SEPC Ltd Bags ₹854.57 Cr Contract from SAIL-IISCO; Order Book Crosses ₹10,000 Cr

Key numbers

P/E TTM	36.55xSector 30.73x
Promoter Pledge	79.36%Of 11.67% Stake
Order from	SAIL-IISCO Steel Plant (Steel Authority of India Limited)
Execution period	32 months from September 3, 2026
Deal value	₹854.57 Cr
Share of market cap	90.1%
Share of annual revenue	75.9%
Order book	₹10,000 Cr (8.9x revenue)

Key highlights

• Net contract value of ₹854.57 crore after passing on Input Tax Credit to SAIL
• Execution timeline set for 32 months starting from September 3, 2026
• Consolidated order book now stands at ₹10,000 crore, 8.9 times the TTM revenue
• Project involves Pellet Plant BOP including civil and structural works at Burnpur
• Contract follows a prior Letter of Acceptance received in August 2026

Major EPC Mandate at Burnpur Steel Plant

SEPC Limited has signed a formal contract agreement with Steel Authority of India Limited for the Pellet Plant Package-2 at the IISCO Steel Plant in Burnpur, West Bengal. The project, valued at a net price of ₹854.57 crore, is a critical component of SAIL-ISP's 4.08 MTPA crude steel expansion. The scope includes the Balance of Plant works covering civil and structural engineering.

This contract was executed on October 8, 2026, following a Letter of Acceptance issued in August. The facility is expected to be commissioned within 32 months from the effective date of September 3, 2026, with M.N. Dastur and MECON acting as consultants.

Order Book Surges to Nine Times FY26 Income

• The consolidated order book has reached ₹10,000 crore, providing multi-year revenue visibility.
• Current order book stands at approximately nine times the company's FY26 total income of ₹1,085.8 crore.
• SEPC previously secured a ₹673.32 crore contract from SAIL-ISP in June 2026 for Coke Oven and Sinter Plant packages.
• Other major active orders include a ₹442.80 crore irrigation scheme in Bihar and a ₹230 crore MOIL mining project.
• The company is maintaining a domestic and international bidding pipeline reported at over ₹7,845 crore.

Venkataramani Jaiganesh on Strategic Growth

Crossing ₹10,000 Crore in consolidated order book is a defining milestone for SEPC. It gives us strong revenue visibility for the coming years and the confidence to pursue larger and more complex opportunities across the industrial and infrastructure sectors.

Market Context and Financial Performance

While the order win is substantial at 90.1% of the company's market capitalization of ₹948.18 crore, SEPC faces a challenging financial backdrop. For the quarter ended June 30, 2026, the company reported a net loss of ₹11.05 crore, a significant decline compared to the previous year. Operating margins have compressed to 6.3% from 14% a year ago.

Additionally, the promoter holding remains low at 11.67%, with 79.36% of that stake pledged. Despite these factors, the stock's P/E of 36.55x sits close to the sector average of 30.73x, as the market weighs high order visibility against recent profitability pressures.

What to watch next

• Proposed acquisition of Abu Dhabi-based Avenir International scheduled for completion by December 2026
• Quarterly financial results for the period ending September 30, 2026
• Project commissioning deadline for the SAIL-ISP package by May 2029

“The Burnpur expansion is an important part of India's steel capacity growth, and we are proud to contribute to it. Our focus now is on execution, and we are committed to delivering this package within the stipulated timeline with the highest standards of quality and safety.”

SEPC · financial snapshot

Share price	₹4.95
Market capitalisation	₹948.18 Cr
Revenue (annual)	₹1,054.50 Cr
Net profit (annual)	₹53.54 Cr
Revenue (latest quarter)	₹273.80 Cr-0.01% vs previous quarter
Net profit (latest quarter)	-₹11.05 Cr-180.47% vs previous quarter
P/E (TTM)	36.55×Sector 30.73×
Promoter holding	11.67%-7.00% QoQ
FII holding	1.04%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.