Semac Construction Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Engineering Design Services: 100.0%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.16x)
- Working capital cycle has improved - days down from 146 to 89
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Company has a low return on equity of -7.4% over last 3 years
- Company has a low return on capital employed of -1.3%
- Interest coverage is weak at -0.3x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3989.15 | 33.08 | 548853.62 | 0.95 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.95 | 47.74 | 42940.99 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1410.25 | 21.19 | 24083.20 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.18 | 24.28 | 23165.60 | 1.36 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1234.85 | 35.26 | 21213.19 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 276.40 | 19.81 | 15534.85 | 1.81 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 969.70 | 26.16 | 11277.57 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| IRCON | 118.30 | 21.25 | 11126.30 | 1.61 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 407.85 | 19.61 | 10856.97 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 284.95 | 72.43 | 10480.02 | 0.70 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| WELENT | 741.55 | 33.58 | 10264.08 | 0.40 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| SEMAC | 292.00 | 13.72 | 91.03 | 0.00 | 0.40 | -62.62 | 30.42 | -41.02 | -1.59 | 2.23 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 52 | 23 | 28 | 25 | 21 | 33 | 46 | 73 | 52 | 57 | 59 | 75 | 30 | |
| 52 | 26 | 48 | 37 | 23 | 33 | 47 | 74 | 50 | 56 | 57 | 71 | 31 | |
| Operating Profit | 0 | -3 | -20 | -12 | -2 | -1 | -1 | -1 | 1 | 1 | 2 | 4 | 1 |
| OPM % | 0.35% | -11.81% | -73.61% | -47.34% | -7.34% | -2.09% | -2.50% | -1.30% | 2.37% | 1.97% | 2.58% | 5.57% | 2.23% |
| Other Income | 3 | 1 | 0 | 1 | 1 | 1 | 1 | 2 | 2 | 1 | 2 | 1 | 2 |
| Interest | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 3 | -3 | -21 | -12 | -2 | -2 | -2 | -1 | 1 | 0 | 1 | 4 | 1 | |
| Tax % | 30.00% | -23.05% | 30.92% | -34.99% | -3.04% | -77.38% | 46.98% | 169.52% | 21.74% | 68.97% | -6.08% | -28.61% | 60.30% |
| Net Profit | 0 | 0 | 0 | 0 | -2 | -3 | -1 | 1 | 1 | 0 | 2 | 5 | 0 |
| 6 | -11 | -46 | -51 | -8 | -10 | -4 | 2 | 3 | 0 | 5 | 15 | 0 | |
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 245 | 208 | 162 | 211 | 159 | 132 | 80 | 325 | 127 | 173 | 222 | |
| 210 | 194 | 162 | 195 | 140 | 126 | 80 | 299 | 162 | 177 | 215 | |
| Operating Profit | 40 | 20 | 4 | 19 | 26 | 12 | 4 | 31 | -29 | 0 | — |
| OPM % | 16 | 10 | 2 | 9 | 16 | 9 | 5 | 9 | -23 | 0 | — |
| Other Income | 4 | 5 | 4 | 4 | 6 | 6 | 5 | 5 | 6 | 4 | 5 |
| Interest | 10 | 8 | 4 | 3 | 2 | 4 | 1 | 1 | 2 | 6 | 5 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
| 36 | 10 | -9 | 15 | 21 | 7 | 2 | 27 | -33 | -7 | 6 | |
| Tax % | 18 | -1 | 2 | 13 | 25 | 63 | -44 | 29 | 3 | 21 | -5 |
| Net Profit | 30 | 10 | -9 | 13 | 16 | 3 | 3 | 19 | -32 | -6 | 7 |
| EPS | 0 | 0 | 0 | 0 | 0 | 8 | 8 | 62 | -105 | -19 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 0 | 0 | — |
| Minority Interest | -3 | -0 | 0 | -2 | -1 | 3 | -0 | -1 | -0 | -0 | -1 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 89 | 34 | -29 | 38 | 48 | 17 | 7 | 60 | -105 | -19 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 1%
- 5 Years:
- 2%
- 3 Years:
- 29%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -45%
RETURN ON EQUITY
- 10 Years:
- 2%
- 5 Years:
- -4%
- 3 Years:
- -7%
- Last Year:
- -8%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| 147 | 156 | 148 | 158 | 172 | 180 | 91 | 110 | 76 | 71 | |
| 80 | 27 | 26 | 0 | 17 | 34 | 0 | 0 | 15 | 38 | |
| Trade Payables | 23 | 27 | 21 | 24 | 20 | 41 | 10 | 31 | 43 | 39 |
| 61 | 31 | 30 | 41 | 37 | 39 | 35 | 70 | 56 | 64 | |
| Total Liabilities | 314 | 245 | 228 | 226 | 249 | 296 | 139 | 214 | 193 | 214 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 65 | 51 | 58 | 51 | 54 | 52 | 3 | 6 | 6 | 4 | |
| 19 | 20 | 17 | 17 | 45 | 10 | 16 | 11 | 1 | 0 | |
| 22 | 15 | 27 | 13 | 23 | 46 | 0 | 0 | 0 | 2 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34 | 48 | |
| Cash & Bank | 22 | 34 | 35 | 32 | 29 | 20 | 33 | 39 | 42 | 58 |
| 186 | 125 | 91 | 113 | 98 | 167 | 88 | 158 | 110 | 102 | |
