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SEPC - SEPC

📊 NSE: SEPC 🏢 Engineering - Turnkey Services 📅 Last Updated: 12/14/2025 13:00

📢 Recent Corporate Announcements

SEPC Issues Final Reminder for ₹5 Call Money on 4.93 Crore Partly Paid-Up Shares

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 13 Apr 2026, 05:38 PM

SEPC Limited has issued a first and final reminder-cum-forfeiture notice for the payment of ₹5 per share on 4,92,91,505 outstanding partly paid-up equity shares. This call money pertains to the rights issue initiated in May 2025. The payment window is scheduled from April 15, 2026, to April 29, 2026. Shareholders who fail to pay the remaining amount by the deadline risk the forfeiture of their shares and any capital already paid towards them.

Call money of ₹5.00 per share is due on 4,92,91,505 partly paid-up equity shares.
The payment period is strictly between April 15, 2026, and April 29, 2026.
Non-payment will result in the forfeiture of shares and the initial application money paid.
Successful payment will convert ₹5 partly paid-up shares into ₹10 fully paid-up equity shares.
Payment must be made electronically through the designated online portal using Net Banking or UPI.

💡 Holders of SEPC partly paid-up shares (ISIN: IN9964H01012) must ensure they pay the ₹5 call money by April 29, 2026, to prevent total loss of their investment through forfeiture. Verify the DP ID and Client ID on the Cameo Corporate Services portal before proceeding with the payment.

SEPC Limited Submits Compliance Certificate Under SEBI Regulation 74(5) for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Apr 2026, 04:18 PM

SEPC Limited has submitted its quarterly compliance certificate for the period ending March 31, 2026, as required under SEBI (Depositories and Participants) Regulations. The company's Registrar and Share Transfer Agent (RTA), Cameo Corporate Services Limited, confirmed that all securities received for dematerialization were processed within the stipulated time. The filing verifies that physical share certificates were mutilated and cancelled after due verification. This is a standard procedural disclosure and does not impact the company's financial or operational standing.

Compliance certificate issued for the quarter ended March 31, 2026.
Confirmation provided by Registrar and Share Transfer Agent (RTA), Cameo Corporate Services Limited.
Verification that dematerialized securities are listed on the stock exchanges where earlier securities were listed.
Confirmation of timely mutilation and cancellation of physical share certificates after depository name substitution.

💡 No action is required as this is a routine regulatory filing. Investors should monitor upcoming quarterly earnings reports for material business performance updates.

SEPC Limited: Trading Window Closure from April 1, 2026, for FY26 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Mar 2026, 05:24 PM

SEPC Limited has announced the closure of its trading window for designated persons starting April 1, 2026. This is a mandatory regulatory compliance step under SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is in anticipation of the financial results for the quarter and full financial year ending March 31, 2026. The window will remain closed until 48 hours after the results are officially declared to the exchanges.

Trading window closure effective from April 1, 2026
Closure pertains to financial results for the quarter and year ending March 31, 2026
Restriction applies to Designated Persons and their immediate relatives
Window to reopen 48 hours after the declaration of financial results

💡 This is a routine regulatory filing and requires no immediate action from investors. Monitor for the upcoming board meeting date announcement to track the company's financial performance.

SEPC to Acquire 90% Stake in Abu Dhabi's Avenir for ~₹1,530 Crore via Share Swap

🟢 POSITIVE ⭐ 9/10

M&A 📅 24 Mar 2026, 10:11 AM

SEPC Limited has approved the acquisition of a 90% stake in Abu Dhabi-based Avenir International Engineers and Consultants LLC for approximately ₹1,530 crore through a share swap arrangement. This strategic move marks SEPC's entry into the high-growth Oil & Gas engineering sector and expands its footprint in the MENA region. Avenir brings a robust order book of AED 500 million and established relationships with major entities like ADNOC and DEWA. The acquisition is expected to be completed within six months, significantly diversifying SEPC’s portfolio from domestic EPC to global engineering services.

