SEPC Engineering the Future

SEPC Limited

Regd. Office: 'ASV Hansa Towers',
3rd Floor, No.53/20, Greams Road, Thousand Lights,
Chennai - 600 006.
Tel: +91 44 6510 5555 E-mail: [email protected]

TÜV NORD
TÜV NORD CERT GmbH
150 5501 | 150 14881 | 150 45601
CIN: L74210TN2000PLC045167
Website: www.sepc.in

May 25, 2026

National Stock Exchange of India Ltd
Exchange Plaza, 5th Floor,
Bandra-Kurla Complex,
Mumbai-400 051
NSE Symbol - SEPC

BSE Limited
14th Floor, P.J. Towers,
Dalal Street,
Mumbai-400 001
Scrip Code: 532945

Dear Sir/Madam,

Sub: Intimation of Outcome of Board Meeting under Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Further to our intimation dated May 20, 2026 and pursuant to Regulation 30 & 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), we wish to inform you that the Board of Directors of the Company, at their meeting held today, i.e., May 25, 2026, inter alia, considered and approved the Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended March 31, 2026, as recommended by the Audit Committee, and pursuant to Regulation 33 and other applicable provisions of the SEBI Listing Regulations, we enclose the following:

Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended March 31, 2026 and
Audit Report issued by the Statutory Auditors of the Company on the aforesaid Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended March 31, 2026.

Pursuant to Regulation 47 of the SEBI Listing Regulations, we would be publishing an extract of the Consolidated Financial Results in the prescribed format in English and Tamil Newspapers within the stipulated time.

The detailed Standalone and Consolidated Financial Results of the Company would be available on the website of the Company http://www.sepc.in/ as well as on the websites of the Stock Exchange(s).

SEPC Engineering the Future

SEPC Limited
Regd. Office : 'ASV Hansa Towers',
3rd Floor, No.53/20, Greams Road, Thousand Lights,
Chennai - 600 006.
Tel : +91 44 6510 5555 E-mail : [email protected]

TÜV NORD
TÜV NORD CERT GmbH
653 9801 | 653 14001 | 100 45001
CIN: L74210TN2000PLC045167
Website : www.sepc.in

The Meeting commenced at 10.45 A.M. and concluded at 3.30 P.M.

We request you to take the same on record.

Thanking you

Yours Faithfully,
For SEPC Limited

T
SRIRAMAN
T Sriraman
Company Secretary & Compliance Officer

Encl.: a/a

Digitally signed by T
SRIRAMAN
Date: 2026.05.25
15:53:18 +05'30'

MSKA & Associates LLP
(Formerly known as M S K A & Associates)
Chartered Accountants
Olympia Cyberspace, 10th Floor
Module 4, 21/22, Alandur Road, Guindy
Chennai 600032, INDIA

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of SEPC Limited

Report on the Audit of the Consolidated Annual Financial Results

Qualified Opinion

We have audited the accompanying consolidated annual financial results of SEPC Limited (hereinafter referred to as the ‘Holding Company’) and its subsidiary (Holding Company and its subsidiary together referred to as “the Group”) for the year ended March 31, 2026, (‘the Statement’) attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph below, the aforesaid Statement

(i) includes the annual financial results of the Holding Company and the following entities.

Sr. No	Name of the Entity	Relationship with the Holding Company
1	SEPC (FZE)- Sharjah	Subsidiary
2	Shriram EPC Arkan LLC	Step Down Subsidiary
3	Mokul Shriram EPC JV	Joint Operations
4	Shriram EPC Eurotech Environmental Pvt Ltd - JV	Joint Operations
5	SEPC DRS ITPL JV	Joint Operations
6	SEPC-Furlong JV	Joint Operations

(ii) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

(iii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (‘the Act’), read with Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India, of the consolidated net profit, and consolidated other comprehensive income and other financial information of the Group, for the year ended March 31, 2026.

Basis for Qualified Opinion

a) Our consolidated audit report on the Statement for the year ended March 31, 2025 was qualified in respect of the matters stated below:

i. The carrying value of Deferred Tax Asset (DTA) as on March 31, 2026, include an amount of Rs.28,187.76 Lakhs (March 31, 2025 Rs. 29,548.46 lakhs), which was recognized on carried forward business losses of Rs.80,665.52 Lakhs (March 31, 2025 Rs. 84,559.48 lakhs). Due to non-availability of sufficient appropriate audit evidence to corroborate management’s assessment that sufficient taxable profits will be available in the future against which such carried forward business losses can be utilised as required by Ind AS 12: “Income taxes”, we are unable to comment on adjustments, if any, that may be required to the carrying value of the aforesaid DTA as on March 31, 2026. (Refer Note 06 of the Statement).

