Key Metrics of Semac Construction Limited
About Semac Construction Limited
Sectors
Company details
- Registered office
- Pollachi Road, Malumachampatti Post, Coimbatore, 641021
- Listed
- NSE: SEMAC · ₹209.36
Operational Areas of Semac Construction Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
WatchDowngraded by CARE on 20 Feb 2026 (from BBB)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 20 Feb 2026 | CARE | Downgraded (from BBB) | BBB- | — | Stable | ₹144 Cr | View |
| 06 Mar 2025 | CARE | Reaffirmed | BBB | A3+ | Negative | ₹111 Cr | View |
| 06 Jun 2024 | CARE | Revised (from BBB+) | BBB | — | Negative | ₹94.0 Cr | View |
| 04 Dec 2023 | CARE | Assigned | BBB+ | A2 | Stable | ₹94.0 Cr | View |
| 27 Dec 2022 | CARE | Other | — | — | — | — | View |
| 29 Sep 2022 | CARE | Watch | BBB+ | A2 | Developing | ₹149 Cr | View |
| 22 Nov 2021 | CARE | Watch | BBB+ | A2 | Developing | ₹149 Cr | View |
| 01 Nov 2021 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹74.5 Cr | View |
| 08 Jan 2021 | CARE | Watch | BBB+ | A2 | Stable | ₹74.5 Cr | View |
| 03 Sep 2020 | CARE | Watch | BBB+ | A2 | — | ₹80.5 Cr | View |
| 03 Feb 2020 | CARE | Assigned | BBB+ | A2 | Stable | ₹80.5 Cr | View |
Credit strengths (CARE, Feb 2026)
+ Established track record of operations and vast experience of promoters
SCL was founded in 1977 and has been involved in architectural and engineering design services since 2008. The company operates through its corporate office in Bangalore and is managed by Abhishek Dalmia, executive chairman and managing director, and a team of senior experienced professionals, having over two decades of experience in this field. The company offers its services primarily to private players including corporates and has a healthy track record of over two decades in providing design
+ Comfortable capital structure
The company’s capital structure remains comfortable, with overall gearing at 0.94x as on March 31, 2025, though moderated from 0.51x as on March 31, 2024. The moderation in gearing is primarily due to the increase in inter‑corporate deposits (ICDs) from group entities, which rose from ₹ 5 crore as on March 31, 2024, to ₹29 crore as on March 31, 2025, and carry interest. SCL had proposed raising funds through the issuance of optionally convertible redeemable preference shares of up to ₹50 crore o
Credit challenges
− Declining and Low order book position
As on September 30, 2025, the company’s order book stood at ₹202.47 crore, equivalent to 1.17x of FY25 revenue. The order book has shown a sustained decline from ₹577.45 crore as of November 2023 (1.77x of FY23 revenue) and ₹403.39 crore as on November 30, 2024 (3.16x of FY24 revenue), due to increased competition, resulting in reduced revenue visibility. The scale of operations continues to remain constrained, primarily due to the company’s limited success in securing new large-scale orders,
− Moderation in financial performance in last two years
The company’s total operating income, which was higher at ₹325.42 crore in FY23, declined to ₹172.86 crore in FY25, though improving from ₹127.74 crore in FY24. This contraction was primarily driven by a slowdown in new order inflows amid heightened competitive pressures, while the execution of ongoing projects was adversely affected by factors such as above -normal rainfall, delays attributable to subcontractors, turnover among senior technical personnel, and certain client‑related design issue
− Working capital intensive nature of operation with elongated receivables
The construction sector is inherently working capital intensive due to the competitive ness and the requirement for upfront financial commitments. The collection period remained elongated at 122 days in FY25, though it improved from 189 days in FY24. Of the total gross receivables (including retention money) of ₹62.44 crore as on March 31, 2025, receivables outstanding for over one year amounted to ₹29.15 crore, representing 46.69% of the total. The company has also increased its provision for b
− Intensely competitive and cyclicality in civil construction industry
There are numerous fragmented and unorganised players operating in the industry, which makes the civil construction space highly competitive limiting the pricing flexibility of the industry participants. While the competitive industry continues, the company mitigates it by providing construction solutions from design, design build, and PMC under a single umbrella thus distinguishing it from the competition. A major number of SCL’s projects are in the private capex sector, which are cyclical. Hen
Could lead to an upgrade
• Improving scale of operations to above ₹250 crore while maintaining profit before interest, lease rentals, depreciation, and taxation (PBILDT) margins above 8%. • Improving revenue visibility with orderbook position above 2.5x and geographical diversification of orders. • Improvement in debt coverage metrics with total debt to gross cash accruals (TD/GCA) below 5x.
Could lead to a downgrade
• Further decline in orderbook leading to decline in income below ₹150 crore and PBILDT margin below 3% on a sustained basis. • Elongation in collection period above 150 days on a sustained basis.
