India, Jan. 19 -- Before diving into the story and red flags, here is a brief overview of the company. EMS is primarily engaged in the business of EPC and O&M (Operation & Maintenance) services in water and wastewater management. It also provides EPC services in electrical transmission & distribution, building, and public infrastructure facilities. The company has a strong track record, having completed 18 projects since April 2021. It has grown its revenue from Rs 107 crore in FY13 to Rs 966 crore in FY25, growing at a 20% CAGR. For many, this introduction would not be concerning, as red flags are never to be found on the surface.

Unrelated Business Acquisition Although it is still unclear if EMS has some serious issues, as it is alway...