SEPC Ltd.

•

₹ 5.79-3.02%

2026-08-21

sepc.inBSE: 532945NSE: SEPC

Market Cap₹ 1,111 Cr.

Current Price₹ 6

High / Low₹ 14 / 5

Stock P/E0.0

Book Value₹ 9

Price to Book1.53

Dividend Yield0.00 %

ROCE5.3 %

ROE1.9 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2017 • Construction Contract: 100.0%

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

EDIT COLUMNS

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	LT	4030.10	33.42	554487.79	0.94	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	223.10	51.71	46516.80	0.32	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1377.05	20.69	23516.23	0.80	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	18.97	24.01	22911.97	0.69	3062.70	1412.58	21372.72	918.25	24.76	53.93
5.	CEMPRO	1263.50	36.08	21705.36	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	236.95	16.98	13317.59	2.11	157.94	141.49	819.84	-5.80	25.84	20.61
7.	TECHNOE	997.70	26.92	11603.21	0.70	93.33	-31.44	630.34	19.84	16.54	15.79
8.	IRCON	122.60	22.02	11530.72	1.55	92.03	-43.92	1955.83	9.49	12.69	9.81
9.	KEC	423.05	20.34	11261.59	1.30	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	AFCONS	277.95	70.65	10222.57	0.72	303.00	120.52	26710.00	692.49	12.88	9.42
11.	WAAREERTL	880.80	18.09	9193.72	0.00	118.98	37.72	924.25	53.23	81.92	18.77
12.	SEPC	5.71	42.83	1110.89	0.00	-11.05	-166.79	273.80	35.36	5.31	6.30

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
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%
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%

Jun 2023

: 143
: 130
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 9
Depreciation: 1
: 5
Tax %: 0.00%
Net Profit: 5
: 0
Equity Capital: 1,371
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 1,371
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 129
: 120
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 11
Depreciation: 1
: 5
Tax %: 0.00%
Net Profit: 5
: 0
Equity Capital: 1,371
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 1,371
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 141
: 142
Operating Profit: —
OPM %: —
Other Income: 20
Interest: 11
Depreciation: 1
: 6
Tax %: 0.00%
Net Profit: 6
: 0
Equity Capital: 1,410
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 1,410
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 148
: 141
Operating Profit: —
OPM %: —
Other Income: 14
Interest: 13
Depreciation: 1
: 6
Tax %: 0.00%
Net Profit: 6
: 0
Equity Capital: 1,410
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 1,410
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 176
: 152
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 13
Depreciation: 1
: 13
Tax %: 36.11%
Net Profit: 8
: 0
Equity Capital: 1,410
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 1,410
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 171
: 163
Operating Profit: —
OPM %: —
Other Income: 11
Interest: 10
Depreciation: 1
: 7
Tax %: 66.67%
Net Profit: 2
: 0
Equity Capital: 1,564
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 1,564
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 133
: 130
Operating Profit: —
OPM %: —
Other Income: 27
Interest: 9
Depreciation: 1
: 6
Tax %: 20.07%
Net Profit: 5
: 0
Equity Capital: 1,564
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 1,564
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 118
: 102
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 12
Depreciation: 1
: 10
Tax %: 0.00%
Net Profit: 10
: 0
Equity Capital: 1,564
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 1,564
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 79
: 60
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 9
Depreciation: 1
: 9
Tax %: 26.71%
Net Profit: 7
: 0
Equity Capital: 1,765
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 1,765
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 141
: 135
Operating Profit: —
OPM %: —
Other Income: 14
Interest: 12
Depreciation: 1
: 6
Tax %: 44.48%
Net Profit: 3
: 0
Equity Capital: 1,940
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 1,940
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 175
: 157
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 10
Depreciation: 1
: 6
Tax %: 41.67%
Net Profit: 4
: 0
Equity Capital: 1,940
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 1,940
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 154
: 150
Operating Profit: —
OPM %: —
Other Income: 15
Interest: 9
Depreciation: 1
: 9
Tax %: 13.21%
Net Profit: 7
: 0
Equity Capital: 1,943
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 1,943
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 119
: 121
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 11
Depreciation: 1
: 6
Tax %: 400.07%
Net Profit: -18
: -0
Equity Capital: 1,943
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 1,943
Reserves: 0
Promoter Pledge %: 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	—
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	—

Mar 2016

: 548
: 519
Operating Profit: 141
OPM %: 26
Other Income: 113
Interest: 272
Depreciation: 7
: -244
Tax %: 0
Net Profit: -244
EPS: -11
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -7
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -7