MSKA & Associates LLP
(Formerly known as M S K A & Associates)
Chartered Accountants
Olympia Cyberspace, 10th Floor
Module 4, 21/22, Alandur Road, Gulndy
Chennai 600032, INDIA

ii. Non-Current Contract Assets include overdue balances of Rs.9,037.98 lakhs as at March 31, 2026 (March 31, 2025 Rs.6,959.44 Lakhs), which are net of provisions of Rs. 1,036.37 lakhs as at March 31, 2026 (March 31, 2025: Rs.926.98 lakhs) and Non-Current Trade Receivables include overdue balances Rs 5,844.92 Lakhs as on March 31, 2026 (March 31, 2025 Rs. Rs 495.18 lakhs) [net of provisions amounting to Rs. 538.77 Lakhs (March 31, 2025: Rs.82.99 lakhs)], relating to dues on projects which have been stalled due to delays in obtaining approvals from the regulatory authorities and on account of disputes. Due to the non-availability of sufficient appropriate audit evidence to corroborate management’s assessment of the recoverability of the said balances on these projects, we are unable to comment on the carrying value of these non- current Contract Assets and non-current Trade Receivables and the consequential impact if any, on the Statement of the Company for the year ended March 31, 2026. (Refer Note 03 of the Statement).

These qualifications have not been addressed by the Management of the Company in the Statement for the quarter ended March 31, 2026.

We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group, its joint venture(s) in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the consolidated financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our qualified opinion.

Management’s and Board of Directors’ Responsibilities for the Consolidated Financial Results

This Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Management and Board of Directors are responsible for the preparation and presentation of this Statement that gives a true and fair view of the consolidated net profit, and consolidated other comprehensive income and other financial information of the Group in accordance with the [recognition and measurement principles laid down in the applicable Accounting Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India and is in compliance with the Regulation 33 of the Listing Regulations]. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Management and Board of Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of each company.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular issued by SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable.

Other Matters:

The Statement includes the financial statements/information of 4 joint operations which are not subject to audit whose financial statements/information reflects total revenue of Rs. 60.46 lakhs, total net loss after tax of Rs. (137.34) lakhs and total comprehensive income Rs. (137.34) lakhs for the year ended March 31, 2026. These financial statements/information have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these joint operations is based solely on such management prepared unaudited financial statements/information. According to the information and explanations given to us by the Management, the financial statements/information of these joint operations are not material to the Company.

Our opinion is not modified with respect to the above matter in so far as our reliance on the financial statements/ information certified by the management.

The Statement includes the results for the quarter ended March 31, 2026 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2026 and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For M S K A & Associates LLP (Formerly known as M S K A & Associates)
Chartered Accountants
ICAI Firm Registration No.105047W/W101187

T.V. Ganesh
Partner
Membership No.: 203370
UDIN: 26203370SASNVM9190

Place: Chennai
Date: May 25, 2026

SEPC

Engineering the Future

SEPC Limited

Regd. Office : 'ASV Hansa Towers',

3rd Floor, No.53/20, Greams Road, Thousand Lights,

Chennai - 600 006.

Tel: +91 44 6510 5555 E-mail: [email protected]

TÜV NORD

TÜV NORD CERT GmbH

ISD 9001 | ISO 14001 | ISO 45001

CIN: L74210TN2000PLC045167

Website: www.sepc.in

SEPC Limited Regd Office : ASV Hansa Towers, No 53/20,Greams Road, Thousand Lights East,Thousand Lights, Chennai 600006. CIN:L74210TN2000PLC045167 Website: www.sepc.in Extract of Consolidated Audited Financial Results for the Quarter and Year Ended March 31, 2026
	Rs in lakhs
	Particulars	Quarter Ended			Year Ended
		31.03.2026	31.12.2025	31.03.2025	31.03.2026	31.03.2025
		Audited (Refer Note 13)	Unaudited	Audited (Refer Note 13)	Audited	Audited
1	Total Income from Operations (Net)	28,895.26	34,206.71	12,611.41	1,08,583.90	64,601.67
2	Profit for the period (before Tax, Exceptional and/or Extraordinary Items)	1,526.95	1,814.93	1,002.44	6,326.42	4,907.21
3	Profit for the period before Tax (after Exceptional and/or Extraordinary Items)	1,486.86	1,745.96	1,002.44	6,217.36	3,517.96
4	Profit for the period after tax (after Exceptional and/or Extraordinary Items)	1,373.34	1,495.96	1,002.44	5,353.84	2,484.03
5	Total Comprehensive Income for the period [Comprising Profit for the period (after tax) and Other Comprehensive Income (after tax)]	1,592.16	1,472.49	988.02	5,611.72	2,445.96
6	Equity Share Capital (Face value of Rs 10/- each)	1,94,332.28	1,94,015.81	1,56,365.98	1,94,332.28	1,56,365.98
7	Reserves (excluding Revaluation reserve) as shown in the Audited Balance Sheet of the Previous Year.	-	-	-	(2,435.90)	(5,762.63)
8	Earnings Per Share (of Rs. 10/- each) (a) Basic (b) Diluted	0.07	0.08	0.06	0.30	0.16
		0.07	0.08	0.06	0.30	0.16

