of writing.

What should investors watch in EMS Limited?

Investors will be watching project execution, revenue growth, margin recovery, working capital requirements and the company's ability to convert its large order book into revenue.