Mar 2017

: 520
: 513
Operating Profit: 94
OPM %: 18
Other Income: 88
Interest: 311
Depreciation: 6
: -226
Tax %: 33
Net Profit: -151
EPS: -3
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -1

Mar 2018

: 615
: 577
Operating Profit: 144
OPM %: 23
Other Income: 105
Interest: 113
Depreciation: 6
: 24
Tax %: 56
Net Profit: 11
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0

Mar 2019

: 741
: 670
Operating Profit: 145
OPM %: 20
Other Income: 74
Interest: 106
Depreciation: 6
: 29
Tax %: 0
Net Profit: 29
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0

Mar 2020

: 681
: 665
Operating Profit: 104
OPM %: 15
Other Income: 88
Interest: 114
Depreciation: 6
: -81
Tax %: 0
Net Profit: -81
EPS: -1
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -1

Mar 2021

: 532
: 593
Operating Profit: -39
OPM %: -7
Other Income: 21
Interest: 126
Depreciation: 5
: -183
Tax %: 0
Net Profit: -183
EPS: -2
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -2

Mar 2022

: 303
: 323
Operating Profit: -12
OPM %: -4
Other Income: 9
Interest: 125
Depreciation: 6
: -206
Tax %: -21
Net Profit: -249
EPS: -3
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -2

Mar 2023

: 379
: 437
Operating Profit: -46
OPM %: -12
Other Income: 12
Interest: 67
Depreciation: 6
: 19
Tax %: 160
Net Profit: -11
EPS: -0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -0

Mar 2024

: 561
: 527
Operating Profit: 80
OPM %: 14
Other Income: 46
Interest: 52
Depreciation: 5
: 23
Tax %: 0
Net Profit: 23
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0

Mar 2025

: 598
: 533
Operating Profit: 113
OPM %: 19
Other Income: 48
Interest: 58
Depreciation: 5
: 35
Tax %: 29
Net Profit: 25
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0

TTM

: 588
: 564
Operating Profit: —
OPM %: —
Other Income: 39
Interest: 43
Depreciation: 5
: 26
Tax %: 115
Net Profit: -4
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: -11%
5 Years:: 9%
3 Years:: -22%
1 Year:: -51%

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
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

Mar 2016

Equity Capital: 331
: 61
: 458
Trade Payables: 204
: 1,970
Total Liabilities: 3,024
: 55
Capital Work in Progress: 10
: 5
: 45
: 0
Cash & Bank: 51
: 2,857
Total Assets: 3,024
Total Debt: 1,967
Net Working Capital: 560
Contingent Liabilities: 285
Book Value per Share: 11.85
Face Value: 10.00
Total Debt: 1,967
Net Working Capital: 560
Contingent Liabilities: 285
Book Value per Share: 11.85
Face Value: 10.00

Mar 2017

Equity Capital: 937
: 192
: 492
Trade Payables: 256
: 243
Total Liabilities: 2,120
: 61
Capital Work in Progress: 0
: 1
: 38
: 0
Cash & Bank: 61
: 1,958
Total Assets: 2,120
Total Debt: 841
Net Working Capital: 472
Contingent Liabilities: 285
Book Value per Share: 12.05
Face Value: 10.00
Total Debt: 841
Net Working Capital: 472
Contingent Liabilities: 285
Book Value per Share: 12.05
Face Value: 10.00

Mar 2018

Equity Capital: 972
: 258
: 512
Trade Payables: 315
: 203
Total Liabilities: 2,258
: 56
Capital Work in Progress: 0
: 1
: 38
: 0
Cash & Bank: 58
: 2,105
Total Assets: 2,258
Total Debt: 800
Net Working Capital: 418
Contingent Liabilities: 302
Book Value per Share: 12.65
Face Value: 10.00
Total Debt: 800
Net Working Capital: 418
Contingent Liabilities: 302
Book Value per Share: 12.65
Face Value: 10.00

Mar 2019

Equity Capital: 972
: 287
: 426
Trade Payables: 317
: 132
Total Liabilities: 2,134
: 54
Capital Work in Progress: 0
: 1
: 38
: 0
Cash & Bank: 91
: 1,950
Total Assets: 2,134
Total Debt: 657
Net Working Capital: 676
Contingent Liabilities: 253
Book Value per Share: 12.95
Face Value: 10.00
Total Debt: 657
Net Working Capital: 676
Contingent Liabilities: 253
Book Value per Share: 12.95
Face Value: 10.00

