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EMS Overview

EMS Ltd, short for Electronics Manufacturing Solutions Limited, is a cutting-edge technology company specializing in electronic manufacturing services. With a global presence and a reputation for excellence, EMS Ltd offers end-to-end solutions for designing, prototyping, and manufacturing a wide range of electronic products. Their expertise spans industries like consumer electronics, automotive, healthcare, and more, serving both startups and established enterprises. What sets EMS Ltd apart is its commitment to innovation, utilizing state-of-t...Read More

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EMS Key Financials

Market Cap ₹2073 Cr.

Stock P/E 11.3

P/B 2

Current Price ₹373.4

Book Value ₹ 190.9

Face Value 10

52W High ₹695.4

Dividend Yield 0.4%

52W Low ₹ 256.5

EMS Share Price

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Volume
Price

EMS Quarterly Price

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EMS Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 211 200 245 206 233 245 266 239 172 200
Other Income 8 6 1 2 2 3 6 2 5 3
Total Income 218 206 246 209 236 248 272 241 178 203
Total Expenditure 153 153 178 156 165 174 205 185 136 170
Operating Profit 65 53 68 53 71 74 67 56 42 33
Interest 2 1 2 1 1 1 2 3 3 3
Depreciation 1 1 3 2 2 3 3 3 2 3
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 62 51 64 49 67 70 63 51 36 27
Provision for Tax 16 13 16 12 18 19 16 13 8 8
Profit After Tax 45 37 47 37 50 51 47 38 28 19
Adjustments -0 -0 0 -0 -0 -0 -0 -0 0 -0
Profit After Adjustments 45 37 47 37 50 50 47 38 28 19
Adjusted Earnings Per Share 8.2 6.7 8.5 6.7 8.9 9.1 8.4 6.8 5.1 3.4

EMS Profit & Loss

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 326 331 360 538 793 966 877
Other Income 7 5 3 5 16 16 16
Total Income 332 336 363 543 809 982 894
Total Expenditure 230 232 247 388 589 712 696
Operating Profit 103 104 116 155 220 270 198
Interest 3 4 6 4 6 11 11
Depreciation 2 2 3 3 7 10 11
Exceptional Income / Expenses 0 0 0 0 0 0 0
Profit Before Tax 98 98 108 148 207 249 177
Provision for Tax 26 26 29 39 54 65 45
Profit After Tax 72 72 79 109 153 184 132
Adjustments -0 0 -1 -1 -0 -0 0
Profit After Adjustments 72 72 78 108 152 184 132
Adjusted Earnings Per Share 15.4 15.3 16.6 22.9 27.4 33.1 23.7

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 22% 39% 24% 0%
Operating Profit CAGR 23% 33% 21% 0%
PAT CAGR 20% 33% 21% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -45% NA% NA% NA%
ROE Average 21% 23% 24% 25%
ROCE Average 27% 30% 32% 34%

EMS Balance Sheet

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 230 302 383 491 798 976
Minority's Interest 0 0 1 2 2 3
Borrowings 13 3 4 45 70 83
Other Non-Current Liabilities 5 7 10 23 10 12
Total Current Liabilities 60 66 107 78 89 92
Total Liabilities 308 378 504 639 970 1165
Fixed Assets 24 29 43 44 72 69
Other Non-Current Assets 59 49 87 194 306 346
Total Current Assets 224 300 374 400 592 750
Total Assets 308 378 504 639 970 1165

EMS Cash Flow

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 20 34 50 61 63 41
Cash Flow from Operating Activities 47 36 28 4 -116 34
Cash Flow from Investing Activities -27 -8 -12 -21 -83 19
Cash Flow from Financing Activities -6 -11 -5 38 176 1
Net Cash Inflow / Outflow 15 16 11 21 -23 54
Closing Cash & Cash Equivalent 34 50 61 82 41 94

EMS Ratios

# Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 15.4 15.3 16.61 22.91 27.44 33.05
CEPS(Rs) 15.75 15.67 17.31 23.88 28.67 34.83
DPS(Rs) 0 0 0 0 2 1.5
Book NAV/Share(Rs) 48.93 64.24 81.47 104.41 143.73 175.7
Core EBITDA Margin(%) 29.5 29.91 31.32 27.87 25.7 26.31
EBIT Margin(%) 31.08 31.04 31.52 28.19 26.86 26.96
Pre Tax Margin(%) 30.19 29.69 29.92 27.48 26.07 25.78
PAT Margin (%) 22.24 21.74 21.91 20.23 19.24 19.03
Cash Profit Margin (%) 22.73 22.27 22.61 20.86 20.07 20.02
ROA(%) 23.55 20.98 17.88 19.05 18.98 17.22
ROE(%) 31.49 27.04 23.03 24.92 23.69 20.72
ROCE(%) 41.34 37.33 32.8 32.89 30.33 26.98
Receivable days 44.12 73.2 106.3 81.35 84.23 117.04
Inventory Days 48.09 43.23 45.41 53.88 44.49 25.84
Payable days -860.74 1941.37 67.26 30.15 7.81 6.26
PER(x) 0 0 0 0 14.64 18.7
Price/Book(x) 0 0 0 0 2.79 3.52
Dividend Yield(%) 0 0 0 0 0.5 0.24
EV/Net Sales(x) -0.08 -0.16 -0.21 -0.05 2.76 3.47
EV/Core EBITDA(x) -0.26 -0.5 -0.64 -0.19 9.97 12.43
Net Sales Growth(%) 0 1.55 8.83 49.52 47.42 21.75
EBIT Growth(%) 0 1.42 10.51 33.75 40.44 22.19
PAT Growth(%) 0 -0.72 9.65 38.05 40.25 20.38
EPS Growth(%) 0 -0.65 8.54 37.94 19.77 20.45
Debt/Equity(x) 0.06 0.01 0.01 0.09 0.09 0.09
Current Ratio(x) 3.76 4.54 3.49 5.14 6.65 8.15
Quick Ratio(x) 3.04 4 2.99 3.8 5.65 7.63
Interest Cover(x) 34.89 23.05 19.74 39.5 33.88 22.87
Total Debt/Mcap(x) 0 0 0 0 0.03 0.03

EMS Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 69.7 69.7 69.7 69.7 69.7 69.7 69.7 69.7 69.7 69.7
FII 4.09 2.78 0.88 0.76 0.66 0.19 0.17 0.15 0.21 0.41
DII 1.45 1.43 1.58 1.03 0.4 0.61 0.38 0.33 0.02 0.02
Public 24.76 26.08 27.83 28.51 29.23 29.5 29.74 29.82 30.07 29.86
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

EMS News

EMS Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 23%
  • Debtor days have improved from 7.81 to 6.26days.
  • Company is almost debt free.

Cons

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