Ems Ltd (NSE: EMSLIMITED) Q1 2026 Earnings Call dated Sep. 03, 2025
Corporate Participants:
Unidentified Speaker
Ramveer Singh — Chairman and Executive Director
Ashish Tomar — Managing Director and Chief Financial Officer
Analysts:
Unidentified Participant
Dinesh Kulkarni — Analyst
Paras Arvind Chheda — Analyst
Tejas Khandelwal — Analyst
Vineet Jhunjhunwala — Analyst
Pankaj Motwani — Analyst
Hari Prasad — Analyst
Presentation:
operator
Fy 26 FY26 for EMS Limited. As a reminder, all participant lines will be in the listen only mode for EMS Limited. As a reminder, all participant lines will be in the listen only mode. There will be an opportunity to ask questions after the management management discussion concludes. Should you need assistance during the conference call, please signal an operator by pressing star followed by zero on your touchstone phone. EMS Limited was incorporated in 2010 by Mr. Ramveer Singh and Mr. Ashish Tomar and is involved in the business of sewage solution provider, water supply system, water water and waste treatment plants, electrical transmission and distribution, road and allied works operation and maintenance of wastewater scheme project and water supply scheme project for government authorities bodies.
Let us now begin with the introduction of the management team we have with us today Mr. Ramveer Singh, Promoter and chairman of the company. Also joining us today is Mr. Ashish Tomar, promoter and managing director and HK Consulate Consulting consultant engineering operations at EMS Limited. I would now like to request Mr. Ramire Singh, promoter and Chairman to give his opening remarks over to you. Sir.
Ramveer Singh — Chairman and Executive Director
Namaskar. Hello.
operator
Please go ahead.
Ramveer Singh — Chairman and Executive Director
Ramir Singh, Chairman of EMS Limited Or.
Ashish Tomar — Managing Director and Chief Financial Officer
Hello.
operator
Can I open the line for questions?
Ramveer Singh — Chairman and Executive Director
Yeah, yeah. Consultant Engineering operation the result of this June 25 as we have given the revenue is 211.32 crore against 203.72 crore last year of the same quarter and earnings of 37.38 crore against 36.84 crore. That is just 3.73% up in terms of revenue and 1.46% up in terms of the reason behind that. We were looking for 25% 20 to 25% growth in this quarter. But as the rainy season was a bit early and we couldn’t perform in last 15 days of the June due to rains because we work underground for laying sewage and water supply lines.
So the results are not as per the expectation line. These are subdued to our expectation although they are higher than the previous similar period. We will try to maintain it in the quarter, not in next quarter but in the later half of the year. Because this time rainy season is at peak. Unexpected higher rains are there and we are feeling difficulty in maintaining the revenue for this quarter as well. Because over groundworks we are continuing and we are doing it on a robust basis. But underground works are is still suffering. So that is our remark.
Now I think we can open the question and answers. Thank you.
Questions and Answers:
operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your Touchstone Telephone. If you wish to remove yourself from the question queue you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Dinesh Kulkatni with Finse.
Dinesh Kulkarni
Hello sir. Thank you for giving me the opportunity and I appreciate your, you know, information that we had fields difficulties in this quarter, the previous quarter and expected to continue this quarter as well. So are we going to like say we have mentioned that earlier 20, 25% of revenue, at least 25% of revenue growth we are expecting for this fiscal year. So are we still going ahead with that or there is a change in that? If you could, you know, please elaborate on that.
Ramveer Singh
Yeah, definitely we are looking for the same growth if we see yu y because we are doing at present we are doing procurements and other design drawings and other things but we are unable to lay the sewer in this rainy season in most of the places. So we can make it up in later half year basically from September onwards up to our onwards rather in six months because there are milestones in getting the payment. So if we are doing procurement we are doing the expenditure but we are not getting the payments. That is why the revenue will suffer in September as well due to this rainy season.
But in next two quarters, that is last two quarters of the financial year we will definitely make it up because receivables will be more and we will execute the works of Silver Lane in that period. We will make it up and STPs and WTP works and other building works are in progress with full swing as of now also. That’s it. Thank you.
operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question. Next question comes to the line of Paras Cheddar with Papillion Vertex Ventures LLP Square.
