SEPC Limited (SEPC)
₹5.28 -2.40% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, SEPC's revenue was ₹282 Cr (+38.6% year on year, +3.1% on the previous quarter), and net profit ₹-11.1 Cr (against a profit a year earlier); the operating margin was 4.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹282 | +38.6% | +3.1% |
| Operating profit | ₹13.2 | -53.0% | +31.7% |
| Net profit | ₹-11.1 | to loss | to loss |
| EPS (₹) | -0.06 | to loss | to loss |
| Operating margin | 4.7% | — | — |
SEPC delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.25% of the SEPC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.86%. That is close to its usual level.
Delivery in the last 5 sessions: 28.8% · 45.3% · 48.3% · 57.1% · 54.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
SEPC Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Cameo Corporate Services Limited confirms the processing, cancellation, and mutilation of physical share certificates received for dematerialisation. The depositories have been substituted in the register of members within the prescribed regulatory timelines. This filing represents standard quarterly depository compliance with no operational or financial impact.
- Regulation 74(5) compliance confirmed for the quarter ended September 30, 2026
- Issued by Cameo Corporate Services Limited under reference CAM/SHE /REG 74(5)/2026 dated October 1, 2026
- Physical security certificates received were verified, mutilated, and cancelled within statutory timelines
SEPC Limited has formally signed a ₹854.57 crore contract with SAIL-IISCO Steel Plant for the Pellet Plant BOP package at Burnpur, West Bengal. The net contract value of ₹854.57 crore represents approximately 74% of SEPC's TTM revenue (₹1,150 crore) and about 79% of its current market capitalization. With this contract execution, SEPC's consolidated order book has surpassed ₹10,000 crore, equivalent to over 9 times its FY26 total revenue. The project is slated for commissioning within 32 months from the effective date of September 3, 2026.
- Formal contract signing of ₹854.57 crore net value (total contract price ₹951.60 crore less ₹97.04 crore ITC) with SAIL-IISCO
- Consolidated order book surpasses ₹10,000 crore, exceeding 9x FY26 total income
- Project execution timeline set for 32 months from September 3, 2026
- Part of SAIL-ISP's 4.08 MTPA Crude Steel Expansion at Burnpur executed on divisible turnkey basis
SEPC Limited announced that the Madras High Court has terminated execution proceedings and lifted the attachment on ₹154 crore of its receivables following a joint compromise. The settlement totaled ₹149.5 crore, which was entirely funded by another co-party under a 2015 indemnity agreement, resulting in zero cash outflow for SEPC. The ₹154 crore in unlocked receivables represents approximately 13.4% of SEPC's TTM revenue (₹1,150 crore) and 15% of its market capitalization (₹1,024 crore). Additionally, all restrictions on the company's banking operations have been completely lifted with immediate effect.
- Attachment on ₹154 crore of SEPC receivables lifted with immediate effect
- Dispute settled for ₹149.5 crore (₹147 crore DD plus ₹2.5 crore with the Court) with nil cash outflow for SEPC
- Settlement amount fully funded by a co-party pursuant to a 2015 indemnity agreement
- All execution petitions terminated and restrictions on banking operations fully removed
The Madras High Court has approved a Joint Memo of Compromise settling longstanding disputes and terminating execution petitions against SEPC Limited and co-judgment debtors. The total settlement consideration is Rs 149.5 Crores, consisting of a Rs 147 Crore demand draft and Rs 2.5 Crores deposited in court. Crucially, SEPC incurs zero direct cash outflow, as the entire amount was paid by Judgment Debtor 1 under a 2015 indemnity agreement. The order lifts all attachments, unlocking Rs 154 Crores of SEPC's receivables and fully restoring normal banking operations.
- High Court approved compromise terminating execution petitions for a total consideration of Rs 149.5 Crores
- Zero direct monetary outflow for SEPC, with liability paid entirely by co-debtor under a 2015 indemnity agreement
- Attachments on receivables worth Rs 154 Crores raised with immediate effect
- All restrictions on SEPC's banking operations completely lifted
SEPC Limited announced that shareholders approved the appointment of Ms. Vasuki K B K as an Independent Director at its 26th Annual General Meeting held on September 28, 2026. The appointment is for a 5-year term effective from August 25, 2026, to August 24, 2031. Ms. Vasuki is a former Madras High Court judge with extensive legal and arbitration experience, and holds no relationships with any existing directors.
- Shareholders approved the appointment at the 26th AGM on September 28, 2026
- Appointed for a 5-year term from August 25, 2026, to August 24, 2031
- Appointee is a former Madras High Court Judge (elevated 2010, retired September 8, 2015)
- Ms. Vasuki confirmed to have no relationship with any existing board directors
SEPC Limited announced the completion of its 26th Annual General Meeting held on September 28, 2026, through video conferencing. Shareholders passed all Ordinary and Special Business resolutions outlined in the August 25, 2026 notice with the requisite majority. The company submitted the Scrutinizer's Report and voting results under Regulation 44 of SEBI LODR. This is a standard corporate compliance filing with no operational disruptions reported.
