Semac Construction Ltd.
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ABOUT
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
- Company has delivered good sales growth of 15.6% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.18x)
- Working capital cycle has improved - days down from 124 to 62
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 -9.9% over last 3 years
- Company has a low return on capital employed of -3.5%
- Interest coverage is weak at -0.4x - earnings barely cover interest
- Receivables are growing faster than sales - a possible quality concern
* 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 46 | 17 | 23 | 20 | 17 | 28 | 41 | 69 | 47 | 53 | 55 | 71 | 26 | |
| 47 | 20 | 43 | 32 | 18 | 29 | 43 | 69 | 45 | 52 | 53 | 66 | 26 | |
| Operating Profit | -1 | -3 | -20 | -12 | -2 | -1 | -1 | 0 | 2 | 1 | 2 | 5 | 1 |
| OPM % | -1.27% | -19.55% | -89.56% | -59.79% | -11.11% | -3.37% | -3.45% | 0.10% | 3.73% | 1.74% | 4.14% | 7.02% | 5.13% |
| Other Income | 3 | 1 | 0 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 |
| 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 |
| 2 | -3 | -21 | -12 | -3 | -2 | -3 | -0 | 1 | -0 | 1 | 5 | 1 | |
| Tax % | 35.00% | -12.61% | 30.90% | -32.50% | -0.74% | -57.69% | 43.33% | 433.33% | 21.71% | -800.00% | -41.41% | -18.60% | 45.95% |
| Net Profit | 1 | -4 | -14 | -16 | -3 | -3 | -2 | 1 | 1 | -0 | 2 | 5 | 1 |
| 4 | -12 | -46 | -51 | -9 | -10 | -5 | 4 | 3 | -1 | 6 | 17 | 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
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 140 | 118 | 46 | 75 | 75 | 85 | 57 | 302 | 106 | 155 | 205 | |
| 114 | 96 | 41 | 64 | 58 | 66 | 59 | 279 | 142 | 159 | 196 | |
| Operating Profit | 28 | 24 | 6 | 12 | 19 | 20 | 3 | 28 | -31 | -1 | — |
| OPM % | 20 | 20 | 13 | 16 | 26 | 24 | 5 | 9 | -29 | -0 | — |
| Other Income | 1 | 2 | 1 | 1 | 2 | 2 | 4 | 4 | 5 | 3 | 4 |
| Interest | 11 | 8 | 4 | 2 | 1 | 3 | 1 | 1 | 2 | 6 | 5 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 1 |
| 26 | 15 | -6 | 10 | 17 | 16 | 1 | 24 | -35 | -8 | 7 | |
| Tax % | 11 | 4 | -7 | 5 | 30 | 29 | -150 | 32 | 4 | 23 | -8 |
| Net Profit | 23 | 15 | -6 | 9 | 12 | 12 | 2 | 17 | -33 | -6 | 8 |
| EPS | 0 | 0 | 0 | 0 | 0 | 38 | 5 | 53 | -108 | -20 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 76 | 48 | -19 | 30 | 40 | 38 | 5 | 54 | -108 | -20 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 16%
- 3 Years:
- 40%
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:
- -10%
- Last Year:
- -9%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 138 | 152 | 146 | 156 | 168 | 180 | 85 | 101 | 67 | 61 | |
| 84 | 31 | 26 | 0 | 17 | 33 | 0 | 0 | 15 | 38 | |
| Trade Payables | 14 | 15 | 10 | 13 | 15 | 32 | 10 | 31 | 43 | 39 |
| 15 | 3 | -1 | -4 | 4 | 15 | 27 | 60 | 46 | 54 | |
| Total Liabilities | 254 | 204 | 185 | 168 | 207 | 262 | 125 | 196 | 174 | 194 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 18 | 3 | 11 | 4 | 5 | 5 | 2 | 6 | 6 | 4 | |
| 104 | 104 | 104 | 104 | 131 | 101 | 16 | 11 | 1 | 0 | |
| 22 | 15 | 27 | 13 | 23 | 46 | 0 | 0 | 0 | 2 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23 | 38 | |
| Cash & Bank | 5 | 9 | 10 | 8 | 8 | 2 | 30 | 34 | 34 | 48 |
| 105 | 72 | 32 | 38 | 40 | 108 | 76 | 145 | 109 | 102 | |
