Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review
Emtel
On this page
Company details
- Legal name
- Emtel Limited
- Listing
- No ticker printed on the Stock Exchange of Mauritius, active (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2025 · annual report, signed / final · source
-
Revenue
MUR 4.09 billion
4,092,332 MUR thousands · p85
+8.7% vs 2024
-
Operating profit / (loss)
MUR 1.13 billion
1,128,478 MUR thousands · p85
+29.6% vs 2024
-
Profit / (loss) for the year
MUR 2.70 billion
2,698,680 MUR thousands · p85
+877.4% vs 2024
-
Total assets
MUR 8.23 billion
8,231,282 MUR thousands · p86
+9.6% vs 2024
-
Total equity
MUR 1.30 billion
1,304,072 MUR thousands · p86
Change not shown.
-
Cash from operations
MUR 1.73 billion
1,729,269 MUR thousands · p88
−8.9% vs 2024
Large amounts are rounded for reading (MUR million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Not shown: the prior-year figure is zero or negative.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in MUR thousands unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY2025 — annual report, signed / final; reported for the year · source
- FY2024 — annual report, signed / final; comparative in the FY2025 filing · source
Income statement
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Revenue from contracts with customers (Note 3) | 4,092,332 | 3,763,110 |
| Cost of operations1 | (2,091,602) | (1,975,881) |
| Gross profit | 2,000,730 | 1,787,229 |
| Selling and distribution expenses | (466,318) | (473,779) |
| Administrative expenses | (649,062) | (675,667) |
| Impairment loss on subsidiary (Note 13)2 | –3 | –3 |
| (Impairment loss) / reversal of loss on financial assets | (19,504) | (4,345) |
| Other income (Note 4)4 | 256,282 | 47,603 |
| Other gains (Note 5)5 | 17,244 | 217,073 |
| Other losses (Note 5)6 | (10,894) | (27,043) |
| Operating profit (Note 6) | 1,128,478 | 871,071 |
| Finance income (Note 8) | 571,622 | 2,072 |
| Finance costs (Note 8) | (259,802) | (250,700) |
| Finance income / (costs) – net (Note 8)7 | 311,820 | (248,628) |
| Profit before tax | 1,440,298 | 622,443 |
| Income tax expense (Note 9) | (301,916) | (235,183) |
| Profit for the year from continued operations8 | 1,138,382 | 387,260 |
| Profit/ (loss) from discontinued operation9 | 4,512 | (111,142) |
| Dividend income (Note 31(d))10 | –11 | –11 |
| Profit on disposal of subsidiary (Note 31(a))12 | 854,293 | –11 |
| Fair value gain on associate (Note 31(c))13 | 727,291 | –11 |
| Share of loss from associate (Note 31(c))14 | (25,798) | –11 |
| Profit for the year | 2,698,680 | 276,118 |
| Non-controlling interest15 | 75,779 | (74,534) |
| Changes in the fair value of equity investments at fair value through other comprehensive income16 | 394 | 183 |
| Revaluation of property, plant and equipment (Note 10)17 | 5,108 | 2,827 |
| Effect of deferred tax on revaluation of property, plant and equipment (Note 9(d))18 | (111) | (146) |
| Re-measurements of post-employment benefits obligations (Note 22)19 | 7,027 | 2,468 |
| Effect of deferred tax on re-measurement of post-employment benefits obligations (Note 9(d))20 | (1,335) | (159) |
| Other comprehensive income for the year | 11,083 | 5,173 |
| Total comprehensive income for the year | 2,709,763 | 281,291 |
- Printed “–”, read as nil: subtotal_arithmetic: is.operating_profit.
- Printed “–”, read as nil: subtotal_arithmetic: is.profit_for_year.
Notes and alternative reported figures (18)
- “Cost of operations”: mapping to a shared definition is uncertain. Printed 'Cost of operations', above gross profit.
- “Impairment loss on subsidiary (Note 13)” is an issuer-specific line, not mapped to a shared definition: Note 13: dashes in the Group columns.
- “Other income (Note 4)”: mapping to a shared definition is uncertain. Printed 'Other income' (note 4); 2025 includes interest income compensation (note 8).
- “Other gains (Note 5)” is an issuer-specific line, not mapped to a shared definition: Note 5.
- “Other losses (Note 5)” is an issuer-specific line, not mapped to a shared definition: Note 5.
- “Finance income / (costs) – net (Note 8)” is an issuer-specific line, not mapped to a shared definition: Note 8: subtotal of finance income and finance costs.
- “Profit for the year from continued operations” is an issuer-specific line, not mapped to a shared definition: Subtotal: profit before tax less income tax.
- “Profit/ (loss) from discontinued operation” is an issuer-specific line, not mapped to a shared definition: Below profit from continued operations.
