SEPC Q4 FY26 results: net profit up 37.0% to ₹13.73 crore, revenue up 132.5%

How did SEPC perform in Q4 FY26?

SEPC Limited reported consolidated revenue of ₹273.83 crore in Q4 FY26, up ₹156.03 crore or 132.5% from ₹117.80 crore in Q4 FY25. EBITDA fell ₹5.09 crore or 33.3% to ₹10.20 crore, and the EBITDA margin declined 9.3 percentage points to 3.7% from 13.0%.

Net profit for the January–March 2026 quarter rose ₹3.71 crore or 37.0% to ₹13.73 crore from ₹10.02 crore, while PAT margin was 5.0%, down 3.5 percentage points from 8.5%. Basic EPS increased ₹0.01, or 16.7%, to ₹0.07 from ₹0.06. Against Q3 FY26, revenue fell 19.7% to ₹273.83 crore, EBITDA fell 64.3% to ₹10.20 crore, and net profit fell 8.2% to ₹13.73 crore.

On a standalone basis, Q4 FY26 revenue was ₹153.67 crore, up 30.4%, and profit after tax was ₹7.49 crore, against profit before tax of ₹10.17 crore. The consolidated figures above are reported for the quarter ended 31 March 2026.

What changed in SEPC's costs and profit?

Total expenses increased ₹157.59 crore or 135.7% to ₹273.68 crore from ₹116.09 crore in Q4 FY25. Cost of materials was the largest reported expense at ₹239.12 crore, up ₹156 crore or 187.7%, while other expenses rose ₹6.59 crore or 59.3% to ₹17.71 crore. Employee cost fell ₹1.47 crore or 17.8% to ₹6.80 crore, finance costs declined ₹3.18 crore or 25.8% to ₹9.13 crore, and depreciation fell ₹0.34 crore or 26.8% to ₹0.93 crore.

Other income increased ₹6.81 crore or 81.9% to ₹15.12 crore from ₹8.31 crore. The quarter included an exceptional charge of ₹0.40 crore, compared with no exceptional item in Q4 FY25. Tax expense was ₹1.14 crore, while there was no tax expense in the year-ago quarter. These figures accompanied higher revenue and a lower EBITDA margin in Q4 FY26.

How did SEPC do in FY26 as a whole?

For FY26, SEPC reported revenue of ₹1,054.50 crore, up ₹456.85 crore or 76.4% from ₹597.65 crore in FY25. Total income rose 68.1% to ₹1,085.84 crore from ₹646.02 crore, and profit before tax increased 76.7% to ₹62.17 crore from ₹35.18 crore.

Net profit for the full year rose ₹28.70 crore or 115.5% to ₹53.54 crore from ₹24.84 crore in FY25. Basic EPS was ₹0.06 in FY26 against ₹0.16 in FY25, a decline of 62.5%.

What do the balance sheet and cash flow show?

At 31 March 2026, total assets were ₹3,092.66 crore, against ₹2,935.11 crore at 30 September 2025, while total equity was ₹1,920.79 crore against ₹1,883.17 crore. Borrowings were ₹351.37 crore compared with ₹361.11 crore, and cash was ₹26.18 crore compared with ₹18.40 crore. Trade receivables were ₹589.14 crore against ₹1,796.32 crore, and trade payables were ₹720.08 crore against ₹593.27 crore.

FY26 operating cash flow was negative ₹263.32 crore, compared with negative ₹132.51 crore in FY25. Investing cash flow was negative ₹7.05 crore against positive ₹3.72 crore, while financing cash flow was ₹289.20 crore against ₹117.78 crore. Capital expenditure was ₹0.85 crore in FY26 and ₹0.12 crore in FY25.

How has SEPC done over the last 8 quarters?

Revenue rose year on year in each of the last four quarters. Over the eight-quarter series, revenue reached its highest point at ₹340.97 crore in Q3 FY26 and its lowest at ₹117.80 crore in Q4 FY25; it then fell to ₹273.83 crore in Q4 FY26.

Net profit peaked at ₹16.55 crore in Q1 FY26 and bottomed at ₹2.29 crore in Q2 FY25 before ending at ₹13.73 crore. The EBITDA margin reached its highest level at 14.0% in Q1 FY26 and its lowest at 2.6% in Q3 FY25; it was 3.7% in Q4 FY26. Profit rose year on year in each of the last five quarters.

What did the auditors point out?

MSKA & Associates LLP issued a qualified opinion on SEPC’s consolidated annual financial results for the year ended 31 March 2026. The auditors said they could not comment on adjustments that might be required to the carrying value of deferred tax assets because sufficient appropriate audit evidence was not available to corroborate management’s assessment of future taxable profits against carried-forward business losses.

The auditors also said they could not comment on the carrying value and consequential impact of certain non-current contract assets and non-current trade receivables because sufficient appropriate audit evidence was not available to corroborate management’s assessment of recoverability. They stated that the audit evidence obtained was sufficient and appropriate to provide a basis for the qualified opinion.

How did SEPC shares react?

After the filing appeared after market hours, SEPC’s price was down 0.8% after 5 minutes, down 0.4% after 15 minutes and up 0.3% after 30 minutes. From the previous close of ₹7.76, the reaction-day close was down 0.6%; by the next day's close, the stock was up 3.6% from the pre-results close.

By the fifth session, the stock was down 9.5% from the pre-results close. The Civil Construction industry median was unchanged on the reaction day and next day, then down 2.2% over five days, leaving SEPC 7.4 percentage points behind the industry median over five days. Past reaction-day moves included up 7.7% on 7 February 2026 and down 4.6% on 14 November 2025.

How did other Civil Construction companies do?

Among 85 other Civil Construction companies compared for the quarter, the median revenue growth was 1.7%. Of the peers for which profit was compared, 34 reported higher profit. Of the peers with revenue growth measured, 79 grew slower than SEPC and 6 grew faster than SEPC.