Paras Arvind Chheda
Thank you sir for your time and address here. Just couple of questions we understand. So second half may we will be able to catch up. Right. So now there are two operating margins, EBITDA margins that used to be in the region of 28 to 30% which now of course for the last two years has come down to 2627 percentage. So on a full year basis last video quarter Q1 was about 23% odd. So for a full year basis or what kind of and longer term sustainable EBITDA margins we understand there is competition etc but just that also this is.
Ramveer Singh
This is a civil engineering industry and it’s not competition but we are definitely looking for more than 20% every time. And that is our pet basically. And, and, and the growth of the revenue 25 to 30% we are still looking for because we are managing in a way that rainy season is affecting our Q1 and Q2 but it cannot affect our yearly performance on revenue basis. That is we are managing the single like that.
Paras Arvind Chheda
So 20% are PAT margin model basically and not EBITDA margin.
Ramveer Singh
Correct. Correct margin. Correct.
Paras Arvind Chheda
Okay. And 2025
Ramveer Singh
we are, we are consistently. Giving that margin since last one plus minus 1% is always there in such industry because we take the work on EPC basis from the government and some contracts may give a bit better results and some context may shrink the margins. But 20 plus minus one one and a half percent target for every time as far as standalone profit of the company is concerned.
Paras Arvind Chheda
Yeah. So just to be very clear, so let’s say sir about, let’s say about last year thousand crores arrangement 972 to be exact. But thousand crores and say we say get 20 25% growth hoga or somewhere around 1200, 1250 crores. About 20% expectation.
Ramveer Singh
Correct? Correct. Correct.
Paras Arvind Chheda
Okay understood sir. And then second question sir. As of now current order book outstanding and what is the amount of the bids that we have put into the system?
Ramveer Singh
The the current order book unexpected orders is around 2500 crore. And we are, we have achieved or we have, we are successfully achieved two orders of 200.
Paras Arvind Chheda
And on that sir Kitna wind ratio are you expecting roughly
Ramveer Singh
usually 5015 type. Of thing plus minus something. So we can still get 600 crore rupees up to December this year. And this is a continuous process. We keep on bidding and keep on getting orders. So 600 crores we can still get. So it will be around 3,000 crore by the end of December. The order unexecuted order book and we can easily do the turnover of 12, 50, 1300 crores. Because in this typical the completion period is about two years the week calculated on the basis of two and a half years. So 40% of the order book. We can always execute with these.
Paras Arvind Chheda
Okay. Understood. Siri last query Miranda. In terms of you know government focus on water projects and you know government spends basically. So sir, medium term outlook, you know whether this has sort of peaked in terms of you know in terms of business growth for you know, for the industry. I mean in terms of growth potentially you know spending from the government side is that sort of being capped, you know because some water supply projects. So how is that being addressed? Or upcoming business.
Ramveer Singh
Actually. Actually this is a confusion with the Jalgivan mission. So though we are not executing any work of Jaljeevan mission. Even then I would like to explain something about Jivan mission also. What happened in Jalgivan mission? Basically there is a allocation of the mission from the central government around 3 lakh crore rupees for the mission. What happened? They estimated that in every district there will be a bar quite higher side say around thousand crore per district or even 2000 crore per district. So in all over India this is the theme. That the tendered amount of the work was much, much higher than the allocation for the funds.
So what happened? The execution also happened. And receivables of the companies have increased. Because funds were funds for having the cap from the central government and the state government. So this happened in J1 mission which is giving something unwanted senior type of thing. That there is a shortage of fund in the mission and all that. As far as we are concerned, we are not at all doing any work of the mission. We are concerned only on. Only with the central government funded schemes like Amrit Namami Gangay, that is NMCG and Jayaka and ADB funded schemes which are given only on the basis that there are funds available for that.
So we are not having any crisis of fund whenever the work is executed. Because all tenders are done as a mission by the state mission director. And that is sent to the central government for the consent of the funds. After the consent of the fund tender is done and tender is accepted. So there is no issue of funds in amra. And your other question was probably taking the scope of the work into consideration. How much scope is there in in coming few years
Paras Arvind Chheda
going forward? Wastewater projects. Yes.
