SEPC Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2017 • Construction Contract: 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
- Operating margins have improved to 10.8% from -3.8%
- Company maintains a comfortable, low leverage position
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (136.3% of PBT)
- Recent results are weak - TTM profit is down 112.0% versus prior year
- Promoter holding has decreased over last 2 years: -26.0pp
- Company has a low return on equity of 0.9% over last 3 years
- 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 |
| SEPC | 5.42 | 40.65 | 1054.47 | 0.00 | -11.05 | -166.79 | 273.80 | 35.36 | 5.31 | 6.30 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 143 | 129 | 141 | 148 | 176 | 171 | 133 | 118 | 79 | 141 | 175 | 154 | 119 | |
| 130 | 120 | 142 | 141 | 152 | 163 | 130 | 102 | 60 | 135 | 157 | 150 | 121 | |
| Operating Profit | 13 | 9 | -2 | 7 | 24 | 8 | -24 | 15 | 19 | 5 | 16 | 3 | 10 |
| OPM % | 9.09% | 6.91% | -1.27% | 4.49% | 13.80% | 4.49% | -18.25% | 13.11% | 23.46% | 3.84% | 9.01% | 2.06% | 8.53% |
| Other Income | 3 | 9 | 20 | 14 | 2 | 11 | 27 | 8 | 2 | 14 | 1 | 15 | 9 |
| Interest | 9 | 11 | 11 | 13 | 13 | 10 | 9 | 12 | 9 | 12 | 10 | 9 | 11 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 5 | 5 | 6 | 6 | 13 | 7 | 6 | 10 | 9 | 6 | 6 | 9 | 6 | |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 36.11% | 66.67% | 20.07% | 0.00% | 26.71% | 44.48% | 41.67% | 13.21% | 400.07% |
| Net Profit | 5 | 5 | 6 | 6 | 8 | 2 | 5 | 10 | 7 | 3 | 4 | 7 | -18 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | |
| Equity Capital | 1,371 | 1,371 | 1,410 | 1,410 | 1,410 | 1,564 | 1,564 | 1,564 | 1,765 | 1,940 | 1,940 | 1,943 | 1,943 |
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 548 | 520 | 615 | 741 | 681 | 532 | 303 | 379 | 561 | 598 | 588 | |
| 519 | 513 | 577 | 670 | 665 | 593 | 323 | 437 | 527 | 533 | 564 | |
| Operating Profit | 141 | 94 | 144 | 145 | 104 | -39 | -12 | -46 | 80 | 113 | — |
| OPM % | 26 | 18 | 23 | 20 | 15 | -7 | -4 | -12 | 14 | 19 | — |
| Other Income | 113 | 88 | 105 | 74 | 88 | 21 | 9 | 12 | 46 | 48 | 39 |
| Interest | 272 | 311 | 113 | 106 | 114 | 126 | 125 | 67 | 52 | 58 | 43 |
| Depreciation | 7 | 6 | 6 | 6 | 6 | 5 | 6 | 6 | 5 | 5 | 5 |
| -244 | -226 | 24 | 29 | -81 | -183 | -206 | 19 | 23 | 35 | 26 | |
| Tax % | 0 | 33 | 56 | 0 | 0 | 0 | -21 | 160 | 0 | 29 | 115 |
| Net Profit | -244 | -151 | 11 | 29 | -81 | -183 | -249 | -11 | 23 | 25 | -4 |
| EPS | -11 | -3 | 0 | 0 | -1 | -2 | -3 | -0 | 0 | 0 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | -7 | -1 | 0 | 0 | -1 | -2 | -2 | -0 | 0 | 0 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 1%
- 5 Years:
- -3%
- 3 Years:
- 25%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -13%
- 5 Years:
- 4%
- 3 Years:
- -25%
- 1 Year:
- -55%
RETURN ON EQUITY
- 10 Years:
- -38%
- 5 Years:
- -9%
- 3 Years:
- 1%
- Last Year:
- 2%
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 | 331 | 937 | 972 | 972 | 972 | 972 | 972 | 1,322 | 1,410 | 1,564 |
| 61 | 192 | 258 | 287 | 206 | 23 | -225 | -237 | -202 | -132 | |
| 458 | 492 | 512 | 426 | 452 | 588 | 693 | 138 | 150 | 90 | |
| Trade Payables | 204 | 256 | 315 | 317 | 308 | 226 | 159 | 244 | 220 | 344 |
| 1,970 | 243 | 203 | 132 | 55 | 42 | 72 | 47 | 141 | 110 | |
| Total Liabilities | 3,024 | 2,120 | 2,258 | 2,134 | 1,993 | 1,851 | 1,670 | 1,513 | 1,719 | 1,976 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 55 | 61 | 56 | 54 | 49 | 44 | 41 | 36 | 31 | 26 | |
| Capital Work in Progress | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 5 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| 45 | 38 | 38 | 38 | 3 | 2 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 229 | 295 | |
| Cash & Bank | 51 | 61 | 58 | 91 | 56 | 35 | 29 | 50 | 61 | 49 |
| 2,857 | 1,958 | 2,105 | 1,950 | 1,884 | 1,768 | 1,598 | 1,426 | 1,397 | 1,606 | |
| Total Assets | 3,024 | 2,120 | 2,258 | 2,134 | 1,993 | 1,851 | 1,670 | 1,513 | 1,719 | 1,976 |
| Total Debt | 1,967 | 841 | 800 | 657 | 684 | 836 | 978 | 406 | 452 | 356 |
| Net Working Capital | 560 | 472 | 418 | 676 | 631 | 362 | 159 | 691 | 860 | 1,063 |
| Contingent Liabilities | 285 | 285 | 302 | 253 | 661 | 637 | 579 | 474 | 505 | 466 |
