EMS Ltd shares shot up to a day high of Rs 340.35 on BSE on 8 June, gaining as much as 16.9% after the company revealed it had emerged as the lowest-cost bidder for a Rs 102.85 crore infrastructure contract from UP Jal Nigam (Urban) in Varanasi.

In government tenders, being named L-1 means the company quoted the lowest price and is first in line for the contract award. 

EMS disclosed the development to stock exchanges on 6 June under SEBI listing regulations.

The project covers four wards in Nagar Nigam Varanasi, Shivpurwa, Tulsipur, Birdopur and Kajipura, which are among 18 wards in the city identified for sewerage infrastructure work. 

EMS will handle everything from initial surveys and soil testing to design, material supply and actual construction of the sewer networks and house connections, all on a turnkey basis. The contract runs for 24 months.

The order value of Rs 102.85 crore is quoted excluding GST. The company confirmed this is not a related party transaction, meaning no promoter or group company has any interest in the awarding authority.

For context, EMS posted revenue of Rs 83.66 crore and a net profit of Rs 5.28 crore in the quarter ended March 2026. 

The project value of Rs 102.85 crore is higher than the company’s reported Q4 FY26 revenue of Rs 83.66 crore. At 13:02 pm on BSE, shares were trading at Rs 331.45, up 13.88% on the day.

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