SEPC Ltd

₹ 13.3 -2.50%

10 Jun - 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

Service Offerings
The company is an engineering, procurement, and construction, commissioning end-to-end solutions provider offering multi-disciplinary services and project management solutions across 2 business areas:

Website BSE NSE

Market Cap ₹ 2,531 Cr.
Current Price ₹ 13.3
High / Low ₹ 31.6 / 11.1
Stock P/E 73.1
Book Value ₹ 7.89
Dividend Yield 0.00 %
ROCE 5.31 %
ROE 2.55 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company has delivered good profit growth of 38.4% CAGR over last 5 years

Cons

Promoter holding is low: 33.4%
Company has a low return on equity of -1.52% over last 3 years.
Promoters have pledged 34.0% of their holding.
Earnings include an other income of Rs.34.5 Cr.
Company has high debtors of 225 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 SmallCap BSE Allcap BSE Industrials

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	92	59	55	122	142	143	129	141	148	176	171	133	118
	93	71	136	109	129	131	121	143	141	152	163	130	102
Operating Profit	-1	-12	-81	14	13	13	8	-2	7	24	8	3	15
OPM %	-1%	-20%	-148%	11%	9%	9%	7%	-1%	5%	14%	4%	3%	13%
	-62	9	137	4	8	3	10	20	14	2	11	13	8
Interest	29	27	12	12	9	9	11	11	13	13	10	9	12
Depreciation	2	1	1	2	1	1	1	1	1	1	1	1	1
Profit before tax	-93	-31	42	4	10	5	6	6	7	13	7	6	10
Tax %	46%	0%	0%	0%	300%	0%	0%	0%	0%	36%	67%	20%	0%
	-135	-31	42	4	-20	5	6	6	7	8	2	4	10
EPS in Rs	-0.97	-0.17	0.22	0.02	-0.11	0.03	0.03	0.03	0.03	0.04	0.01	0.02	0.05
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014 9m	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	495	548	548	744	829	1,202	1,208	583	329	379	561	598
	753	615	519	736	813	1,139	1,149	641	366	435	527	547
Operating Profit	-258	-67	28	8	16	63	59	-58	-36	-56	34	51
OPM %	-52%	-12%	5%	1%	2%	5%	5%	-10%	-11%	-15%	6%	8%
	67	121	46	83	105	70	-15	12	-53	155	46	34
Interest	231	301	272	298	104	95	115	126	125	67	52	45
Depreciation	4	6	7	6	6	6	6	6	6	6	5	5
Profit before tax	-426	-253	-204	-213	11	31	-77	-178	-221	25	23	35
Tax %	3%	0%	0%	-35%	118%	3%	0%	1%	19%	119%	0%	29%
	-506	-266	-204	-137	-2	31	-77	-179	-264	-5	23	25
EPS in Rs	-79.11	-21.32	-4.28	-1.02	-0.01	0.22	-0.55	-1.28	-1.88	-0.03	0.12	0.13
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	1%
5 Years:	-13%
3 Years:	22%
TTM:	7%

Compounded Profit Growth
10 Years:	8%
5 Years:	38%
3 Years:	29%
TTM:	52%

Stock Price CAGR
10 Years:	-6%
5 Years:	28%
3 Years:	20%
1 Year:	-34%

Return on Equity
10 Years:	-7%
5 Years:	-8%
3 Years:	-2%
Last Year:	3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	44	86	331	937	972	972	972	972	972	1,322	1,410	1,564
Reserves	-268	-365	125	204	258	288	212	32	-234	-235	-200	-58
	2,023	2,422	1,967	841	800	657	684	836	981	409	455	358
	587	484	528	883	1,121	1,055	735	577	505	506	544	523
Total Liabilities	2,387	2,627	2,951	2,865	3,151	2,971	2,603	2,416	2,223	2,002	2,209	2,387
	43	41	55	61	56	55	51	45	41	36	31	26
CWIP	27	29	10	0	0	0	0	0	0	0	0	0
Investments	17	5	5	1	1	1	1	1	1	0	1	0
	2,300	2,552	2,880	2,803	3,094	2,915	2,551	2,370	2,182	1,965	2,178	2,361
Total Assets	2,387	2,627	2,951	2,865	3,151	2,971	2,603	2,416	2,223	2,002	2,209	2,387

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-376	-299	12	28	302	-7	-50	-72	21	-121	-133
	167	22	-6	21	-38	40	21	1	12	-24	4
	218	306	35	-81	-257	-52	25	68	-6	130	118
Net Cash Flow	8	29	42	-32	7	-19	-4	-3	27	-15	-11

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	181	168	194	237	160	147	145	252	413	281	195	225
Inventory Days	195	679	421									0
Days Payable	519	1,895	1,894
Cash Conversion Cycle	-142	-1,048	-1,280	237	160	147	145	252	413	281	195	225
Working Capital Days	292	404	642	429	228	307	313	611	1,057	757	624	681
ROCE %		2%	6%	4%	6%	7%	5%	-2%	-2%	-3%	5%	5%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	22.82%	47.62%	47.62%	31.08%	26.66%	27.75%	27.75%	26.97%	37.65%	33.94%	33.37%	33.37%
	0.22%	0.20%	0.16%	0.19%	0.21%	0.34%	0.42%	0.47%	0.65%	0.76%	0.64%	0.65%
	44.02%	40.79%	40.79%	40.79%	39.30%	37.53%	26.58%	25.16%	24.93%	19.00%	19.15%	19.14%
	32.95%	11.38%	11.42%	27.94%	33.82%	34.38%	45.24%	47.41%	36.78%	46.30%	46.84%	46.85%
No. of Shareholders	53,717	51,592	50,912	50,285	54,828	82,043	1,28,326	1,62,331	1,74,456	2,68,268	2,80,710	2,87,871

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

* 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

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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