NSE: SEPC · BSE: 532945
SEPC LIMITED
EPC contractor executing civil and industrial construction projects across India and overseas, with FY26 revenue of Rs 1,054.5 crore. Revenue is split roughly evenly between the India segment and Rest of World. A major recent win is a SAIL order covering Coke Oven BOP and Sinter Plant BOP packages at IISCO Steel Plant, Burnpur, with execution planned over 30-33 months. A Rs 521.46 crore road widening sub-contract for the Shahjahanpur-Bisalpur road in Uttar Pradesh, signed in May 2026, was cancelled by termination notice and referred to arbitration. The company is acquiring up to 90% of UAE-based Avenir International Engineers and Consultants through a share-swap preferential allotment of 153 crore equity shares at Rs 10 each, adding oil and gas FEED and PMC capability. Materials dominate costs at 84.5% of revenue, consistent with the EPC/sub-contracting model where most spend flows to project inputs. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. India (51%), Rest of the World (50%). Cyclical, project-based civil and industrial EPC contractor
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 329 | 379 | 561 | 598 | 1,054 |
| EBITDA (ex other income) | (111) | 72 | 26 | 37 | 76 |
| margin % | (33.6) | 19.0 | 4.7 | 6.1 | 7.3 |
| Owners' profit | (264) | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | (2.71) | (0.04) | 0.17 | 0.16 | 0.06 |
| ROE % · ROCE % | (35.7) · (11.0) | (0.5) · 6.0 | 1.9 · 4.2 | 1.6 · 4.4 | 2.8 · 4.7 |
| Debt / equity (x) | 1.32 | 0.37 | 0.37 | 0.24 | 0.18 |
| Cash from operations | (72) | 21 | (121) | (133) | (263) |
| Capex | (5) | (0) | (0) | (0) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 171 | 133 | 118 | 202 | 237 | 341 | 274 | 274 |
| Profit before tax | 7 | 6 | 10 | 19 | 11 | 17 | 15 | 13 |
| Net profit | 2 | 4 | 10 | 17 | 8 | 15 | 14 | (11) |
| EPS (₹) | 0.01 | 0.03 | 0.06 | 0.11 | 0.04 | 0.08 | 0.07 | (0.06) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Rest of the World | 166 | 48.8 |
| India | 175 | 51.2 |
| Total, before eliminations | 341 | 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. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,35,992 | 32.3 | 4.17 | 19.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 43,725 | 48.7 | 4.45 | 31.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 24,595 | 21.6 | 3.18 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| NBCC (INDIA) LIMITED | 22,448 | 30.3 | 6.98 | 18.9 | 23.1 | 29.7 | 13.5 | 9.6 |
| IRB INFRA DEV LTD. | 21,849 | 16.8 | 1.04 | 10.0 | 4.1 | 2.5 | 7.6 | 55.6 |
| CEMINDIA PROJECTS LIMITED | 21,576 | 35.9 | 8.99 | 18.3 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,007 | 20.4 | 5.09 | 17.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,793 | 27.4 | 2.84 | 19.3 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.1 | 14.7 | 91 of 108 | 16% |
| P/B | 0.5 | 1.5 | 11 of 87 | 88% |
| ROCE | 2.8 | 10.0 | 77 of 109 | 30% |
| ROE | 2.8 | 9.2 | 67 of 91 | 27% |
| Debt / Equity | 0.2 | 0.3 | 28 of 91 | 70% |
| EBITDA margin | 9.5 | 12.4 | 60 of 88 | 32% |
| Revenue growth | 35.4 | 6.2 | 19 of 86 | 79% |
| Profit growth | (166.8) | 2.7 | 78 of 84 | 7% |
| Market cap | 989 | 454 | 44 of 110 | 61% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Sept 2026 · SEPC 26th AGM notice Sep 28, 2026; FY26 PAT more than doubles | board shareholder meetings | low | — | — |
| 26 Aug 2026 · SEPC to acquire UAE petroleum trader via share swap, no cash outflow | compliance | low | — | — |
| 25 Aug 2026 · SEPC board approves UAE petroleum acquisition, new independent director | board shareholder meetings | low | — | — |
| 13 Aug 2026 · SEPC Independent Director Rajesh Kumar Bansal resigns | management changes | high | — | — |
| 13 Aug 2026 · SEPC: Independent Director Rajesh Kumar Bansal resigns | management changes | medium | — | — |
| 13 Aug 2026 · Independent Director Rajesh Kumar Bansal resigns from SEPC board | management changes | medium | — | — |
| 12 Aug 2026 · SEPC Q1 FY27: Revenue up 40% YoY but margins under pressure from overseas projects | compliance | low | — | — |
| 11 Aug 2026 · SEPC Q1 FY27: Revenue up 35% YoY but swings to Rs 11.05 cr consolidated loss | results | high | — | — |
| 11 Aug 2026 · Q1 FY27 results: revenue up 39% YoY but loss of Rs 11.05 cr consolidated | results | high | — | — |
| 7 Aug 2026 · SEPC receives banning order from TCIL, company to challenge legally | business updates | high | — | — |
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.