BSE: 522027
EMA INDIA LTD.
Classified as an Industrial Products company, this entity reported zero turnover in FY26 and has no active operating business. Total assets stood at Rs. 479.92 lakhs as of March 31, 2026, comprising largely current trade receivables of Rs. 422.17 lakhs and a land-and-building property at Udyog Nagar, Kanpur that was sold during the year. The net profit of Rs. 6.18 lakhs in FY26 — a 1,100.99% rise over the prior year — reflects the gain on this one-time property sale booked as an exceptional item under Ind AS 1, rather than any recurring operations. There are no revenue-generating segments, products, or customers disclosed in the filings. The board has approved a Scheme of Amalgamation to merge the company into Dynalog India Limited, an unlisted defence electronics business with turnover of Rs. 8,582.44 lakhs and assets of Rs. 9,954.27 lakhs, at an exchange ratio of 28 Dynalog shares for every 25 shares held here. The merger is a related-party transaction — Dynalog's promoters already control 45.03% of this company — and is pending NCLT, BSE and SEBI approvals, after which the company will be dissolved without winding up. The registered office has been shifted from Kanpur, Uttar Pradesh, to Vikhroli West, Mumbai, ahead of the merger. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Property sale (one-time). Non-operating shell; reported earnings come entirely from a one-time property sale classified as an exceptional item, and the company is being absorbed into Dynalog India Limited.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (1) | (0) | (0) | (1) | 7 |
| margin % | — | — | — | — | — |
| Owners' profit | (0) | (1) | (1) | (1) | 6 |
| EPS, as reported (₹) | (4.09) | (5.54) | (5.13) | (6.15) | 61.52 |
| ROE % · ROCE % | 694.0 · 694.0 | 90.6 · 90.6 | 45.6 · (732.1) | 35.4 · 35.4 | 139.4 · 157.0 |
| Debt / equity (x) | (7.94) | (1.35) | (1.06) | (1.01) | 0.00 |
| Cash from operations | (0) | (0) | (0) | (1) | (2) |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | (0) | (0) | 8 | (0) | (1) | (0) |
| Net profit | (0) | (0) | (0) | (0) | 7 | (0) | (0) | (0) |
| EPS (₹) | (1.08) | (1.59) | (2.03) | 2.08 | 69.28 | (1.20) | (4.76) | (3.16) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.9 | 26.7 | 28 of 130 | 79% |
| P/B | 13.6 | 3.1 | 103 of 112 | 8% |
| ROCE | 157.0 | 11.3 | 1 of 142 | 100% |
| ROE | 139.4 | 9.8 | 2 of 113 | 99% |
| Debt / Equity | 0.0 | 0.2 | 1 of 113 | 80% |
| Profit growth | (175.6) | 17.1 | 103 of 109 | 6% |
| Market cap | 60 | 273 | 106 of 141 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 21 Oct 2026 · EMA India says no reason known for recent share price movement | compliance | minimal | — | — |
| 15 Oct 2026 · BSE seeks clarification from EMA India on price movement | regulatory legal | medium | — | — |
| 15 Oct 2026 · 55th AGM Minutes Filed - All Resolutions Passed | compliance | minimal | — | — |
| 9 Oct 2026 · EMA India: Four promoter group members reclassified to Public | ownership changes | medium | — | — |
| 9 Oct 2026 · Postal ballot approved for promoter reclassification to public category | board shareholder meetings | low | — | — |
| 9 Oct 2026 · EMA India shareholders approve promoter reclassification to public category | board shareholder meetings | medium | — | — |
| 5 Oct 2026 · Compliance certificate for dematerialization submitted for Sep 2026 quarter | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closed from October 01, 2026 Ahead of Q2 Results | compliance | minimal | — | — |
| 17 Sept 2026 · Revised voting results and scrutinizer report for 55th AGM filed | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.