Mar 2020

Equity Capital: 972
: 206
: 452
Trade Payables: 308
: 55
Total Liabilities: 1,993
: 49
Capital Work in Progress: 0
: 1
: 3
: 0
Cash & Bank: 56
: 1,884
Total Assets: 1,993
Total Debt: 684
Net Working Capital: 631
Contingent Liabilities: 661
Book Value per Share: 12.12
Face Value: 10.00
Total Debt: 684
Net Working Capital: 631
Contingent Liabilities: 661
Book Value per Share: 12.12
Face Value: 10.00

Mar 2021

Equity Capital: 972
: 23
: 588
Trade Payables: 226
: 42
Total Liabilities: 1,851
: 44
Capital Work in Progress: 0
: 1
: 2
: 0
Cash & Bank: 35
: 1,768
Total Assets: 1,851
Total Debt: 836
Net Working Capital: 362
Contingent Liabilities: 637
Book Value per Share: 10.24
Face Value: 10.00
Total Debt: 836
Net Working Capital: 362
Contingent Liabilities: 637
Book Value per Share: 10.24
Face Value: 10.00

Mar 2022

Equity Capital: 972
: -225
: 693
Trade Payables: 159
: 72
Total Liabilities: 1,670
: 41
Capital Work in Progress: 0
: 1
: 0
: 0
Cash & Bank: 29
: 1,598
Total Assets: 1,670
Total Debt: 978
Net Working Capital: 159
Contingent Liabilities: 579
Book Value per Share: 7.68
Face Value: 10.00
Total Debt: 978
Net Working Capital: 159
Contingent Liabilities: 579
Book Value per Share: 7.68
Face Value: 10.00

Mar 2023

Equity Capital: 1,322
: -237
: 138
Trade Payables: 244
: 47
Total Liabilities: 1,513
: 36
Capital Work in Progress: 0
: 1
: 0
: 0
Cash & Bank: 50
: 1,426
Total Assets: 1,513
Total Debt: 406
Net Working Capital: 691
Contingent Liabilities: 474
Book Value per Share: 8.20
Face Value: 10.00
Total Debt: 406
Net Working Capital: 691
Contingent Liabilities: 474
Book Value per Share: 8.20
Face Value: 10.00

Mar 2024

Equity Capital: 1,410
: -202
: 150
Trade Payables: 220
: 141
Total Liabilities: 1,719
: 31
Capital Work in Progress: 0
: 1
: 0
: 229
Cash & Bank: 61
: 1,397
Total Assets: 1,719
Total Debt: 452
Net Working Capital: 860
Contingent Liabilities: 505
Book Value per Share: 8.56
Face Value: 10.00
Total Debt: 452
Net Working Capital: 860
Contingent Liabilities: 505
Book Value per Share: 8.56
Face Value: 10.00

Mar 2025

Equity Capital: 1,564
: -132
: 90
Trade Payables: 344
: 110
Total Liabilities: 1,976
: 26
Capital Work in Progress: 0
: 1
: 0
: 295
Cash & Bank: 49
: 1,606
Total Assets: 1,976
Total Debt: 356
Net Working Capital: 1,063
Contingent Liabilities: 466
Book Value per Share: 9.16
Face Value: 10.00
Total Debt: 356
Net Working Capital: 1,063
Contingent Liabilities: 466
Book Value per Share: 9.16
Face Value: 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
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

Mar 2016

: -151
Cash from Investing: 47
Cash from Financing: 82
: -22
Free Cash Flow: -151
OCF / Net Profit: 0.62
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.62
Cumulative 5-Year FCF: 0

Mar 2017

: -49
Cash from Investing: -6
Cash from Financing: 57
: 3
Free Cash Flow: -49
OCF / Net Profit: 0.32
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.32
Cumulative 5-Year FCF: 0

Mar 2018

: 67
Cash from Investing: 22
Cash from Financing: -83
: 5
Free Cash Flow: 66
OCF / Net Profit: 6.19
Cumulative 5-Year FCF: 0
OCF / Net Profit: 6.19
Cumulative 5-Year FCF: 0

Mar 2019

: 264
Cash from Investing: -38
Cash from Financing: -238
: -12
Free Cash Flow: 262
OCF / Net Profit: 9.24
Cumulative 5-Year FCF: 0
OCF / Net Profit: 9.24
Cumulative 5-Year FCF: 0

Mar 2020

: 9
Cash from Investing: 38
Cash from Financing: -50
: -3
Free Cash Flow: 9
OCF / Net Profit: -0.12
Cumulative 5-Year FCF: 137
OCF / Net Profit: -0.12
Cumulative 5-Year FCF: 137

