EMS Ltd Q2 standalone PAT rises 52% to Rs 22.92 crore sequentially

EMS Limited, referred to as EMS Ltd, reported standalone profit after tax (PAT) of Rs 22.92 crore for Q2 FY27, up 52.37% from Q1 FY27, after operating income increased 27.97% to Rs 160.89 crore despite the company citing a strong rainy season in the quarter ended September 30, 2026.

What drove EMS Ltd's Q2 FY27 standalone profit increase?

EMS Ltd attributed the sequential increase to slightly higher execution of works during Q2 FY27. Standalone operating income rose to Rs 160.89 crore from Rs 125.72 crore in Q1 FY27, an increase of 27.97%, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 40.32% to Rs 35.82 crore from Rs 25.53 crore.

The increase in EBITDA was faster than the increase in operating income over the two quarters. Profit before tax (PBT) rose 50.23% to Rs 30.74 crore in Q2 FY27 from Rs 20.46 crore in Q1 FY27, while PAT increased by Rs 7.89 crore from Rs 15.03 crore to Rs 22.92 crore.

EMS Ltd also reported H1 FY27 standalone PAT of Rs 37.95 crore, representing the combined result of the June and September 2026 quarters. The company’s announcement specifically noted the strong rainy season in the second quarter, while linking the increase in operating income to work execution.

How did EMS Ltd's consolidated Q2 FY27 performance compare?

EMS Ltd reported consolidated PAT of Rs 23.42 crore for Q2 FY27, up 51.21% from Rs 15.49 crore in Q1 FY27. Consolidated PAT was Rs 0.50 crore higher than standalone PAT in the September 2026 quarter, while consolidated operating income of Rs 193.90 crore was Rs 33.01 crore above the standalone figure.

Consolidated operating income increased 23.32% from Rs 157.24 crore in Q1 FY27, compared with the standalone increase of 27.97%. Consolidated EBITDA rose 37.52% to Rs 38.70 crore from Rs 28.14 crore, and consolidated PBT increased 49.27% to Rs 31.46 crore from Rs 21.08 crore.

The respective standalone and consolidated PAT figures were separated by Rs 0.46 crore in Q1 FY27, when they were Rs 15.03 crore and Rs 15.49 crore. In Q2 FY27, the difference widened slightly to Rs 0.50 crore, as consolidated EBITDA exceeded standalone EBITDA by Rs 2.88 crore.

Which segments contributed to EMS Ltd's consolidated revenue?

EMS Ltd's contractor segment generated revenue of Rs 165.3288 crore in Q2 FY27, compared with Rs 129.4473 crore in Q1 FY27. Its segment result before finance cost and exceptional items rose to Rs 36.4326 crore from Rs 25.8555 crore, making it the largest contributor among the three reported consolidated segments.

The flex sheets and paper-products segment reported Q2 FY27 revenue of Rs 27.4561 crore, slightly below Rs 27.7896 crore in Q1 FY27. Its segment result nevertheless increased to Rs 28.28 lakh from Rs 15.81 lakh over the same period, while segment assets rose to Rs 127.0118 crore on September 30, 2026 from Rs 111.8931 crore on June 30, 2026.

The ready-mix concrete (RMC) segment reported revenue of Rs 99.78 lakh and a segment loss of Rs 31.83 lakh in Q2 FY27. Its assets increased from Rs 4.01 lakh at June 30, 2026 to Rs 1.9318 crore at September 30, 2026, while its liabilities rose from Rs 92,000 to Rs 62.54 lakh.

What order book and project awards did EMS Ltd disclose?

EMS Ltd said its order book, including operations and maintenance (O&M), stood at Rs 3,152.78 crore as of September 30, 2026, compared with Rs 2,389.40 crore a year earlier. The disclosed order book was therefore Rs 763.38 crore higher than the September 30, 2025 figure.

During Q2 FY27, EMS Ltd disclosed L1 status for a Rs 218.65 crore sewerage project across six urban local bodies in Rajasthan’s Ganganagar, Hanumangarh and Churu districts. The project includes sewage treatment plants, sewerage networks, an 18-month execution period, a one-year defect-liability period and 10 years of O&M.

The company also disclosed L1 status and a letter of intent for a Delhi Jal Board sewer-lines project at Tikri Kalan valued at Rs 158.2857 crore, including goods and services tax, with a 15-month execution period. In Varanasi, it reported a letter of acceptance for a Rs 105.8165 crore project involving a 10 million litres per day sewage treatment plant and associated sewer works.

EMS Ltd additionally reported L1 status for a Rs 190.8627 crore Kota water-supply project, which includes a 100 million litres per day water treatment plant and five years of O&M after a one-year defect-liability period. A separate Udaipur water-infrastructure project had an order value of approximately Rs 222.4582 crore and includes proposed water-treatment capacity of 76.5 million litres per day and about 185.4 kilometres of distribution pipeline.

Conclusion

EMS Ltd’s Q2 FY27 disclosure showed sequential increases in operating income, EBITDA, PBT and PAT in both standalone and consolidated results. Standalone PAT rose 52.37% to Rs 22.92 crore, while the contractor segment supplied Rs 165.3288 crore of consolidated Q2 revenue, compared with Rs 27.4561 crore from flex sheets and paper products.

The next reported developments to watch are the conversion and execution of projects where EMS Ltd disclosed L1 status, letters of intent or letters of acceptance. The company identified execution periods of 15 months for the Tikri Kalan project, 18 months for the Rajasthan sewerage work and 24 months for the Udaipur project, alongside an order book of Rs 3,152.78 crore as of September 30, 2026.