### **Overview** SEPC Limited (formerly Shriram EPC Limited) is a leading Indian Engineering, Procurement, and Construction (EPC) company with over two decades of experience in delivering turnkey infrastructure and industrial projects. The company operates across high-growth sectors including **Water & Sewerage, Roads, Industrial Infrastructure, Mining, Steel Plants, and Power (including Renewable Energy)**. Headquartered in Chennai, Tamil Nadu, SEPC serves central and state government agencies, public sector units (PSUs), and private clients across India and in international markets. With a strategic focus on **mid-sized EPC projects (typically under INR 800 crores)**, SEPC has carved a niche where competition is relatively lower due to high entry barriers and exit by larger players. It differentiates itself through **technical proficiency, cost-effective customized engineering solutions, and a strong track record of on-time delivery**. --- ### **Core Business Segments** SEPC delivers **end-to-end EPCC (Engineering, Procurement, Construction, and Commissioning)** services across the following key verticals: 1. **Water & Municipal Services** - Drinking water supply (source, treatment, distribution) - Sewerage and stormwater systems - Pipeline rehabilitation using trenchless/no-dig technologies (e.g., cured-in-place pipe (CIPP) and resin lining) - Clients include Kerala Water Authority, Gujarat Water Supply & Sewerage Board (GWSSB), Delhi Jal Board, and Chennai Metro Water. 2. **Roads & Infrastructure** - Road construction projects under the Ministry of Road Transport & Highways (MORTH) - Stormwater drains and urban infrastructure development 3. **Industrial EPC** - Integrated steel plants (sinter plants, coke ovens, raw material handling, secondary refining) - Process plants (cement, coal handling, coal gasification, cattle feed) - Clients: SAIL (Rourkela, Bokaro, Durgapur, Vizag), RINL, ISP, Kerala Feeds 4. **Power & Renewable Energy** - Thermal, wind, and biomass power plants - Recent strategic re-entry into solar energy with a **650 crore EPC contract for a 133 MW solar project** under PM-KUSUM in Maharashtra (Jun 2025) - Planning expansion into compressed biogas (CBG) and hydrogen sectors 5. **Mining & Deep Shaft Development** - Advanced shaft sinking technology for gold, copper, coal, uranium, and other minerals - Notable project: 960-meter deep circular shaft for Hutti Gold Mines - Qualified for multi-mineral mine development --- ### **Recent Developments (2025)** #### **Strategic Project Wins** - **June 2025**: Secured a **₹650 crore solar EPC contract** from Parmeshi Urja Ltd for a 133 MW project across four districts in Maharashtra under the **PM-KUSUM Yojana**. This project nearly doubles SEPC’s domestic order book and marks a significant strategic expansion into renewable energy. - **August 2025**: Awarded a **₹442.8 crore irrigation project** by Delhi’s Water Resources Department in Kaimur, Bihar, reinforcing its strength in water infrastructure. - **September 2025**: Won an **international engineering services contract worth ₹32.63 crore** from **Avenir LLC** for ADNOC projects in Abu Dhabi, signaling growing credibility in global markets. #### **Financial Highlights (FY25)** - **Standalone Revenue**: ₹597.65 crore - **EBITDA**: ₹99.24 crore - **Net Profit**: ₹25.15 crore - **Order Book (as of Mar 2024)**: ₹95,500 lakhs (₹9,550 crores), with **99.69% in Infrastructure** #### **Funding & Capital Structure** - **September 2025**: Successfully raised **₹350 crores** through a **fully subscribed partly paid-up rights issue**, aimed at **debt reduction and strengthening working capital**, post-resolution plan implementation. --- ### **Operational Strengths** - **Specialized Equipment & Infrastructure**: Owns batching plants, cranes, hydra, shaft-sinking machinery, and modern construction equipment. - **Advanced Engineering Tools**: Uses Primavera, AutoCAD, Tekla, StaadPro, and MS Project for efficient project execution. - **International Certifications**: - ISO 9001:2015 (QMS) - ISO 14001:2015 (EMS) - ISO 45001:2018 (OHSMS) Certified by DAkkS and NABCB, reflecting global compliance standards. - **In-House Expertise**: Strong engineering team capable of pre-bid studies, cost estimation, design optimization, and risk assessment. --- ### **International Presence & Growth Strategy** SEPC is actively expanding its international footprint through subsidiaries and joint ventures: - **Subsidiaries**: - **Shriram EPC FZE** (Sharjah, UAE): Secured a **$325 million (₹2,700 crore) cement plant project in Tashkent, Uzbekistan** via Roshn. - **Moon Iron and Steel Company** (Oman): Executed a 1.2 MTPA steel plant’s BoP and equipment erection. - **Newly formed WOS** in **Saudi Arabia** to execute upcoming projects in water and process plants. - **Joint Ventures**: - **Mokul Shriram EPC JV**: Delivered a major **$236 million sewer and road project in Al Qibla, Basra, Iraq (FY21)** - **L&T SEPC JV**: Operated in Ezan (Tanzania) - **Strategic Partnerships**: - **INCO Engineering s.r.o. (Czech Republic)**: Exclusive 6-year agreement to promote and install mining equipment in **South Asia** - **Avenir LLC / International Technology Partners**: Active collaboration on ADNOC projects - Planning to partner with global firms in **hydrogen and CBG technology** --- ### **Promoter & Strategic Backing** - **Promoter**: **Mark AB Group**, a Dubai-based family office and investment firm with **$1.09 billion AUM**, invested in SEPC in 2022 to drive turnaround and expansion. - The resolution plan supported by Mark AB enabled **debt restructuring, fresh capital infusion, and return to growth**. - Promoter’s deep industry connections in the **GCC region** are being leveraged to secure large-scale international projects. --- ### **Key Differentiators** - Niche focus on **mid-sized, high-margin EPC projects** with less competition - **Strong technical and execution capabilities** in complex domains like shaft sinking, no-dig rehabilitation, and metallurgical projects - **Repeat business and client retention** due to reliable delivery and custom engineering - **Diversified geographic and sectoral exposure** across domestic and international markets