| Book Value per Share | 11.85 | 12.05 | 12.65 | 12.95 | 12.12 | 10.24 | 7.68 | 8.20 | 8.56 | 9.16 |
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -151 | -49 | 67 | 264 | 9 | -47 | -70 | 21 | -119 | -133 | |
| Cash from Investing | 47 | -6 | 22 | -38 | 38 | 21 | 1 | 12 | -23 | 4 |
| Cash from Financing | 82 | 57 | -83 | -238 | -50 | 25 | 68 | -6 | 127 | 118 |
| -22 | 3 | 5 | -12 | -3 | -0 | -1 | 27 | -15 | -11 | |
| Free Cash Flow | -151 | -49 | 66 | 262 | 9 | -47 | -70 | 21 | -119 | -133 |
| OCF / Net Profit | 0.62 | 0.32 | 6.19 | 9.24 | -0.12 | 0.26 | 0.28 | -1.87 | -5.24 | -5.27 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 137 | 241 | 220 | 175 | -205 | -347 |
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 (₹) | -7.38 | -1.61 | 0.11 | 0.29 | -0.83 | -1.88 | -2.56 | -0.09 | 0.16 | 0.16 |
| Book Value (₹) | 11.85 | 12.05 | 12.65 | 12.95 | 12.12 | 10.24 | 7.68 | 8.20 | 8.56 | 9.16 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -6.44 | -1.39 | 0.16 | 0.32 | -0.70 | -1.64 | -2.24 | -0.04 | 0.18 | 0.18 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 25.81% | 18.16% | 23.34% | 19.56% | 15.30% | -7.43% | -3.82% | -12.07% | 6.09% | 10.79% |
| Net Margin % | -44.56% | -29.04% | 1.75% | 3.86% | -11.89% | -34.38% | -82.24% | -2.99% | 4.04% | 4.21% |
| ROE % | -317.08% | -19.85% | 0.91% | 2.30% | -6.65% | -16.84% | -28.61% | -1.24% | 1.98% | 1.91% |
| ROCE % | 1.20% | 3.83% | 6.89% | 6.83% | 1.72% | -3.06% | -4.55% | 5.37% | 4.73% | 5.34% |
| -8.48% | -5.87% | 0.49% | 1.30% | -3.93% | -9.52% | -14.15% | -0.71% | 1.40% | 1.36% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 183 | 272 | 256 | 178 | 193 | 242 | 367 | 252 | 153 | 160 |
| Inventory Days | 43 | 29 | 22 | 19 | 11 | 2 | 0 | 0 | 0 | 0 |
| Payable Days | 1333 | 0 | 0 | 0 | 2379 | 0 | 0 | 0 | 0 | 0 |
| -1107 | 301 | 278 | 197 | -2175 | 244 | 367 | 252 | 153 | 160 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 5.02x | 0.75x | 0.65x | 0.52x | 0.58x | 0.84x | 1.31x | 0.37x | 0.37x | 0.25x |
| Interest Coverage (x) | 0.10x | 0.27x | 1.21x | 1.27x | 0.29x | -0.45x | -0.65x | 1.28x | 1.44x | 1.61x |
| 1.75x | 1.54x | 1.44x | 1.82x | 1.75x | 1.37x | 1.15x | 2.57x | 2.84x | 3.16x | |
| GROWTH | ||||||||||
| Revenue Growth % | -0.01% | -5.10% | 18.35% | 20.42% | -8.05% | -21.90% | -43.08% | 25.12% | 48.08% | 6.54% |
| Operating Profit Growth % | 160.43% | -33.24% | 52.16% | 0.90% | -28.08% | -137.91% | 70.73% | -295.59% | 274.35% | 41.58% |
| Net Profit Growth % | 3.49% | 38.16% | 107.13% | 165.96% | -382.98% | -125.82% | -36.16% | 95.45% | 300.23% | 10.91% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 287.63% | 0.00% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 94.16x | 82.37x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.95x | 1.53x |
| 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 | 34.37x | 22.19x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - We hereby informed the exchange of the press release titled " SEPC Receives In-Principle Approval to Enter UAE Petroleum Trading with 100% Acquisition of Wintality Petroleum FZE". Detailed letter is enclosed.
2026-08-25 - We herewith enclose the Outcome of the Board Meeting held today i.e., August 25, 2026. Detailed letter is enclosed.
2026-08-14 - We herewith enclosed the Monitoring Agency Report for the Quarter ended June 30, 2026. Detailed letter is enclosed.
2026-08-13 - SEPC Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-13 - SEPC Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-13 - We hereby inform the Exchange regarding Resignation of Mr. Rajesh Kumar Bansal, Non- Executive- Independent Director of the company w.e.f. August 13, 2026. Detailed letter is enclosed.
2026-08-12 - We hereby informed the Exchange of the press release titled "SEPC Reports 40% YoY Revenue Growth in June Quarter Despite Overseas margin Headwinds". Detailed letter is enclosed.
2026-08-11 - We enclose the Unaudited Standalond and Consolidated Financial Results for the quarter ended June 30, 2026. Detailed letter is enclosed.
2026-08-07 - SEPC Limited has informed the Exchange about General Updates on Order received from TCIL, its cancellation and subsequent action
News
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