EMS Limited (EMSLIMITED.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+32.6%

₹383.66

vs ₹289.35 price

Levered DCF

-₹534.82

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	15.94×	19.09×	14.38×	12.22×	16.85×	18.31×	18.16×
P/B	1.37×	3.59×	2.75×	3.19×	4.09×	5.15×	6.11×
P/S	1.97×	3.63×	2.76×	2.89×	4.32×	4.7×	4.04×
EV / EBITDA	10.08×	13.09×	10.27×	9.79×	13.6×	14.44×	13.5×
Gross margin	23.6%	27.2%	27.6%	34.3%	36.3%	32.3%	32.1%
Operating margin	17.8%	25.0%	27.5%	27.3%	31.1%	29.8%	29.0%
Net margin	12.4%	19.0%	19.2%	20.2%	21.9%	21.7%	22.2%
Current ratio	5.14×	8.15×	6.14×	6.15×	3.82×	4.54×	3.76×
Debt / equity	0.15×	0.09×	0.09×	0.09×	0.01×	0.01×	0.07×
Interest coverage	9.83×	28.64×	34.66×	38.18×	19.49×	22.15×	32.58×
Dividend yield	0.6%	0.2%	0.3%	0.0%	0.0%	0.0%	0.0%
Payout ratio	9.2%	3.0%	3.6%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	8.6%	18.8%	19.1%	22.3%	20.8%	23.8%	33.6%
Return on invested capital	7.5%	16.6%	19.2%	19.3%	20.9%	23.1%	27.7%
Return on assets	6.8%	15.8%	15.7%	17.0%	15.7%	19.0%	23.5%
Free cash flow yield	-9.4%	0.8%	-6.8%	-0.3%	0.5%	1.8%	1.6%
Earnings yield	6.3%	5.2%	7.0%	7.0%	5.1%	4.6%	5.5%
Enterprise value	₹15.4B	₹35B	₹21.9B	₹15.2B	₹15B	₹15.1B	₹13B
Net debt / EBITDA	0.62×	-0.03×	-0.01×	-0.23×	-0.52×	-0.45×	-0.2×
Cash conversion cycle (days)	319	160	163	241	261	184	104