	Note: The above audited consolidated financial results for the quarter and year ended March 31,2026 were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on May 25,2026. The above is an extract of the detailed results for the quarter and year ended March 31, 2026 filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The detailed results for the quarter and year ended March 31,2026 are available on the Stock Exchanges Website www.bseindia.com and www.nseindia.com and on the website of the Company www.sepc.in. The Audited Standalone Results for the quarter and year ended March 31 2026 are hereunder :
		Rs lakhs
		Quarter Ended			Year Ended
		31.03.2026	31.12.2025	31.03.2025	31.03.2026	31.03.2025
	Total Income from Operations	16,879.54	17,560.27	12,611.41	57,909.09	64,601.67
	Profit for the period (before Tax, Exceptional and/or Extraordinary items)	902.90	668.70	1,016.83	3,069.63	4,937.75
	Profit for the period after tax (after Exceptional and/or Extraordinary items)	749.29	349.73	1,016.83	2,097.05	2,514.57
	Total Comprehensive Income for the period [Comprising Profit for the period (after tax) and Other Comprehensive Income (after tax)]	770.17	320.03	1,002.40	2,066.17	2,476.50
	For SEPC Limited Please :Chennai Date: May 25, 2026 Wehrastaramani Jalganesh Managing Director

SEPC

Engineering the Future

Regd. Office : 'ASV Hansa Towers',

3rd Floor, No.53/20, Greams Road, Thousand Lights,

Chennai - 600 006.

Tel: +91 44 6510 5555 E-mail: [email protected]

TÜV NORD

TÜV NORD CERT GmbH

ISD 1081 | ISO 14081 | ISO 45881

CIN: L74210TN2000PLC045167

Website: www.sepc.in

SEPC Limited
Regd Office : ASV Hansa Towers, No 53/20,Greams Road, Thousand Lights East,Thousand Lights, Chennai 600006.
CIN:L74210TN2000PLC045167
Website: www.sepc.in
Statement of Consolidated Audited Financial Results for the Quarter and Year Ended March 31, 2026.
(Rs in Lakhs)

S No	Particulars	Quarter Ended			Year Ended
		31.03.2026	31.12.2025	31.03.2025	31.03.2026	31.03.2025
1	Income	Audited (Refer Note 13)	Unaudited	Audited (Refer Note 13)	Audited	Audited
	(a) Revenue from operations	27,383.16	34,097.02	11,780.25	1,05,449.85	59,765.33
	(b) Other Income	1,512.10	109.69	831.16	3,134.05	4,836.34
2	Total Income from operations	28,895.26	34,206.71	12,611.41	1,08,583.90	64,601.67
	Expenses
	(a) Cost of Materials, Erection, Construction & Operation Expenses	23,912.13	29,824.26	8,311.82	89,091.02	47,256.99
	(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade	-	-	-	-	-
	(c) Employee benefits expense	680.03	671.91	827.33	2,899.95	3,271.27
	(d) Finance Costs	912.78	1,021.88	1,230.52	4,077.92	4,477.82
	(e) Depreciation and amortisation expense	92.69	128.86	127.17	487.62	508.78
	(f) Other expenses	1,770.68	744.87	1,112.13	5,700.97	4,179.60
	Total expenses	27,368.31	32,391.78	11,608.97	1,02,257.48	59,694.46
3	Profit before exceptional Items and tax (1-2)	1,526.95	1,814.93	1,002.44	6,326.42	4,907.21
	Exceptional Items - Refer Note no 8	40.09	68.97	-	109.06	1,389.25
4	Profit before tax (3 - 4)	1,486.86	1,745.96	1,002.44	6,217.36	3,517.96
5	Tax Expense
	Current Tax	-	-	-	-	-
	Deferred Tax	113.52	250.00	-	863.52	1,033.93
	Total	113.52	250.00	-	863.52	1,033.93
6	Profit for the period / year (5 - 6)	1,373.34	1,495.96	1,002.44	5,353.84	2,484.03
	Other comprehensive income (OCI)
7	1) Items that will not be reclassified to Profit or Loss
	Re-measurement gain/(loss) on defined benefit plans (Net of Taxes)	34.37	(24.56)	5.67	(16.54)	(5.68)
	Fair Value of Equity Instruments through OCI	(13.49)	(5.14)	(20.09)	(14.34)	(32.39)
	2) Items that will be reclassified to Profit or Loss
8	Exchange difference on translation of foreign operations	197.94	6.23	-	288.76	-
	Total Other comprehensive income (OCI)	218.82	(23.47)	(14.42)	257.88	(38.07)
	Total comprehensive Income for the period / year (7+8)	1,592.16	1,472.49	988.02	5,611.72	2,445.96
9	Paid-up equity share capital (Face value ₹ 10 each) (Refer Note 2 & 8)	1,94,332.28	1,94,015.81	1,56,365.98	1,94,332.28	1,56,365.98
10	Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year				(2,435.90)	(5,762.63)
11	Earnings per share (of Rs 10/- each) (not annualised for the quarters):
12	(a) Basic	0.07	0.08	0.06	0.30	0.16
	(b) Diluted	0.07	0.08	0.06	0.30	0.16
	See accompanying notes to the financial results