Acquisition of 90% stake in Avenir valued at ~INR 1,530 crore via a share swap arrangement
Avenir holds a strong order book of approximately AED 500 million (~INR 1,135 crore)
Target revenue grew significantly from AED 31.91 million in FY22 to AED 73.93 million in FY24
Strategic entry into the Oil & Gas EPC and consulting ecosystem with ADNOC-approved vendor status
Transaction expected to close within six months, pending lender and shareholder approvals

💡 Investors should view this as a transformational growth step that diversifies revenue streams and improves margin potential. Monitor the dilution impact of the share swap and the progress of regulatory and lender approvals.

SEPC to Acquire 90% Stake in Abu Dhabi-based Avenir International for INR 1,530 Crores

🟢 POSITIVE ⭐ 9/10

M&A 📅 23 Mar 2026, 06:24 PM

SEPC Limited has approved the acquisition of a 90% stake in Avenir International Engineers and Consultants LLC, an Abu Dhabi-based firm specializing in Oil & Gas engineering. The acquisition is valued at approximately INR 1,530 Crores and will be executed through a share swap, preserving cash but leading to equity dilution. Avenir brings a strong presence in the MENA region with an order book exceeding AED 500 million and clients like ADNOC. This strategic move allows SEPC to diversify into high-value engineering design and project management consultancy.

Acquisition of 90% stake in Avenir International for a valuation of INR 1,530 Crores.
Target company turnover grew from INR 71.92 Crores in 2022 to INR 171.89 Crores in 2024.
Consideration to be settled via share swap, subject to lender and shareholder approvals.
Avenir holds a robust order book of over AED 500 million with major Middle Eastern utility and oil giants.
Expected completion timeline for the transaction is within six months.

💡 Investors should monitor the upcoming details on the share swap ratio to assess the extent of equity dilution. While the acquisition adds high-margin capabilities and a strong international order book, the integration of this large-scale entity will be critical for long-term value creation.

SEPC Limited Credit Rating Downgraded to 'D' (Default) on Debt Servicing Delays

🔴 NEGATIVE ⭐ 9/10

REGULATORY 📅 17 Mar 2026, 07:04 PM

CRISIL has downgraded SEPC Limited's credit rating to 'D' (Default) from 'BB+/Negative' for its Rs. 890.15 crore bank facilities. The downgrade follows a default on a ~Rs. 6 crore interest payment due on February 28, 2026, and delays in clearing Letter of Credit dues. The liquidity crisis was exacerbated by a Madras High Court order attaching Rs. 154 crore of the company's receivables, leading lenders to freeze its Trust and Retention Account. While the company has Rs. 150 crore in liquidity from a recent rights issue, these funds are currently inaccessible due to the account freeze.

Ratings for Rs. 890.15 crore of bank facilities downgraded to 'CRISIL D' due to interest payment defaults.
Madras High Court ordered attachment of Rs. 154 crore in receivables on Feb 19, 2026, causing lenders to freeze operational accounts.
Company reported a default on ~Rs. 6 crore term loan interest and delays of over 30 days in clearing LC dues.
Despite a robust order book of over Rs. 5,000 crore, working capital remains severely stretched due to slow government recoveries.
Promoters (Mark AB) have infused ~Rs. 60 crore as quasi-equity to date, but liquidity remains poor due to legal and operational hurdles.

💡 Investors should exercise extreme caution as a 'Default' rating indicates a high risk of insolvency and severely restricted access to future credit. Monitor the company's progress in unfreezing its accounts and resolving the legal dispute involving the Rs. 154 crore receivable attachment.

SEPC Credit Rating Downgraded to 'D' (Default) by CRISIL and Infomerics

🔴 NEGATIVE ⭐ 10/10

OTHER 📅 10 Mar 2026, 08:55 PM

SEPC Limited has experienced a severe credit rating downgrade from both CRISIL Ratings and Infomerics Valuation and Rating. Both agencies have moved the company's long-term and short-term bank facilities to a 'D' (Default) rating. Previously, CRISIL had rated the long-term facilities at 'BB+/Negative' and short-term at 'A4+'. This downgrade to 'D' signifies that the company has defaulted on its debt obligations or is expected to do so imminently, reflecting a critical liquidity crisis.

