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. | 5,66,554 | 31.7 | 4.25 | 23.1 | 8.2 | 6.5 | 16.0 | 8.7 |
| RAIL VIKAS NIGAM LIMITED | 40,312 | 44.9 | 4.11 | 58.1 | 8.9 | 7.5 | 5.8 | 4.3 |
| KALPATARU PROJECT INT LTD | 23,345 | 19.7 | 2.70 | 11.2 | 7.0 | 8.5 | 16.0 | 8.3 |
| CEMINDIA PROJECTS LIMITED | 23,262 | 37.3 | 8.88 | 23.1 | 10.4 | 13.3 | 29.8 | 9.7 |
| NBCC (INDIA) LIMITED | 21,060 | 26.6 | 6.18 | 28.5 | 10.8 | 13.5 | 13.5 | 6.6 |
| IRB INFRA DEV LTD. | 20,581 | 15.9 | 0.97 | 10.1 | 2.7 | 1.6 | 7.6 | 55.6 |
| ENGINEERS INDIA LTD | 16,440 | 18.3 | 4.92 | 23.5 | 10.6 | 10.9 | 4.6 | 21.0 |
| TECHNO ELEC & ENG CO. LTD | 10,828 | 25.1 | 2.60 | 23.5 | 11.4 | 12.4 | 29.6 | 15.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.1 | 13.5 | 87 of 102 | 15% |
| P/B | 0.5 | 1.3 | 12 of 85 | 87% |
| ROCE | 2.8 | 6.3 | 66 of 98 | 33% |
| ROE | 2.8 | 6.4 | 57 of 84 | 33% |
| Debt / Equity | 0.2 | 0.4 | 24 of 87 | 73% |
| EBITDA margin | 6.3 | 10.3 | 78 of 105 | 26% |
| Revenue growth | 35.4 | 7.5 | 21 of 86 | 77% |
| Profit growth | (166.8) | 17.3 | 79 of 83 | 5% |
| Market cap | 987 | 509 | 43 of 107 | 60% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · Board meeting set to approve September 2026 quarter results | results | low | — | — |
| 29 Oct 2026 · High Court stays cancellation of seven Jharkhand water contracts | regulatory legal | high | — | — |
| 25 Oct 2026 · Seven Jharkhand water supply contracts rescinded | business updates | high | — | — |
| 23 Oct 2026 · SEPC clarifies unchanged Rs 9.87 valuation for preferential issue | fund raising | high | — | — |
| 15 Oct 2026 · SEPC files quarterly RTA certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 9 Oct 2026 · SEPC signs Rs 854.57 Cr SAIL-IISCO contract; order book crosses Rs 10,000 Cr | business updates | high | — | — |
| 5 Oct 2026 · Madras HC lifts Rs 154 crore attachment on SEPC receivables | regulatory legal | high | — | — |
| 1 Oct 2026 · SEPC: Madras HC settles disputes, lifts Rs 154 cr attachments | regulatory legal | high | — | — |
| 29 Sept 2026 · SEPC appoints former Madras High Court judge as Independent Director | management changes | medium | — | — |
| 29 Sept 2026 · Scrutinizer Report and Voting Results of 26th AGM Submitted | compliance | minimal | — | — |
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.