We herewith enclose the outcome of the Board Meeting held today i.e., May 25, 2026. Detailed letter is enclosed.

SEPC Limited 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 more than doubled to Rs 5,354 lakhs (vs Rs 2,484 lakhs), driven by higher execution revenue and improved operational efficiency. The company completed a Rs 35,000 lakh rights issue during the year, raising equity capital to Rs 1,94,332 lakhs. However, the statutory auditors (MSKA & Associates) issued qualified opinions on both standalone and consolidated results, citing: (1) uncertainty over Rs 28,188 lakh deferred tax asset on carried forward losses of Rs 80,666 lakh, and (2) recoverability concerns on overdue contract assets of Rs 9,038 lakh and trade receivables of Rs 5,845 lakh from stalled projects. A Singapore arbitration award (modified by Supreme Court to Rs 12,500 lakh) has resulted in attachment of trade receivables by Madras High Court, though the company claims full indemnification from co-respondent TCPL under an inter-se agreement. As of March 2026, accumulated losses stand at Rs 2,05,480 lakh. The company declared EPS of Rs 0.30 for FY26 (vs Rs 0.16 in FY25).