Ramveer Singh
Yeah. So let me tell you that about 15 lakh crore rupees potential of the work is there in only urban cities like municipal corporation, municipalities and town area committees. We have only done 3 lakh crore in Amrit. So you can understand that the fourth up to 20 years we will have the same flow of the funds. Because this is now the mission taken by the central government as a. As a. As an act, as a water act. The responsibility lies with the municipal corporation for supplying the drinking water and to dispose of the wastewater from the every household.
So the scope is tremendous. And I mean so much scope is there that 50, 60 companies of our size can be saturated with the workload without any issue for as many years as we are living on the earth. So that is the question. I think I have answered the scope of the work and the further enhancement of the work is reuse of the wastewater. Basically because we are going to become a water crisis country. And so many places in India are dark places, brown places and we are having water scarce. So we are now making the schemes which are based on the reuse of the water means the wastewater is treated to the stringent parameters fit for the either for agriculture or for washing or for gardening or even for the use in boilers of NTPC bhl.
And there are so many regulations, so many act which are working for that. So now the scope of work, quality of work, quality of wastewater treatment is continuously increasing. So there is no, I mean there is no second thought that we will be anytime losing the scope of work for us.
Paras Arvind Chheda
Right. So basically the growth will continue more or less is what you’re saying because there is huge potential pending. Right? And secondly focus water and sewage projects give and take. I mean there is no thought.
Ramveer Singh
Water or wastewater 75 business electrical transmission, building works, wastewater treatment plants, eligibility criteria building works or similarly electromechanical work, wastewater treatment or water treatment electrical experience that is one reason. Other reason is around 20% maintain being in this industry of infrastructure. So priority sector. Priority sector water supply or seawag.
Paras Arvind Chheda
Understood sir fine. Thank you so much.
Ramveer Singh
Thank you.
operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of teachers Khandelwal with prudent equity. Please go ahead.
Tejas Khandelwal
Oh yeah hi sir. So my question was for this EMS Real Tech Private limited which we have acquired recently. So what what kind of operations or does that company have and what kind of projects company have in real estate development land bank. Okay. As I can see that it is value. Second question was on this order book only. So in how many contracts are we or 11 bidders as on today
Ramveer Singh
that. Is at Fatah up that is for around 185 crore rupees. We are L1 bidders and some formal meetings are going on at the government level. They will approve it and we will get letter of intent say within 15 days or so.
Tejas Khandelwal
Okay, thank you. That’s all. From other.
Ramveer Singh
Thank you.
operator
Thank you. Next question comes from the line of Dinesh Kulkarni with finse.
Dinesh Kulkarni
Hello sir, sorry my having some network issues and not able to connect. May have missed some questions. But sir can you just repeat once again like if you can mention that will be able to achieve 25% of the growth for this year as well margin improvement. You know it will be remain or it will be Lower than what we are expecting.
Ramveer Singh
We will achieve, you know, our revenue growth. The projection for our revenue, that is around 1200, 1250. And in terms of percentage, it will be around 25 for this year. And EBITDA margin will remain Almost same with plus. Minus 1% is always there, but it will remain the same.
Dinesh Kulkarni
Okay, that’s great, sir.
Ramveer Singh
In terms of percentage, of course.
Dinesh Kulkarni
Yeah, yeah, definitely. So a question in terms of what you’re saying is key. We are not able to do our work because of the rainy season and all that. Has this impacted our working capital requirements in any ways that you are like, I’m assuming capital payments. So, you know, government,
Ramveer Singh
we are even. Doing the less work now. So we are getting less payments. Our payment cycle is same still whether it is a rainy season or not. So there is no payment crisis because whatever we are doing, we are doing less and we are getting less. And when we will do more, we will get more. So no payment cycle is affected in any way.
Dinesh Kulkarni
Okay, so that is not impacting our current liabilities in any way, right?
Ramveer Singh
No, because. Because all the work is from government. If we are doing less, we will get less. If we will do more, we will get more. So payment cycle is not affected.
Dinesh Kulkarni
Okay, sir. Thanks. Sir, we had, we wanted to acquire this bridge, you know, the paper company. Any update on that? Like what, what is the status, final status on that now, how much we have paid for that? And finally.
