SEPC financials and balance sheet

NSE: SEPCBSE: 532945ConstructionSmall Cap

Formerly Shriram EPC

₹4.87₹0.11 (2.21%)BSE ₹4.88

Share price at the NSE close on 23 Oct 2026. Previous close ₹4.98.

52-week range of traded prices to 23 Oct 2026

₹4.65Low, 23 Mar 2026₹11.68High, 4 Nov 2025

Market cap: ₹947 Cr1,345th largest listed
P/E: Earlier quarters restated in the year
P/B: 0.5
Dividend yield: Nonein the last 12 months
ROCE: 2.7%
Debt to equity: 0.18
Volume, NSE: 94,40,52454.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.SEPC annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹1,208 Cr, year to Mar 2020A loss in 6 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,054
Materials and goods−891
Employee costs−29
Other expenses−57
Operating profit78
Depreciation−4.9
Other income+31
One-off items−1.1
Finance costs−41
Profit before tax62
Tax−8.6
Net profit54

What the company owns

Plant, investments and other assets₹2,427 Cr
Receivables₹589 Cr
Cash and bank₹75 Cr
Current investments₹1 Cr

What pays for it: net worth and liabilities

Net worth₹1,921 Cr
Owed to suppliers₹720 Cr
Borrowings₹351 Cr
Other liabilities₹100 Cr

Profit and loss

Consolidated, ₹ crore, years to March.SEPC quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 5 Jun	Mar 2020Filed 25 Jun	Mar 2021Filed 5 Jul	Mar 2022Filed 27 Jun	Mar 2023Filed 26 May	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 10 Jul
Revenue from operations	744	829	1,202	1,208	583	329	379	561	598	1,054
	716	813	1,139	1,164	661	377	445	535	547	977
Materials and goods bought	613	–	1,001	1,035	557	293	319	467	473	891
Employee costs	41	–	58	57	38	37	33	32	33	29
Other expenses	62	–	81	72	65	47	93	36	42	57
Operating profit before depreciation	28	16	63	44	−78	−47	−66	26	51	78
Operating margin	3.8%	1.9%	5.2%	3.6%	−13.4%	−14.3%	−17.5%	4.7%	8.5%	7.4%
Materials, % of revenue	82.4%	–	83.3%	85.7%	95.7%	88.8%	84.2%	83.2%	79.1%	84.5%
Employee costs, % of revenue	5.5%	–	4.8%	4.7%	6.5%	11.2%	8.8%	5.7%	5.5%	2.8%
Other expenses, % of revenue	8.3%	–	6.7%	6.0%	11.2%	14.2%	24.5%	6.4%	7.0%	5.4%
Depreciation and amortisation	6	6	6	6	6	6	6	5	5	5
Operating profit after depreciation	22	10	57	38	−84	−53	−72	21	45	73
Other income	10	105	74	51	23	10	20	46	48	31
Finance costs	247	104	95	100	107	115	60	44	45	41
Profit before one-off items and tax	−214	11	36	−11	−167	−157	−113	23	49	63
One-off items	−4	0	−5	−66	−11	−64	138	0	−14	−1
Profit before tax	−218	11	31	−77	−178	−221	25	23	35	62
	0	14	1	0	1	43	30	0	10	9
Current tax	–	–	1	0	1	43	0	0	0	0
Deferred tax	–	–	0	0	0	0	30	0	10	9
	−218	−2	31	−77	−179	−264	−5	23	25	54
Belonging to the company's shareholders	–	−2	31	−77	−179	−264	−5	23	25	54
Other comprehensive income	–	–	0	0	0	1	−1	1	0	3
Total comprehensive income	–	–	31	−77	−179	−263	−6	24	24	56
Net margin	−29.3%	−0.3%	2.5%	−6.4%	−30.8%	−80.0%	−1.3%	4.1%	4.2%	5.1%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 5 Jun	Mar 2020Filed 25 Jun	Mar 2021Filed 5 Jul	Mar 2022Filed 27 Jun	Mar 2023Filed 26 May	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 10 Jul
	1,260	1,182	1,005	739	1,088	1,212	1,508	1,921
	1,260	1,181	1,004	738	1,086	1,210	1,506	1,919
Share capital	972	972	972	972	1,322	1,410	1,564	1,943
Reserves	289	209	32	−234	−235	−200	−58	−24
Belonging to outside owners of subsidiaries	0	1	1	1	2	2	2	2
	633	658	789	978	406	452	356	351
Repayable after a year	206	206	201	154	268	298	263	239
Repayable within a year	426	452	588	825	138	154	94	112
	1,234	1,073	1,112	1,256	578	606	560	900
Trade payables	539	488	357	7	380	304	411	720
Other financial liabilities	25	26	47	19	16	102	10	4
Other liabilities	238	102	115	399	40	46	43	62
Provisions	6	6	5	6	4	1	1	1
	477	394	299	228	336	392	320	272
Other financial liabilities	57	56	44	47	40	38	18	5
Other liabilities	207	125	49	22	23	47	33	22
Provisions	7	6	6	5	5	7	6	6
	2,971	2,649	2,416	2,223	2,002	2,209	2,387	3,093
Held for sale or for a demerger	–	–	6	–	–	–	–	–
	1,042	934	926	795	728	738	758	805
Plant in use, after depreciation	54	50	45	38	33	28	24	21
Plant being built	0	0	0	0	0	0	0	0
Intangible assets	0	0	0	3	0	0	0	0
Intangible assets being developed	0	0	0	0	0	0	0	0
Investments	1	1	1	1	0	1	0	0
Loans given	177	123	109	81	7	7	7	7
Other financial assets	41	16	12	11	10	10	14	118
Deferred tax	476	476	476	433	403	403	393	384
Trade receivables	253	198	210	188	182	166	192	272
Other assets	40	69	73	40	92	123	127	2
	1,929	1,715	1,484	1,429	1,273	1,471	1,629	2,288
Inventories	38	3	2	0	0	0	0	0
Trade receivables	485	526	341	373	292	300	368	589
Cash and cash equivalents	31	12	8	6	33	18	7	26
Other bank balances	81	49	29	24	17	43	42	48
Current investments	0	0	0	0	0	0	0	1
Other financial assets	43	93	70	9	1	2	2	1,489
Tax paid in advance	0	0	0	14	0	0	0	–
Other assets	1,251	1,031	1,034	1,004	930	1,108	1,210	134
Net debt	521	597	752	949	355	391	307	275

