Shareholders meeting

September 05, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, 14th Floor, PJ Towers, Bandra Kurla Complex, Dalal Street, Mumbai 400051 Mumbai 400051 SYMBOL: SEPC Scrip Code: 532945 Dear Sir/Madam, Sub: Submission of Annual Report for the financial year 2025-26 along with Notice of 26th Annual General Meeting. Pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Annual Report for the financial year 2025-26 along with the Notice of the 26th Annual General Meeting of the Company scheduled to be held on Monday, September 28, 2026, at 10.30 a.m. (IST) through Video Conferencing (VC) / Other Audio Visual Means (OAVM) is enclosed. We request you to take the same on records. Thanking you, Yours faithfully, For SEPC Limited T Sriraman Company Secretary & Compliance Officer Encl.: a.a SEPC Limited ASV Hansa Towers 3rd Floor, No. 53/20, SEPC Limited Greams Road, Thousand Lights, Chennai 600 006. Twenty Sixth Annual Report Tel : +91-44-6510 5555 Email : info@sepc.in 2025-26 Website: www.sepc.in (cid:694)(cid:700)(cid:705)(cid:685)(cid:3)(cid:703)(cid:682)(cid:679)(cid:677)(cid:676)(cid:675)(cid:711)(cid:705)(cid:677)(cid:675)(cid:675)(cid:675)(cid:707)(cid:703)(cid:694)(cid:675)(cid:679)(cid:680)(cid:676)(cid:681)(cid:682)(cid:1) CORPORATE INFORMATION BOARD OF DIRECTORS AUDITORS MSKA & Associates, Chartered Accountants Mr. Abdulla Mohammad Ibrahim Hassan Abdulla Olympia Cyberspace, Floor 10, Module 4 (DIN 09436100) - Chairman No: 4/22 Arulayiammanpet, SIDCO Industrial Mr. V Jaiganesh Estate, Guindy, Chennai - 600032 (DIN 00095975) – Managing Director* *(Appointed as Whole Time Director w.e.f. 14-07- BANKERS 2025 & Redesignated as Managing Director w.e.f. Punjab National Bank 29-09-2025) State Bank of India Dr. R Ravichandran Central Bank of India (DIN 01920603) - Independent Director Bank of Baroda Dr. Arun Kumar Gopalaswamy Bank of Maharashtra (DIN 07212557) - Independent Director Indian Bank Mr. Rajesh Kumar Bansal Union Bank of India (DIN 09634747) - Independent Director Axis Bank Limited Ms. S Gayathri IDBI Bank Limited (DIN 07342382) - Independent Director Bank of India ICICI Bank Limited Mr. N K Suryanarayanan** (DIN 01714066) - Managing Director & CEO IndusInd Bank Limited ** Completed the Tenure of Managing Director DBS Bank India Limited and CEO on 23.09.2025 and continued as a Federal Bank Limited Director (Non-Executive) Yes Bank Limited Resigned as NED w.e.f.30-09-2025 Asset Reconstruction Company (India) Limited Assets Care & Reconstruction Enterprise Limited CHIEF FINANCIAL OFFICER Mr. R.S. Chandrasekharan REGISTERED OFFICE 3rd Floor, ASV Hansa Towers, No. 53/20, Greams COMPANY SECRETARY & Compliance Officer Road, Thousand Lights, Chennai, Tamil Nadu, Mr. T Sriraman India - 600006 SEPC Engineering the Future CONTENTS 01 CORPORATE OVERVIEW PAGE NO Chairman’s Message 2 Financial Performance - Standalone 4 02 STATUTORY REPORTS Notice of Twenty Sixth Annual General Meeting 5 Directors’ Report 17 Corporate Governance Report 41 03 MANAGEMENT DISCUSSION & ANALYSIS 58 04 BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT 63 05 FINANCIAL STATEMENTS Standalone Financial Statements 94 i) Balance Sheet 111 ii) Statement of Profit & Loss 113 iii) Cash Flow 115 Consolidated Financial Statements 172 i) Balance Sheet 182 ii) Profit & Loss 184 iii) Cash Flow 186 Annual Report 2025-26 1 SEPC Engineering the Future CHAIRMAN'S MESSAGE Dear Shareholders, It is with immense pleasure and a deep sense of responsibility that, on behalf of the Board of Directors, I present to you the 26th Annual Report of SEPC Limited (“SEPC” or “the Company”) for the year ended March 31, 2026. The year under review marks an important chapter in the journey of your Company. It was a year characterised by a meaningful improvement in operational performance, strong revenue growth, strengthening of the financial platform and renewed confidence in our capabilities and future prospects. During FY 2025–26, your Company delivered a significant