Key Metrics of Sepc Limited
About Sepc Limited
Company details
- Registered office
- Asv Hansa Towers 3rd Floor 53 Greams Road, Thousand Lights, Chennai, In-tn, 600006
- Listed
- NSE: SEPC · ₹4.88
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.
Sign in to continue See plans & pricingFiling compliance
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
Sign in with access to company financials to review vendor evidence.
Credit ratings
WatchIssuer not cooperating with CARE (rating based on limited information)
NoteLatest action: rating withdrawn (CARE, 11 Dec 2023)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 11 Dec 2023 | CARE | Withdrawn | D | — | — | — | View |
| 03 Apr 2023 | CARE | Non-cooperating | D | — | — | ₹1,468 Cr | View |
| 15 Sep 2022 | CARE | Reaffirmed | D | — | — | ₹2,936 Cr | View |
| 29 Mar 2022 | CARE | Non-cooperating | D | — | — | ₹2,936 Cr | View |
| 05 Apr 2021 | CARE | Reaffirmed | D | — | — | ₹2,936 Cr | View |
| 28 Sep 2020 | CARE | Reaffirmed | D | — | — | ₹2,936 Cr | View |
| 06 Apr 2020 | CARE | Other | D | — | — | ₹2,724 Cr | View |
| 05 Apr 2019 | CARE | Reaffirmed | D | — | — | ₹2,724 Cr | View |
Credit strengths (CARE, Apr 2023)
—
Credit challenges
− Delays in debt servicing
Being an EPC contractor, the operations of SEPC Limited are working capital intensive with the project cycle generally ranging from six months to three years. The higher receivables position and delays associated with projects haveincreased the pressure on the cash flow position of the company. The resultant tight liquidity position of the company had led to delays in servicing of term loan and working capital facilities.
− Continued decline in operational performance
There has been continuous decline in the TOI for the past few years. The company has recorded a 43% decline in revenue in FY22 to Rs. 302 crore from Rs. 529 crore in FY21. The company has beenmaking operating losses for the past three years and during 9mFY23, the company reported operating loss of Rs. 74.29 crore on total income of Rs. 240.6 crore.Net loss has also increased from Rs. 183 crore in FY 2021 to Rs. 206 crore in FY 2022, due to higher provisions and write-offs.
Could lead to an upgrade
• Satisfactory track record of timely servicing of debt obligations
Agency-reported financials (CARE, 11 Dec 2023)
| Metric | March 31, 2022 | March 31, 2023 | H1 FY24 |
|---|---|---|---|
| Total operating income | ₹303 Cr | ₹382 Cr | ₹284 Cr |
| PBILDT | ₹-20.55 Cr | ₹-61.99 Cr | ₹33.57 Cr |
| PAT | ₹-,249.01 Cr | ₹-11.32 Cr | ₹10.61 Cr |
| Overall gearing (times) | 1.32× | 0.24× | — |
| Interest coverage (times) | -0.24× | -1.03× | 1.66× |
| Revenue growth (YoY) | — | 26.1% | — |
| EBITDA margin | −6.8% | −16.2% | 11.8% |
| Implied interest cost (EBITDA ÷ coverage) | — | — | ₹20.22 Cr |
| PAT margin | −82.2% | −3.0% | 3.7% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| ISSUER NOT Long Term Bank Facilities | Working capital & bank lines | — | ₹562 Cr | — | D | Other | CARE |
| Long Term Short Term Bank ISSUER NOT Facilities | Working capital & bank lines | — | ₹6.36 Cr | — | D | Non-cooperating | CARE |
| ISSUER NOT Short Term Bank Facilities | Working capital & bank lines | — | ₹900 Cr | — | D | Other | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Cash Credit | — | Withdrawn |
| Term Loan | — | Withdrawn |
| Working Capital Limits | — | Withdrawn |
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 | In default (CARE D) |
| Issuer cooperation | Not cooperating since 03 Apr 2023 (42 months) – investment grade cannot be retained |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 11 Dec 2023 · Merger, amalgamation or liquidation |
| Next action stable or better (model) | 5% |
| Information on file | 67% · missing: Capex / investment plans, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 13% chance the next rating action is stable or better
- Current rating D (below investment grade)
- Interest coverage -0.16×
- Issuer not cooperating with the rating agency
- CARE withdrew its ratings on 11 Dec 2023 — usually after the rated bank loans were repaid or moved to another lender
Rated limits by facility
Timeline
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.
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.