Mar 2021

: -47
Cash from Investing: 21
Cash from Financing: 25
: -0
Free Cash Flow: -47
OCF / Net Profit: 0.26
Cumulative 5-Year FCF: 241
OCF / Net Profit: 0.26
Cumulative 5-Year FCF: 241

Mar 2022

: -70
Cash from Investing: 1
Cash from Financing: 68
: -1
Free Cash Flow: -70
OCF / Net Profit: 0.28
Cumulative 5-Year FCF: 220
OCF / Net Profit: 0.28
Cumulative 5-Year FCF: 220

Mar 2023

: 21
Cash from Investing: 12
Cash from Financing: -6
: 27
Free Cash Flow: 21
OCF / Net Profit: -1.87
Cumulative 5-Year FCF: 175
OCF / Net Profit: -1.87
Cumulative 5-Year FCF: 175

Mar 2024

: -119
Cash from Investing: -23
Cash from Financing: 127
: -15
Free Cash Flow: -119
OCF / Net Profit: -5.24
Cumulative 5-Year FCF: -205
OCF / Net Profit: -5.24
Cumulative 5-Year FCF: -205

Mar 2025

: -133
Cash from Investing: 4
Cash from Financing: 118
: -11
Free Cash Flow: -133
OCF / Net Profit: -5.27
Cumulative 5-Year FCF: -347
OCF / Net Profit: -5.27
Cumulative 5-Year FCF: -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

Mar 2016

EPS (₹): -7.38
Book Value (₹): 11.85
Dividend per Share (₹): 0.00
Cash EPS (₹): -6.44
Operating Margin %: 25.81%
Net Margin %: -44.56%
ROE %: -317.08%
ROCE %: 1.20%
: -8.48%
Debtor Days: 183
Inventory Days: 43
Payable Days: 1333
: -1107
Debt to Equity (x): 5.02x
Interest Coverage (x): 0.10x
: 1.75x
Revenue Growth %: -0.01%
Operating Profit Growth %: 160.43%
Net Profit Growth %: 3.49%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): -1.61
Book Value (₹): 12.05
Dividend per Share (₹): 0.00
Cash EPS (₹): -1.39
Operating Margin %: 18.16%
Net Margin %: -29.04%
ROE %: -19.85%
ROCE %: 3.83%
: -5.87%
Debtor Days: 272
Inventory Days: 29
Payable Days: 0
: 301
Debt to Equity (x): 0.75x
Interest Coverage (x): 0.27x
: 1.54x
Revenue Growth %: -5.10%
Operating Profit Growth %: -33.24%
Net Profit Growth %: 38.16%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 0.11
Book Value (₹): 12.65
Dividend per Share (₹): 0.00
Cash EPS (₹): 0.16
Operating Margin %: 23.34%
Net Margin %: 1.75%
ROE %: 0.91%
ROCE %: 6.89%
: 0.49%
Debtor Days: 256
Inventory Days: 22
Payable Days: 0
: 278
Debt to Equity (x): 0.65x
Interest Coverage (x): 1.21x
: 1.44x
Revenue Growth %: 18.35%
Operating Profit Growth %: 52.16%
Net Profit Growth %: 107.13%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 0.29
Book Value (₹): 12.95
Dividend per Share (₹): 0.00
Cash EPS (₹): 0.32
Operating Margin %: 19.56%
Net Margin %: 3.86%
ROE %: 2.30%
ROCE %: 6.83%
: 1.30%
Debtor Days: 178
Inventory Days: 19
Payable Days: 0
: 197
Debt to Equity (x): 0.52x
Interest Coverage (x): 1.27x
: 1.82x
Revenue Growth %: 20.42%
Operating Profit Growth %: 0.90%
Net Profit Growth %: 165.96%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): -0.83
Book Value (₹): 12.12
Dividend per Share (₹): 0.00
Cash EPS (₹): -0.70
Operating Margin %: 15.30%
Net Margin %: -11.89%
ROE %: -6.65%
ROCE %: 1.72%
: -3.93%
Debtor Days: 193
Inventory Days: 11
Payable Days: 2379
: -2175
Debt to Equity (x): 0.58x
Interest Coverage (x): 0.29x
: 1.75x
Revenue Growth %: -8.05%
Operating Profit Growth %: -28.08%
Net Profit Growth %: -382.98%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): -1.88
Book Value (₹): 10.24
Dividend per Share (₹): 0.00
Cash EPS (₹): -1.64
Operating Margin %: -7.43%
Net Margin %: -34.38%
ROE %: -16.84%
ROCE %: -3.06%
: -9.52%
Debtor Days: 242
Inventory Days: 2
Payable Days: 0
: 244
Debt to Equity (x): 0.84x
Interest Coverage (x): -0.45x
: 1.37x
Revenue Growth %: -21.90%
Operating Profit Growth %: -137.91%
Net Profit Growth %: -125.82%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): -2.56
Book Value (₹): 7.68
Dividend per Share (₹): 0.00
Cash EPS (₹): -2.24
Operating Margin %: -3.82%
Net Margin %: -82.24%
ROE %: -28.61%
ROCE %: -4.55%
: -14.15%
Debtor Days: 367
Inventory Days: 0
Payable Days: 0
: 367
Debt to Equity (x): 1.31x
Interest Coverage (x): -0.65x
: 1.15x
Revenue Growth %: -43.08%
Operating Profit Growth %: 70.73%
Net Profit Growth %: -36.16%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): -0.09
Book Value (₹): 8.20
Dividend per Share (₹): 0.00
Cash EPS (₹): -0.04
Operating Margin %: -12.07%
Net Margin %: -2.99%
ROE %: -1.24%
ROCE %: 5.37%
: -0.71%
Debtor Days: 252
Inventory Days: 0
Payable Days: 0
: 252
Debt to Equity (x): 0.37x
Interest Coverage (x): 1.28x
: 2.57x
Revenue Growth %: 25.12%
Operating Profit Growth %: -295.59%
Net Profit Growth %: 95.45%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 0.16
Book Value (₹): 8.56
Dividend per Share (₹): 0.00
Cash EPS (₹): 0.18
Operating Margin %: 6.09%
Net Margin %: 4.04%
ROE %: 1.98%
ROCE %: 4.73%
: 1.40%
Debtor Days: 153
Inventory Days: 0
Payable Days: 0
: 153
Debt to Equity (x): 0.37x
Interest Coverage (x): 1.44x
: 2.84x
Revenue Growth %: 48.08%
Operating Profit Growth %: 274.35%
Net Profit Growth %: 300.23%
: 287.63%
P/E (x): 94.16x
P/B (x): 1.95x
Dividend Yield %: 0.00%
: 34.37x

