SEPC Limited
Quick Take
- • Trading at 40.2× trailing earnings
- • Moderate ROE at 1.4%
- • Low leverage (D/E 0.18)
- • No dividend data
- • Operating margin 5.8% · Net margin 2.3%
- • Profit growth — YoY · Beta 0.84
Latest quarter · Jun 2026
| ₹ Cr | Jun 2026 | QoQ | YoY |
|---|---|---|---|
| Revenue | 274 | +0.00% | +35.64% |
| Operating Profit | 26 | +4.00% | -13.33% |
| Net Profit | -11 | -178.57% | -164.71% |
| EPS (₹) | -0.06 | -185.71% | -154.55% |
Shareholding Pattern
| Mar 2025 | Jun 2025 | Jun 2025 | Sept 2025 | Nov 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Promoters▼7.00 | 33.37% | 27.35% | 27.35% | 27.35% | 27.15% | 26.53% | 18.67% | 11.67% |
| FIIs▲0.08 | 0.65% | 0.65% | 0.68% | 0.61% | 0.59% | 0.60% | 0.96% | 1.04% |
| DIIs | 19.14% | 15.75% | 15.75% | 14.52% | 14.52% | 14.55% | 13.91% | 13.91% |
| Government | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Public▲6.91 | 46.84% | 56.25% | 56.22% | 57.51% | 57.73% | 58.32% | 66.47% | 73.38% |
| No. of Shareholders | 2,87,871 | 3,02,683 | 3,02,036 | 3,07,501 | 3,04,735 | 3,12,827 | 3,17,139 | 3,22,629 |
* N
| Date | Party | Type | Side | Qty | Price |
|---|---|---|---|---|---|
| 28 Apr 26 | Yuga Stocks And Commodities Private Limited | Bulk deal | SELL | 1,35,03,087 | ₹8.83 |
| 28 Apr 26 | Yuga Stocks And Commodities Private Limited | Bulk deal | BUY | 1,58,03,087 | ₹8.78 |
| 17 Mar 26 | Mark Ab Capital Investment Llc | Insider · Promoters | Sell | 13,00,00,000 | ₹8.89 |
| 17 Mar 26 | Mark Ab Welfare Trust | Insider · Promoter Group | Buy | 13,00,00,000 | ₹8.89 |
| 29 Dec 25 | Mark Ab Capital Investment Llc | Insider · Promoters | Sell | 13,00,00,000 | ₹0.00 |
| 29 Dec 25 | Mark Ab Welfare Trust | Insider · Promoter Group | Buy | 13,00,00,000 | ₹0.00 |
| 4 Nov 25 | Mark Ab Capital Investment Llc | Insider · Promoters | Sell | 21,00,00,000 | ₹0.00 |
| 4 Nov 25 | Mark Ab Welfare Trust | Insider · Promoter Group | Buy | 21,00,00,000 | ₹0.00 |
About the company
From latest AR & concallBusiness overview (FY 2025-26) SEPC Limited operates as an Engineering, Procurement, Construction (EPC) and Commissioning (EPCC) solutions provider, offering end-to-end services. The company's key segments include water and municipal infrastructure, roads, metallurgical and process plants, power plants, mine development, and water/wastewater treatment. SEPC primarily serves government departments, public sector entities, ministries, and local municipal bodies, with operations extending across India and internationally through its subsidiaries in the UAE and Saudi Arabia.
Key facts (FY 2025-26)
- Consolidated Revenue from Operations: ₹1,054.50 crore.
- Consolidated Profit After Tax: ₹53.84 crore.
- Consolidated Order Book: Approximately ₹10,000 crore.
- Key Segments (Standalone Turnover Mix): Construction of sewer systems (90%), Construction of roads (10%).
- Subsidiaries: SEPC (FZE) Sharjah (UAE), Shriram EPC Arkan LLC (Muscat), and SEPC Arabia Limited Company (Saudi Arabia).
- Promoter Group Holdings: Mark AB Welfare Trust (19%) and Mark AB Capital Investments LLC (0.05%).
Recent developments (FY 2025-26 Annual Report)
- Experienced significant consolidated financial performance improvement, with revenue growth of 76.44% and PAT growth of 116.74%.
- Successfully completed a ₹350 crore Rights Issue in June 2025, enhancing its financial platform and working capital.
- Secured substantial industrial EPC orders from Steel Authority of India Limited (SAIL) exceeding ₹1,527 crore.
- Board approved the proposed acquisition of up to 90% equity in Avenir International Engineers and Consultants LLC, Abu Dhabi, to expand international capabilities.
- Shareholders approved an enhanced borrowing limit of ₹7,500 crore to provide greater financial flexibility for future growth.
Key risks flagged by management (FY 2025-26 Annual Report)
- Project Execution and Cost Risks: Potential adverse effects from delays in approvals, land availability, design changes, supply-chain disruptions, and unforeseen site conditions.
- Working Capital and Counterparty Risks: Delayed customer payments, extended receivable cycles, and changes in payment terms can impact liquidity.
- Macroeconomic and Commodity Price Volatility: Fluctuations in interest rates, foreign exchange rates, and prices of key inputs can affect project costs and profitability.
- Auditor's Qualified Opinion: Auditors expressed a qualified opinion due to insufficient evidence regarding the recoverability of deferred tax assets, non-current contract assets, and non-current trade receivables.
Pros (evidenced in FY 2025-26 Annual Report)
- Strong consolidated order book provides significant medium- to long-term revenue visibility.
- Demonstrated substantial improvement in consolidated financial performance with robust revenue and PAT growth.
- Strategic initiatives for international expansion and enhanced financial flexibility through capital raises.
Cons (evidenced in FY 2025-26 Annual Report)
- Auditor's qualified opinion raises concerns about the valuation and recoverability of certain assets.
- The company continues to report accumulated losses of ₹2,05,479.65 lakhs on a consolidated basis.
- Persistent liquidity pressures are noted, with a history of borrowings not being repaid on their due dates.
