EMS
Book Building issueMainboard₹321 Cr issue
+33.44%
Listing gain over issue price
Issue size
₹321 Cr
1 lot at cut-off
₹14,770
Lot size
70shares
Open
08 Sep 2023
Close
12 Sep 2023
Allotment
15 Sep 2023
Listing
21 Sep 2023
Listing performance
Issue price
₹211
Listed at
₹281.55
Listing-day close
₹279.90
Latest price
₹284.85
Close on 23 Oct 2026
Listing gain
+33.44%
Return since issue
+35.00%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 08 Sep 2023 – 12 Sep 2023
- Listing date
- 21 Sep 2023
- Face value
- ₹10 per share
- Issue price
- ₹211 per share
- Lot size
- 70 shares
- Issue type
- Book Building issue
- Total issue size
- ₹321 Cr
- Market cap at offer price
- ₹1,172 Cr
- Promoter holding
- 96.71% → 69.79% pre-issue → post-issue
- ISIN
- INE0OV601013
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Khambatta Securities Ltd.
- Registered office
- 701, DLF Tower A, Jasola, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 45,67,476 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 70 shares per lot, in multiples, at ₹211
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 70 | ₹14,770 |
| Retail (max) | 13 | 910 | ₹1,92,010 |
| S-HNI (min) | 14 | 980 | ₹2,06,780 |
| S-HNI (max) | 67 | 4,690 | ₹9,89,590 |
| B-HNI (min) | 68 | 4,760 | ₹10,04,360 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
45,67,476
Anchor portion
₹96.37 Cr
at ₹211 per share
Valuation and performance
Valuation at offer price
₹211 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 23.15 | — |
| P/E (×) | 9.11 | — |
| Market cap | — | ₹1,172 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 22.31%
- ROCE
- 28.26%
- Debt / equity
- 0.09
- PAT margin
- 20.18%
- NAV per share
- ₹103.80
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About EMS
EMS Limited, originally incorporated as EMS Infracon Private Limited in December 2010, took over a partnership business in June 2012 and later converted to a public company in November 2022. The company operates in the sewerage and water supply infrastructure sector, providing design, engineering, procurement, construction, and operation & maintenance services for Wastewater and Water Supply Scheme Projects (WWSPs and WSSPs). With an in-house team of 61 engineers and a focus on government tenders, the company has executed 50 projects and currently operates 18 ongoing projects with an order book of Rs. 1,774.87 Crores. The company derives 100% of its revenue from government tenders, primarily World Bank-funded projects issued by CPWD, State Governments, and Urban Local Bodies.
Company Analysis
from RHPEMS Limited is a sewerage solution provider and water/wastewater treatment specialist that executes government-funded infrastructure projects including STPs, WTPs, and related works across India.
EMS Limited, originally incorporated as EMS Infracon Private Limited in December 2010, took over a partnership business in June 2012 and later converted to a public company in November 2022. The company operates in the sewerage and water supply infrastructure sector, providing design, engineering, procurement, construction, and operation & maintenance services for Wastewater and Water Supply Scheme Projects (WWSPs and WSSPs). With an in-house team of 61 engineers and a focus on government tenders, the company has executed 50 projects and currently operates 18 ongoing projects with an order book of Rs. 1,774.87 Crores. The company derives 100% of its revenue from government tenders, primarily World Bank-funded projects issued by CPWD, State Governments, and Urban Local Bodies.
