EMS Limited

EMS Limited, previously incorporated as EMS Infracon Private Limited, is an ISO 9001:2015 certified engineering, procurement and construction (EPC) company engaged in water and wastewater infrastructure. Its core work covers sewerage collection networks, water supply systems, and water and wastewater treatment plants delivered on a turnkey basis, along with related electrical transmission and distribution and road works. The company also operates and maintains a number of the wastewater and water supply scheme projects it builds, giving it a recurring operations and maintenance revenue stream alongside project execution income. The company's registered office is in Ghaziabad, Uttar Pradesh, and it has executed projects for government authorities and municipal bodies across multiple Indian states. As of the IPO, it had a portfolio of about 13 water and wastewater scheme projects together with a handful of separate operation and maintenance contracts, reflecting a business built almost entirely around public sector infrastructure tenders. EMS Limited's revenue and profit grew steadily in the three fiscal years leading up to its listing, aided by the scale-up of ongoing government infrastructure programs in water and sanitation. Its business model, however, remains concentrated in government-funded EPC contracts, which ties its growth outlook closely to the pace of public capital expenditure in the water and sanitation sector.

EMS Limited raised approximately Rs 96.37 crore from anchor investors ahead of the issue opening, with about 45.67 lakh equity shares allotted to anchors at the upper end of the price band, Rs 211 per share.