Ashish Tomar
Yeah, that has already been done. It was already communicated in the March 2025.
Dinesh Kulkarni
Okay,
Ashish Tomar
yeah, so we have acquired 60 stake in that company.
Dinesh Kulkarni
Okay. So are we planning to acquire the rest 40 or like, I mean, I don’t see any reason to keep it, you know, as a minority or, you know, subsidiary company, any reason for that.
Ashish Tomar
So by paying 60, we are able to use that land for 100% value. So I think we don’t need to pump in more. Money into that company. We are only using that company to pledge the land as collateral for getting bank facilities in shape of bank guarantees. So that purpose is always being served.
Dinesh Kulkarni
So fine, but just still the question we had last time when we discussed, so what is the purpose of the land? Say, obviously we are, you know, mortgage kind of a thing or using it as a collateral. But still
Ramveer Singh
that is the purpose of the land.
Dinesh Kulkarni
Yeah, but still the land remains vacant, right? I mean, what’s the use of the actual, you know, is there anything productive happening on the land?
Ramveer Singh
No, no, was a running company.
We acquired it from nclt. Right. Okay. So the operations that are going on at on that land are in addition to the value that we paid for.
Dinesh Kulkarni
Okay, so. So what is the worth of operations? I want to understand in terms of say revenue and
Ramveer Singh
I think in revenue wise I think it is going to generate revenue of about 100 crores per year. And margins as it is in manufacturing unit margins would be in range of 6 to 8%. So this is without requiring any money being pumped in from the owning companies.
Dinesh Kulkarni
Right, so 6 to 8% is the pat margin you are seeing, right?
Ramveer Singh
Yeah.
Okay so that is additional that we are getting without putting in any money.
Dinesh Kulkarni
So so basically we can assume 60% of of that earnings and you know, but the revenue belongs to ems, right?
Ramveer Singh
Yes, yes.
Dinesh Kulkarni
Okay. And with no further capex plans on this.
Ramveer Singh
Yeah, no further capex plan.
Dinesh Kulkarni
Okay. Okay, that sounds great sir. I think that’s it from my answer and look forward to good results. Thank you very much. Yeah.
operator
Thank you. Next question comes on the line of Rishabh and individual message please go ahead.
Unidentified Participant
Yeah, hi sir, am I audible?
Ramveer Singh
Yeah, you are audible.
Unidentified Participant
Fundamental questions. Firstly on JSON Bolrans we are planning to grow at a 25 growth number and given our cash cycle so most likely we would like to date all in what is your expected gross debt assumption? Debt to EBITDA estimate.
Ramveer Singh
I think this is mistaken already because we are debt free as of now. So in addition to that project in which that is a mandatory to take debt to provide equity and to do the financial closure. So there is no debt on our company.
Unidentified Participant
Okay.
Ramveer Singh
On EMS limited there is no debt till date we are debt free company except that the Hemp project which is a separate SPV and that is having a debt as a financial closer. So we are debt free already. Already we have never taken that. Basically we have the facility for debt but we have not not taken that and we are not looking for that. That is why we always say that we are looking for 25 to 30% growth because this is the organic growth which we can maintain with internal accruals without taking debts. So that is our philosophy.
Otherwise seeing the scope of work we could have grown with the 50% also. But that is 25 to 30% growth is our target. Because we don’t want to take any debt. That is our company policy that we won’t take any debt. As as per the thinking at present.
Unidentified Participant
Understood. Order book is currently roughly 2500 crores, right? Expected execution timeline is like 12 months. 12 to 18 months
Ramveer Singh
actually in different tenders there are. There is different time of completion and usually, usually it is 2 years. Usually it is 2 years and sometimes it is 1.5 years. Somewhere it is 2.5 years. So usually if you take an average the completion period is two years. But as a safety we presume it to be 2.5 years because there is some period which is used in engineering design survey finalization and approvals. So we take it 2.5 years. So it is very safe to assume in our industry, in our type of industry that whatever is the order book, you can execute 40% of that order book in coming year.
So agar Mera book say 2,200 Karolta 1100 Karol execute Kadunga design approvals of Hochuka Better Managed Company 40% of the order book turnover.