- “Dividend income (Note 31(d))” is an issuer-specific line, not mapped to a shared definition: Note 31(d): dashes in the Group columns.
- “Profit on disposal of subsidiary (Note 31(a))” is an issuer-specific line, not mapped to a shared definition: Note 31(a).
- “Fair value gain on associate (Note 31(c))” is an issuer-specific line, not mapped to a shared definition: Note 31(c): fair value gain on the retained interest, 2025 only.
- “Share of loss from associate (Note 31(c))” is an issuer-specific line, not mapped to a shared definition: Note 31(c): printed below profit from continued operations, among the items attributed to the discontinued operation.
- “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Attribution of profit.
- “Changes in the fair value of equity investments at fair value through other comprehensive income” is an issuer-specific line, not mapped to a shared definition: Other comprehensive income, not reclassified.
- “Revaluation of property, plant and equipment (Note 10)” is an issuer-specific line, not mapped to a shared definition: Other comprehensive income, note 10.
- “Effect of deferred tax on revaluation of property, plant and equipment (Note 9(d))” is an issuer-specific line, not mapped to a shared definition: Other comprehensive income, note 9(d).
- “Re-measurements of post-employment benefits obligations (Note 22)” is an issuer-specific line, not mapped to a shared definition: Other comprehensive income, note 22.
- “Effect of deferred tax on re-measurement of post-employment benefits obligations (Note 9(d))” is an issuer-specific line, not mapped to a shared definition: Other comprehensive income, note 9(d).
Balance sheet
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Property, plant and equipment (Note 10) | 5,262,386 | 5,126,848 |
| Right-of-use assets (Note 11) | 811,582 | 783,986 |
| Intangible assets (Note 12) | 149,671 | 183,386 |
| Investment in subsidiaries (Note 13)1 | –2 | –2 |
| Financial assets at fair value through OCI (Note 14(a)) | 1,806 | 1,412 |
| Financial assets at amortised cost (Note 14(b))3 | –2 | –2 |
| Deferred tax asset (Note 21) | 23,420 | –2 |
| Other non current asset4 | 373 | –2 |
| Non-current assets (unlabelled subtotal) | 6,249,238 | 6,095,632 |
| Cash and cash equivalents (Note 18) | 1,360,268 | 477,681 |
| Trade and other receivables (Note 16) | 472,728 | 369,200 |
| Inventories (Note 15) | 68,653 | 84,747 |
| Current tax receivables (Note 17) | 80,395 | 80,395 |
| Current assets before assets held for sale (unlabelled subtotal)5 | 1,982,044 | 1,012,023 |
| Assets classified as held for sale (Note 30)6 | –7 | 402,128 |
| Current assets (unlabelled subtotal) | 1,982,044 | 1,414,151 |
| Total assets | 8,231,282 | 7,509,783 |
| Stated capital (Note 19) | 151,800 | 151,800 |
| Fair value reserves | 1,786 | 1,392 |
| Revaluation reserves | 79,616 | 74,508 |
| Common control reserve8 | –9 | (1,030,768) |
| Retained earnings | 1,070,870 | 577,633 |
| Non-controlling interest | –9 | (76,587) |
| Total equity | 1,304,072 | (302,022) |
| Borrowings (Note 20) | 3,201,724 | 3,514,320 |
| Lease liabilities (Note 11) | 749,520 | 722,845 |
| Deferred tax liabilities (Note 21) | 494,042 | 392,298 |
| Post-employment benefit obligations (Note 22) | 18,481 | 22,365 |
| Asset retirement obligations (Note 23)10 | 70,072 | 66,562 |
| Non-current liabilities (unlabelled subtotal) | 4,533,839 | 4,718,390 |
| Borrowings (Note 20) | 617,438 | 483,108 |
| Lease liabilities (Note 11) | 161,394 | 155,074 |
| Trade and other payables (Note 24) | 829,758 | 1,656,320 |
| Contract liabilities (Note 25) | 149,462 | 143,052 |
| Provision for solidarity levy (Note 9(c))11 | 50,327 | 39,935 |
| Current income tax liabilities (Note 9(b)) | 184,240 | 86,646 |
| Dividend payable (Note 26) | 400,752 | –12 |
| Current liabilities before liabilities held for sale (unlabelled subtotal)13 | 2,393,371 | 2,564,135 |
| Liabilities classified as held for sale (Note 30)14 | –15 | 529,280 |
| Current liabilities (unlabelled subtotal) | 2,393,371 | 3,093,415 |
| Total liabilities | 6,927,210 | 7,811,805 |
| Total equity and liabilities | 8,231,282 | 7,509,783 |
- Printed “–”, read as nil: subtotal_arithmetic: bs.non_current_assets.
- Printed “–”, read as nil: subtotal_arithmetic: bs.current_assets.
- Printed “–”, read as nil: subtotal_arithmetic: bs.total_equity.
