SEPC Ltd

₹ 4.99 -1.58%

13 Nov - close price

About

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]

Key Points

Business Overview ^[1]
The company is an Engineering, Procurement, Construction and Commissioning (EPCC) solutions provider with integrated capabilities across infrastructure and industrial sectors. It undertakes end-to-end EPC activities, including engineering, procurement, project management, construction, and commissioning across water and wastewater, roads, mining, metals, and industrial projects.

Website BSE NSE

Market Cap ₹ 956 Cr.
Current Price ₹ 4.99
High / Low ₹ 11.2 / 4.63
Stock P/E
Book Value ₹ 10.0
Dividend Yield 0.00 %
ROCE 4.08 %
ROE 1.29 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.50 times its book value

Cons

Promoter holding has decreased over last quarter: -2.29%
The company has delivered a poor sales growth of 0.59% over past five years.
Promoter holding is low: 9.38%
Company has a low return on equity of 1.89% over last 3 years.
Contingent liabilities of Rs.432 Cr.
Promoters have pledged 98.7% of their holding.
Earnings include an other income of Rs.25.1 Cr.
Company has high debtors of 186 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Construction Construction Civil Construction

Part of BSE Industrials

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	129	141	148	176	171	133	118	79	141	175	154	119	73
YoY Sales growth	+135%	+15%	+4%	+23%	+32%	-5%	-20%	-55%	-18%	+31%	+30%	+50%	-48%
	120	142	141	152	163	130	102	60	135	157	150	109	38
Operating Profit	9	-2	7	24	8	4	15	19	5	17	4	10	35
OPM %	7%	-1.3%	4.5%	14%	4.5%	2.6%	13%	23%	3.8%	10%	2.6%	9%	48%
	9	20	14	2	11	13	8	2	14	0	15	9	1
Interest	11	11	13	13	10	9	12	9	12	10	9	11	9
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
Profit before tax	5	6	6	13	7	6	10	9	6	6	9	6	26
Tax %	0%	0%	0%	36%	67%	20%	0%	27%	44%	42%	13%	400%	370%
	5	6	6	8	2	5	10	7	3	4	7	-18	-70
EPS in Rs	0.04	0.04	0.04	0.05	0.01	0.03	0.06	0.04	0.02	0.02	0.04	-0.09	-0.36
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	548	548	520	615	741	681	532	303	379	561	598	548	520
Sales growth	+11%	-0%	-5%	+18%	+20%	-8%	-22%	-43%	+25%	+48%	+7%	-8%	+10%
	614	519	525	587	681	623	593	323	433	527	533	491	454
Operating Profit	-67	28	-6	28	60	58	-61	-21	-54	34	65	57	66
OPM %	-12%	5%	-1.1%	4.6%	8%	8%	-11%	-7%	-14%	6%	11%	10%	13%
	121	6	83	105	70	-20	10	-55	147	46	34	30	25
Interest	301	272	298	104	95	114	126	125	67	52	58	53	40
Depreciation	6	7	6	6	6	6	5	6	6	5	5	5	5
Profit before tax	-253	-244	-226	24	29	-81	-183	-206	19	23	35	30	46
Tax %	0%	0%	-33%	56%	0%	0%	0%	21%	160%	0%	29%	29%
	-253	-244	-151	11	29	-81	-183	-249	-11	23	25	21	-77
EPS in Rs	-26.28	-6.62	-1.44	0.10	0.26	-0.75	-1.69	-2.30	-0.07	0.15	0.15	0.11	-0.39
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	0%
5 Years:	1%
3 Years:	13%
TTM:	10%