improvement in its consolidated financial performance. Revenue from operations increased to ₹1,054.50 crore from ₹597.65 crore, representing a growth of approximately 76.44%, while total income increased to ₹1,085.84 crore from ₹646.02 crore in the previous year. Consolidated Profit Before Tax increased to ₹62.17 crore from ₹35.18 crore, and Profit After Tax rose to ₹53.84 crore from ₹24.84 crore. This substantial improvement reflects higher project execution, improved operating performance and disciplined management of resources. More importantly, it demonstrates the resilience of SEPC’s business model and the considerable progress made in strengthening the Company’s operating and financial foundations. A significant milestone during the year was the successful completion of the ₹350 crore Rights Issue of partly paid-up equity shares, which received an overwhelming response and was oversubscribed. The Rights Issue was successfully completed in June 2025, with the initial application money followed by the First and Final Call. The Company subsequently received substantial call money, resulting in the conversion of the partly paid-up shares into fully paid-up equity shares. This capital infusion has strengthened the Company’s financial platform, supported working-capital requirements and enhanced its ability to pursue larger and more strategically important EPC opportunities. The successful fund-raising also reflects the continued confidence of our shareholders and stakeholders in SEPC’s long-term potential. Our order pipeline has also witnessed encouraging momentum, particularly in the industrial EPC segment. Notwithstanding certain project cancellations and contractual matters disclosed to the stock exchanges and dealt with through appropriate contractual and legal processes, the Company continues to maintain a substantial consolidated order book of approximately ₹10,000 crore, providing significant medium- to long-term revenue visibility. Among the important recent additions are major orders from Steel Authority of India Limited (SAIL) – IISCO Steel Plant, Burnpur, including the ₹673.32 crore Coke Oven and Sinter Plant Balance of Plant packages and the ₹854.57 crore Pellet Plant Balance- of-Plant package, including civil and structural works, for the 4.08 MTPA Crude Steel Expansion Project. These prestigious projects reinforce SEPC’s capabilities in large-scale industrial EPC execution and strengthen our presence in the steel and metals value chain. The latter order was received in August 2026, subsequent to the close of the financial year. While contractual and project-related challenges are an inherent part of the EPC industry, we remain firmly committed to protecting the interests of the Company through appropriate contractual, legal and arbitration mechanisms wherever required. At the same time, our priority remains unequivocal: to execute projects safely, efficiently and responsibly, strengthen customer relationships and create sustainable value for all stakeholders. We continue to sharpen our project-monitoring systems, improve execution discipline and focus on prudent working-capital management so that growth is supported by a stronger and more resilient operating foundation. Looking beyond the immediate financial year, we have taken a significant strategic step towards expanding SEPC’s international engineering capabilities. In July 2026, the Board approved the proposed acquisition of up to 90% equity stake in Avenir International Engineers and Consultants LLC, Abu Dhabi, through a non-cash share-swap transaction involving the preferential allotment of 153 crore equity shares of SEPC at ₹10 per share, aggregating to ₹1,530 crore. I am pleased to inform you that our shareholders subsequently approved the transaction through postal ballot in August 2026. Subject to completion of the requisite regulatory and other conditions, this strategic initiative [Showing first 8,000 characters — download PDF for full document]