How steep was the revenue decline?

Full-year revenue fell 25% to ₹732.7 crore. The fourth quarter was far worse, with a 55% year-on-year drop to ₹120.5 crore, indicating the slowdown accelerated.

What does the chairman's pay waiver mean for the company?

Ramveer Singh forfeited his entire ₹50 lakh monthly remuneration, a ₹6 crore annual saving. He will now serve in an honorary capacity. The board accepted the proposal.

What is the ₹35 crore guarantee for?

EMS approved a corporate guarantee in favour of HDFC Bank to secure credit facilities used by its subsidiary, EMS Industries Private Limited.

Did the company still pay a dividend?

Yes, the board recommended a final dividend of ₹1.50 per share alongside the results, a move that will send cash out even as revenue contracts.

Earnings · Water Management · Small cap

EMS revenue drops 25% in FY26. Its chairman is now working for free.

Annual revenue fell to ₹732.7 crore. The chairman's pay waiver saves ₹6 crore a year.

— 1 earlier story on EMS Ltd. →

EMSLIMITED By Tipsheet Editorial 29 May 2026 · 7:28 PM IST Verify on BSE · NSE

Mkt cap₹1,811 cr

P/E13.77×

ROE18.81%

Debt / eq.0.09

Div yld0.46%

₹6 cr Annual remuneration the chairman gave up.

What's new

FY26 consolidated revenue fell 25% to ₹732.7 crore from ₹972.5 crore in FY25.
Q4 revenue dropped 55% year-on-year to ₹120.5 crore from ₹269.8 crore.
Chairman Ramveer Singh will serve in an honorary capacity, waiving his ₹50 lakh per month.

Why this matters

The quarterly collapse of 55% turns a weak year into a potential crisis. The chairman's pay cut is a survival gesture, not a turnaround plan. The board is preserving cash while it figures out what comes next.

What we're watching

Whether the revenue cliff is a one-off or the start of a deeper decline.
What the newly hired strategic financial consultant is being brought in to do.
How the ₹35 cr bank guarantee for subsidiary EMS Industries affects the parent's risk profile.

The full read

EMS had a bad year. Revenue for FY26 fell 25% to ₹732.7 crore from ₹972.5 crore. The fourth quarter was worse. Revenue dropped 55% year-on-year to ₹120.5 crore, a quarterly run-rate that annualizes to less than half of FY25. The board's response signals a company bracing for a longer downturn. Chairman Ramveer Singh will serve for free, saving ₹6 crore annually. That is a direct trade of personal income for corporate survival. The board also approved a ₹35 crore guarantee for subsidiary EMS Industries' bank credit and brought in a strategic financial consultant. The pay cut is not a turnaround. It is a triage measure.

Questions answered

How steep was the revenue decline?: Full-year revenue fell 25% to ₹732.7 crore. The fourth quarter was far worse, with a 55% year-on-year drop to ₹120.5 crore, indicating the slowdown accelerated.
What does the chairman's pay waiver mean for the company?: Ramveer Singh forfeited his entire ₹50 lakh monthly remuneration, a ₹6 crore annual saving. He will now serve in an honorary capacity. The board accepted the proposal.
What is the ₹35 crore guarantee for?: EMS approved a corporate guarantee in favour of HDFC Bank to secure credit facilities used by its subsidiary, EMS Industries Private Limited.
Did the company still pay a dividend?: Yes, the board recommended a final dividend of ₹1.50 per share alongside the results, a move that will send cash out even as revenue contracts.

Mentioned: HDFC Bank · EMS Industries Private Limited · Ramveer Singh

Primary source BSE · NSE

An independent reading of the company's own disclosure — the primary filing above is the final word.

Story so far

All notes on EMSLIMITED →

29 May 2026 · 7:28 PM IST EMS revenue drops 25% in FY26. Its chairman is now working for free.
1d ago EMS revenue down 25% for the year; chairman waives ₹50 lakh monthly pay