Sewerage and Wastewater TreatmentWater Supply InfrastructureConstructionElectrical Transmission and DistributionRoads and Allied WorksPublic Infrastructure and Utilities
Objects of the Issue
- Funding of Working Capital requirements Rs. 10,124.00 Lakhs p.29
- General Corporate Purpose p.29
- Meeting additional working capital requirements Up to Rs. 14,624.00 lakhs (Fresh Issue, after reduction of Rs. 3,376.00 lakhs from initial planned size of Rs. 18,000.00 lakhs due to Pre-IPO Placement) p.65
- Funding working capital requirements of our Company Rs. 10,124.00 lakhs p.123
- General corporate purposes p.123
- —
Issue Structure
- Total Issue
- Rs. [●] Lakhs (comprises Fresh Issue of Rs. 14,624.00 Lakhs plus Offer for Sale of Rs. [●] Lakhs)
- Fresh Issue
- Up to Rs. 14,624.00 Lakhs (Up to [●] Equity Shares of face value of Rs. 10 each)
- Offer for Sale
- Up to Rs. [●] Lakhs (82,94,118 Equity Shares by Mr. Ramveer Singh)
- Price Band
- Rs. [●] per Equity Share (Floor Price) to Rs. [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- Rs. 10 per Equity Share
Business Model
EMS Limited generates revenue exclusively through competitive bidding for government tenders related to sewerage and water supply infrastructure projects. Projects are awarded on EPC (Engineering, Procurement and Construction) or HAM (Hybrid Annuity Model) basis. The company provides design, engineering, procurement, execution, and post-commissioning operation & maintenance services. Revenue recognition occurs as projects progress, with payment from government entities typically received 90-120 days after billing.
Business Segments
Design, procurement, laying, jointing, testing, commissioning, operation and maintenance of new sewerage network as well as refurbishment of old/existing sewerage network; design, construction, operation and maintenance of Sewage Treatment Plants and Sewage Pumping Stations
Design, procurement, laying, jointing, testing, commissioning, operation and maintenance of new water supply and distribution networks as well as construction of reservoir and refurbishment of old/existing water supply infrastructures
Construction of new road networks as well as repair/renovation of existing road networks
Design and construction of power transmission and distribution infrastructure; design and construction of buildings and allied works
Design, construction, and operation of sewage treatment plants and common effluent treatment plants with sewage network schemes. Treatment process installed at STPs and CETPs is compliant with Ministry of Environment, Forest and Climate Change of India norms and treated water can be used for horticulture, washing, refrigeration and other process industries.
Design, construction, and operation of water treatment plants with pumping stations and laying of pipelines for supply of water. The company also undertakes related electrical transmission and distribution and road and allied works.
Operating and maintaining installed wastewater and water treatment projects for specified periods post-commissioning. The company is required to maintain certain standards as mentioned in concession agreements executed with Government Authorities/Bodies and may be subject to penalties if standards are not met.
Engineering, Procurement and Construction of water and wastewater treatment infrastructure
Operation and Maintenance of water and wastewater infrastructure projects
Design, construction, operation and maintenance of Sewage Treatment Plants (STPs), Sewage Network Schemes, Common Effluent Treatment Plants (CETPs) and Sewage Pumping Stations
Design, construction, operation and maintenance of Water Treatment Plants (WTPs), water supply and distribution networks, pumping stations and reservoirs
Design, construction, operation and maintenance of Common Effluent Treatment Plants for industrial estates
Design and construction of power transmission and distribution infrastructure
Construction of new road networks and repair/renovation of existing road networks
Collection of sewage or domestic wastewater from households through pipelines and pumping stations to a Sewage Treatment Plant where sewage is treated to NGT norms or standards for reuse in horticulture, refrigeration and processing industries. Sewerage schemes involve survey, design of sewerage system and STP, providing and laying sewerage pipes, civil construction, supply, erection, testing and commissioning of STP, and operation and maintenance.
Provides specialized tailor-made solutions for recycling and reuse of contaminated wastewater produced by different industries including Physico Chemical Treatment, Neutralization and primary sedimentation, grit removal, Biological anaerobic treatment and Tertiary treatment.
Raw water pre-treatment including cascade aeration and pre-chlorination; Clarification providing sedimentation time; Filtration plants with rapid sand gravity filters and pressure sand filters; Disinfection through chlorination and UV treatment. Water supply schemes include survey of area, design of all components, providing and laying of water pipes, civil construction, supply, erection testing and commissioning of water treatment plant, elevated/underground reservoirs, followed by operation and maintenance.
