I think the promoter holding being low has to do with the history of the company. How it diversified from Siemens water business, etc. Comparatively, even Ion Exchange has promoted holding of c. 25% (Comparatively low when compared to other Cos).
I don’t think EMS and Va Tech are true comparables as they both address different markets. EMS is all within India whereas Va Tech gets more than 50% revenue from outside India.
On a related note, you might want to look at corporate governance of EMS. I recollect their DRHP spoke about they being black listed for 2 incidents – 1) inferior quality leading to death of 5 workers and 2) incorrect disclosure for bid. I may be wrong but suggest deep diving into it if you plan to invest in EMS
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