BSE: 530407
EPIC ENERGY LTD.
Builds and operates clean-energy and EV infrastructure across solar power, EV charging and lithium-ion battery recycling. The largest segment is Renewable Energy Solutions, which generated Rs. 1.18 crore of revenue and Rs. 0.31 crore of segment EBIT in FY26, and includes a 2.70 MWh solar power project awarded in Gujarat under the DREBP framework to sell power to PGVCL. EV Charging Infrastructure, operated through subsidiary Epic EV Chargers, contributed Rs. 0.0331 crore in FY26 on a consolidated basis with a small segment loss. Power Saving Solutions is a smaller legacy line at Rs. 0.6691 crore in revenue and Rs. 0.0079 crore in segment EBIT. Through joint-venture SPV Swachchha Urja Nirman LLP, with REFNIC as technical partner, it is setting up a lithium-ion battery recycling and second-life battery facility at Wada, Maharashtra. Materials are the largest cost at 24.6% of revenue, while capital expenditure ran at 72.8% of revenue, with capital work-in-progress rising from Rs. 24.03 lakhs to Rs. 373.88 lakhs (consolidated) over FY26 as projects moved into execution. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Renewable Energy Solutions, Power Saving Solutions, EV Charging Infrastructure. Small-cap, asset-heavy clean-energy developer in build-out phase
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 4 | 5 |
| EBITDA (ex other income) | 1 | 1 |
| margin % | 31.6 | 16.0 |
| Owners' profit | 1 | 0 |
| EPS, as reported (₹) | 1.79 | 0.96 |
| ROE % · ROCE % | 16.1 · 11.4 | 5.1 · 4.9 |
| Debt / equity (x) | 0.09 | 0.13 |
| Cash from operations | 0 | 2 |
| Capex | (0) | (4) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 1 | 1 | 1 | 2 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 |
| Net profit | 1 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.88 | 0.10 | 0.33 | 0.09 | 0.46 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Power Saving Solutions | 1 | 13.7 |
| Renewable Energy Solutions | 4 | 77.5 |
| EV Charging Infrastructure | 0 | 8.7 |
| Unallocated | 0 | 0.1 |
| Total, before eliminations | 5 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 42.2 | 18.1 | 151 of 200 | 25% |
| P/B | 2.2 | 1.1 | 190 of 253 | 25% |
| ROCE | 4.6 | 2.0 | 19 of 59 | 69% |
| ROE | 5.1 | 3.1 | 104 of 257 | 60% |
| Debt / Equity | 0.1 | 0.0 | 40 of 53 | 25% |
| EBITDA margin | 18.1 | 48.6 | 167 of 249 | 33% |
| Revenue growth | (21.1) | 12.6 | 169 of 231 | 27% |
| Profit growth | (50.2) | 7.8 | 158 of 251 | 37% |
| Market cap | 30 | 34 | 141 of 268 | 48% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · 4 lakh shares allotted on conversion of warrants | fund raising | medium | — | — |
| 16 Oct 2026 · Routine quarterly demat certificate filed with BSE | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till 48 hours after Q2 FY27 results | compliance | minimal | — | — |
| 22 Sept 2026 · 35th AGM held on Sep 22, 2026 via video conferencing; 3 ordinary resolutions tabled | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Epic Energy JV starts trial production at Wada second-life battery plant | business updates | high | — | — |
| 31 Aug 2026 · Epic Energy 35th AGM on Sep 22, 2026 - book closure Sep 16 to 22 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Notice of 35th AGM on 22 September 2026 via video conferencing | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Epic Energy FY26 Annual Report and 35th AGM Notice Filed | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Epic Energy allots 1,98,000 shares on warrant conversion | fund raising | medium | — | — |
| 21 Aug 2026 · Board fixes 35th AGM on September 22, 2026 via video conferencing | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.