Operations, maintenance and supply of consumables and spares providing continuous revenue. O&M team at site consists of chemist, fitter, electrician, operators and supporting staff. Routine drills for preventive maintenance and breakdown maintenance provided. As on date, company operating and maintaining 13 projects and has completed 4 O&M projects in last 4 years.
Core business providing turnkey services in water and wastewater collection, treatment and disposal
Ancillary revenue from scrap sales and commission
Design, procurement, laying, jointing, testing, commissioning, operation and maintenance of new sewerage networks and refurbishment of old/existing sewerage networks; design, construction, operation and maintenance of Sewage Treatment Plants; design, construction, operation and maintenance of Sewage Pumping Stations
Design, procurement, laying, jointing, testing, commissioning, operation and maintenance of new water supply and distribution networks as well as construction of reservoirs and refurbishment of old/existing water supply infrastructures
Construction of new road networks as well as repair/renovation of existing road networks
Design and construction of power transmission and distribution infrastructure
Design and construction of buildings and allied works
Design, construction, operation and maintenance of public infrastructure facilities and utilities
SWOT Analysis
Strengths
- • In-house engineering and design capabilities with 61 permanent engineers(p.26)
- • Established track record with 50+ completed projects and 18 ongoing projects(p.37)
- • Consistent profitability with strong EBITDA margins of 27-31%(p.45)
- • Secure payment channels through government and World Bank funded projects(p.36)
- • Central procurement with localized expertise(p.56)
- • In-house capability for design, engineering, and construction(p.69)
- • Track record without major quality rejections(p.69)
- • No joint venture partner performance issues historically(p.56)
- • Established project execution without liquidated damages(p.55)
- • Established process streamlining and digital infrastructure for project execution(p.171)
- • Robust government budgetary allocation and policy support for infrastructure(p.167)
- • Successful Hybrid Annuity Model attracting private sector participation(p.175)
- • Second largest road network globally with extensive infrastructure backbone(p.158)
- • Electronic toll collection infrastructure generating strong revenue growth(p.166)
- • World Bank funded projects through government bodies ensuring robust cash flows and timely payments(p.221)
- • Experienced promoters with over 3 decades combined experience in water and wastewater treatment(p.221)
- • In-house design and engineering team of 61 engineers reducing dependence on third parties(p.220)
- • Strong project execution track record with 67 completed projects(p.220)
- • Robust order book of Rs. 1,74,492 lakhs with blend of EPC and HAM projects(p.222)
- • Asset-light business model with low debt and strong financial position(p.222)
- • Established consolidated financial performance with significant revenue growth(p.328)
- • Strong profitability and earnings generation capability(p.328)
- • Robust cash position and liquidity management(p.326)
- • Diverse business portfolio through multiple subsidiaries and joint ventures(p.381)
- • Significant growth in non-current assets indicating expansion and investment(p.326)
- • Strong revenue growth trajectory with 49.55% YoY growth in FY2023(p.429)
- • In-house multidisciplinary team reducing third-party dependence(p.410)
- • Substantial operational and maintenance portfolio with 18 active O&M projects(p.410)
- • Healthy profit margins with EBITDA margin of 27.69% in FY2023(p.403)
- • Strong liquidity position with cash reserves of Rs. 8,167.47 lakhs as of March 31, 2023(p.412)
- • Low leverage with debt-to-equity ratio of 0.09 as of March 31, 2023(p.427)
- • Extensive track record with 50 completed projects plus 17 from predecessor business(p.410)
Weaknesses
- • History of blacklisting by government bodies(p.39)
- • Negative operating cash flows in fiscal 2023(p.38)
- • Significant contingent liabilities through corporate guarantees(p.45)
- • High working capital requirements and dependence on debt financing(p.49)
- • Material civil litigations with significant outstanding claims(p.30)
