EMS Ltd (BSE: 543983 / NSE: EMSLIMITED) reported higher profitability for the nine months ended December 31, 2025, supported by continued execution across infrastructure and water management projects, while quarterly earnings moderated sequentially due to project mix and cost movements.
For Q3 FY26, consolidated revenue from operations stood at ₹20,035 lakh, compared with ₹24,529 lakh in Q3 FY25 and ₹17,349 lakh in Q2 FY26. Profit after tax attributable to shareholders was ₹1,883 lakh, versus ₹5,050 lakh in the year-ago quarter.
Business overview
EMS Ltd operates primarily in infrastructure construction and water management projects, including sewerage systems, sewage treatment plants (STPs), water treatment plants, electrification projects, and transmission and distribution infrastructure.
From FY26 onward, following acquisition and consolidation of EMS Industries Pvt Ltd, the group also includes a manufacturing segment focused on flex sheets and paper products.
Financial performance — Q3 FY26
On a consolidated basis, total income for Q3 FY26 stood at ₹20,288 lakh. Total expenses were ₹17,572 lakh, resulting in profit before tax of ₹2,716 lakh.
EBITDA-equivalent operating performance reflected stable execution across infrastructure contracts, although profitability was lower year-on-year compared with a high base in Q3 FY25.
Earnings per share for the quarter stood at ₹3.39 on a diluted basis.
Nine-month performance (9M FY26)
For the nine months ended December 31, 2025, consolidated revenue from operations rose to ₹61,224 lakh, compared with ₹68,504 lakh in the corresponding period last year.
Profit attributable to shareholders was ₹8,494 lakh for 9M FY26, while total comprehensive income stood at ₹8,553 lakh.
The company reported EPS of ₹15.30 for the nine-month period.
Segment performance
Infrastructure Construction (Contractor Segment):
The contractor segment remained the primary revenue driver, contributing ₹17,508 lakh in Q3 FY26 and ₹54,472 lakh for the nine-month period. Segment profit before finance costs and tax stood at ₹3,050 lakh for the quarter.
Manufacturing (Flex Sheets and Paper Products):
Following consolidation of EMS Industries, the manufacturing segment contributed ₹2,527 lakh revenue in Q3 FY26 and ₹6,752 lakh in 9M FY26.
Key developments
The company entered into an agreement with Neercare India Private Limited to execute sewage treatment and sewerage network projects through a joint venture named EMS NIPL JV, where EMS holds a 74% stake.
The company also noted evaluation of amendments under new labour codes, with preliminary assessment indicating no material impact on current quarter results.
Balance sheet and operational notes
Consolidated segment assets stood at ₹1,34,252 lakh as of December 31, 2025, while consolidated segment liabilities were ₹28,821 lakh.
The company stated that results include consolidation adjustments related to subsidiaries and joint ventures in accordance with applicable accounting standards.
Risks and constraints
Disclosures indicate that project execution timelines, regulatory approvals, joint-venture accounting, and cost dynamics in infrastructure projects remain key variables influencing performance.