CRISIL downgraded Long Term Bank Facilities from 'BB+/Negative' to 'D'
CRISIL downgraded Short Term Bank Facilities from 'A4+' to 'D'
Infomerics downgraded Long Term Bank Facilities from 'BB+/Negative' to 'IVR D'
Infomerics downgraded Short Term Bank Facilities from 'IVR 4+' to 'IVR D'

💡 Investors should exercise extreme caution as a 'D' rating indicates a default on financial obligations, which typically leads to significant stock price volatility and potential insolvency risks. It is advisable to evaluate the company's debt restructuring plans and liquidity position before maintaining any exposure.

SEPC Shareholders Approve Reallocation of ₹124.20 Cr Rights Issue Proceeds for Working Capital

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 09 Mar 2026, 09:06 AM

SEPC Limited shareholders have approved a special resolution to vary the objects of the Rights Issue originally set in May 2025. The company will now utilize ₹124.20 crores for meeting existing and incremental working capital requirements, a significant shift in fund allocation. Meanwhile, ₹15.80 crores remains allocated for the repayment or redemption of Non-Convertible Debentures. The resolution was passed with an overwhelming 99.86% majority, indicating strong shareholder support for the management's operational funding strategy.

Special resolution passed with 99.86% majority to vary Rights Issue objects.
₹124.20 crores reallocated to support existing and incremental working capital needs.
₹15.80 crores earmarked for repayment and redemption of Non-Convertible Debentures.
Total of 52.39 crore votes were polled, representing approximately 27.28% of total shares.

💡 Investors should track if this increased working capital leads to improved project execution and revenue growth in upcoming quarters. The shift suggests management is prioritizing operational liquidity over faster debt reduction.

SEPC Faces ₹154.63 Cr Receivable Attachment; Court Appoints PWC for Financial Audit

🔵 WATCH ⭐ 7/10

LEGAL 📅 02 Mar 2026, 10:03 AM

The Madras High Court has ordered the interim attachment of ₹154.63 crore of SEPC's trade receivables (out of ₹449.62 crore) and appointed PWC to conduct a financial audit by March 23, 2026. This stems from a decade-old dispute with GPE (India) Ltd, though SEPC maintains a neutral financial outlook due to an indemnity agreement with Twarit Consultancy Services. Twarit has already paid ₹164.5 crore toward the claim, and SEPC's lenders are intervening to protect their priority rights. Despite legal issues, SEPC reported strong 9M FY26 revenue of ₹796.89 crore, exceeding its full-year FY25 performance.

Interim attachment of ₹154.63 crore in trade receivables out of a total reported ₹449.62 crore
PWC appointed to audit financial records and bank liabilities with a report due by March 23, 2026
Indemnity agreement with Twarit Consultancy Services covers liabilities; ₹164.5 crore already paid by them
9M FY26 revenue of ₹796.89 crore and PAT of ₹39.81 crore already surpass full-year FY25 results
Consortium of lenders has approached the court to protect priority rights as secured creditors

💡 Investors should closely monitor the PWC audit report due on March 23 for any potential impact on reported asset values. While the indemnity agreement provides a buffer, the attachment of 34% of receivables may create short-term working capital pressure.

Madras HC Orders Interim Attachment of ₹154.63 Cr Trade Receivables for SEPC Ltd

🔴 NEGATIVE ⭐ 9/10

LEGAL 📅 27 Feb 2026, 06:19 PM

The Madras High Court has ruled that a foreign arbitral award against SEPC Limited is enforceable in India, arising from a 2015 Share Purchase Agreement dispute. As a result, the court has ordered an interim attachment of trade receivables worth ₹154.63 crore out of the company's total ₹449.62 crore receivables. Furthermore, the court has appointed an independent auditor to investigate the company's financial affairs and assets due to alleged inconsistencies in previous disclosures. This development follows a long-standing legal battle where the Supreme Court had previously directed a deposit of ₹125 crore.

Madras High Court declared a foreign arbitral award (SIAC) enforceable as a court decree in India.
Interim attachment ordered for ₹154.63 crore in trade receivables, impacting roughly 34% of total receivables.
Independent Auditor/Audit Firm appointed to investigate SEPC's actual assets, receivables, and payables.
The legal dispute stems from non-honoring of Share Purchase Agreements dated September 28, 2015.
The attachment of funds will continue until the court-appointed auditor submits their final report.

