SEPC Ltd (Shriram EPC), the latest fundamental picture

Strong FY26 growth: SEPC reported FY26 results with income up 68% YoY and net profit more than doubling, according to the company’s FY26 release. June 2026 quarter: Revenue grew about 40% YoY, although the company specifically highlighted overseas margin headwinds. So topline growth was strong, but profitability needs monitoring. Large SAIL order: SEPC received an LOA from SAIL–ISP Burnpur worth ₹854.57 crore (net of ITC) in August 2026. This is a significant addition to the EPC order pipeline. Avenir UAE acquisition: SEPC announced plans to acquire up to 90% of UAE-based Avenir International Engineers & Consultants LLC through a preferential allotment of 153 crore equity shares at ₹10/share. This is strategically important because it expands SEPC's overseas EPC/business presence, but the very large share issuance also creates potential equity dilution for existing shareholders. UAE petroleum-trading expansion: SEPC subsequently announced in-principle approval to enter UAE petroleum trading through 100% acquisition of Wintality Petroleum FZE. This represents a move beyond its traditional EPC operations and is something to watch for execution and financial contribution. Order cancellation: SEPC disclosed cancellation of an EPC subcontract received by its unincorporated joint operation in July 2026. This is a negative development relative to the new-order announcements and should be considered when assessing the order book. MOIL work-order cancellation: The company also disclosed cancellation of a work order by MOIL, another item investors should factor into the order-book picture. Promoter holding: As of June 30, 2026, promoter/promoter-group holding was 11.67%, while the