Date: October 23, 2026
Board Meeting Outcomes
The company confirms that there is no change in the Valuation Report dated July 06, 2026, issued by Ms. Ambika Singh (IBBI Registration No. IBBI/RV/06/2019/12358). The valuation methodology, assumptions, conclusions, and all figures remain unchanged, including the valuation per share of Rs. 10/- per share.
For better transparency, the company is providing a detailed valuation report as Annexure A, which does not alter any figure, finding, or conclusion in the original report.
KMP / Board / Auditor Changes
Not Specified
Dividend Declaration or Non-Declaration
Not Specified
Financial Results (Standalone & Consolidated)
Not Specified
Auditor’s Report
Not Specified
Disinvestment / Strategic Actions
The disclosure is related to a proposed preferential issue of shares, but specific details on allottees, number of shares, or total consideration are not provided in this document.
Valuation Report Details
Valuer: CA Ambika Singh, Registered Valuer (IBBI Registration No. IBBI/RV/06/2019/12358)
Report Date: July 06, 2026
Purpose: Valuation of Equity Shares for a preferential issue under Regulation 166A of SEBI ICDR 2018, as the issue exceeds 5% of the post-issue fully diluted share capital to an allottee/allottees acting in concert.
Company Background: SEPC Limited (CIN: L74210TN2000PLC045167) is a high-end engineering services company providing EPC and turnkey solutions across sectors including process engineering, metallurgy, power, water infrastructure, and mining. The company is listed on BSE and NSE.
Share Capital: The fully diluted share capital as of March 31, 2026, was 1,94,55,13,391 equity shares.
Shareholding Pattern (as on March 31, 2026): Promoter & Promoter Group: 36,31,70,551 shares (18.67%); Other than Promoter & Promoter Group: 1,58,23,42,840 shares (81.33%).
Valuation Approaches & Results: The valuer considered multiple approaches. The equity shares are frequently traded on BSE and NSE. The relevant date for valuation was July 06, 2026.
- Net Asset Value (NAV) Method: ₹9.87 per share
- Comparable Companies Multiple (CCM) P/E Method: ₹4.94 per share
- Profit Earning Capacity Value (PECV) Method: ₹0.64 per share
- Discounted Cash Flow (DCF) Method: (₹1.27) per share [Negative value]
- Market Price Method (SEBI ICDR Floor): ₹6.86 per share (90-day VWAP)
Conclusion: The NAV method value of ₹9.87 was the highest and was deemed most appropriate. It was assigned 100% weightage, resulting in a final fair market value of ₹9.87 per equity share. This is also the minimum price per equity share as per Regulation 166A of SEBI ICDR 2018.
WACC Calculation: The Weighted Average Cost of Capital used in the DCF was calculated at 19.16% (Cost of Equity: 21.57%, After-tax Cost of Debt: 5.99%).
Peer Companies for CCM: Kalpataru Projects International Ltd., NCC Ltd., Cemindia Projects Ltd., Ramky Infrastructure Ltd.
Other Operational / Legal / Strategic Disclosures
The full valuation report is available on the company's website at https://www.sepc.in/pdf/VALUATIONREPORTSEPC.pdf.