- 26th Annual General Meeting held on September 28, 2026, via Video Conferencing/OAVM
- All Ordinary and Special Business resolutions passed with requisite majority
- Resolutions were initially set out in the AGM Notice dated August 25, 2026
- Scrutinizer's Report on remote e-voting and AGM voting submitted dated September 29, 2026
SEPC Limited has issued the notice for its 26th Annual General Meeting scheduled for September 28, 2026. In the accompanying Annual Report for FY25-26, the company highlighted a consolidated revenue jump of 76.44% to ₹1,054.50 crore and PAT of ₹53.84 crore. The Chairman's address noted an active order book of approximately ₹10,000 crore, along with strategic updates including the pending ₹1,530 crore share-swap acquisition of Avenir International.
- 26th AGM scheduled on September 28, 2026 via Video Conferencing.
- Consolidated revenue grew 76.44% to ₹1,054.50 crore in FY26 compared to ₹597.65 crore in FY25.
- Consolidated PAT increased to ₹53.84 crore in FY26 from ₹24.84 crore in FY25.
- Maintains a substantial consolidated order book of approximately ₹10,000 crore.
- Shareholders approved an enhanced borrowing limit of ₹7,500 crore and the ₹1,530 crore acquisition of Avenir International.
SEPC Limited has approved the 100% acquisition of Wintality Petroleum FZE, a UAE entity engaged in refined petroleum products trading, executed entirely without cash outflow. The transaction involves restructuring SEPC FZE (Sharjah) equity into 40,000 shares (AED 100 face value), where 1,700 shares (4.25%) are swapped for Wintality, leaving SEPC Limited with a 95.75% stake in SEPC FZE. The Board also appointed former Madras High Court Judge Ms. K B K Vasuki as an Independent Director and scheduled the AGM for September 28, 2026.
- 100% acquisition of Wintality Petroleum FZE via non-cash equity restructuring in UAE subsidiary SEPC FZE
- SEPC FZE equity expanded to 40,000 shares of AED 100 each via capitalisation of reserves
- 1,700 shares (4.25% stake in SEPC FZE) issued as acquisition consideration, leaving SEPC with a 95.75% holding
- Transaction involves zero cash outflow from parent entity SEPC Limited
- Annual General Meeting scheduled for Monday, September 28, 2026
SEPC Limited's Board has granted in-principle approval for its wholly owned subsidiary, SEPC FZE Sharjah, to acquire 100% of UAE-based Wintality Petroleum FZE through a non-cash strategic share swap. To execute the deal, SEPC FZE will restructure its equity to 40,000 shares (AED 100 face value) via subdivision and capitalisation of reserves, issuing 1,700 shares for the acquisition while SEPC Limited retains a 95.75% controlling stake. Wintality Petroleum, which specializes in refined petroleum trading, will become a step-down subsidiary upon completion. Separately, former Madras High Court Judge Ms. K B K Vasuki was appointed as an Independent Director for a 5-year term, and the AGM was fixed for September 28, 2026.
- SEPC FZE to acquire 100% of Wintality Petroleum FZE via non-cash share swap
- SEPC FZE equity pool expanded to 40,000 shares of AED 100 each via reserve capitalisation
- 1,700 shares allocated for the acquisition; SEPC Limited retains 95.75% stake (38,300 shares)
- Ms. K B K Vasuki appointed as Independent Director for 5 years (August 25, 2026 to August 24, 2031)
- Annual General Meeting scheduled for September 28, 2026
Rajesh Kumar Bansal (DIN: 09634747) has tendered his resignation as an Independent Director of SEPC Limited, effective August 13, 2026. In his resignation letter, he stated that the departure is due to an inability to devote the necessary time to fulfill board duties. He explicitly confirmed that there are no other material reasons for his resignation. The company will file requisite regulatory forms with the Registrar of Companies and Stock Exchanges.
- Rajesh Kumar Bansal stepped down from the position of Independent Director effective August 13, 2026.
- The director cited an inability to devote the required time to board duties as the sole reason for resignation.
- The filing confirms no other material reasons exist behind the board exit.
- SEPC is required to complete statutory filings with the Registrar of Companies and Stock Exchanges.
SEPC Limited announced the resignation of Independent Director Rajesh Kumar Bansal (DIN: 09634747) with effect from August 13, 2026. In his resignation letter, Mr. Bansal cited an inability to devote the necessary time required for board duties. The filing confirmed that there are no other material reasons behind the resignation.
