We enclose the Outcome of the Board Meeting held today. Detailed letter is enclosed.
SEPC · price
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SEPC Limited's board approved unaudited financial results for Q1 FY26 (quarter ended June 30, 2025). On a consolidated basis, total income rose to Rs 20,379.45 lakhs from Rs 17,820.70 lakhs a year earlier (~14% growth), while profit after tax more than doubled to Rs 1,654.72 lakhs from Rs 807.97 lakhs (~105% growth), with EPS at Rs 0.11. Standalone results, however, were weaker — revenue fell sharply to Rs 8,055.90 lakhs from Rs 17,820.70 lakhs, and standalone PAT slipped to Rs 685.99 lakhs from Rs 813.50 lakhs. The company also allotted 35 crore equity shares via a rights issue worth Rs 35,000 lakhs during the quarter. The auditor (MSKA & Associates) issued a qualified conclusion on both standalone and consolidated results, flagging inability to verify recoverability of a Rs 29,315.05 lakh deferred tax asset and overdue contract assets/receivables of about Rs 7,454 lakhs tied to stalled projects. Accumulated losses stand at Rs 2,09,178.77 lakhs (consolidated), and the company continues to prepare accounts on a going-concern basis, citing the completed resolution plan, rights issue, and investor funding.
The consolidated profit jump is positive, but the qualified auditor opinion, massive accumulated losses, and unresolved recovery of large receivables and deferred tax assets are significant overhangs. Shareholders should weigh the improving subsidiary-driven numbers against the persistent going-concern qualifier and standalone weakness.