| Total Assets | 314 | 245 | 228 | 226 | 249 | 296 | 139 | 214 | 193 | 214 |
| Total Debt | 80 | 27 | 26 | 0 | 17 | 34 | 0 | 0 | 15 | 38 |
| Net Working Capital | 68 | 84 | 85 | 108 | 91 | 110 | 71 | 92 | 51 | 42 |
| Contingent Liabilities | 25 | 1 | 2 | 26 | 18 | 24 | 13 | 25 | 45 | 63 |
| Book Value per Share | 489.76 | 519.60 | 491.58 | 525.01 | 570.96 | 596.37 | 308.27 | 369.61 | 258.62 | 236.98 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -14 | 68 | -0 | 20 | 13 | -6 | 19 | -0 | -19 | -3 | |
| Cash from Investing | 12 | -2 | 10 | 3 | -29 | -9 | -7 | -4 | 8 | -13 |
| Cash from Financing | 11 | -62 | -4 | -30 | 11 | 11 | -7 | -2 | 10 | 17 |
| 9 | 4 | 5 | -7 | -5 | -4 | 5 | -6 | 0 | 1 | |
| Free Cash Flow | -14 | 68 | -7 | 20 | 10 | -6 | 19 | -0 | -20 | -3 |
| OCF / Net Profit | -0.46 | 6.51 | 0.03 | 1.52 | 0.82 | -2.38 | 7.32 | -0.01 | 0.58 | 0.46 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 77 | 84 | 35 | 42 | 2 | -10 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 88.85 | 33.95 | -28.77 | 37.61 | 47.98 | 17.01 | 7.22 | 59.83 | -105.42 | -19.07 |
| Book Value (₹) | 489.76 | 519.60 | 491.58 | 525.01 | 570.96 | 596.37 | 308.27 | 369.61 | 258.62 | 236.98 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 105.31 | 39.63 | -24.30 | 48.26 | 60.41 | 16.15 | 13.28 | 69.42 | -98.30 | -13.33 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 15.42% | 8.97% | 2.29% | 9.23% | 16.13% | 9.44% | 5.33% | 9.40% | -27.20% | -2.39% |
| Net Margin % | 11.71% | 4.73% | -5.71% | 6.26% | 10.14% | 1.97% | 3.22% | 5.92% | -25.01% | -3.38% |
| ROE % | 22.08% | 6.77% | -5.98% | 8.46% | 9.59% | 1.46% | 1.85% | 18.52% | -33.10% | -7.62% |
| ROCE % | 22.34% | 8.75% | -2.80% | 10.54% | 13.16% | 5.34% | 1.75% | 27.38% | -29.71% | -1.59% |
| 10.40% | 3.75% | -3.92% | 5.81% | 6.79% | 0.96% | 1.18% | 10.89% | -15.66% | -2.87% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 142 | 176 | 161 | 94 | 132 | 190 | 203 | 40 | 128 | 87 |
| Inventory Days | 57 | 31 | 47 | 34 | 41 | 95 | 0 | 0 | 0 | 4 |
| Payable Days | 86 | 107 | 122 | 78 | 133 | 230 | 0 | 0 | 0 | 0 |
| 114 | 100 | 86 | 50 | 39 | 55 | 203 | 40 | 128 | 91 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.53x | 0.17x | 0.17x | 0.00x | 0.10x | 0.18x | 0.00x | 0.00x | 0.19x | 0.51x |
| Interest Coverage (x) | 4.58x | 2.33x | -1.18x | 6.83x | 13.16x | 2.89x | 2.89x | 22.69x | -16.52x | -0.29x |
| 1.55x | 2.16x | 2.31x | 3.25x | 2.63x | 1.99x | 2.60x | 1.98x | 1.47x | 1.30x | |
| GROWTH | ||||||||||
| Revenue Growth % | 50.48% | -15.10% | -22.31% | 30.15% | -24.58% | -16.79% | -39.81% | 308.39% | -60.78% | 35.58% |
| Operating Profit Growth % | 50.96% | -49.66% | -81.35% | 423.77% | 31.77% | -51.28% | -66.06% | 620.81% | -195.32% | 100.19% |
| Net Profit Growth % | 340.65% | -65.08% | -188.37% | 242.28% | 22.23% | -83.82% | -1.74% | 651.47% | -265.59% | 81.69% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -276.19% | 81.91% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 11.72x | 1.22x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -30.98x | 1267.30x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Semac Construction Limited has informed the Exchange about Copy of Newspaper Publication of AGM Notice
2026-09-01 - Semac Construction Limited has informed the Exchange about General Updates regarding weblink of the annual report for the shareholders who have not registered his emails with the company
2026-09-01 - Semac Construction Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026
2026-09-01 - Semac Construction Limited has informed the Exchange about General Updates for cut off dates for shareholders eligible to get notice of the Agm
2026-08-29 - Semac Construction Limited has informed the Exchange about Copy of Newspaper Publication of pre dispatch of Annual Report for the year ended 31st March 2026
2026-08-15 - Semac Construction Limited has informed the Exchange about Copy of Newspaper Publication of Audited financial result for the Quarter ended 30th June 2026
2026-08-14 - Semac Construction Limited has informed the Exchange about change in Management
2026-08-14 - Semac Construction Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-14 - The Exchange had sought clarification from Semac Construction Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
News
Recent coverage and analyst commentary for SEMAC
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