SEPC Ltd

₹ 22.0 -3.98%

21 Nov - 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 ₹ 3,437 Cr.
Current Price ₹ 22.0
High / Low ₹ 33.5 / 15.0
Stock P/E 153
Book Value ₹ 9.06
Dividend Yield 0.00 %
ROCE 4.25 %
ROE 1.97 %
Face Value ₹ 10.0

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Pros

Debtor days have improved from 240 to 149 days.

Cons

Company has low interest coverage ratio.
Promoter holding has decreased over last quarter: -3.70%
The company has delivered a poor sales growth of -5.41% over past five years.
Promoter holding is low: 33.9%
Company has a low return on equity of -9.96% over last 3 years.
Promoters have pledged 34.0% of their holding.
Earnings include an other income of Rs.47.4 Cr.

* 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 Allcap BSE Industrials BSE SmallCap

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	80.38	64.13	92.39	59.24	54.93	122.45	142.23	143.28	129.18	140.70	147.82	175.82	170.99
	88.37	82.52	85.72	70.09	136.39	108.50	138.29	130.26	120.26	142.48	141.19	151.56	163.30
Operating Profit	-7.99	-18.39	6.67	-10.85	-81.46	13.95	3.94	13.02	8.92	-1.78	6.63	24.26	7.69
OPM %	-9.94%	-28.68%	7.22%	-18.32%	-148.30%	11.39%	2.77%	9.09%	6.91%	-1.27%	4.49%	13.80%	4.50%
	2.22	1.61	-60.41	1.72	136.35	4.07	17.64	2.58	8.95	20.11	13.94	2.38	10.96
Interest	28.95	29.81	29.98	27.22	11.55	12.27	9.34	9.08	11.11	11.40	12.79	12.61	10.45
Depreciation	1.31	1.31	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	-36.03	-47.90	-85.32	-37.72	41.98	3.72	10.85	5.18	5.43	5.61	6.44	12.73	6.91
Tax %	-0.00%	-0.00%	50.14%	-0.00%	-0.00%	-0.00%	278.53%	-0.00%	-0.00%	-0.00%	-0.00%	36.14%	66.57%
	-36.03	-47.90	-128.10	-37.73	41.99	3.73	-19.37	5.18	5.43	5.61	6.45	8.14	2.30
EPS in Rs	-0.31	-0.42	-1.11	-0.26	0.27	0.02	-0.12	0.03	0.03	0.04	0.04	0.05	0.01
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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
	1,705	495	548	548	520	615	741	681	532	303	379	561	635
	1,444	752	614	519	525	587	681	623	593	323	433	534	599
Operating Profit	261	-257	-67	28	-6	28	60	58	-61	-21	-54	27	37
OPM %	15%	-52%	-12%	5%	-1%	5%	8%	8%	-11%	-7%	-14%	5%	6%
	-141	67	121	6	83	105	70	-20	10	-55	147	46	47
Interest	411	231	301	272	298	104	95	114	126	125	67	52	47
Depreciation	14	4	6	7	6	6	6	6	5	6	6	5	5
Profit before tax	-305	-425	-253	-244	-226	24	29	-81	-183	-206	19	23	32
Tax %	-14%	3%	0%	-0%	-33%	56%	-0%	-0%	-0%	21%	160%	-0%
	-263	-439	-253	-244	-151	11	29	-81	-183	-249	-11	23	22
EPS in Rs	-50.07	-83.69	-24.74	-6.24	-1.36	0.09	0.25	-0.70	-1.59	-2.17	-0.07	0.14	0.14
Dividend Payout %	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%

Compounded Sales Growth
10 Years:	1%
5 Years:	-5%
3 Years:	2%
TTM:	18%

Compounded Profit Growth
10 Years:	7%
5 Years:	-7%
3 Years:	29%
TTM:	386%

Stock Price CAGR
10 Years:	-5%
5 Years:	31%
3 Years:	55%
1 Year:	7%

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	200	-239	-324	126	192	258	287	206	23	-225	-237	-202	-146
	1,572	2,023	2,422	1,967	841	800	657	684	836	981	409	455	381
	629	587	477	527	567	633	622	552	441	321	368	404	489
Total Liabilities	2,446	2,415	2,661	2,952	2,537	2,662	2,537	2,414	2,271	2,048	1,861	2,066	2,288
	45	43	41	55	61	56	54	49	44	41	36	31	28
CWIP	9	27	29	10	0	0	0	-0	-0	-0	-0	-0	-0
Investments	244	45	45	5	1	1	1	1	1	1	1	1	1
	2,148	2,300	2,545	2,881	2,475	2,605	2,482	2,363	2,226	2,006	1,824	2,034	2,258
Total Assets	2,446	2,415	2,661	2,952	2,537	2,662	2,537	2,414	2,271	2,048	1,861	2,066	2,288

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	426	-374	-298	-151	-49	67	264	9	-47	-70	21	-119
	-114	167	14	47	-6	22	-38	38	21	1	12	-23
	-640	215	306	82	57	-83	-238	-50	25	68	-6	127
Net Cash Flow	-328	8	22	-22	3	5	-12	-3	-0	-1	27	-15

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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	125	181	172	194	339	225	170	202	225	338	234	149
Inventory Days		195	679	421				34
Days Payable		519	1,838	1,891				3,191
Cash Conversion Cycle	125	-142	-986	-1,277	339	225	170	-2,955	225	338	234	149
Working Capital Days	266	292	522	642	634	517	498	555	664	1,158	753	621
ROCE %	15%		2%	6%	3%	6%	7%	5%	-2%	-1%	-3%	4%

Shareholding Pattern

Numbers in percentages

10 Recently

	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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