- • High working capital intensity with large trade receivables and inventory(p.57)
- • Traditional equipment with high maintenance costs(p.58)
- • Dependence on contracted labour force(p.66)
- • Concentrated business in four states(p.62)
- • Unsecured borrowings repayable on demand(p.63)
- • Promoter guarantees securing company borrowings(p.64)
- • Limited ability to negotiate government contract terms(p.60)
- • Inventory management risks from project timeline misestimation(p.57)
- • Insufficient funding for maintenance and expansion of road network(p.174)
- • Low private sector participation due to unfavorable project economics and delayed construction(p.174)
- • National highways represent only small fraction of total network despite handling major traffic(p.174)
- • Projects delayed and stressed due to land acquisition challenges(p.173)
- • Private sector financial stress from over-leveraged balance sheets and lower-than-projected revenues(p.173)
- • 100% dependence on government projects and tender-based awards(p.225)
- • Core focus limited to water supply and wastewater treatment segments(p.225)
- • Business is working capital intensive requiring high liquidity(p.226)
- • Limited capacity to undertake multidisciplinary assignments due to company size(p.226)
- • Rising debt levels with significant increase in borrowings(p.358)
- • Significant contingent liabilities reflecting potential future obligations(p.368)
- • High proportion of work-in-progress inventory indicating project execution concentration(p.355)
- • Significant aged trade receivables indicating collection challenges(p.355)
- • Reliance on related party transactions for business operations(p.365)
- • High dependence on few government authorities for revenue generation(p.439)
- • Negative operating cash flow in FY2023 of Rs. (2,540.12) lakhs(p.436)
- • Fixed-price contract structure exposing company to cost overruns(p.416)
- • Dependence on skilled manpower availability and retention(p.416)
- • Past blacklisting history including for safety violations resulting in worker deaths(p.445)
Opportunities
- • Government policy initiatives for water infrastructure with estimated Rs 3,60,000 crores in Jal Jeevan Mission funding(p.52)
- • AMRUT program with 883 sewerage projects worth Rs 34,081 crores, with only 370 projects completed(p.52)
- • Expansion into larger capacity projects and HAM model opportunities(p.49)
- • Limited competition in sewerage contractor business with less than required number of qualified players(p.45)
- • Government focus on water treatment and sewerage infrastructure(p.71)
- • Hybrid Annuity Model providing project financing stability(p.72)
- • Operation and maintenance (O&M) as recurring revenue stream(p.59)
- • Expansion to new geographical markets beyond four-state concentration(p.62)
- • Growing participation in government water and sewerage initiatives(p.72)
- • Significant scope for expansion of national and state highways network(p.174)
- • Substantial government investment pipeline with multi-modal connectivity focus(p.175)
- • Large-scale asset monetization through innovative financial instruments(p.175)
- • Infrastructure Investment Trusts providing new financing model for road projects(p.176)
- • Improved land acquisition process with 90% clearance requirement before project award(p.174)
- • Increased government expenditure on infrastructure through National Infrastructure Pipeline(p.226)
- • Growing government focus on wastewater treatment and river conservation under Namami Gange(p.227)
- • Expansion to AMRUT and other urban infrastructure schemes(p.224)
- • Increasing size of projects from 4 MLD to 60 MLD capacity with better margins(p.223)
- • Geographic expansion to North-East and South India from current North-centric operations(p.223)
- • Government initiatives for water management including Jal Jeevan Mission targeting 1,263 lakh household connections(p.222)
- • Growth in sewerage and water treatment services market(p.334)
- • Expansion through hybrid annuity model projects with government contracts(p.353)
- • Potential for additional revenue through infrastructure projects in multiple geographies(p.360)
- • Strong government support through multiple sector development initiatives(p.413)
- • Growth in water and wastewater sector with government focus on pollution control(p.413)
- • Significant order book expansion demonstrating strong pipeline(p.429)