Unidentified Participant
Thank you for the detailed answer. The class small request if the company can provide quarterly presentations. I think Q1 upload. So that would be really be helpful for the investors
Ramveer Singh
presentation. Q1 presentation? Yes, that, that. That we will upload.
Unidentified Participant
Sure. Thank you. That’s it from my side.
operator
Thank you. Next question comes to the line of Vineeth with Ashika. Please go ahead.
Vineet Jhunjhunwala
Am I audible?
Ramveer Singh
Yes, yes please.
Vineet Jhunjhunwala
Question is related to this execution risk because of rain. So are we looking into next quarter? So are we looking to ramp up adjacent products like power distribution? Yeah, doing more O and M contracts this time for the next to grow. So you don’t see no obligations to reach to that target.
Ramveer Singh
I got your question. Basically every June, every first quarter after this April to June is always a slower quarter. In place of 25% of the revenue usually we complete 20 revenue of the total year. It is a trend of the industry or because in March we get all the receivables. So in June it is generally a slower quarter and next quarter is also slower because rainy season starts usually from July and it ends up to August and mid September. But this year it was 15 days earlier. Most of the places rainy season. That is why although we set up that quarter to quarter, we are still 4% up in terms of revenue.
But because we lost our 10 to 15 days that comes around, you know 12 to 15% of the revenue we could have generated by doing the work in that period which we couldn’t do as far as fetching up in the coal year is concerned. We are still doing lot of work not in the field of sewer laying and water supply. We are still doing the works related to STPs, buildings, WTPs and all other works which are not being affected by the rainy season. We are also doing the necessary procurements on the sides. So we are not sitting idle basically seeing the rainy season, we are doing it.
And that procurement will ultimately be converted into the real civil work and that will generate the receivables from the time when you know monsoon season is off, say by the end of September or something. So usually those people who are doing the stormwater drainage work, sewage work, water supply, laying work, they are usually 40 in H1 and 60 in H2. That is a usual trend all along the years. If you see our you will find like that only. But this year it could remain 35% in first half 1 and 65% in S2. So due to that rainy season.
But it is not affecting our overall revenue or overall profits. This is just an unprecedented rain which has caused some hindrance and affecting and apparently giving the results as they are, they have grown only by 4%. So I think I have made it clear. Okay. How it goes?
Vineet Jhunjhunwala
Yeah. Thank you sir.
operator
Thank you. Next question comes to the line of Paras Cheddar with purple one Vertex Venture llp. Please go ahead.
Paras Arvind Chheda
I mean business wise though at least we’ve understood only one thing. Investment hold as a significant investment in Polymatic Electronics at some point which value unlocking etc as long term investment investment long term investor is what the thinking is. Yeah.
operator
Thank you. Next question comes from the line of Pankaj Mutwani with Equidus. Please go ahead.
Pankaj Motwani
Yes, thank you for the opportunity. So I just have some one single bookkeeping question. So like as per your disclosure this company. So like you were saying this like the Bridge Bearish company is using 20 of the property plant equipment. And for the.
Ramveer Singh
Can you please, can you please, can you please talk a bit louder.
Pankaj Motwani
So I’m saying the this Bridge Bihari company. So like you have mentioned that the 20 like you are using 20 of. The property plant equipment in this company. So and. And the rest 80 is not being used. So like you are not charging depreciation on this asset. So my question is like the as per India 16 so like the depreciation is start like whenever the site is is intended. Like the site is is available for use. And so my question was on that like the set is like if you have the asset available for use so. So why aren’t we charging the application on the same depreciation?
Ramveer Singh
Just wait a second please.
Pankaj Motwani
Yes,
Ramveer Singh
Hello.
Pankaj Motwani
Yes. Yes sir.
Ashish Tomar
Yes. So sorry I was not able to I think correctly understand your question.
But I think you’re asking if we are claiming depreciation on the asset. Is that your question? Sir,
Pankaj Motwani
my question is like you said this 80% of the asset we are not using. That’s why we are not charging depreciation. Depreciation on that?
Ashish Tomar
No, I, I, I, I don’t think I ever said that. No. So it, so, so it is mentioned was that we have acquired 60% stake in that company.