Compounded Profit Growth
10 Years:	8%
5 Years:	16%
3 Years:	30%
TTM:	-303%

Stock Price CAGR
10 Years:	-16%
5 Years:	-4%
3 Years:	-39%
1 Year:	-56%

Return on Equity
10 Years:	-5%
5 Years:	-4%
3 Years:	2%
Last Year:	1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	86	331	937	972	972	972	972	972	1,322	1,410	1,564	1,943	1,946
Reserves	-324	126	192	258	287	206	23	-225	-237	-202	-61	-63	-31
	2,422	1,967	841	800	657	684	836	981	409	455	358	353	489
	477	527	567	633	622	552	441	321	368	404	452	546	443
Total Liabilities	2,661	2,952	2,537	2,662	2,537	2,414	2,271	2,048	1,861	2,066	2,313	2,780	2,846
	41	55	61	56	54	49	44	41	36	31	26	22	20
CWIP	29	10	0	0	0	0	0	0	0	0	0	0	0
Investments	45	5	1	1	1	1	1	1	1	1	1	2	1
	2,545	2,881	2,475	2,605	2,482	2,363	2,226	2,006	1,824	2,034	2,287	2,755	2,825
Total Assets	2,661	2,952	2,537	2,662	2,537	2,414	2,271	2,048	1,861	2,066	2,313	2,780	2,846

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-298	-151	-49	67	264	9	-47	-70	21	-119	-132	-263
	14	47	-6	22	-38	38	21	1	12	-23	4	-7
	306	82	57	-83	-238	-50	25	68	-6	127	118	289
Net Cash Flow	22	-22	3	5	-12	-3	-0	-1	27	-15	-11	19
Free Cash Flow	-322	-152	-50	66	260	8	-47	-70	24	-119	-133	-264
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	434%	-521%	1,149%	257%	430%	25%	70%	248%	-41%	-343%	-198%	-473%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	172	194	339	225	170	202	225	338	234	149	180	186
Inventory Days	679	421				34
Days Payable	1,838	1,891				3,191
Cash Conversion Cycle	-986	-1,277	339	225	170	-2,955	225	338	234	149	180	186
Working Capital Days	243	339	288	213	288	312	229	164	618	520	619	847
ROCE %	2%	6%	3%	6%	7%	5%	-2%	-1%	-3%	5%	6%	4%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Order Book
Rs. crore

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Permanent Employees
count

Contract Assets
Rs. crore

International Revenue Share
%

Water & Sewerage Revenue Share
%

Government Customer Revenue Share
%

Roads Revenue Share
%

Average Collection Days
days

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	27.75%	26.97%	37.65%	33.94%	33.37%	33.37%	27.35%	27.35%	26.53%	18.67%	11.67%	9.38%
	0.42%	0.47%	0.65%	0.76%	0.64%	0.65%	0.68%	0.62%	0.60%	0.96%	1.04%	0.68%
	26.58%	25.16%	24.93%	19.00%	19.15%	19.14%	15.75%	14.52%	14.55%	13.91%	13.91%	13.71%
	45.24%	47.41%	36.78%	46.30%	46.84%	46.85%	56.22%	57.51%	58.31%	66.46%	73.39%	76.24%
No. of Shareholders	1,28,326	1,62,331	1,74,456	2,68,268	2,80,710	2,87,871	3,02,036	3,07,501	3,12,827	3,17,139	3,22,629	3,23,424

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	29.82%	28.76%	28.76%	28.76%	28.76%	28.76%	31.08%	26.97%	33.37%	18.67%	9.38%
	0.12%	0.13%	0.05%	0.00%	0.00%	0.20%	0.19%	0.47%	0.65%	0.96%	0.68%
	67.45%	67.29%	66.96%	66.55%	64.30%	55.53%	40.79%	25.16%	19.14%	13.91%	13.71%
	2.61%	3.83%	4.23%	4.69%	6.94%	15.51%	27.94%	47.41%	46.85%	66.46%	76.24%
No. of Shareholders	17,037	20,111	20,452	20,290	25,118	57,903	50,285	1,62,331	2,87,871	3,17,139	3,23,424

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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SEPC Ltd

SEPC Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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