- • Strategic partnerships enabling access to larger projects(p.410)
Threats
- • 100% revenue dependence on government tenders and projects(p.36)
- • Changes in government policies and environmental regulations could impact project volumes(p.36)
- • Delayed payment realization from government entities (90-120 days typical)(p.36)
- • Low tender success rate (4.17%-19.05% over 5 FY)(p.37)
- • Seasonal operational disruptions from monsoon and adverse weather conditions(p.53)
- • Liquidated damages and performance guarantees for project delays(p.37)
- • COVID-19 or other communicable disease outbreaks could impact operations(p.44)
- • Project delays and cost overruns from government authorities(p.55)
- • Material price inflation and labour cost increases(p.55)
- • Geological and construction challenges on projects(p.55)
- • Delays in collection from government agencies(p.70)
- • Rapid technological change in water treatment and ZLD(p.60)
- • Competing interests from promoter group entities(p.60)
- • Natural disasters and epidemics affecting operations(p.55)
- • Industrial accidents and workplace safety risks(p.57)
- • Regulatory changes and compliance requirements(p.81)
- • Indian inflation affecting project costs and profitability(p.86)
- • Persistent land acquisition delays and landowner compensation disputes(p.175)
- • Default risk from private players in failed PPP projects reducing participation(p.175)
- • Potential reduction in government budgetary allocation impacting sector growth(p.175)
- • Potential geopolitical complications for border road development projects(p.175)
- • Debt portfolio stress from lower revenues affecting financial institutions(p.173)
- • Increasing competition and entry of new players due to government spending boost(p.227)
- • Competition from larger players like L&T with superior financial and scale advantages(p.227)
- • Project delays due to labor disruptions, lockouts and strikes(p.227)
- • Vulnerability to government policy changes affecting project priorities and terms(p.227)
- • Volatility in raw material prices (steel and cement) impacting project margins(p.190)
- • Project delays due to environmental and regulatory clearances(p.191)
- • Exposure to regulatory changes in sewerage and water treatment sector(p.322)
- • Dependence on government contracts and payment cycles(p.353)
- • Project execution and completion risks affecting revenue realization(p.348)
- • Input price volatility and cost escalation risks(p.361)
- • Material cost volatility and supply chain disruptions beyond company control(p.416)
- • Intense competitive pressure from numerous mid-sized companies(p.417)
- • Exposure to adverse weather conditions and monsoon seasonality(p.416)
- • Project delays and cost escalations beyond contractual provisions(p.416)
- • Dependence on timely government budget allocation and policy decisions(p.439)
- • Pending litigation involving criminal proceedings against promoter(p.449)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ramveer Singh | Promoter Selling Shareholder | 94.59% | — |
| Mr. Ashish Tomar | Promoter | 0.02% | — |
| Mr. Ramveer Singh | Promoter | — | approximately [●]% |
| Mr. Ashish Tomar | Promoter | — | — |
| Ramveer Singh | Promoter | 94.59% | — |
| Ashish Tomar | Promoter | 0.02% | — |
| Sumit Construction Private Limited | Promoter Group | 2.06% | — |
| Kritika Tomar | Promoter Group | 0.01% | — |
| Gajendra Parihar | Promoter Group | 0.01% | — |
| Sakshi Tomar Parihar | Promoter Group | 0.01% | — |
| Nirmala Tomar | Promoter Group | 0.01% | — |
| Ram Veer Singh | Promoter | — | — |
| Ashish Tomar | Promoter | — | — |
| Mr. Ramveer Singh | Promoter | 94.59% | — |
| Mr. Ashish Tomar | Promoter | 0.02% | — |
| Ramveer Singh | Promoter/Chairman & Director | 97.81% | — |
| Mr. Ramveer Singh | Promoter/Chairman | — | — |
Leadership
Mr. Ramveer Singh · Chairman and Director
Mr. Ashish Tomar · Director
Mr. Deepak Kumar · Company Secretary and Compliance Officer
Mr. Gajendra Parihar · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
EMS IPO FAQs
What is the lot size of EMS IPO?
The minimum lot size of EMS IPO is 70 shares. One lot costs ₹14,770 at the cut-off price.
When does EMS IPO open and close?
EMS IPO opened for subscription on 08 Sep 2023 and closed on 12 Sep 2023.
What is the listing date of EMS IPO?
EMS IPO listed on 21 Sep 2023.