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 5 Jul	Mar 2022Filed 27 Jun	Mar 2023Filed 26 May	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 10 Jul
	−48	−72	21	−121	−133	−263
	−42	−167	22	−119	−128	−270
	14	−35	39	−184	−208	−364
Receivables	99	33	83	8	−87	−678
Inventories	1	2	0	0	0	0
Payables	−81	0	45	−60	141	338
Other working capital	−5	−70	−88	−131	−262	−24
Tax paid	−4	−19	−1	−2	−5	7
Capital spending	6	5	0	0	0	1
Free cash flow	−54	−77	21	−121	−133	−264
	17	1	12	−24	4	−7
Plant and property sold	6	0	3	0	0	0
Interest received	3	6	3	1	3	2
	27	68	−6	130	118	289
Borrowings raised	131	69	4	54	0	7
Borrowings repaid	0	0	−318	−4	−61	−25
Interest paid	−104	0	−42	−19	−20	−18
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	350	100	200	325
Net change in cash	−4	−3	27	−15	−11	19

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.SEPC dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 5 Jun	Mar 2020Filed 25 Jun	Mar 2021Filed 5 Jul	Mar 2022Filed 27 Jun	Mar 2023Filed 26 May	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 10 Jul
Earnings per share	−₹3.88	−₹0.02	₹0.32	−₹0.79	−₹1.85	−₹2.71	−₹0.04	₹0.17	₹0.16	₹0.30
Diluted earnings per share	−₹3.88	−₹0.02	₹0.32	−₹0.79	−₹1.85	−₹2.71	−₹0.04	₹0.17	₹0.16	₹0.30
Book value per share	–	–	₹12.97	₹12.15	₹10.33	₹7.60	₹8.22	₹8.58	₹9.63	₹9.87
Shareholder yield	–	–	–	–	0.0%	0.0%	−25.5%	−4.4%	−8.9%	−34.4%
Market cap at the year end (₹ crore)	2,174	2,545	792	223	389	734	1,374	2,283	2,236	944

