Although very difficult to say as limited information is available about EMS Ltd. due to its recent listing, it seems it is executing some different kind of projects compared to Wabag Ltd., otherwise Wabad would definitely look at such projects offering 30% kind of margins. All such projects are tender based.
Another reason may be the revenue mix of EMS Ltd. is different. Apart from EPC revenues, ther emight be other streams offering higher margins.
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