💡 Investors should exercise extreme caution as the attachment of significant trade receivables could severely strain the company's working capital and liquidity. The appointment of an investigative auditor suggests potential risks regarding the transparency of the company's financial disclosures.

SEPC Reports Zero Deviation in Utilization of ₹350 Crore Rights Issue Proceeds

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 13 Feb 2026, 08:24 PM

SEPC Limited has confirmed that there are no deviations in the utilization of the ₹350 crore raised through its Rights Issue as of December 31, 2025. The company has successfully utilized ₹160 crore for working capital requirements and allocated ₹118.76 crore towards the payment of Non-Convertible Debentures (NCDs). The Monitoring Agency, Infomerics Valuation and Rating Limited, verified that all funds were used in accordance with the objects stated in the Letter of Offer. This transparency reflects disciplined capital allocation and adherence to regulatory commitments.

Confirmed zero deviation or variation in the utilization of ₹350 crore Rights Issue proceeds.
₹160 crore fully utilized for augmenting existing and incremental working capital requirements.
₹118.76 crore allocated towards the payment of Non-Convertible Debentures (NCDs) and interest.
Total gross proceeds received as of December 31, 2025, stand at ₹323.45 crore.
Monitoring Agency Report for Q3 FY26 confirms all expenditures align with the Letter of Offer.

💡 Investors should view the disciplined use of funds for debt repayment and working capital as a positive sign for the company's balance sheet health. Monitor if this capital infusion leads to improved project execution and revenue growth in upcoming quarters.

SEPC Limited Credit Rating Downgraded to IVR BB+ with Negative Outlook

🔴 NEGATIVE ⭐ 8/10

OTHER 📅 13 Feb 2026, 08:09 PM

Infomerics Valuation and Rating Ltd. has downgraded SEPC Limited's credit ratings for its bank facilities. The long-term rating was lowered from IVR BBB- (Stable) to IVR BB+ (Negative), and the short-term rating was revised from IVR A3 to IVR A4+. This downgrade signifies a transition to a non-investment grade, reflecting heightened credit risk. The negative outlook suggests that the rating agency remains concerned about the company's financial stability in the near term.

Long-term bank facilities downgraded from IVR BBB- to IVR BB+ with a Negative outlook
Short-term bank facilities downgraded from IVR A3 to IVR A4+
The downgrade moves the company's debt into a speculative or non-investment grade category
The revision follows a previous rating update provided on September 8, 2025

💡 Investors should be wary of the increased financial risk and potential rise in interest costs for the company. It is advisable to monitor the company's debt-servicing capability and wait for signs of operational improvement before considering new positions.

SEPC Secures ₹314 Crore Smart Prepaid Metering Project in Punjab

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Feb 2026, 09:48 AM

SEPC Limited has received a Letter of Intent for a ₹313.96 crore Smart Prepaid Metering project in Punjab under the Revamped Distribution Sector Scheme (RDSS). The project will be executed on a DBFOOT (Design, Build, Finance, Own, Operate and Transfer) basis in consortium with Adya Smart Metering Private Limited. This win provides long-term revenue visibility and aligns with the company's strategy to build annuity-linked revenue streams. Notably, SEPC's 9M FY26 revenue of ₹796.89 crore has already surpassed its full-year FY25 revenue of ₹597.7 crore, indicating strong growth momentum.

Total project value of ₹313.96 crore for smart metering infrastructure in Punjab.
Execution via DBFOOT model ensures long-term, annuity-based revenue visibility.
9M FY26 net profit of ₹39.81 crore already exceeds the full-year FY25 profit of ₹24.8 crore.
Consolidated revenue for 9M FY26 reached ₹796.89 crore, surpassing the FY25 total of ₹597.7 crore.
Project involves design, deployment, and long-term O&M for Punjab State Power Corporation Limited.

💡 Investors should view this as a positive development reflecting SEPC's successful turnaround and growing order book; however, monitor the capital requirements associated with the DBFOOT model.