Agency-reported financials (CARE, 20 Feb 2026)
| Metric | 9MFY26 |
|---|---|
| Total operating income | ₹168 Cr |
| PBILDT* | ₹3.87 Cr |
| Profit after tax (PAT) | ₹2.74 Cr |
| Overall gearing (x) | — |
| Interest coverage (x) | 0.95× |
| PAT margin | 1.6% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term bank | Working capital & bank lines | — | ₹144 Cr | — | BBB- (Stable) | Downgraded | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | — | Withdrawn |
| BG/LC | ₹83.5 Cr | CARE BBB-; Stable / CARE A3 |
| Cash Credit | — | Withdrawn |
| Working Capital Limits | — | Withdrawn |
| Working Capital Limits | ₹60.5 Cr | CARE BBB-; Stable / CARE A3 |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 55% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 55% chance the next rating action is stable or better
- Current rating BBB- (investment grade)
- Interest coverage 0.95×
- Working-capital limits 63% utilised on average
Rated limits by facility
Timeline
From the report
SCL had proposed raising funds through the issuance of optionally convertible redeemable preference shares of up to ₹50 crore on a rights basis, for which the promoter contribution had already been infused in FY25 via ICDs; however, the issuance has been deferred for the time being.
From the report
As on January 31, 2026, the company had fund‑based working capital limits of ₹30.5 crore, with average utilisation of ~63% over the preceding 12 months, while non‑fund‑based limits were utilised at an average of 64% over the same period.
From the report
SCL also maintained free cash and bank balances of ₹7.80 crore (previous year: ₹7.24 crore) and held lien‑marked fixed deposits of ₹50.46 crore (previous year: ₹34.76 crore) earmarked against working capital facilities.
From the report
SCL had free cash and a bank b alance of ₹7.16 crore as on March 31, 2024, and lien marked fixed deposits of ₹34 crore for the bank guarantees .
From the report
SCL had fee cash and a bank balance of ₹7.16 crore as on March 31, 2024, and lien marked fixed deposits of ₹34 crore for the bank guarantees.
From the report
SCL had fee cash and a bank balance of ₹16 crore as on March 31, 2023, and lien marked fixed deposits of ₹32 crore for the bank guarantees.
From the report
The average working capital utilisation of fund-based limits stood at 57% for the past 12 months ended August 2022.
From the report
The company had unencumbered cash and bank balance of ₹33.58 crore as on March 31, 2022, and lien marked balances of ₹2.05 crore with bank against LC and BG.
From the report
The average working capital utilization of Fund based Limits stood at 44% for the past 12 mont hs ended August 21.
From the report
The company had unencumbered cash and bank balance of Rs 8.24 Crores and liquid investments of Rs. 9.26 crores as on March 31, 2021.
From the report
The average working capital utilization of Fund based Limits stood at 44% for the past 12 months ended August 21.
From the report
The company had unencumbered cash and bank balance of Rs 8.24 Crores and liquid investments of Rs. 9.26 crores as on March 31, 2021.
From the report
Liquidity: Adequate Liquidity is adequate with significant cash accruals (GCA of Rs.22 crore in FY20) against absence of long term debt.
From the report
On consolidated basis the company has cash and cash equivalents of Rs.27 crore as on Sep 30, 2020.
From the report
Average working capital utilization stood at around 38% for the twelve months ending November 2020.
From the report
It is to be noted that REL has not availed any moratorium for its debt obligations as part of COVID-19 relief package announced by RBI Analytical approach: Consolidated Consolidated financials of Revathi Equipment Limited (REL) along with its subsidiary Semac Consultants private limited (Semac) is considered.
From the report
On consolidated basis as per abridged financials, the company has cash and bank balances of Rs.29 crore as on March 31, 2020.
From the report
Average working capital utilization stood at around 21.3% for the twelve months ending June 2020.
From the report
On consolidated basis the company has free cash and cash equivalents of Rs.18 crore as on March 31, 2019 and Rs.26 cr as on Sep 30, 2019.
From the report
Average working capital utilization stood at around 5.7% for the twelve months ending December 2019.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Semac Construction Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 RELIANCE INFRASTRUCTURE LIMITED |
Real Estate & Infrastructure · Community, personal and Social Services | rinfra.com | 2002 | Mumbai, Maharashtra, India |
 KEC International |
Discovered Companies · Other Industries | kecrpg.com | 1945 | Mumbai, India |
| NCC LIMITED | Discovered Companies · Other Industries | — | — | Hyderabad, Telangana, India |
| LODHA DEVELOPERS LIMITED | · Construction | — | — | Mumbai, Maharashtra, India |
 IRCON INTERNATIONAL LIMITED |
Real Estate & Infrastructure · Real Estate & Construction | ircon.org | — | New Delhi, Delhi, India |
| DILIP BUILDCON LIMITED | · Construction | — | — | Bhopal, Madhya Pradesh, India |
| G R INFRAPROJECTS LIMITED | · Construction | — | — | Ahmedabad, Gujarat, India |
 DLF Limited |
Real Estate & Infrastructure · Real Estate & Construction | dlf.in | 1946 | Gurgaon, India |
| STERLING AND WILSON RENEWABLE ENERGY LIMITED | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
 GMR POWER AND URBAN INFRA LIMITED |
Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.