SEPC Ltd
SEPC (Shriram EPC Ltd till February 2021) was incorporated in June 2000. The company became majority owned by Mark AB since September 2022 post infusion of Rs 350 crore. SEPC specialises in executing EPC contracts, providing integrated solutions encompassing design, engineering, procurement, construction and project management services in water, process and process and metallurgy, and infrastructure segments.[1]
Strengths
- +Stock is trading at 0.74 times its book value
- +Company has delivered good profit growth of 35.9% CAGR over last 5 years
Weaknesses
- −Company has low interest coverage ratio.
- −Promoter holding has decreased over last quarter: -7.86%
- −Promoter holding is low: 18.7%
- −Company has a low return on equity of -1.71% over last 3 years.
- −Contingent liabilities of Rs.466 Cr.
- −Promoters have pledged 71.4% of their holding.
- −Earnings include an other income of Rs.23.8 Cr.
- −Company has high debtors of 180 days.
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 37.65% | 33.94%▼3.7 | 33.37%▼0.6 | 33.37% | 27.35%▼6.0 | 27.35% | 26.53%▼0.8 | 18.67%▼7.9 |
| FIIs | 0.65% | 0.76%▲0.1 | 0.64%▼0.1 | 0.65%▲0.0 | 0.68%▲0.0 | 0.62%▼0.1 | 0.6%▼0.0 | 0.96%▲0.4 |
| DIIs | 24.93% | 19%▼5.9 | 19.15%▲0.1 | 19.14%▼0.0 | 15.75%▼3.4 | 14.52%▼1.2 | 14.55%▲0.0 | 13.91%▼0.6 |
| Public | 36.78% | 46.3%▲9.5 | 46.84%▲0.5 | 46.85%▲0.0 | 56.22%▲9.4 | 57.51%▲1.3 | 58.31%▲0.8 | 66.46%▲8.1 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 129.18 | 140.7 | 147.82 | 175.82 | 170.99 | 133.04 | 117.8 | 79.04 | 140.53 | 174.51 |
| Expenses | 120.26 | 142.48 | 141.19 | 151.56 | 163.3 | 129.54 | 102.36 | 60.5 | 135.14 | 157.41 |
| Operating Profit | 8.92 | -1.78 | 6.63 | 24.26 | 7.69 | 3.5 | 15.44 | 18.54 | 5.39 | 17.1 |
| OPM % | 6.91% | -1.27% | 4.49% | 13.8% | 4.5% | 2.63% | 13.11% | 23.46% | 3.84% | 9.8% |
| Net Profit | 5.43 | 5.61 | 6.45 | 8.14 | 2.3 | 4.54 | 10.17 | 6.86 | 3.12 | 3.5 |
| EPS ₹ | 0.03 | 0.03 | 0.03 | 0.04 | 0.01 | 0.02 | 0.05 | 0.04 | 0.02 | 0.02 |
AI Insights
TTM revenue at ₹512Cr, down 14.4% YoY. OPM at 11%.
Borrowings at ₹365Cr. Debt-to-equity ratio: N/Ax. High leverage — monitor closely.
DIIs: 13.91% (-25.39pp change). FIIs: 0.96% (+0.75pp change). Promoters hold 18.67%.
ROCE improving from 0% (Mar 2014) to 6% (Mar 2025). Working capital days: 619.
PE 57.3x with 6.12% ROCE. Price is -26% above book value of ₹9.87. Dividend yield: 0%.
Recent Announcements
- Announcement Under Regulation 30 SEBI (LODR) Regulations, 2015. 14 May - SEPC-Furlong JV signed EPC subcontract for Shahjahanpur-Bisalpur four-laning project worth ₹521.46 crore.
- Update On Rights Issue - Receipt Of First And Final Call Money On The Partly Paid-Up Equity Shares Of The Company. 9 May - SEPC received call money for 24,236,652 of 49,291,505 partly paid rights shares; conversion approved on May 9, 2026.
- Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - Update On The Earlier Intimation Submitted On Order From Hon''ble High Court Of Madras. 6 May - Madras High Court allowed ₹15.69 crore appropriation, ₹2 crore salaries, and ₹2.5 crore deposit; hearing on 23 Jun 2026.
- Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 4 May - SEPC received SEBI administrative warning letter for delayed disclosure of arbitration and settlement with Hindustan Copper Limited.
- Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 28 Apr - SEPC confirms it is not a Large Corporate as on March 31, 2026; outstanding borrowings Rs 352.18 crore.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse