SEPC Limited has secured a significant Letter of Intent from Telecommunications Consultants India Limited (TCIL), a Government of India enterprise, for implementing a smart prepaid metering project in Punjab's Central Zone under the Revamped Distribution Sector Scheme (RDSS). The project represents a major milestone for the engineering and construction company in expanding its power infrastructure portfolio.

Project Details and Structure

The comprehensive project encompasses the design, deployment, integration, commissioning, and long-term operation and maintenance of advanced metering infrastructure for Punjab State Power Corporation Limited (PSPCL). The initiative will be executed in consortium with Adya Smart Metering Private Limited, combining expertise from both organizations to deliver the sophisticated metering solution.

Strategic Impact and Revenue Model

The DBFOOT structure provides SEPC with long-term revenue visibility through an annuity-based model. Payments will be made on a back-to-back basis, strategically linked to defined monthly, quarterly, and annual milestones during the post-operational Go-Live phase. This approach aligns with SEPC's strategy of building sustainable, long-term revenue streams while maintaining disciplined risk management.

The project strengthens SEPC's order momentum and significantly expands its presence in power distribution and metering infrastructure. Smart metering represents a critical component of India's power distribution reforms, positioning SEPC to benefit from sustained public sector investment in digital infrastructure modernization.

Management Commentary

Commenting on the order win, Mr. Venkataramani Jaiganesh, Managing Director of SEPC Limited, stated: "This order reflects the continued confidence of our clients in SEPC's execution capabilities across complex infrastructure projects. Smart metering is a key pillar of power distribution reforms in India, and this project allows us to further expand our presence in this segment. The DBFOOT structure also aligns well with our strategy of building long-term, annuity-linked revenue streams, while maintaining a disciplined approach to risk and capital deployment."

Company Performance and Positioning

SEPC Limited, formerly Shriram EPC Limited, operates as a well-established EPC company offering turnkey solutions across Water & Wastewater, Roads, Industrial Infrastructure, and Mining sectors. The company specializes in designing, procuring, constructing, and commissioning large and complex infrastructure projects across India, serving Central and State Government agencies.

In the nine months ended December 2025, SEPC demonstrated strong operating momentum with consolidated revenue of ₹796.89 crore, surpassing its full-year FY25 revenue of ₹597.70 crore. The company's diversified portfolio and increasing exposure to annuity-based projects position it favorably to capitalize on industry growth opportunities in India's infrastructure development sector.

SEPC Limited announced that it has crossed its full-year FY25 performance benchmarks within the first nine months of FY26, demonstrating exceptional operational momentum across its diversified Engineering, Procurement and Construction (EPC) portfolio. The company released its unaudited financial results for Q3 and nine months ended December 31, 2025, showcasing strong growth across key financial metrics.

Outstanding Nine-Month Performance

The company's consolidated nine-month performance significantly outpaced the previous year's results:

Remarkably, the nine-month FY26 revenue of ₹796.89 crore has already surpassed the company's full-year FY25 revenue of ₹597.70 crore, while the net profit of ₹39.81 crore exceeded FY25's annual profit of ₹24.80 crore.

Strong Quarterly Momentum

The Q3 FY26 results demonstrated robust quarter-on-quarter and year-on-year growth:

Management Commentary

Commenting on the performance, Mr. Venkataramani Jaiganesh, Managing Director of SEPC Limited, stated: "We are encouraged by the consistent progress SEPC continues to deliver across its diversified project portfolio. The period reflects focused execution on ongoing projects, tighter operational controls, and improving coordination across business verticals."

He further emphasized the company's growing footprint in core infrastructure segments such as water, transportation, mining, and industrial projects, which reinforces confidence in the underlying business strength. "Looking ahead, our focus remains on disciplined growth, timely project delivery, and prudent risk management. With improved project visibility and a strong pipeline, SEPC is well positioned to sustain momentum and drive long-term, stable business growth," he added.

Recent Business Wins and Expansions

SEPC Limited has secured several significant projects that strengthen its market position:

Capital Structure and Rights Issue

During the nine months ended December 31, 2025, the company successfully completed a rights issue, allotting 35,00,00,000 equity shares of ₹10 each, aggregating to ₹35,000 lakhs. The paid-up equity share capital increased to ₹1,94,015.81 lakhs as of December 31, 2025, compared to ₹1,56,365.98 lakhs in the previous year.

Business Outlook

SEPC Limited operates as a well-established EPC company offering turnkey solutions across Water & Wastewater, Roads, Industrial Infrastructure, and Mining sectors. The company specializes in design, procurement, construction, and commissioning of large and complex infrastructure projects across India, serving Central and State Government agencies while playing a key role in India's infrastructure development.