SEPC LIMITED

SEPC C LIMITED

ORIENTAL - BEFORE

SEPC

TÜV NORD

ISB 9001 | ISB 14661 | ISB 45381

| SEPC Limited
Consolidated Statement of Assets and Liabilities as at March 31, 2026
(Rs in Lakhs) | | |
| --- | --- | --- |
| Particulars | As at 31-03-2026
(Audited) | As at 31-03-2025
(Audited) |
| ASSETS | | |
| Non-current assets | | |
| Property, plant and equipment | 2,098.95 | 2,419.13 |
| Right to Use Assets | 122.90 | 160.83 |
| Intangible assets | 15.84 | 19.88 |
| Contract Assets | 9,037.62 | 10,407.75 |
| Financial assets | | |
| Investments | 31.08 | 45.42 |
| Loans | 696.17 | 696.17 |
| Trade Receivables | 27,170.01 | 19,233.76 |
| Other Financial Assets | 1,277.55 | 1,396.59 |
| Deferred tax asset (net) | 38,426.10 | 39,289.62 |
| Income tax assets (net) | 1,509.09 | 2,163.73 |
| Other Non Current Assets | 79.48 | - |
| Total Non-Current Assets | 80,464.79 | 75,832.88 |
| Current assets | | |
| Contract Assets | 1,46,351.10 | 1,07,627.83 |
| Financial assets | | |
| Investments | 138.36 | - |
| Trade receivables | 58,913.72 | 36,806.62 |
| Cash and cash equivalents | 2,617.78 | 734.57 |
| Bank balances other than cash and cash equivalents | 4,848.59 | 4,190.26 |
| Other financial assets | 2,570.41 | 185.95 |
| Other current assets | 13,361.19 | 13,325.10 |
| Total Current Assets | 2,28,801.15 | 1,62,870.33 |
| Total Assets | 3,09,265.94 | 2,38,703.21 |
| EQUITY AND LIABILITIES | | |
| Equity | | |
| Equity share capital | 1,94,332.28 | 1,56,365.98 |
| Other equity | (2,435.90) | (5,762.63) |
| Non Controlling interest | 182.27 | 166.24 |
| Total Equity | 1,92,078.65 | 1,50,769.59 |
| Liabilities | | |
| Non-Current Liabilities | | |
| Financial liabilities | | |
| Lease Liabilities | 20.29 | 137.13 |
| Borrowings | 23,930.38 | 26,258.77 |
| Other financial liabilities | 453.78 | 1,798.61 |
| Provisions | 620.14 | 567.84 |
| Contract Liabilities | 2,174.35 | 3,204.84 |
| Total Non-Current Liabilities | 27,198.94 | 31,967.19 |
| Current liabilities | | |
| Financial liabilities | | |
| Lease Liabilities | 192.72 | 62.40 |
| Borrowings | 11,206.35 | 9,385.44 |
| Trade payables | | |
| - Total outstanding dues of micro enterprises and small enterprises | - | - |
| - Total outstanding dues of creditors other than micro enterprises and small enterprises | 72,007.63 | 41,136.01 |
| Other financial liabilities | 241.80 | 1,007.38 |
| Other current liabilities | 496.88 | 269.43 |
| Contract Liabilities | 5,720.62 | 3,969.93 |
| Provisions | 122.35 | 135.84 |
| Total Current Liabilities | 89,988.35 | 55,966.43 |
| Total Liabilities | 1,17,187.29 | 87,933.62 |
| Total Equity and Liabilities | 3,09,265.94 | 2,38,703.21 |