SEPC 9M FY26 Net Profit Jumps 169% YoY, Surpasses Full-Year FY25 Performance

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 10:19 AM

SEPC Limited reported a stellar performance for the first nine months of FY26, with revenue reaching ₹796.89 crore, already exceeding the total revenue of FY25 (₹597.7 crore). Net profit for 9M FY26 surged by 168.66% YoY to ₹39.81 crore, driven by strong execution in water, mining, and infrastructure segments. The company secured significant new orders, including a ₹230 crore project from MOIL and a massive ₹3,300 crore coal mining project as part of a consortium. Additionally, the settlement of arbitration with Hindustan Copper and new international orders in the UAE strengthen the balance sheet and growth outlook.

9M FY26 revenue of ₹796.89 Cr grew 53.28% YoY, surpassing the entire FY25 revenue of ₹597.7 Cr
Net profit for 9M FY26 skyrocketed 168.66% YoY to ₹39.81 Cr with margins improving by 215 bps
Q3 FY26 revenue grew 114.12% YoY to ₹342.07 Cr, while PAT jumped 236.62% YoY
Major order wins include a ₹230 Cr MOIL project and a ₹3,300 Cr coal mining project via consortium
Successfully settled arbitration with Hindustan Copper, receiving ₹30.45 Cr and a ₹72.55 Cr supplementary order

💡 Investors should view this as a strong turnaround phase for SEPC, supported by a robust order book and significantly improved execution capabilities. Monitor the execution timeline of the large ₹3,300 crore coal mining project and the sustainability of the 5% net profit margin.

SEPC Q3 Consolidated Net Profit Jumps 236% YoY to ₹14.96 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 07 Feb 2026, 05:09 PM

SEPC Limited reported a strong operational performance for Q3 FY26, with consolidated total income rising to ₹342.07 crore from ₹159.75 crore in the same quarter last year. Net profit surged to ₹14.96 crore, a significant increase from ₹4.44 crore in Q3 FY25, driven by higher execution volumes. For the nine-month period, the company's profit reached ₹39.81 crore, more than doubling from ₹14.82 crore in the previous year. However, the statutory auditors have maintained a qualified opinion regarding the recoverability of ₹287.86 crore in deferred tax assets and ₹74.55 crore in overdue receivables from stalled projects.

Consolidated revenue from operations grew 114% YoY to ₹342.07 crore in Q3 FY26.
Consolidated Net Profit increased by 236% YoY to ₹14.96 crore from ₹4.44 crore.
Nine-month consolidated profit stood at ₹39.81 crore, up from ₹14.82 crore in 9M FY25.
Basic EPS improved to ₹0.08 in Q3 FY26 compared to ₹0.03 in the year-ago quarter.
Auditors raised concerns over the recoverability of ₹287.86 crore in Deferred Tax Assets and ₹74.55 crore in stalled project dues.

💡 While the operational turnaround and revenue growth are impressive, the persistent auditor qualifications regarding deferred tax assets and stalled projects remain a risk. Investors should monitor the company's ability to resolve these legacy asset issues and maintain the current execution momentum.

View All SEPC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 6.54% YoY to INR 597.65 Cr in FY25. The domestic order book of INR 1,321.31 Cr is segmented into Power (50.56%), Water (48.08%), and Process & Metallurgy (1.37%).

Geographic Revenue Split

International operations dominate the future pipeline, accounting for 74.44% of the INR 5,169.31 Cr order book, while domestic projects contribute 25.56%.

Profitability Margins

Gross margins improved from 23% to 27% in FY25. Net profit margin stood at 4.32% in FY25 (INR 25.84 Cr) compared to 4.04% in FY24 (INR 22.67 Cr).

EBITDA Margin

EBITDA margin improved significantly to 8.51% (INR 50.88 Cr) in FY25 from 4.78% (INR 26.79 Cr) in FY24, representing an 89.9% increase in absolute EBITDA.

Capital Expenditure

The company plans moderate standalone capital expenditure of INR 4 Cr to INR 5 Cr annually over the medium term, funded through internal accruals.

Credit Rating & Borrowing

CRISIL reaffirmed ratings at 'BBB-/Negative/A3'. Borrowing costs are supported by promoter quasi-equity of INR 53.16 Cr at a nominal interest rate of 0.01%.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Ductile Iron (DI) pipes (specifically 100mm and 150mm), steel, cement, polyethylene, polyvinyl chloride (PVC), and polymer resin.