Pankaj Motwani
Yes, I got it but I, I’m saying this, this, this disclosure is mentioned in Your, in your Q1 results. That’s why I’m asking
Ashish Tomar
where is that? We are not using 100 of the machinery that is present there.
So I think we are only claiming depreciation on the machinery that has, that. Are currently being used.
Pankaj Motwani
That I understand but as per, as per entire 16. So in the 16 what, what what India 16 says so as the industry depreciation should should start when the effect is ready for use. Irrespective if we are not using you should book deposition.
Ashish Tomar
It is not put to you. Sir,
Pankaj Motwani
I am seeing depreciation should charge whenever the asset is ready for use. Irrespective
Ashish Tomar
the whole asset is not ready for use.
Pankaj Motwani
Okay, but I think as you, you have said that this company was actively working before our equation was not ready.
Ashish Tomar
The whole plant was not operational.
There are four to five machineries. Out of that two machineries were operational.
Pankaj Motwani
Okay, so like we have. Yeah. Income capex on on those machineries.
Ashish Tomar
No, we don’t plan to invest any money in this company. If the company is able to generate money to start those machineries then it may start. But EMS limited is not going to pump in any money in that company. Our primary objective was to use this land for mortgaging to the bank. And it will remain so any business or income that is generated in that. Company. Through its own assets or what is additional benefit to the company.
Pankaj Motwani
Okay so like if those machine, if those machinery like you like you don’t want to use those machinery. So, so any plans
Ashish Tomar
we don’t want to put in any money in that company because it is not our primary line of business. But that company on standalone basis generates enough revenue or income to start those machineries then it is fine. Just I’m saying the 80% of the machinery. So like those 80% of machinery like do you want to sell them because you are not using them and you don’t want to.
We are also, we are also thinking on that line. We are assessing the scrap value. If it is acceptable and seems. The. Market, the rates seem appropriate then the company may decide to scrap those machineries.
operator
Thank you Mr. Motuani. Please rejoin the queue for more questions. A reminder to all the participants, Satyma plus Darren want to ask a question? Next question comes from the line of Ruth Vesswara, an individual manager. Please go ahead.
Unidentified Participant
Yeah, good afternoon. I’ve been invested in your company for. About two years now and it’s been a good journey, sir. But take the observation which I wanted to ask. The rate of order flow on.
Ramveer Singh
Rate of order flow, if you can explain a bit more, what does it actually mean? We are getting continuous orders and our unexecuted order book is increasing continuously. And the bidding we are doing is also increasing. We are. We are under more than 4000 crore rupees built in pipeline and 2005 crore rupees order book in hand. So exactly. I couldn’t get your valuable point. Basically. Yeah,
Unidentified Participant
before. Before you had joined, sir, about nine months back the SI call at that time our order in hand was about 2,000. 2,200 crore.
Ramveer Singh
Yeah.
Unidentified Participant
And the number of bits we had done about was four, four and a half thousand. So quickly now anyway, what I’m saying is about.
Ramveer Singh
Whatever, whatever orders we are going, we are also executing now that. Is why. This is as on that unexecuted order book. Once the execution is done, that is deducted from the standing order books. So we have
Unidentified Participant
order closure the same rate. Or.
Ramveer Singh
Rather, rather we have executed say in last nine months 600, 700 crores rupees order. So that is deducted. Now from the at that time order book it is deducted and fresh order it has added. So now IT has achieved 2200-2500 crore rupees order book. So order book is increasing. That is net order book. Basically it’s not only that this is the order book is a field. This is always calculated unexecuted works. Basically works is our order book in our terms.
Unidentified Participant
Whenever you win order. I think it will help if you make that announcement so that you know. The positivity continues to stay that. That is one such. My second question is that LNC has also come into this line in a big way because I have seen some wins from their side. Also on the sewage.
Ramveer Singh
Can you please repeat it? Or the laying of sewers in the city area. Yeah. Laying of water supply line in the sitting area. They are doing the work of STP and WTP as a standalone because that is the work which is being executed in a campus sort of thing. So in that they are there, Vatak Babak is also there in diesel plants and WTP and STP profile. They must be knowing better.
operator
Thank you Mr. Vora. Please rejoin the queue for more questions. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Prasad an indigenous. Please go ahead.