- Printed “–”, read as nil: subtotal_arithmetic: bs.native.co_ymzdhjsj8n5c.current_liabilities_before_held_for_sale.
- Printed “–”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (10)
- “Investment in subsidiaries (Note 13)” is an issuer-specific line, not mapped to a shared definition: Note 13: dashes in the Group columns.
- “Financial assets at amortised cost (Note 14(b))” is an issuer-specific line, not mapped to a shared definition: Note 14(b): dashes in the Group columns.
- “Other non current asset” is an issuer-specific line, not mapped to a shared definition: Non-current; nil at 31 December 2024.
- “Current assets before assets held for sale (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal of the current asset lines, before assets classified as held for sale.
- “Assets classified as held for sale (Note 30)” is an issuer-specific line, not mapped to a shared definition: Note 30: nil at 31 December 2025.
- “Common control reserve” is an issuer-specific line, not mapped to a shared definition: Equity reserve; nil at 31 December 2025.
- “Asset retirement obligations (Note 23)” is an issuer-specific line, not mapped to a shared definition: Note 23: non-current.
- “Provision for solidarity levy (Note 9(c))” is an issuer-specific line, not mapped to a shared definition: Note 9(c): current.
- “Current liabilities before liabilities held for sale (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal of the current liability lines, before liabilities classified as held for sale.
- “Liabilities classified as held for sale (Note 30)” is an issuer-specific line, not mapped to a shared definition: Note 30: nil at 31 December 2025.
Cash flow
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Cash generated from operations (Note 29) | 2,106,119 | 2,207,414 |
| Taxation paid (Note 9) | (110,399) | (43,498) |
| Corporate Social Responsibility contribution (Note 9)1 | (8,356) | (6,659) |
| Corporate Climate Responsibility contribution (Note 9)2 | (8,390) | –3 |
| Interest paid4 | (254,161) | (247,325) |
| Interest received | 12,432 | 2,183 |
| Contributions made for post-employment benefit obligations (Note 22)5 | (7,976) | (14,208) |
| Net cash generated from operating activities | 1,729,269 | 1,897,907 |
| Payment for additional investment into subsidiaries6 | –7 | –7 |
| Payments made for the purchase of property, plant and equipment (Note 10) | (1,098,759) | (1,075,256) |
| Payments for purchase of intangible assets | (12,488) | (9,652) |
| Proceeds from disposal of property, plant and equipment | 3,130 | 16,599 |
| Proceed from sale of investment in subsidiary8 | 1,291,734 | –7 |
| Repayment of loans by related parties9 | –7 | –7 |
| Loan to subsidiary (Note 14)10 | –7 | –7 |
| Refund of deposit from disposal of right-of-use-asset11 | –7 | 494 |
| Net cash generated from / (used) in investing activities | 183,617 | (1,067,815) |
| Proceeds from borrowings | 1,840,800 | 4,939,009 |
| Repayment of borrowings | (1,737,675) | (4,715,259) |
| Repayment of bond debt12 | (300,000) | –13 |
| Bond issue transaction costs14 | (2,118) | (2,268) |
| Lease payments principal (Note 11) | (175,830) | (166,505) |
| Dividends paid (Note 26) | (701,316) | (699,250) |
| Dividends paid to non-controlling interests15 | (82,419) | –13 |
| Net cash used in financing activities | (1,158,558) | (644,273) |
| Net increase in cash and cash equivalents | 754,328 | 185,819 |
| Cash and cash equivalents at beginning of the year | 455,222 | 275,989 |
| Exchange gains / (losses) on cash and cash equivalents | 3,652 | (6,586) |
| Cash and cash equivalents at end of the year (Note 18) | 1,213,202 | 455,222 |
- Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
- Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
- Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (12)
- “Corporate Social Responsibility contribution (Note 9)” is an issuer-specific line, not mapped to a shared definition: Operating activities, note 9.
- “Corporate Climate Responsibility contribution (Note 9)” is an issuer-specific line, not mapped to a shared definition: Operating activities, note 9; 2025 only.
- “Interest paid”: mapping to a shared definition is uncertain. Printed 'Interest paid' in operating activities; borrowings and lease interest are not split.
- “Contributions made for post-employment benefit obligations (Note 22)” is an issuer-specific line, not mapped to a shared definition: Operating activities, note 22.
- “Payment for additional investment into subsidiaries” is an issuer-specific line, not mapped to a shared definition: Investing activities: dashes in the Group columns.
- “Proceed from sale of investment in subsidiary” is an issuer-specific line, not mapped to a shared definition: Investing activities, 2025 only.
- “Repayment of loans by related parties” is an issuer-specific line, not mapped to a shared definition: Investing activities: dashes in the Group columns.
- “Loan to subsidiary (Note 14)” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 14: dashes in the Group columns.