Import Sources

Sourced primarily from domestic vendors in India for local projects, with international sourcing leveraged through Mark AB’s network in the Middle East (UAE, Saudi Arabia) and Uzbekistan.

Key Suppliers

Not specifically named, though the company has entered a one-year fixed-price contract with a specific vendor to mitigate DI pipe price volatility.

Capacity Expansion

Not applicable as a service-based EPC; however, the order book expanded to INR 5,169.31 Cr by May 2025, which is 8.65 times the FY25 revenue.

Raw Material Costs

Raw material costs are a significant component of the 73% direct cost base; margins are susceptible to volatility in steel and polymer prices, partially mitigated by cost-escalation clauses in contracts.

Manufacturing Efficiency

Execution efficiency is reflected in the improvement of EBITDA margins from 4.78% to 8.51% as the company transitions to more remunerative 'newer' projects.

Logistics & Distribution

Not disclosed as a specific percentage; logistics costs are integrated into the procurement and construction phase of EPC contracts.

📈 Strategic Growth

Expected Growth Rate

6.54%

Growth Strategy

Growth is driven by a massive INR 5,169.31 Cr order book. Strategy involves leveraging promoter Mark AB's global network for high-value GCC projects, such as the INR 2,035 Cr ROSHN infrastructure project in Saudi Arabia and an INR 1,823 Cr cement project in Uzbekistan. Financial stability is being bolstered by successive rights issues (INR 300 Cr completed, INR 350 Cr planned) to reduce debt and fund working capital.

Products & Services

Turnkey EPC solutions including design, engineering, procurement, and construction for water treatment plants, sewerage systems, process plants, metallurgy units, and power infrastructure.

Brand Portfolio

SEPC (formerly Shriram EPC).

New Products/Services

Expansion into large-scale international infrastructure and greenfield cement projects, expected to contribute over 70% of revenue visibility over the next 3 years.

Market Expansion

Aggressive expansion into the Middle East (Saudi Arabia, UAE) and Central Asia (Uzbekistan) to diversify away from the fragmented Indian domestic market.

Market Share & Ranking

Established mid-sized player in the Indian EPC sector with nearly three decades of experience.

Strategic Alliances

Framework Agreement with ROSHN Group (Saudi Arabia) for infrastructure works and partnerships via Mark AB's global network of technology providers.

🌍 External Factors

Industry Trends

The EPC industry is evolving toward integrated sustainable infrastructure. SEPC is positioning itself for this shift by focusing on water management and process metallurgy, supported by a 6.54% YoY revenue growth trend.

Competitive Landscape

Operates in a highly fragmented and competitive industry against both organized and unorganized players in the tender-driven government sector.

Competitive Moat

Moat is built on a 20-year execution track record and the 'Mark AB' partnership, which provides a 'pre-qualification' advantage for large-scale international tenders that domestic mid-sized peers cannot access.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and economic cycles; GDP growth and government capex push are foundational to the 8.65x revenue visibility.

Consumer Behavior

Shift in government demand toward 'Jal Jeevan Mission' and similar flagship water programs is driving the 48.08% domestic water segment focus.

Geopolitical Risks

Exposure to regulatory and policy shifts in the GCC region and Central Asia; trade barriers or political instability in Saudi Arabia could impact 60% of the international pipeline.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to stringent pollution norms, safety standards for construction sites, and government procurement policies for tender-based bidding.

Environmental Compliance

The company conducts training on waste management, greenhouse gas emissions, and 'Green Building' concepts to align with ESG reporting expectations.

Taxation Policy Impact

Standard corporate tax rates apply; fiscal policy favoring infrastructure capex directly benefits the order book.

Legal Contingencies

Ongoing litigation with Twarit Consultancy Services Pvt Ltd (TCPL) involving a claim where TCPL was directed to remit INR 39.50 Cr. SEPC claims to be indemnified, but any adverse ruling remains a key monitorable.

⚠️ Risk Analysis

Key Uncertainties

Working capital cycle stretch (1090 days GCA) and dependency on promoter Mark AB for liquidity support (INR 13 Cr infused in one month during 2025) are primary risks.