We enclose the Financial Results for the Quarter and Financial year ended March 31, 2026.

Qualified audit opinionProfit growth above 25%Revenue growth above 20%Negative operating cash flowEBITDA margin compressionExceptional itemResults View source PDF Explain this filing

SEPC · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

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announcement price

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Nifty Microcap 250market · in no size index; the smallest one is used+0.7%-1.4% vs market

Civil Construction peers, median of 99sector+0.0%-0.6% vs sector

On the reaction day the stock moved 1.4 pts less than Nifty Microcap 250 and 0.6 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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UpDownMarket · Nifty Microcap 250Sector · Civil Construction peers, median of 99Pending

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AI summary

SEPC Ltd reported consolidated total income of Rs 1,08,584 Lakhs for FY26, up 68% from Rs 64,602 Lakhs in FY25. Net profit after tax stood at Rs 5,354 Lakhs, more than doubling from Rs 2,484 Lakhs last year. The company raised Rs 35,000 Lakhs via rights issue and has accumulated losses of Rs 2,05,480 Lakhs. Auditors issued a qualified opinion due to: (1) Deferred Tax Asset of Rs 28,188 Lakhs that auditors cannot verify will be utilized against future profits, and (2) Rs 9,038 Lakhs in overdue contract assets and Rs 5,845 Lakhs in overdue trade receivables from stalled projects that auditors cannot confirm are recoverable. Operating cash flow was negative at Rs 26,332 Lakhs despite profits. A legal dispute involving a Rs 12,500 Lakhs arbitration award remains ongoing, though a related party has committed to indemnify the company.

Likely market impact

The stock has strong revenue and profit growth but faces significant auditor concerns about asset recoverability and DTA recognition, plus negative operating cash flows that raise questions about financial stability despite the equity infusion.

By the numbersConsolidated · Q4 FY26 vs Q4 FY25

	Q4 FY26	Q4 FY25	Change
Revenue	₹273.8 Cr	₹117.8 Cr	+132.4%
Operating profit	₹0.15 Cr	₹1.71 Cr	−91.3%
Profit after tax	₹13.73 Cr	₹10.02 Cr	+37.0%
EBITDA margin	3.6%	13.0%	−9.4 pp

From the company's XBRL filing, not from the text above. Operating profit = profit before tax − exceptional items − other income. EBITDA = profit before tax + finance costs + depreciation − other income.