SEPC Ltd

₹ 6.12 -0.33%

17 Jul - 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 ₹ 1,172 Cr.
Current Price ₹ 6.12
High / Low ₹ 13.7 / 4.63
Stock P/E 21.5
Book Value ₹ 10.2
Dividend Yield 0.00 %
ROCE 5.03 %
ROE 3.18 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.60 times its book value
Company is expected to give good quarter
Company has delivered good profit growth of 18.4% CAGR over last 5 years

Cons

Promoter holding has decreased over last quarter: -7.86%
Promoter holding is low: 18.7%
Tax rate seems low
Company has a low return on equity of 2.65% 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.30.2 Cr.
Company has high debtors of 204 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 BSE 1000

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	142	143	129	141	148	176	171	133	118	202	237	341	274
	129	131	121	143	141	152	163	130	102	174	227	312	264
Operating Profit	13	13	8	-2	7	24	8	3	15	28	11	29	10
OPM %	9%	9%	7%	-1%	5%	14%	4%	3%	13%	14%	4%	8%	4%
	8	3	10	20	14	2	11	13	8	2	14	0	15
Interest	9	9	11	11	13	13	10	9	12	9	12	10	9
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
Profit before tax	10	5	6	6	7	13	7	6	10	19	11	17	15
Tax %	300%	0%	0%	0%	0%	36%	67%	20%	0%	13%	23%	14%	8%
	-20	5	6	6	7	8	2	4	10	17	8	15	14
EPS in Rs	-0.11	0.03	0.03	0.03	0.03	0.04	0.01	0.02	0.05	0.09	0.04	0.08	0.07
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	548	548	744	829	1,202	1,208	583	329	379	561	598	1,054
	615	519	736	813	1,139	1,149	641	366	435	527	533	977
Operating Profit	-67	28	8	16	63	59	-58	-36	-56	34	64	78
OPM %	-12%	5%	1%	2%	5%	5%	-10%	-11%	-15%	6%	11%	7%
	121	46	83	105	70	-15	12	-53	155	46	34	30
Interest	301	272	298	104	95	115	126	125	67	52	58	41
Depreciation	6	7	6	6	6	6	6	6	6	5	5	5
Profit before tax	-253	-204	-213	11	31	-77	-178	-221	25	23	35	62
Tax %	0%	0%	-35%	118%	3%	0%	1%	19%	119%	0%	29%	14%
	-266	-204	-137	-2	31	-77	-179	-264	-5	23	25	54
EPS in Rs	-21.32	-4.28	-1.02	-0.01	0.22	-0.55	-1.28	-1.88	-0.03	0.12	0.13	0.28
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	7%
5 Years:	13%
3 Years:	41%
TTM:	76%

Compounded Profit Growth
10 Years:	9%
5 Years:	18%
3 Years:	36%
TTM:	57%

Stock Price CAGR
10 Years:	-12%
5 Years:	5%
3 Years:	-16%
1 Year:	-54%

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	86	331	937	972	972	972	972	972	1,322	1,410	1,564	1,943
Reserves	-365	125	204	258	288	212	32	-234	-235	-200	-58	-24
	2,422	1,967	841	800	657	684	836	981	409	455	358	354
	484	528	883	1,121	1,055	735	577	505	506	544	523	820
Total Liabilities	2,627	2,951	2,865	3,151	2,971	2,603	2,416	2,223	2,002	2,209	2,387	3,093
	41	55	61	56	55	51	45	41	36	31	26	22
CWIP	29	10	0	0	0	0	0	0	0	0	0	0
Investments	5	5	1	1	1	1	1	1	0	1	0	2
	2,552	2,880	2,803	3,094	2,915	2,551	2,370	2,182	1,965	2,178	2,361	3,069
Total Assets	2,627	2,951	2,865	3,151	2,971	2,603	2,416	2,223	2,002	2,209	2,387	3,093

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-299	12	28	302	-7	-50	-72	21	-121	-133	-263
	22	-6	21	-38	40	21	1	12	-24	4	-7
	306	35	-81	-257	-52	25	68	-6	130	118	289
Net Cash Flow	29	42	-32	7	-19	-4	-3	27	-15	-11	19
Free Cash Flow	-322	11	26	298	-8	-50	-72	24	-121	-133	-264
CFO/OP	433%	-48%	215%	471%	-3%	79%	146%	-40%	-355%	-199%	-348%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	168	194	237	160	147	145	252	413	281	195	225	204
Inventory Days	679	421										0
Days Payable	1,895	1,894
Cash Conversion Cycle	-1,048	-1,280	237	160	147	145	252	413	281	195	225	204
Working Capital Days	125	339	188	3	177	177	213	143	621	523	623	455
ROCE %	2%	6%	4%	6%	7%	5%	-2%	-2%	-3%	5%	6%	5%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Order Book
Rs. crore ・Standalone data

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Permanent Employees
count ・Standalone data

Contract Assets
Rs. crore ・Standalone data

International Revenue Share
% ・Standalone data

Water & Sewerage Revenue Share
% ・Standalone data

Government Customer Revenue Share
% ・Standalone data

Average Collection Days
days ・Standalone data

Roads Revenue Share
% ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

2 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	26.66%	27.75%	27.75%	26.97%	37.65%	33.94%	33.37%	33.37%	27.35%	27.35%	26.53%	18.67%
	0.21%	0.34%	0.42%	0.47%	0.65%	0.76%	0.64%	0.65%	0.68%	0.62%	0.60%	0.96%
	39.30%	37.53%	26.58%	25.16%	24.93%	19.00%	19.15%	19.14%	15.75%	14.52%	14.55%	13.91%
	33.82%	34.38%	45.24%	47.41%	36.78%	46.30%	46.84%	46.85%	56.22%	57.51%	58.31%	66.46%
No. of Shareholders	54,828	82,043	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

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	29.82%	28.76%	28.76%	28.76%	28.76%	28.76%	31.08%	26.97%	33.37%	18.67%
	0.12%	0.13%	0.05%	0.00%	0.00%	0.20%	0.19%	0.47%	0.65%	0.96%
	67.45%	67.29%	66.96%	66.55%	64.30%	55.53%	40.79%	25.16%	19.14%	13.91%
	2.61%	3.83%	4.23%	4.69%	6.94%	15.51%	27.94%	47.41%	46.85%	66.46%
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

* 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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Announcements

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