Hari Prasad
Where it could be 1.6 around last quarter and it has increased to. Can you not.
Ramveer Singh
Not audible. Sorry, you are not audible please.
Hari Prasad
Sorry sir, I’m audible now.
Ramveer Singh
Yeah, you are audible now.
Hari Prasad
Yes, I have two questions. One is on promoter pledge.
Ramveer Singh
Please be a bit loud. Please be a bit loud.
Hari Prasad
Okay, So I have two questions. Promoter pledge. So we have around 7% of promoter pledge which has been increased to 11. Can I know the reason, sir?
Ashish Tomar
Yeah. So there was. We acquired some property on personal basis for that some fund was raised by pledging of the shares.
Hari Prasad
Okay. Thank you, sir. So is there any timeline? This pledge will be reduced on any time frame like 12 months down the line.
Ashish Tomar
So I think the pledge is not substantial. But I think coming one, one and a half years. Yeah. This place will be removed.
Hari Prasad
Okay. Just one more question, sir. So are we doing business in Punjab? So currently Punjab is badly impacted on mountains. Right? So are we doing any business there?
Ashish Tomar
Can you please repeat that?
Ashish Tomar
Are we doing any business in Punjab, sir? No, currently we are not executing any project in Punjab.
Hari Prasad
Okay. So due to this rainy season. I do understand based on your commentary like our revenues will be impacted. So looking into the equation that you. Have shared 35% in Hatch 1 and 65% in H2. So we may be a decline on quarter on year. On year quarter basis, kind of of Q2, right? That is right, sir.
Ashish Tomar
Yeah, I think that’s right. But we are going to maintain our guidance for year on year basis.
Hari Prasad
Thank you, sir. Have a good day.
operator
Thank you. Next question comes from the line of Dinesh Kulkarni with Finsight. Please go ahead.
Dinesh Kulkarni
Thank you for giving me the opportunity, sir. Again, sir, my right question. As you mentioned, we’ll be doing some 25 revenue growth this year. Which is great. And so paper company, you’re saying like 100 crores of revenue were expecting. So this 25 growth is inclusive of 100 crores or excluding this.
Ashish Tomar
No, no. That. That guidance is for EMS limited on standalone basis. Okay. Any revenue generated by our subsidiary would be in addition to that.
Dinesh Kulkarni
So that is like. Because see this is a 60 subsidiary. So we’ll do a full consolidation. Right. So on a consolidated. Yes, it will be 100 crores plus. We have to do. Right.
Ashish Tomar
Yes.
Dinesh Kulkarni
Okay. Okay. So that’s it from it. Thank you very much.
operator
Thank you. A reminder to all the participants that you May press Star and want to ask a question. Next question comes to the line of Parash Chettle with Purple One Vertex Ventures llp. Please go ahead, sir.
Paras Arvind Chheda
Eight points last year which of course market conditions have changed. And what was that money, you know, at some point being targeted for plan. At some point,
Ashish Tomar
yeah. So it is under process. You see this whole process is guided by the market. So as soon as market stabilizes and if any deal is finalized then you. Will surely get to know.
Paras Arvind Chheda
Yeah. And whenever it happens, what was the purpose typically? I mean generally basically use another because we are that way net debt free. So just trying to of course higher equity will be used for certain business purposes. But just trying to understand
Ashish Tomar
for executing large hand projects. We were looking for that.
Paras Arvind Chheda
Okay. And those opportunities. Right, and those opportunities continue to exist.
Ashish Tomar
Yeah, those opportunities continue to exist and frequent tenders are floated by various departments on regular basis.
Paras Arvind Chheda
So it is about good market timing eventually and then we’ll hopefully look to enter that space also.
Ashish Tomar
Yeah. Yes.
Paras Arvind Chheda
Thank you sir. Thank you.
operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Ruth Vespore and individual Master. Please go ahead.
Unidentified Participant
Yeah, we had picked up one ham order. Do we plan to continue to bid during the next few months on ham products or we will wait for completion of the existing hand product. And then.
