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Revenue
₹252 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
EMS Ltd reported a weak Q3 FY26, with revenue and PAT significantly below expectations due to extended monsoon in Uttarakhand and delayed project starts. Management cited 15-20 days of work loss from natural disasters and 50% of the order book (₹1,100 Cr) in design phase, incurring costs without revenue recognition. PAT margin for the quarter fell to ~10%, though 9-month PAT margin remains at 15.86%. Order book stands at ₹2,200 Cr with a bidding pipeline of ₹4,000 Cr. Management guided for Q4 improvement but cautioned full recovery only by Q1 FY27. Key risk: continued execution delays and margin compression from competitive bidding and project ramp-up costs.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects PAT margin for full FY26 to be above 15%, implying a strong Q4 recovery from Q3's ~10%.
- Current order book of ₹2,200 Cr expected to grow by 40-50% in Q1 FY27, driven by new project wins.
- Outstanding personal loan of ₹140 Cr to be reduced to ₹100 Cr by Q4 FY26 and fully repaid in FY27.
Risks flagged
- 50% of order book is in design phase; revenue recognition may be delayed further if approvals or site readiness slip.
- Management noted increasing competition and guided PAT margins may settle around 15% vs historical 18-20%.
- Promoter pledge rose to 28% from 11% in two quarters; personal loan of ₹210 Cr raises governance concerns.
Key quotes
- The results are much lower than expected. This was due to certain factors which were beyond the control of the company.
- We are very sure that we will not disappoint any of you or any of us and we will definitely do whatever we are committing.
- It doesn't take much to be transparent.
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