EMS Ltd Bags ₹129.80 Crore Sewerage Project From Municipal Corporation Jodhpur

Key numbers

Market Cap	₹1,826.69 CrSmall Cap
PE TTM	26.81xSector: 24.22x
RSI	29.59Oversold Zone
Order from	Municipal Corporation Jodhpur
Execution period	24 months
Deal value	₹129.8 Cr
Share of market cap	7.1%
Share of annual revenue	20.0%

Key highlights

• Total project value is ₹129.80 crore including GST but excluding O&M costs
• Scope involves laying new sewer lines and rejuvenating old damaged networks in Jodhpur
• Execution timeline is set at 24 months for the construction phase
• Contract includes 10 years of Operation and Maintenance following a 1-year defect liability period
• Order value represents approximately 20% of the company's TTM revenue of ₹650.56 crore

New Infrastructure Mandate Under AMRUT 2.0

EMS Limited has transitioned from its previously announced L-1 status on August 17, 2026, to receiving a formal Letter of Award from the Municipal Corporation Jodhpur. The project focuses on the redesigning and rejuvenation of old and damaged sewer lines along with the installation of new lateral sewerage systems in left-out areas of Jodhpur City. This contract falls under the central government's Atal Mission for Rejuvenation and Urban Transformation (AMRUT 2.0).

The company will also manage the facility for a decade post-completion, ensuring long-term operational involvement in the region's utility infrastructure through a comprehensive O&M agreement.

Project Timeline and Maintenance Terms

• Implementation Period: The sewerage network must be completed within 24 months of the award date
• Defect Liability: A mandatory one-year period following completion to address technical issues
• Operational Scope: 10 years of long-term Operation and Maintenance (O&M) responsibilities
• Geographic Focus: Redesigning lateral sewerage systems specifically across Jodhpur City limits
• Awarding Authority: Municipal Corporation Jodhpur acting as a domestic government entity

Expanding Order Book and Market Context

This ₹129.80 crore win reinforces EMS Limited’s strong order pipeline, which was reported at approximately ₹3,100 crore as of September 3, 2026. The Jodhpur contract follows a series of recent successes, including a ₹158.29 crore sewer project from the Delhi Jal Board in late July and multiple NHAI fee plaza awards in September totaling over ₹48 crore. With a bidding pipeline exceeding ₹4,000 crore and an additional ₹750 crore in tenders at the L-1 stage awaiting formal award, the company is actively scaling its footprint.

Management has previously targeted a revenue goal of ₹900–950 crore for the 2027 fiscal year, representing 25% growth.

What to watch next

• Declaration of Q2 FY27 financial results following the end of the trading window closure on October 1, 2026
• Formal award of the remaining ₹750 crore worth of tenders currently at L-1 stage
• Execution progress on the ₹158.29 crore Delhi Jal Board project awarded in July 2026

EMS · financial snapshot

Share price	₹328.95
Market capitalisation	₹1,826.69 Cr
Revenue (annual)	₹732.75 Cr
Net profit (annual)	₹90.53 Cr
Revenue (latest quarter)	₹157.24 Cr+30.49% vs previous quarter
Net profit (latest quarter)	₹15.48 Cr+177.07% vs previous quarter
P/E (TTM)	26.81×Sector 24.22×
Promoter holding	69.7%0.00% QoQ
FII holding	0.44%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.