EMS share price today

EMS Ltd's share price was ₹304.70 at the close on 4 November 2026. It has been falling for 7 weeks. That is 19.6% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹271 and ₹511, and at that close it sat 14% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today EMS Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 9 weeks running.

Over the last 3.1 years the share price moved +14% while the NIFTY 500 moved +26%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 4 September 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue down on a year earlier for 4 quarters in a row, profit down on a year earlier for 4 quarters in a row and operating margin down 6 points on a year earlier.

1. Revenue down on a year earlier for 4 quarters in a row

   In the June 2026 quarter revenue was ₹157 crore, -34.3% on a year earlier.

   Why: Revenue fell because election restrictions and weather delayed civil work in Kolkata and Uttarakhand.

   Next results: check whether rain still limits how much civil work gets done.

   From the earnings call on 13 Aug 2026.

2. Profit down on a year earlier for 4 quarters in a row

   In the June 2026 quarter profit was ₹15 crore, -60.5% on a year earlier.

   Why: Profit fell because revenue dropped while fixed site costs such as labour and machinery rental stayed largely the same.

   Next results: check whether profit margin recovers as more order-book work turns into revenue.

   From the earnings call on 13 Aug 2026.

3. Operating margin down 6 points on a year earlier

   17% in the June 2026 quarter, from 23%.

   Why: Operating margin fell because revenue dropped while fixed site costs such as labour and machinery rental stayed largely the same.

   Next results: check whether operating margin recovers as more order-book work turns into revenue.

   From the earnings call on 13 Aug 2026.

For April to June 2026 (the quarter ended 30 June 2026), EMS reported revenue of ₹157 crore, down 34.3% from ₹239 crore a year earlier, and a profit of ₹15.0 crore, down 60.5% from ₹38.0 crore.

EMS results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

EMS' management discussed these results on a call held on 13 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

EMS closed at ₹304.70 on 4 November 2026, down 40.3% from ₹510.50 a year earlier (7 November 2025) and up 1.1% over three years. Its highest weekly close since September 2023 was ₹901.75 on 20 December 2024.

EMS share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

167 weekly closes from 22 September 2023 to 4 November 2026.

4 Nov 2026: EMS closed at ₹304.70, up 8.5% on the week and down 8.1% on the month. 18 Sep 2026: ex-date for a dividend of ₹1.50 a share, record date 19 Sep 2026.

Earlier

• 13 Aug 2026: EMS held its results call for April to June 2026. Management guided: FY27 revenue ₹902-950 crore.
• Results for April to June 2026: Revenue down 34.3% and profit down 60.5% on a year earlier.

EMS paid ₹1.50 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.49% at the ₹304.70 close on 4 November 2026. The last was a dividend of ₹1.50 a share, ex-date 18 September 2026.

EMS dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. EMS Ltd paid out 9% of its profit as dividends in FY26, and it paid a dividend in 3 of its last 7 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 13 August 2026, EMS' management guided: FY27 revenue ₹902-950 crore.

“By the end of this year, we would be at par with our FY25 numbers in terms of revenue, EBITDA, and PAT.”Ashish Tomar, Promoter & Managing Director, on the call for April to June 2026

What management guided

• FY27 growth of at least 50% versus last year; not reconciled with the separate revenue range.
• Q2 revenue 30-35% above Q1.
• Q3 and Q4 revenue growth above 50% sequentially.
• Operating margin 25% and profit margin 15%.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 13 August 2026.

When EMS reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Near-term revenue execution versus the latest quarter - check whether rainy-season constraints still cap the uplift.

EMS is not on any of our India lists this week.

EMS Ltd earned ₹15.0 Cr of net profit in the Jun 2026 quarter, −60.5% on the same quarter a year earlier. Full-year FY26 profit was ₹91.0 Cr. Over 6 years profit has grown 4.0% a year on average. That is 9.6% of the quarter's revenue. The same quarter a year earlier earned ₹38.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹91.0 Cr (−50.5% on the year before).

Why profit moved: revenue changed −34.3% on a year earlier and the margin moved −6.0 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed −63.6% and revenue −33.5%. Profit is growing slower than sales: rising costs are taking part of the growth.

EMS Ltd reported ₹157 Cr of revenue in the Jun 2026 quarter, −34.3% on the same quarter a year earlier. Over 6 years it has grown 14.4% a year on average. The last full year, FY26, came in at ₹731 Cr. The last four reported quarters add to ₹650 Cr.

Revenue is everything the company billed its customers in the period.

FY26 revenue was ₹731 Cr, −24.8% on the year before.

Recent pace: the last four quarters grew −33.5% on average, against 14.4% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew −34.1%, against −13.2% a year over the last 8 quarters (rolling over); profit over the last 12 months grew −63.4%, against −36.0% a year (rolling over).