| Total Assets | 254 | 204 | 185 | 168 | 207 | 262 | 125 | 196 | 174 | 194 |
| Total Debt | 84 | 31 | 26 | 0 | 17 | 33 | 0 | 0 | 15 | 38 |
| Net Working Capital | 11 | 25 | 26 | 40 | 27 | 58 | 61 | 78 | 36 | 26 |
| Contingent Liabilities | 20 | 0 | 15 | 15 | 15 | 17 | 13 | 25 | 45 | 63 |
| Book Value per Share | 459.39 | 506.36 | 487.47 | 517.85 | 557.70 | 595.68 | 286.58 | 340.56 | 227.91 | 204.95 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -23 | 63 | 9 | 19 | 9 | 1 | 18 | -1 | -21 | -5 | |
| Cash from Investing | 18 | -2 | 5 | 4 | -26 | -15 | -3 | -5 | 11 | -13 |
| Cash from Financing | 7 | -61 | -8 | -28 | 16 | 14 | -7 | -2 | 10 | 17 |
| 2 | -0 | 6 | -6 | -1 | -0 | 9 | -9 | 0 | -2 | |
| Free Cash Flow | -23 | 63 | 0 | 19 | 8 | 1 | 7 | -1 | -22 | -5 |
| OCF / Net Profit | -1.00 | 4.29 | -1.49 | 2.01 | 0.76 | 0.10 | 10.98 | -0.06 | 0.62 | 0.79 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 67 | 91 | 34 | 33 | -8 | -20 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 76.11 | 47.89 | -19.27 | 30.41 | 39.78 | 38.04 | 5.34 | 54.35 | -108.11 | -19.62 |
| Book Value (₹) | 459.39 | 506.36 | 487.47 | 517.85 | 557.70 | 595.68 | 286.58 | 340.56 | 227.91 | 204.95 |
| 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 (₹) | 77.59 | 49.60 | -17.21 | 32.18 | 41.90 | 40.82 | 9.33 | 60.45 | -102.52 | -14.23 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 18.37% | 18.23% | 12.99% | 16.46% | 25.53% | 24.02% | 4.94% | 9.11% | -34.11% | -2.60% |
| Net Margin % | 15.42% | 11.14% | -12.91% | 12.36% | 16.26% | 13.77% | 2.87% | 5.52% | -31.40% | -3.94% |
| ROE % | 18.06% | 9.92% | -3.88% | 6.05% | 7.40% | 6.60% | 1.21% | 17.33% | -38.04% | -9.14% |
| ROCE % | 17.89% | 11.43% | -0.93% | 7.10% | 10.68% | 9.67% | 1.05% | 26.59% | -34.64% | -2.40% |
| 9.92% | 6.41% | -3.04% | 5.29% | 6.51% | 4.97% | 0.85% | 10.39% | -17.94% | -3.33% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 151 | 193 | 320 | 155 | 165 | 165 | 160 | 30 | 114 | 72 |
| Inventory Days | 69 | 52 | 166 | 96 | 87 | 148 | 0 | 0 | 0 | 4 |
| Payable Days | 62 | 85 | 264 | 110 | 140 | 220 | 0 | 0 | 0 | 0 |
| 159 | 160 | 222 | 141 | 113 | 94 | 160 | 30 | 114 | 76 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.60x | 0.20x | 0.18x | 0.00x | 0.10x | 0.18x | 0.00x | 0.00x | 0.21x | 0.59x |
| Interest Coverage (x) | 3.49x | 2.87x | -0.43x | 5.92x | 15.47x | 6.34x | 1.70x | 20.49x | -17.94x | -0.40x |
| 1.10x | 1.45x | 1.64x | 3.32x | 1.61x | 1.67x | 2.49x | 1.86x | 1.34x | 1.20x | |
| GROWTH | ||||||||||
| Revenue Growth % | 83.33% | -15.65% | -61.53% | 65.74% | -0.53% | 12.92% | -32.68% | 428.93% | -65.00% | 46.86% |
| Operating Profit Growth % | 117.10% | -13.60% | -75.24% | 108.84% | 54.26% | 6.27% | -86.16% | 876.07% | -213.10% | 98.20% |
| Net Profit Growth % | 1805.88% | -37.08% | -140.23% | 257.84% | 30.81% | -4.36% | -85.97% | 918.12% | -298.92% | 81.56% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -298.92% | 81.85% | |
| 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 | 13.30x | 1.42x |
| 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 | -29.26x | -142.94x |
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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Semac Construction Ltd.
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