Ramveer Singh
Actually the HEM project which we have undertaken is already complete and we are getting NVT since last September. That is around one year. We are getting annuity for that. And basically what is happening in particularly in NMCG that is National Mission for Clean Ganga. There are so many projects being floated as hemp project. The intention of the mission intention of the Namami Ganga mission could be that if you do the work with the some capex of the government and some capex of the SPV so you do the good work and maintenance for 15 years is also done.
So there are so many projects only in UP and India wise they are coming from the government side. So we are definitely intending to go for the hemp project of the ticket size of 500 crore plus. So for that we were planning for this fundraiser and all that and that is still under consideration as soon as a bidding process itself take 4, 5 months minimum for the. Because hemp project bidding is a bit different and it’s more cumbersome bidding than the EPC projects. So initially behind it to get the. Work because that is our field and national mission for clean and Ganga and river regeneration, Weaver pollution abatement works. That is our field basically. So we are definitely looking for hemp projects. And the. The fundraising phenomena or the fundraising concept. Was for that hemp project only for.
Unidentified Participant
One last question. For FY26 we expect to do about 1250 crores. What’s the plan for FY27 and 28? Sir,
Ramveer Singh
actually I. I can. I can tell one thing that since the inception of the company it is almost 12 years when we are having the sheet. So in 201213 we were at 109 crores. Then after six years in 201819 we were 313 crore standalone. And in 202425 after six years again we have 939 crore standalone. So that is a cumulative progress of 20% per annum in revenue. And in these 12 years two and two and a half years were Covid affected. So we also remained stagnated like other companies remain. So we got an average growth of 23 24%. And we are still looking for 24 25%.
Not for this year but the years coming ahead so many years to come we will. We will try to grow by 25 to 30%. So that is our target. As a long term perspective order book is sufficiently growing because we have the 2,500 crore rupees. Unexecuted orders basically order book and unexecuted order book could slightly confuse anybody. Unexecuted order books. We have already raised the bill against these. Out of the 2500 crore rupees order book is still there. I can complete in two years. So to two years if don’t get. Any or do the 1250 crore rupees work. So order book is sufficient and we are continuously getting the orders and the bits are in pipeline is of the order of 4000 crore rupees. So that is like that. We are growing in terms of. We are growing in terms of orders in pipeline. We are growing in terms of bidding process. And we are in line perfectly to grow with the 25 to 30% growth revenue wise.
Unidentified Participant
Right? Sir, any view on your long term perspective will really help sir.
Ramveer Singh
A Hamara begins model. Hamari. Both side effector.
Unidentified Participant
Okay.
operator
Thank you. Next question comes from the line of Parastrada with purple one Vertex Ventures LLP Please go ahead.
Paras Arvind Chheda
You know we should aggressively bid for and in the time the market support we can probably take a you know short term bridge loan and usquebad. We can just replace that whenever market conditions are favorable. But business opportunity I think we should go for that is mirror suggestion sir.
Ramveer Singh
That is nothing like and they can grow faster and better. But as far as our policy is concerned, the company management doesn’t think we should go for any debt. Your suggestion is not at all denied. That is a good suggestion.
Paras Arvind Chheda
So I’m not thinking so in a certain proportion, let’s say.
Ramveer Singh
Continuously tender. So we are behind the Hemp project standards and. And. And we are doing it. And in EPC also we are look. Basically we have to look for the good tenders also. So that our three private engineering team works for every tender. We don’t participate basically. So we have to see so many things in the tender. How much is the pipeline? What is the STP capacity? What. How we can make our profits. Whatever we think that we should get. So there are certain criteria. Aggressively bidding. We are daily preparing for the bids. QIP or something Fundraising EPC project.
That. Will ease our condition. And we can further increase the growth to 25 to 30. 35% also in future. Let us see. So. But we as a guidance we can guide for 25 plus.
Paras Arvind Chheda
I mean I agree with.
Ramveer Singh
Valuable suggestion. Note taken. And we will definitely consider. Thank you.
operator
Thank you. Ladies and gentlemen. Due to time constraints, we have reached the end of question and answer session. I would now like to hand the conference over to Mr. Dam Singh, promoter and chairman for the closing remarks.
Ramveer Singh
Thank you. Thank you.
operator
Thank you. On behalf of EMS limited That concludes this conference. Thank you for joining us. You may now disconnect your lines.