SEPC

Regd. Office: 'ASV Hansa Towers',

TÜV NORD

ISB 9001 | ISO 14001 | ISO 45001

SEPC Limited
Consolidated Statement of cash flows for the Year ended March 31, 2026
(Rs in Lakhs)

Particulars	For the Year ended March 31,2026 (Audited)	For the Year ended March 31,2025 (Audited)
Cash flow from operating activities
Profit before tax	6,217.36	3,517.96
Adjustments for:
Depreciation and amortization expenses	487.62	508.78
Finance cost	4,077.92	4,477.82
Interest income	(167.11)	(283.42)
Liabilities written back	(2,249.84)	(3,349.82)
Provisions no longer required	(13.51)	(745.65)
Gain on initial recognition of unsecured loan	(427.03)	(213.17)
Exceptional items - Loss on Extinguishment of Liability	109.06	1,389.25
Net change in Fair value of investments	(4.40)	-
Gain on deracognition of Leased assets	(38.70)	-
Provision for doubtful debts	1,125.95	-
Provision for Contract assets	100.00	-
Bad debts written off	122.11	-
Gain on Currency fluctuations and Translations	305.09	-
Operating Profit before working capital changes	9,644.52	5,301.75
Changes in working capital
Increase in trade payables	33,121.45	14,064.85
Increase in trade receivables	(30,379.05)	(8,686.99)
Increase in other Current liabilities	227.45	77.51
Increase/(Decrease) in contract liabilities	720.20	(1,658.66)
(Decrease)/Increase in Short Term provisions	(13.49)	205.35
Increase/(Decrease) in Long Term provisions	35.76	(295.47)
Decrease in other financial liabilities	(2,110.41)	(11,206.22)
Increase in other financial assets	(542.07)	(351.80)
(Increase)/Decrease in other current assets	(158.20)	5,459.44
Increase in Contract Assets	(37,453.14)	(15,707.54)
Increase in Other Non Current assets	(79.48)	-
Cash used in operations	(26,986.46)	(12,797.78)
Income taxes refund /payments (net)	654.64	(453.36)
Net cash used in operating activities (A)	(26,331.82)	(13,251.14)
Cash flow from Investing activities
Purchase of property, plant and equipment and intangible assets	(84.80)	(12.28)
Movement in Bank balances not considered as Cash and cash equivalents	(658.34)	67.44
Investment in mutual funds	(133.95)	-
Interest received	172.15	317.33
Net cash (used in)/ generated from in investing activities (B)	(704.94)	372.49
Cash flow from Financing activities
Proceeds from issue of share capital	32,494.88	20,000.00
Repayment of Short Term Borrowings (net)	(860.44)	(5,988.22)
Repayment of Long term borrowings	(1,604.85)	(310.17)
Proceeds from Long Term borrowings	737.73	325.24
Interest and Finance Charges Paid	(1,847.35)	(2,145.56)
Repayment of finance lease obligation	-	(103.03)
Net cash generated from financing activities (C)	28,919.97	11,778.26
Net Increase/(decrease) in cash and cash equivalents (A+B+C)	1,883.21	(1,100.39)
Cash and cash equivalents at the beginning of the year	734.57	1,834.96
Cash and cash equivalents at the end of the year	2,617.78	734.57
Cash and cash equivalents comprise
Cash and cash equivalents as per Balance Sheet	7,466.37	4,924.83
Less: Bank balances not considered as Cash and cash equivalents as defined in Ind-AS 7 Cash Flow Statements	4,848.59	4,190.26
	2,617.78	734.57

SEPC LIMITED

Regd. Office : 'ASV Hansa Towers',
3rd Floor, No.53/20, Greams Road, Thousand Lights,
Chennai - 600 006.
Tel : +91 44 6510 5555 E-mail : [email protected]

TÜV NORD
TÜV NORD CERT GmbH
(00 8881 | (00 14861 | (00 45801)

