Key Financial Figures - Consolidated (₹ lakhs)
Quarter Ended September 30, 2026:
- Total Income from Operations: 23,202.05
- Profit before Tax: 3,680.98
- Net Loss after Tax: (5,854.02)
- Total Comprehensive Loss: (5,871.76)
- Basic EPS: (0.30)
- Diluted EPS: (0.30)
Half Year Ended September 30, 2026:
- Total Income from Operations: 51,450.01
- Profit before Tax: 4,997.88
- Net Loss after Tax: (6,959.11)
- Total Comprehensive Loss: (6,842.03)
- Basic EPS: (0.36)
- Diluted EPS: (0.36)
Key Financial Figures - Standalone (₹ lakhs)
Quarter Ended September 30, 2026:
- Total Income from Operations: 7,380.25
- Profit before Tax: 2,577.86
- Net Loss after Tax: (6,957.14)
- Total Comprehensive Loss: (7,007.93)
- Basic EPS: (0.36)
- Diluted EPS: (0.36)
Half Year Ended September 30, 2026:
- Total Income from Operations: 20,132.61
- Profit before Tax: 3,183.25
- Net Loss after Tax: (8,773.74)
- Total Comprehensive Loss: (8,742.78)
- Basic EPS: (0.45)
- Diluted EPS: (0.45)
Dates of Action
- Board Meeting Date: November 11, 2026
- Meeting Time: 4:45 PM to 7:00 PM
- Period Covered: Quarter and Half Year ended September 30, 2026
Parties Involved
- Statutory Auditors: MSKA & Associates LLP
- Promoter: Mark AB Capital Private Limited
- Subsidiaries: SEPC (FZE) - Sharjah, Shriram EPC Arkan LLC
- Joint Operations: Mokul Shriram EPC JV, Shriram EPC Eurotech Environmental Pvt Ltd - JV, SEPC DRS ITPL JV, SEPC-Furlong JV, SEPC-Archi JV
Financial Impact Details
Deferred Tax Asset Write-off:
- Q2 FY27: ₹953.50 crore deferred tax charged off
- H1 FY27: Total ₹1,195.70 crore deferred tax charged off
- Reason: Prudence write-off of DTA due to expire by end of current financial year
- Non-cash accounting adjustment, no cash flow impact
Promoter Support:
- Received ₹220.32 crore in unsecured loans from promoter Mark AB Capital Private Limited
- Interest rate: 0.1% per annum
- Repayable in December 2035 as bullet payment
- Recognized at present value of ₹95.05 crore, difference of ₹121.16 crore credited to Other Equity as deemed capital contribution
Overdue Receivables:
- Non-Current Contract Assets: ₹903.80 lakhs overdue (net of provisions ₹103.64 lakhs)
- Non-Current Trade Receivables: ₹584.49 lakhs overdue (net of provisions ₹53.88 lakhs)
- Related to stalled projects due to regulatory approval delays and disputes
Legal Proceedings
- Successfully settled international arbitration case with GPE (India) Limited before Singapore International Arbitration Centre
- Madras High Court ordered withdrawal of bank account attachments on September 30, 2026
- No financial impact from the settlement
Ongoing Case
- Mokul Shriram EPC JV won case against ECGC at NCDRC for ₹2,650.10 crore plus interest
- ECGC appeal pending in Supreme Court
Business Update
- Received one-time order from Avenir International Engineers & Consultants LLC valued at AED 13.50 million for Oil & Gas design services
- Order successfully executed and billed in Q2 FY27
- Revenue recognized under Other Operating Income
Capital Structure
- Equity Share Capital: ₹19,455.13 lakhs (Face value ₹10 each)
- Reserves: Negative ₹243.59 lakhs (as per previous year balance sheet)
Auditor Qualifications
Auditors issued qualified opinion on two matters:
1. Deferred Tax Asset: Unable to comment on ₹916.34 lakhs DTA due to insufficient evidence regarding future taxable profits
2. Receivables: Unable to comment on carrying value of overdue contract assets and trade receivables due to uncertainty about recoverability
Going Concern Assessment
Despite accumulated losses of ₹21,243.88 crore (consolidated) and net losses, management believes company can continue as going concern based on:
- Positive EBITDA of ₹730.40 crore (H1 FY27)
- Positive cash profits
- Continued promoter support
- Ongoing business operations and order pipeline
Acquisition Update
- Board approved acquisition of 90% equity in Avenir International Engineers and Consultants LLC, Abu Dhabi through share swap
- Shareholder approval obtained August 5, 2026
- Stock exchange approval received November 6, 2026
Segment Information
- Single reportable segment: Engineering, Procurement and Construction (EPC)
- Primary operations in India