SEPC Q1 FY27 Revenue Up 40% to ₹282 Cr; Net Loss of ₹11 Cr
SEPC Limited reported Q1 FY27 consolidated results with Total Income at ₹282 Cr, a 40% YoY increase from ₹202 Cr. The company incurred a net loss of ₹11 Cr, down from a ₹17 Cr profit in Q1 FY26, citing margin pressure on overseas contracts. Total orders on hand stood at ₹10,670 Cr as of June 30, 2026. New orders include a ₹952 Cr SAIL Pellet Plant order in August 2026.
The significant revenue growth is positive, but the net loss and margin pressure on international projects are concerning. The large order book provides a buffer, but the impact on profitability needs to be monitored.
While revenue grew strongly, the company reported a net loss and decreased EBITDA margins due to challenges in overseas projects, balancing positive topline growth with negative bottom-line performance.
SEPC Limited announced its consolidated financial results for the first quarter (Q1 FY27) ended 30 June 2026, reporting a strong year-on-year revenue growth of 40% to ₹282 Cr, up from ₹202 Cr in Q1 FY26. This growth was driven by continued execution across its order book, despite margin pressures on select overseas projects, particularly in the Middle East. The company's EBITDA stood at ₹26 Cr, with a margin of 9.2%, a decrease from ₹30 Cr and 14.9% in the prior year's quarter, attributed to these international margin headwinds. Consequently, SEPC reported a net loss of ₹11 Cr for the quarter, compared to a net profit of ₹17 Cr in Q1 FY26. Management views the margin pressure as an execution-phase impact on specific overseas contracts and is implementing cost and pricing measures to improve margins.
The company's total orders on hand as at 30 June 2026 amounted to ₹10,670 Cr, comprising a domestic order book of ₹5,270 Cr and an international order book of ₹5,400 Cr across Uzbekistan and Saudi Arabia. The domestic order book is diversified across Mining (₹2,796 Cr), Water (₹699 Cr), Industrial EPC (₹681 Cr), Power (₹607 Cr), Construction (₹366 Cr), Roads (₹89 Cr), and Oil & Gas (₹32 Cr).
SEPC secured significant new orders during the quarter, including a large multi-package win from SAIL at its IISCO Burnpur Steel Plant. These include a Sinter Plant BOP package (₹423.29 Cr) and a Coke Oven BOP package (₹350.28 Cr). In early August 2026, SEPC also won a 4.2 MTPA Pellet Plant BOP package worth ₹952.19 Cr from SAIL. The company has bids under active evaluation totaling ₹1,280 Cr in Water & Infrastructure and ₹3,060 Cr in Industrial EPC.
In strategic developments, board and shareholder approvals have been completed for the proposed acquisition of Avenir International, pending exchange and lender approvals. SEPC has also substantially utilised the proceeds from its recent rights issue for debt repayment, NCD redemption, and working capital.
Commenting on the results, Managing Director Mr. Venkataramani Jaiganesh stated, "Q1 FY27 marked a strong start to the year, with revenue growing 40% year-on-year, reflecting continued execution across our diversified order book. While margins remained under pressure in select international projects during the quarter, our focus remains on disciplined execution, cost optimisation and improving project-level profitability as these projects progress. Our order book continues to provide a strong foundation for growth, with a healthy mix across water, mining, industrial EPC, power, construction, roads and oil & gas. The recent wins from SAIL, including the 4.2 MTPA Pellet Plant BOP project, further strengthen our position in the metals and mining segment and add to the momentum in our domestic business. As we move through FY27, our priorities remain focused on strengthening execution, improving project margins and converting our growing pipeline of opportunities into sustainable business growth. We remain confident in our ability to build on the current order momentum while maintaining a disciplined approach to project selection and execution."
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