CIN: L74210TN2000PLC045167
Website : www.sepc.in

S. No	Notes:
1	The above financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on 25th May 2026 and has been subjected to audit by the Statutory Auditors of the Company. These audited Consolidated financial results have been prepared in accordance with Indian Accounting Standards (inil AS) notified under the Section 133 of the Companies Act, 2013 ("the Act"), Companies (Indian Accounting Standards) Rules, 2015, along with relevant amendment rules issued thereafter and other relevant provisions of the Act, as applicable and guidelines issued by the Securities and Exchange Board of India (SEBI) under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended.
2	a) During the year ended March 31, 2026, the company has allotted 35,00,00,000 equity shares of Rs 10 each, aggregating to Rs 35,000 Lakhs to eligible equity shareholders on right basis, after obtaining necessary approvals, in respect of which application money of Rs.17,500 lakhs has been received. The first and final call was due on November 07, 2025, in respect of which the Company has received Rs.14,994.88 lakhs. The rights issue committee and board of directors in their meeting held on November 12, 2025 has approved the conversion of 29,98,97,579 partly paid-up equity shares into fully paid-up equity shares of the Company.
b) During the year ended March 31, 2026 the Rights Issue Committee and the Board of Directors in their meeting held on February 02, 2026 has approved the variation in objects of the Rights Issue as set out in the Letter of Offer dated May 22, 2025.
3	Non-Current Contract Assets Include overdue balances of Rs. 9,037.98 lakhs as at March 31, 2026 (March 31, 2025 Rs.6,959.44 Lakhs), which are net of provisions of Rs. 1,036.37 lakhs as at March 31, 2026 (March 31, 2025: Rs.926.98 lakhs). Non-Current Trade Receivable include overdue balances of Rs 5,844.92 lakhs as at March 31, 2026 (March 31, 2025, Rs. 495.18 lakhs), which are net of provisions of Rs. 538.77 lakhs as at March 31, 2026 (March 31, 2025: Rs.82.99 lakhs). Both the above amounts pertain to projects which have been stalled due to delays in obtaining approvals from the regulatory authorities and on account of disputes. One of the customers in the said projects is undergoing liquidation process, in respect of which the Company is confident of recovering the dues based on the realizability of the assets available with the said customer. Further, considering the ongoing negotiations with the customers, the management of the Company is confident of recovering the dues in full.
The Auditors have qualified this matter in their report for the quarter and year ended March 31, 2026.
4	The Company, SEPC Limited ("the Company"), along with Tworik Consultancy Services Private Limited ("TCPL"), were the Respondents in an International arbitration proceeding initiated before the Singapore International Arbitration Centre (SIAC) by GPE (India) Limited, GPE JV1 Limited, and Gaja Trustee Company Private Limited (collectively referred to as "the Claimants"). The dispute arose in connection with the investments made by the Claimants in an associate company of SEPC.
Pursuant to the SIAC Award dated January 7, 2021, damages amounting to Rs.19,854.10 lakhs and SGD 372,754.79 towards arbitration expenses were awarded against the Respondents, along with simple interest at 7.25% per annum from July 21, 2017, until the date of payment. The Respondents' appeal before the High Court of the Republic of Singapore challenging the SIAC Award was dismissed, and the award was upheld in favour of the Claimants. Subsequently, upon a Recognition and Enforcement Petition filed by the Claimants, the Madras High Court recognised the foreign award, subject to obtaining prior approval from the Reserve Bank of India (RBI). Aggrieved by this order, the Claimants approached the Hon'ble Supreme Court of India seeking further directions. The Hon'ble Supreme Court, vide its order, directed the Respondents to pay a sum of Rs.12,500 lakhs along with interest at 7.25% per annum from January 7, 2021, until the date of payment. In accordance with the inter-se arrangement dated September 29, 2015, executed between SEPC, TCPL, and Shri Housing Private Limited, which provides for full indemnification of any liability arising out of suits, proceedings, disputes, or damages payable by SEPC, TCPL remitted the entire amount, including interest, aggregating to ₹16,450 lakhs. The Hon'ble Supreme Court, vide its order dated August 26, 2025 has disposed of the petition and concluded that there is no impediment in law insofar as enforcement of the SIAC Award is concerned and that the execution petition in Madras High Court shall be proceeded with.
	Meanwhile, the lenders of the Company have filed an Impleading Petition before the Madras High Court seeking to be added as additional respondents, citing their prior charge over the assets of the Company. Further, Madras High Court vide their order dated February 19, 2026, passed an order of interim attachment of trade receivables to the tune of Rs. 15,463.23 lakhs (being the balance amount payable to claimants as per the Court Order). TCPL along with SEPC has filed separate petition in the Madras High Court where TCPL has committed to pay Rs. 250 Lakhs as initial amount and Rs. 750 Lakhs per quarter through an affidavit. The initial payment of Rs. 250 Lakhs has been paid on May 13, 2026, and the quarterly payments will commence from July 2026. Based on the affidavit filed by TCPL and their commitments to make the payments to Claimants through Madras High Court, the Company is of the view that no liability will arise out of this case.
	Further based on the above affidavit the Hon'ble High Court in the hearing dated April 30, 2026 has given partial relief from attachment of trade receivables as follows:
The consortium of banks is permitted to appropriate a maximum sum of Rs.1,569 Lakhs (Rs.1,369 Lakhs towards bank dues and Rs. 200 Lakhs towards salary payments) from and out of amounts received in the Trust and Retention Account. The matter is currently listed for hearing on June 23, 2026. The Company is hopeful of removing this attachment. The management is confident that no financial or legal liability will devolve upon the Company, as the same is fully indemnified under the said inter-se Arrangement.
5	Makul Shriram EPC JV (JV Company) where SEPC Limited is a JV partner, have won the complaint against Export Credit Guarantee Corporation of India Limited (ECGC) before the National Consumer Disputes Redressal Commission, (NCDRC) New Delhi, in connection with the project executed in Basra, Iraq. NCDRC, vide their order dated January 27, 2021, allowed the claims and directed ECGC to pay a sum of Rs. 26,501 lakhs along with simple interest @ 10% pa. with effect from September 19, 2016 till the date of realisation to the JV Company within a period of three months from the date of order, falling which ECGC will be liable to pay compensation in the form of simple interest @ 12% pa. ECGC had filed an appeal against the order of NCDRC New Delhi, before Supreme Court, and the case is pending for disposal.
6	The Company has business losses which are allowed to be carried forward and set off against available future taxable profits under the Income Tax Act, 1961, in respect of which the Company has created Deferred Tax Assets ("DTA"). The Company has recognised DTA on the carry forward unabsorbed business losses to the extent of Rs.80,665.52 lakhs (March 31, 2025: Rs.84,559.48 lakhs) out of the total carry forward unabsorbed business losses of Rs.87,285.97 lakhs that was available as at March 31, 2026 (March 31, 2025-Rs.92,648.02 lakhs). The DTA amount recognised by the Company on these carry forward unabsorbed business losses amounts to Rs.28,187.76 lakhs as at March 31, 2026 (March 31, 2025-Rs. 29,548.46 lakhs). Considering the potential order book as on date, the current projects in the pipeline and a positive future outlook for the Company, the management of the Company is confident of generating sufficient taxable profits in the future and adjust them against these unabsorbed business losses, and accordingly, the DTA as on March 31, 2026, can be utilised before the expiry of the period for which this benefit is available.
The auditors have qualified this matter in their report for the quarter and year ended March 31, 2026.
7	The Company has made net profit during the quarter and year ended March 31, 2026 amounting to Rs 1,373.34 Lakhs and Rs 5,353.84 Lakhs respectively and as of that date has accumulated losses aggregating Rs.2,05,479.65 Lakhs. Considering the positive developments of implementing the resolution plan, infusion of equity by the investor, completion of Rights Issue and the change in management, additional funding by investor for working capital together with plans to meet financial obligations in future out of the cash flows from execution of the pipeline of orders in hand, business plans, sanctioned non-fund based facilities etc, these financial results are prepared on a going concern basis.
8	Exceptional Items for the year ended March 31, 2026 and March 31, 2025 of Rs 109.06 lakhs and Rs 1,389.25 lakhs respectively, represents loss on extinguishment of financial liability upon conversion of Compulsorily convertible debentures (CCDs) into equity.