Ratios

Consolidated, years to March.SEPC PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 5 Jun	Mar 2020Filed 25 Jun	Mar 2021Filed 5 Jul	Mar 2022Filed 27 Jun	Mar 2023Filed 26 May	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 10 Jul
Revenue growth	35.9%	11.4%	45.0%	0.5%	−51.8%	−43.5%	15.0%	48.1%	6.5%	76.4%
Operating profit growth	−0.3%	−44.4%	301.6%	−30.0%	–	–	–	–	92.6%	53.4%
Net profit growth	–	–	–	–	–	–	–	–	9.0%	115.5%
Earnings per share growth	–	–	–	–	–	–	–	–	−5.9%	87.5%
	–	–	2.4%	−6.3%	−16.4%	−30.3%	−0.5%	2.0%	1.8%	3.1%
	–	–	–	−8.8 pts	−10.1 pts	−13.8 pts	29.7 pts	2.5 pts	−0.2 pts	1.3 pts
From the net margin	–	–	–	−8.5 pts	−24.1 pts	−26.3 pts	29.8 pts	2.2 pts	0.0 pts	0.4 pts
From asset turnover	–	–	–	−0.4 pts	14.2 pts	16.4 pts	−0.1 pts	0.8 pts	0.0 pts	1.1 pts
From borrowing	–	–	–	0.2 pts	−0.1 pts	−3.9 pts	0.1 pts	−0.5 pts	−0.2 pts	−0.2 pts
Return on capital employed	–	–	3.0%	2.1%	−4.7%	−3.1%	−4.9%	1.3%	2.4%	3.2%
Cash conversion	–	–	–	–	–	–	–	−530.3%	−533.5%	−491.8%
Interest cover	0.1	0.1	0.6	0.4	–	–	–	0.5	1.0	1.8
Debt to equity	–	–	0.50	0.56	0.79	1.32	0.37	0.37	0.24	0.18
Receivable days	–	–	147	159	213	413	281	195	225	204
Inventory days	–	–	14	1	2	0	0	0	0	0
Payable days	–	–	197	172	234	9	434	238	318	295
Cash conversion cycle, days	–	–	−35	−12	−18	404	−153	−43	−93	−91
Working capital days	–	–	307	312	578	1,072	755	623	680	493
Asset turnover	–	–	0.40	0.43	0.23	0.14	0.18	0.27	0.26	0.38
Assets per rupee of net worth	–	–	2.36	2.30	2.32	2.66	2.32	1.83	1.69	1.60
Sales per rupee of plant	–	–	22.16	24.10	13.02	8.58	11.58	19.82	24.71	50.24
Capital spending to depreciation	–	–	–	–	1.13	0.85	0.02	0.01	0.02	0.17
Plant being built, % of plant in use	–	–	0.3%	0.0%	0.8%	0.0%	0.0%	0.0%	0.0%	0.0%

Interest cover is left blank for the years to Mar 2021, Mar 2022 and Mar 2023: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.0%
Cash from operations against operating profit: −339.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.8%	12.6%	40.7%
Return on equity, average	–	−4.8%	2.3%
Return on capital employed, average	–	−0.2%	2.3%
Operating margin, average	−1.0%	−2.3%	6.8%
Net margin, average	−13.2%	−13.6%	4.4%
Asset turnover, average	–	0.25	0.30
Cash conversion cycle, days, average	–	5	−76
Interest cover, average	–	–	1.1
Debt to equity, average	–	0.50	0.26

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−568	−517	−263
Cash from investing	−14	−27	−7
Cash from financing	599	537	289
Capital spending	6	1	1
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	975	625	325
Borrowings raised	134	61	7
Borrowings repaid	408	90	25

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	2	4	6	5	4	4
Altman Z-scorePublished threshold 1.81	–	1.24	0.98	0.51	0.23	1.49	2.11	2.36	1.46
Beneish M-scorePublished threshold −1.78	–	–	–	−1.81	−2.95	−2.75	−1.97	−2.05	−1.26
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−5.88	−8.31	−1.81	7.96	6.68	11.82
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	−5.44	−5.11
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	8.04	16.53	52.75	−36.59	−45.35	16.14	−16.38
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	−94.96	22.53	−52.50	–	–	–	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	−14.03	−3.55	−23.45	−25.18	31.89	16.97	39.02
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.00	1.71	–	0.00	0.00	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	118.36	2.74	–	–	–	119.37	0.00	29.39	13.89
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	113.96	−7.07	16.50	3.36

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
11 Mar 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Short Term Bank Facilities- Proposed	IVR DReview, Downgrade		70.94
11 Mar 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long Term Bank Facilities	IVR DReview, Downgrade		85.56
11 Mar 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long Term Bank Facilities- Proposed	IVR DReview, Downgrade		2.65
11 Mar 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Short Term Bank Facilities	IVR DReview, Downgrade		723.35
10 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil DReview, Downgrade		2.66
29 Sep 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	WDReview, Other		2,917.77
10 Sep 2025	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Proposed Short Term Bank Facilities	IVR A3New, New		70.94
10 Sep 2025	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Proposed Long Term Bank Facilities	IVR BBB-New, New	Stable	2.65

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.