SEPC Limited, formerly known as Shriram EPC Limited until February 2021, was incorporated in June 2000 and has established itself as a prominent player in India's engineering, procurement, and construction (EPC) sector. The company became majority-owned by Mark AB since September 2022, post infusion of ₹350 crore, marking a significant transformation in its ownership structure. SEPC Limited is headquartered in Chennai, India, and operates across multiple business segments with a focus on providing comprehensive engineering solutions.
Established in 2000, with offices in Mumbai, New Delhi, Kolkata, and Beijing, the company has entered into contracts with customers in 16 Indian states and completed wind energy projects in South India, Zambia, and France. Additionally, it has technology partnerships with leading European conglomerates and strategic alliances with various investors.
SEPC specializes in executing EPC contracts, providing integrated solutions encompassing design, engineering, procurement, construction, and project management services in water, process and metallurgy, and infrastructure segments. The company has positioned itself as a comprehensive solution provider in the engineering services space, offering end-to-end project execution capabilities.
SEPC Limited provides integrated design, engineering, procurement, construction, and project management services in India and internationally. Its offerings include:
- Turnkey contracting solutions for ferrous and non-ferrous industries, cement plants, coke oven and by-product plants, process plants, material handling plants, and transportation.
- Water and sewage treatment plants, intake wells and pump houses, underground drainage systems, water distribution, and pipe rehabilitation systems.
- Renewable energy projects, including biomass and thermal power plants, as well as wind farms and solar installations. The company also manufactures wind turbine generators.
The company's expertise extends across multiple sectors, including renewable energy projects, where it has made significant strides in solar and wind power installations.
SEPC's market capitalization stands at ₹2,535 crore, positioning it as a mid-cap company in the engineering services sector. The company's financial performance shows a mixed trend with both challenges and opportunities in different quarters.
For the financial year 2025, net profit rose 9.04% to ₹24.84 crore against ₹22.78 crore in FY2024. Sales rose 6.54% to ₹597.65 crore in FY2025 against ₹560.98 crore in FY2024. This indicates steady revenue growth and improved profitability on an annual basis.
However, the quarterly performance for Q4 FY2025 showed some volatility. Net profit rose 50.22% to ₹10.02 crore compared to ₹6.67 crore in Q4 FY2024. Sales declined 20.31% to ₹117.80 crore in Q4 FY2025 against ₹147.82 crore in Q4 FY2024.
- Revenue (FY2025): ₹597.65 crore
- Net Profit (FY2025): ₹24.84 crore
- Market Capitalization: ₹2,535 crore (as per recent market data)
- PE Ratio: 1.64
- PB Ratio: 1.38
- Profit Growth (5-year CAGR): 38.4%
SEPC has been actively pursuing growth through strategic initiatives and new project acquisitions. The company recently received a Letter of Award for an EPC Contract worth ₹650 crore from Parmeshi Urja, Kolkata. This contract involves the Design, Engineering, Supply, Installation, Testing, and Commissioning (EPC) of a 133 MW Solar Power Project, including all associated civil and structural works. It will span four districts in Maharashtra and is being implemented under the PM-KUSUM Yojana.
The company successfully completed a significant fundraising exercise in 2025. The Board of SEPC approved a rights issue of partly paid equity shares at ₹10 per share, aiming to raise ₹350 crore. The issue, which was oversubscribed 2.12 times, will use the funds for debt repayment and working capital, significantly strengthening the company's financial liquidity.
SEPC's international footprint is expanding, having achieved a milestone by commissioning projects in Oman and Iraq, thus revolutionizing the engineering and construction industry. This international expansion demonstrates the company's capability to execute complex projects across diverse geographical markets.
While SEPC has shown resilience and good profit growth, some challenges need consideration. The company has a low return on equity of -1.52% over the last 3 years, indicating challenges in generating returns for shareholders. Additionally, promoters have pledged or encumbered 34.0% of their holding, which represents a risk factor for investors.
However, SEPC has delivered good profit growth of 38.4% CAGR over the last 5 years, demonstrating its ability to generate consistent profit growth over the medium term. The company has also focused on reducing its debt burden, as noted in recent financial assessments.
The renewable energy sector presents significant growth opportunities for SEPC, particularly with the Indian government's push towards clean energy and infrastructure development. The company's expertise in solar and wind energy projects positions it well to capitalize on the growing demand for renewable energy solutions in India and internationally.