SEPC LIMITED - BPO

Regd. Office: 'ASV Hansa Towers',

TÜV NORD

I50 9981 | I50 14861 | I50 45601

9 During the year, Board of Directors of the Company have approved the acquisition of Avenir International Engineers and Consultants LLC, Abu Dhabi, subject to approval from Lenders and Shareholders through Share swap.

10 There is no provision for tax in view of the brought forward losses/unabsorbed depreciation relating to earlier years, available for set off, while computing income, both under the provisions of 115 JB and those other than section 115 JB of the Income Tax act 1961.

11 On November 21, 2025, the Government of India has consolidated 29 existing labour legislations into a united framework comprising four Labour codes viz Code on wages 2019, Code on Social Security 2020, Industrial Relation Code 2020 and Occupational Safety, Health and Working Condition Code 2020 (collectively referred to as the New Labour Codes). The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company is already in compliance with the basic wages criteria as prescribed under New Labour Codes for own employees and there is no material impact on the company. The Company is in the process of evaluating the possible impacts for contract workforce. However, the management is of the view that impact, if any, is unlikely to be material. Once the Central/State Rules are notified by the Government on all aspects of the New Labour Codes, the Company will evaluate impact, if any, on the measurement of the employee benefits and would provide appropriate accounting effect on the basis of such development as needed.