EMS Ltd's operating margin was 17.0% in the Jun 2026 quarter, 6.0 percentage points lower than the same quarter a year ago. Across 7 years it has been between 20.0% and 31.0%. The latest quarter is below every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed −6.1 percentage points on the year while gross margin changed +2.9 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

Over the last 3 years EMS Ltd's operations used more cash than they brought in, so cash conversion was −22%, a gap worth watching. In FY26 its operations used ₹15.0 Cr of cash, against ₹91.0 Cr of profit. After ₹74.0 Cr of spending on assets, free cash was −₹89.0 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why −22% of profit came in as cash: the cash cycle got 230 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: less of the profit turns into cash than it should, and the cash cycle is 230 days longer. The next section looks at where the cash is stuck.

EMS Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 333 days in FY26, up from 103 days in FY21. It spent ₹129 Cr on assets over the last 3 years. Customers take 193 days to pay, and stock sits for 163 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹731 Cr, each day of that cycle ties up about ₹2.0 Cr, so roughly ₹667 Cr is tied up in the business at any time.

FY26: customers took 193 days to pay and stock sat for 163 days, about 5.4 months of sales sitting as stock, for a full cycle of 333 days, longer than FY21's 103.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 163 days. Customers pay about 193 days after that. Suppliers are paid at 24 days. Together that makes the 333-day cycle.

Spending on assets: ₹129 Cr over the last 3 years, against ₹27.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹37.0 Cr (FY26): assets paid for that are not earning yet.

In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit.

EMS Ltd's P/E is 24.8×, near the high end of its own history: higher than 73% of past readings. Its usual P/E (the middle reading) is 20.9×, over 3.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved −50.7% while the price moved −40.3%. The price did better than earnings, which pushed the multiple up within its own range.

Where the price move came from: over 3 years the price moved +0.4% a year; about −14.2% a year came from earnings growth and about +14.6 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple.

EMS Ltd's business is getting worse. Revenue and profit growth are shrinking: revenue growth is −34.1% in the latest quarter, against +28.1% at its best in 12 quarters, with ROCE falling at 10.2%. This is based on 12 quarters of 3 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: falling lines mean any ratio below that looks low should be read with that direction in mind.

This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

EMS Ltd earned a ROCE of 13% in FY26. Its return on capital used (ROIC) is 5.9 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 12.4% net margin and 0.55× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 12.4% net margin × 0.55× asset turnover × 1.26× leverage (assets divided by equity) ≈ 8.6% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 6.1% − 12.0% = −5.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

The 6.1% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 8.8%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

EMS Ltd has total debt of ₹154 Cr against shareholder equity of ₹1,058 Cr as of Jun 2026, so its debt is 0.15× its equity, which is very little. Year by year, that ratio went from 0.09 in FY23 to 0.15 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Domestic institutions cut their stake in EMS Ltd by 1.1 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 0.0% of the company. Foreign institutions moved −0.3 points over the same period, to 0.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: −1.1 points over 8 quarters, to 0.0%; Foreign institutions: −0.3 points over 8 quarters, to 0.4%; Promoters: +0.0 points over 8 quarters, to 69.7%.

Why the owners changed: domestic institutions drove it (−1.1 points). They reduced their stake.

For EMS Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

31.3 out of 100, rank 6 of 8 in Infra - Engineering - General, with 81% of the evidence available.

EMS Ltd scores 31.3 out of 100 against the 8 companies it is compared with in Infra - Engineering - General, ranking 6. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 7.3 + 12.8 + 3.2 + 8 = 31.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

EMS ranks 6 of 8 Infra - Engineering - General companies on the 4-Factor Sector Score, with 31.3 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Infra - Engineering - General, all 8 compared on one page.

EMS is the 6th largest of 8 Infra - Engineering - General companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Ircon International, ISGEC Heavy Engineering, Bondada Engineering and BGR Energy Systems. Just below it: Axtel Industries and Artson.

Infra - Engineering - General companies close in size

2. Ircon International Ltd ₹9,088 crore
3. ISGEC Heavy Engineering Ltd ₹7,170 crore
4. Bondada Engineering Ltd ₹2,943 crore
5. BGR Energy Systems Ltd ₹2,034 crore
6. EMS Ltd ₹1,560 crore
7. Axtel Industries Ltd ₹666 crore
8. Artson Ltd ₹576 crore

All 8 Infra - Engineering - General companies, largest first

Companies close in size in other industries

1354. Indian Hume Pipe Company Ltd ₹1,563 crore · Cement Products
1355. NGL Fine Chem Ltd ₹1,561 crore · Pharma - Animal
1356. EMS Ltd ₹1,560 crore
1357. Prizor Viztech Ltd ₹1,558 crore · CCTV Camera
1358. Bharat Rasayan Ltd ₹1,557 crore · Pesticides/Agrochemicals

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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