SEPC Ltd

₹ 24.0 -1.44%

11 Dec 3:58 p.m.

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 ₹ 3,747 Cr.
Current Price ₹ 24.0
High / Low ₹ 33.5 / 15.0
Stock P/E 166
Book Value ₹ 9.08
Dividend Yield 0.00 %
ROCE 4.71 %
ROE 1.98 %
Face Value ₹ 10.0

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Pros

Cons

Stock is trading at 2.64 times its book value
Company has low interest coverage ratio.
Promoter holding has decreased over last quarter: -3.70%
The company has delivered a poor sales growth of -14.1% over past five years.
Promoter holding is low: 33.9%
Company has a low return on equity of -10.2% over last 3 years.
Promoters have pledged 34.0% of their holding.
Earnings include an other income of Rs.47.4 Cr.
Company has high debtors of 195 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

Sector: Infrastructure Developers & Operators Industry: Engineering - Turnkey Services

Part of BSE SmallCap BSE Allcap BSE Industrials

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	81.05	89.45	92.39	59.24	54.93	122.45	142.23	143.28	129.18	140.70	147.82	175.82	170.99
	88.97	117.43	93.01	70.79	136.37	108.67	129.33	130.51	120.69	142.56	140.98	151.61	163.31
Operating Profit	-7.92	-27.98	-0.62	-11.55	-81.44	13.78	12.90	12.77	8.49	-1.86	6.84	24.21	7.68
OPM %	-9.77%	-31.28%	-0.67%	-19.50%	-148.26%	11.25%	9.07%	8.91%	6.57%	-1.32%	4.63%	13.77%	4.49%
	11.99	-7.51	-61.56	9.31	136.55	4.42	7.90	2.58	9.60	20.11	13.95	2.38	10.96
Interest	28.96	29.82	28.79	27.23	11.55	12.28	9.34	9.08	11.11	11.40	12.79	12.61	10.45
Depreciation	1.34	1.33	1.60	1.37	1.36	2.03	1.39	1.34	1.33	1.32	1.34	1.30	1.29
Profit before tax	-26.23	-66.64	-92.57	-30.84	42.20	3.89	10.07	4.93	5.65	5.53	6.66	12.68	6.90
Tax %	0.00%	0.00%	46.21%	0.00%	0.00%	0.00%	300.10%	0.00%	0.00%	0.00%	0.00%	36.28%	66.67%
	-26.23	-66.64	-135.35	-30.85	42.20	3.89	-20.15	4.93	5.65	5.53	6.67	8.08	2.29
EPS in Rs	-0.23	-0.58	-1.18	-0.21	0.27	0.02	-0.13	0.03	0.04	0.04	0.04	0.05	0.01
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2013 15m	Mar 2014 9m	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	1,906	495	548	548	744	829	1,202	1,208	583	329	379	561	635
	1,652	753	615	519	736	813	1,139	1,149	641	366	435	527	598
Operating Profit	253	-258	-67	28	8	16	63	59	-58	-36	-56	34	37
OPM %	13%	-52%	-12%	5%	1%	2%	5%	5%	-10%	-11%	-15%	6%	6%
	10	67	121	46	83	105	70	-15	12	-53	155	46	47
Interest	448	231	301	272	298	104	95	115	126	125	67	52	47
Depreciation	23	4	6	7	6	6	6	6	6	6	6	5	5
Profit before tax	-208	-426	-253	-204	-213	11	31	-77	-178	-221	25	23	32
Tax %	-21%	3%	0%	0%	-35%	118%	3%	0%	1%	19%	119%	0%
	-269	-506	-266	-204	-137	-2	31	-77	-179	-264	-5	23	23
EPS in Rs	-51.20	-96.44	-25.99	-5.22	-1.24	-0.02	0.27	-0.67	-1.56	-2.29	-0.03	0.15	0.14
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	1%
5 Years:	-14%
3 Years:	-1%
TTM:	18%

Compounded Profit Growth
10 Years:	7%
5 Years:	-8%
3 Years:	29%
TTM:	365%

Stock Price CAGR
10 Years:	-4%
5 Years:	36%
3 Years:	47%
1 Year:	12%

Return on Equity
10 Years:	%
5 Years:	-9%
3 Years:	-10%
Last Year:	2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	44	44	86	331	937	972	972	972	972	972	1,322	1,410	1,564
Reserves	238	-268	-365	125	204	258	288	212	32	-234	-235	-200	-143
	1,578	2,023	2,422	1,967	841	800	657	684	836	981	409	455	381
	623	587	484	528	883	1,121	1,055	735	577	505	506	544	630
Total Liabilities	2,484	2,387	2,627	2,951	2,865	3,151	2,971	2,603	2,416	2,223	2,002	2,209	2,432
	45	43	41	55	61	56	55	51	45	41	36	31	28
CWIP	9	27	29	10	0	0	0	0	0	0	0	0	0
Investments	282	17	5	5	1	1	1	1	1	1	0	1	1
	2,148	2,300	2,552	2,880	2,803	3,094	2,915	2,551	2,370	2,182	1,965	2,178	2,402
Total Assets	2,484	2,387	2,627	2,951	2,865	3,151	2,971	2,603	2,416	2,223	2,002	2,209	2,432

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2013	Mar 2014	Mar 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	700	-376	-299	12	28	302	-7	-50	-72	21	-121
	-148	167	22	-6	21	-38	40	21	1	12	-24
	-880	218	306	35	-81	-257	-52	25	68	-6	130
Net Cash Flow	-327	8	29	42	-32	7	-19	-4	-3	27	-15

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	112	181	168	194	237	160	147	145	252	413	281	195
Inventory Days	861	195	679	421
Days Payable	1,089	519	1,895	1,894
Cash Conversion Cycle	-116	-142	-1,048	-1,280	237	160	147	145	252	413	281	195
Working Capital Days	239	292	404	642	429	228	307	313	611	1,057	757	624
ROCE %	13%		2%	6%	4%	6%	7%	5%	-2%	-2%	-3%	5%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	28.76%	28.76%	22.82%	47.62%	47.62%	31.08%	26.66%	27.75%	27.75%	26.97%	37.65%	33.94%
	0.00%	0.20%	0.22%	0.20%	0.16%	0.19%	0.21%	0.34%	0.42%	0.47%	0.65%	0.76%
	56.76%	55.53%	44.02%	40.79%	40.79%	40.79%	39.30%	37.53%	26.58%	25.16%	24.93%	19.00%
	14.48%	15.51%	32.95%	11.38%	11.42%	27.94%	33.82%	34.38%	45.24%	47.41%	36.78%	46.30%
No. of Shareholders	43,739	57,903	53,717	51,592	50,912	50,285	54,828	82,043	1,28,326	1,62,331	1,74,456	2,68,268

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	29.82%	28.76%	28.76%	28.76%	28.76%	28.76%	31.08%	26.97%	33.94%
	0.12%	0.13%	0.05%	0.00%	0.00%	0.20%	0.19%	0.47%	0.76%
	67.45%	67.29%	66.96%	66.55%	64.30%	55.53%	40.79%	25.16%	19.00%
	2.61%	3.83%	4.23%	4.69%	6.94%	15.51%	27.94%	47.41%	46.30%
No. of Shareholders	17,037	20,111	20,452	20,290	25,118	57,903	50,285	1,62,331	2,68,268

* 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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