EMS Q1 FY27 Results (NSE: EMSLIMITED)
Signal: Revenue declined
The read
The key inflection is sequential rather than YoY: consolidated revenue rose 30.5% QoQ to ₹15723.69 lakh, EBITDA rose 31.6% QoQ to ₹2814.00 lakh and PAT rose 171.3% QoQ to ₹1547.99 lakh, but EBITDA margin at 17.9% remained 350bps below Q1FY26 and revenue was still down 34.2% YoY. The ₹232891.00 lakh order book and ₹31674.45 lakh of Q1 wins support future execution, although current conversion has not yet restored FY26 levels.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹157.24 Cr | -34.2% | +30.5% |
| EBIT | ₹26.01 Cr | -51.7% | |
| Net profit | ₹15.48 Cr | -59.1% | |
| EPS | ₹2.79 | -59.1% | |
| EBIT margin | 17.9% |
P&L walk
Consolidated revenue of ₹15723.69 lakh fell 34.2% YoY but rose 30.5% QoQ; EBITDA of ₹2814.00 lakh declined 50.1% YoY while margin recovered to 17.9%, and PAT of ₹1547.99 lakh declined 59.1% YoY despite the sequential recovery.
Segments
The contractor segment remained the group’s driver at ₹12944.73 lakh revenue and ₹2505.56 lakh result, but revenue declined 40.4% YoY; flex-sheet and paper revenue grew 28.1% YoY to ₹2778.96 lakh, partially offsetting the EPC slowdown, while RMC contributed ₹0 revenue and ₹0.52 lakh result.
Key positives
- Consolidated revenue rose 30.5% QoQ to ₹15723.69 lakh and EBITDA rose 31.6% QoQ to ₹2814.00 lakh, indicating sequential execution recovery.
- Order book was ₹232891.00 lakh as of June 30, 2026, with ₹31674.45 lakh of new orders received during Q1FY27.
- Flex sheets and paper products revenue increased 28.1% YoY to ₹2778.96 lakh, diversifying the group beyond the contracting segment.
Key concerns
- Consolidated revenue declined 34.2% YoY and EBITDA declined 50.1% YoY, showing that the sequential recovery has not yet translated into year-on-year growth.
- EBITDA margin fell 350bps YoY to 17.9%, while finance costs increased 61.6% YoY to ₹493.05 lakh.
- The contractor segment, which generated ₹12944.73 lakh of revenue and ₹2505.56 lakh of result, declined 40.4% YoY and remains the principal source of group earnings pressure.
Research and educational content only. Not investment advice.