Mar 2025

EPS (₹): 0.16
Book Value (₹): 9.16
Dividend per Share (₹): 0.00
Cash EPS (₹): 0.18
Operating Margin %: 10.79%
Net Margin %: 4.21%
ROE %: 1.91%
ROCE %: 5.34%
: 1.36%
Debtor Days: 160
Inventory Days: 0
Payable Days: 0
: 160
Debt to Equity (x): 0.25x
Interest Coverage (x): 1.61x
: 3.16x
Revenue Growth %: 6.54%
Operating Profit Growth %: 41.58%
Net Profit Growth %: 10.91%
: 0.00%
P/E (x): 82.37x
P/B (x): 1.53x
Dividend Yield %: 0.00%
: 22.19x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	37.64	33.94	33.37	33.37	27.35	27.35	26.53	18.67	11.67
	0.65	0.76	0.64	0.65	0.68	0.62	0.60	0.96	1.04
	24.93	19.00	19.15	19.14	15.75	14.52	14.55	13.91	13.91
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	36.78	46.30	46.84	46.84	56.22	57.51	58.32	66.47	73.38

Jun 2024

: 37.64
: 0.65
: 24.93
Government: 0.00
: 36.78

Sep 2024

: 33.94
: 0.76
: 19.00
Government: 0.00
: 46.30

Dec 2024

: 33.37
: 0.64
: 19.15
Government: 0.00
: 46.84

Mar 2025

: 33.37
: 0.65
: 19.14
Government: 0.00
: 46.84

Jun 2025

: 27.35
: 0.68
: 15.75
Government: 0.00
: 56.22

Sep 2025

: 27.35
: 0.62
: 14.52
Government: 0.00
: 57.51

Dec 2025

: 26.53
: 0.60
: 14.55
Government: 0.00
: 58.32

Mar 2026

: 18.67
: 0.96
: 13.91
Government: 0.00
: 66.47

Jun 2026

: 11.67
: 1.04
: 13.91
Government: 0.00
: 73.38

Documents

Announcements

Monitoring Agency Report
2026-08-14 - We herewith enclosed the Monitoring Agency Report for the Quarter ended June 30, 2026. Detailed letter is enclosed.
Resignation of Director/KMP/SMP
2026-08-13 - SEPC Limited has informed the Exchange about Resignation of Director/KMP/SMP

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Nothing filed yet.