- “Refund of deposit from disposal of right-of-use-asset” is an issuer-specific line, not mapped to a shared definition: Investing activities, 2024 only.
- “Repayment of bond debt” is an issuer-specific line, not mapped to a shared definition: Financing activities, 2025 only.
- “Bond issue transaction costs” is an issuer-specific line, not mapped to a shared definition: Financing activities.
- “Dividends paid to non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Financing activities, 2025 only.
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
| Year ended | Event | Wording as printed | Amount | Unit | Source |
|---|---|---|---|---|---|
| 31 Dec 2025 | Dividends paid (cash flow statement) | Dividends paid (Note 26) |
(701,316) | MUR thousands | Annual report, p88 |
| 31 Dec 2024 | Dividends paid (cash flow statement) | Dividends paid (Note 26) |
(699,250) | MUR thousands | Annual report, p88 |
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
-
EMTEL Integrated Report 2025
Year ended 31 December 2025 · Annual report · signed / final
Audit: PricewaterhouseCoopers (Mauritius), unmodified opinion · signed
Auditor's sign-off: PricewaterhouseCoopers (signature image); Sharvin Ballah, licensed by FRC (signature image)
Final status: Independent auditor's report to the shareholders of Emtel Limited (PDF pp83-84), unmodified opinion on the consolidated and separate financial statements; closed by signature images 'PricewaterhouseCoopers' and 'Sharvin Ballah' (two embedded images in the signature position, above the printed names 'PricewaterhouseCoopers' and 'Sharvin Ballah, licensed by FRC') and 'Date: 18th March 2026' (PDF p84, right-hand page of the spread; page image). The statements were authorised for issue by the Board of directors on 18th March 2026 and signed by Mr. Bashirali A Currimjee (Chairman) and Mr. M Sahoud Edoo (Executive Director), with drawn signatures above the printed names (PDF p86, right-hand page; page image).
- Document date
- 18 Mar 2026
- Auditor's report
- 18 Mar 2026
- Board approval
- 18 Mar 2026
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2025, FY2024
- Basis
- consolidated statements · MUR thousands (printed “Rs 000”)
- Cash and cash equivalents in the statement of cash flows (1,213,202; 2024: 455,222 thousand) exclude restricted cash (124,195; 2024: 115,890) and are net of bank overdrafts (22,871; 2024: 5,411) held within borrowings (note 18, PDF p107); the 2024 statement of financial position line (477,681) is continuing operations only (98,842 sat in assets held for sale).
- En-dash nil cells in the Group columns (impairment loss on subsidiary, dividend income, investment in subsidiaries, financial assets at amortised cost, subsidiary-related cash flows, held-for-sale lines in 2025, and 2024 or 2025 cells of lines that arose in one year only) are read as nil by subtotal arithmetic.
- Group total equity is a deficit at 31 December 2024 ((302,022) thousand), after a common control reserve of (1,030,768) that is nil at 31 December 2025 (p86).
- Profit for the year (2,698,680; 2024: 276,118 thousand) is printed as profit from continued operations plus five lines below it: profit/(loss) from discontinued operation, dividend income (Company only), profit on disposal of subsidiary, fair value gain on associate and share of loss from associate (note 31). 'Profit for the year' is printed three times on p85 (inside 'Profit for the year from continued operations', the profit-or-loss total and the opening line of the comprehensive income statement); the second printing is used.
- Statement of financial position subtotals are unlabelled: non-current assets, current assets before and after assets held for sale, non-current liabilities, and current liabilities before and after liabilities held for sale (p86). No equity attributable to owners subtotal is printed; non-controlling interest is listed with the reserves.
- The analysis 'Profit / (loss) attributable to owners from: Continued operations 1,138,382; Discontinued operation 1,560,298' (p85) adds to profit for the year (2,698,680), not to the profit attributable to owners of the parent (2,622,901) printed above it; not transcribed.
- Two earnings-per-share lines are printed, both labelled 'Basic and diluted earnings per share (Note 33)': from continuing operations (2.50; 2024: 0.85) and total (5.76; 2024: 0.77), in rupees. The first is recorded as an issuer-native per-share concept, the second as eps_basic_diluted.
- Integrated Report 2025: strategy, performance, sustainability and governance (PDF pp1-79), directors' report and statements of compliance (pp81-82), auditor's report (pp83-84), statements (pp85-88), notes (pp88-122), supplementary information.
Technical details
- File
- 125 pages, with a text layer
- SHA-256
3003cf0c38da6e01c71e24c5c39d54b1ea664604dce4b9ec3211d7cb50b1b576- Entity as printed
- Emtel Limited (the Company) and its subsidiaries (together the Group)
- Issuer copy
- retrieved 2026-10-08T19:13:16Z
Data notes
No figure-level notes beyond those in the tables.
Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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