- Rajesh Kumar Bansal (DIN: 09634747) resigned from the position of Independent Director.
- Resignation is effective immediately from August 13, 2026.
- Reason cited is inability to devote necessary time to fulfill board duties.
- Confirmation provided stating no other material reasons exist for the resignation.
Mr. Rajesh Kumar Bansal has resigned as a Non-Executive Independent Director of SEPC Limited effective August 13, 2026. The resignation is attributed to personal reasons and an inability to devote the necessary time to board duties. The director confirmed there are no other material reasons for his departure. This administrative change occurs as the company manages a substantial order book of ₹5,169.31 cr, which is approximately 4.8x its TTM revenue.
- Resignation of Non-Executive Independent Director effective August 13, 2026
- Director holds NIL directorships or committee memberships in other listed entities
- Company is currently executing a ₹5,169.31 cr order book
- Promoter holding has declined to 11.67% as of June 2026 from 26.53% in December 2025
SEPC reported a strong 40% YoY revenue growth to ₹282 Cr in Q1 FY27, driven by execution across its diversified portfolio. However, the company swung to a net loss of ₹11 Cr from a profit of ₹17 Cr YoY, as EBITDA margins compressed from 14.9% to 9.2% due to overseas project headwinds. The order book is exceptionally large at ₹10,670 Cr, representing nearly 10x the TTM revenue, providing massive long-term visibility. A significant new order of ₹952.19 Cr from SAIL was also announced in August 2026.
- Total Income rose 40% YoY to ₹282 Cr in Q1 FY27 from ₹202 Cr in Q1 FY26.
- Order book stands at ₹10,670 Cr as of June 30, 2026, split between domestic (₹5,270 Cr) and international (₹5,400 Cr).
- Secured a fresh ₹952.19 Cr order from SAIL for a Pellet Plant BOP package in August 2026.
- EBITDA margin contracted to 9.2% from 14.9% YoY, leading to a net loss of ₹11 Cr.
- Active bid pipeline remains strong at ₹4,340 Cr across Water and Industrial EPC segments.
SEPC reported a consolidated net loss of Rs 11.05 Cr for the quarter ended June 30, 2026, a sharp decline from a profit of Rs 16.55 Cr in the year-ago period. While consolidated revenue grew 38.6% YoY to Rs 282.48 Cr, the bottom line was severely impacted by a deferred tax expense of Rs 24.22 Cr. The statutory auditors have issued a qualified opinion, questioning the recoverability of Rs 91.63 Cr in Deferred Tax Assets and Rs 148.83 Cr in overdue contract assets and receivables from stalled or disputed projects.
- Consolidated revenue from operations increased 38.6% YoY to Rs 282.48 Cr from Rs 203.79 Cr.
- Reported a consolidated net loss of Rs 11.05 Cr compared to a profit of Rs 16.55 Cr in Q1 FY26.
- Auditors flagged Rs 91.63 Cr of Deferred Tax Assets as lacking evidence for future taxable profit utilization.
- Overdue contract assets (Rs 90.38 Cr) and trade receivables (Rs 58.45 Cr) are linked to stalled projects and disputes.
- Finance costs increased to Rs 11.47 Cr for the quarter, up from Rs 9.49 Cr in the same period last year.
SEPC Limited has received a formal banning order from Telecommunications Consultants India Limited (TCIL) dated August 5, 2026. This escalation follows the cancellation of a previously issued Letter of Intent (LOI) for a Smart Prepaid Metering Project in Punjab. The company is currently contesting the order before legal authorities, seeking an immediate stay and quashing of the ban. Given SEPC's TTM revenue of ₹1,071 Cr and its reliance on government-linked infrastructure projects, a sustained ban could impact future domestic order inflows.
- Banning order received from TCIL via letter Ref: TCIL/DT/DCCS/PSPCL/2026/8 dated August 5, 2026
- Dispute originates from the Smart Prepaid Metering Project in Punjab, for which an LOI was issued on February 7, 2026
- Company is pursuing legal remedies to seek an immediate stay and quashing of the order
- Promoter holding has significantly declined from 26.53% in December 2025 to 11.67% in June 2026
- Current order book stands at ₹5,169.31 Cr, providing some buffer against domestic regulatory hurdles
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.
Geographic Concentration Risk
High geographic concentration in Saudi Arabia, which represents approximately 40% of the total order book value.
Third Party Dependencies
Dependency on government departments for timely certification of unbilled revenue (663 days) and payment release.
Technology Obsolescence Risk
Risk is mitigated by adopting globally accepted project management practices and technology partners through the Mark AB network.
Credit & Counterparty Risk
Exposure to government clients is high; while credit risk is low, payment delays frequently cause liquidity 'stretches' as seen in Q1FY26.