12 Consolidated Segment wise Revenue, Results, Assets and Liabilities for the quarter and year ended March 31, 2026

Particulars	Quarter Ended			Year Ended
	31.03.2026	31.12.2025	31.03.2025	31.03.2026	31.03.2025
	Audited (Refer note 13)	Unaudited	Audited (Refer note 13)	Audited	Audited
Rest of the World
Revenue	12,015.72	16,646.44	134.37	50,674.81	134.37
Profit / (Loss) before tax	674.05	1,146.23	(14.39)	3,256.79	(30.54)
Assets	31,290.64	49,097.04	1,533.32	31,290.64	1,533.32
Liabilities	27,257.79	45,923.28	6,890.64	27,257.79	6,890.64
India
Revenue	15,367.44	17,450.58	11,645.88	54,775.04	59,630.96
Profit before tax	862.81	599.73	1,016.83	2,960.57	3,548.50
Assets	2,77,975.30	2,76,535.54	2,37,169.89	2,77,975.30	2,37,169.89
Liabilities	89,929.50	89,521.47	81,042.98	89,929.50	81,042.98

13 The figures of the quarter ended March 31, 2026/2025 are the balancing figures between the audited figures in respect of the financial year up to March 31, 2026 /2025 and the unaudited published year-to-date figures up to December 31, 2025 /2024 being the date of the end of third quarter of the financial year which were subjected to limited review.

14 Previous year/period figures have been regrouped / reclassified to be in conformity with current period's classification/discFuseure, wherever necessary.

Place: Chennai

Date: May 25, 2026

MSKA & Associates LLP

(Formerly known as M S K A & Associates)
Chartered Accountants

Olympia Cyberspace, 10th Floor
Module 4, 217 22, Alandur Road, Guindy
Chennai 600032, INDIA

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of SEPC Limited

Report on the Audit of the Standalone Annual Financial Results

Qualified Opinion

We have audited the accompanying standalone annual financial results of SEPC Limited (hereinafter referred to as ‘the Company’) for the year ended March 31, 2026, (‘the Statement’), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

(i) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

(ii) gives a true and fair view, in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (‘the Act’), read with Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India, of the net profit, and other comprehensive loss and other financial information of the Company for the year ended March 31, 2026.

Basis for Qualified Opinion

a) Our standalone audit report on the Statement for the year ended March 31, 2025 was qualified in respect of the matters stated below:

These qualifications have not been addressed by the Management of the Company in the Statement for the quarter ended March 31, 2026.

We conducted our audit in accordance with the Standards on Auditing (‘SAs’) specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the standalone financial results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our qualified opinion.

Management's and Board of Directors' Responsibilities for the Standalone Financial Results

This Statement has been prepared on the basis of the standalone annual financial statements. The Company's Management and Board of Directors are responsible for the preparation and presentation of this Statement that gives a true and fair view of the net profit, and other comprehensive income and other financial information in accordance with the [recognition and measurement principles laid down in the applicable Accounting Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India and is in compliance with the Regulation 33 of the Listing Regulations]. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors of the Company are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Other Matters:

The Statement includes the financial results/information of 4 joint operations which are not subject to audit whose financial statements/ information reflect total revenue of Rs. 60.35 lakhs, total net loss after tax of Rs. (137.34) lakhs and total comprehensive loss of (137.34) lakhs for the year ended March 31, 2026 as considered in the Statement. These financial statements/ information have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these joint operations is based solely on such management prepared unaudited financial statements/ information. According to the information and explanations given to us by the Management, the financial statements/ information of these joint operations are not material to the Company.

Our opinion is not modified with respect to the above matter in so far as our reliance on the financial statements/ information certified by the management.

For M S K A & Associates LLP (Formerly known as M S K A & Associates)
Chartered Accountants
ICAI Firm Registration No.105047W/W101187

T.V. Ganesh
Partner
Membership No.: 203370
UDIN: 26203370SANQKK1299

Place: Chennai
Date: May 25, 2026

ISD 9001 | ISO 14001 | ISO 45001

Regd Office: ASV Hansa Towers, No 53/20, Greams Road, Thousand Lights East, Thousand Lights, Chennai 600006.

Statement of Standalone Audited Financial Results for the Quarter and Year Ended March 31, 2026.

(Rs In Lakhs)

S No	Particulars	Quarter Ended			Year Ended
		31.03.2026	31.12.2025	31.03.2025	31.03.2026	31.03.2025
1	Income	Audited (Refer Note 13)	Unaudited	Audited (Refer Note 13)	Audited	Audited
	(a) Revenue from operations	15,367.44	17,450.58	11,780.25	54,775.04	59,765.33
	(b) Other Income	1,512.10	109.69	831.16	3,134.05	4,836.34
2	Total Income from operations	16,879.54	17,560.27	12,611.41	57,909.09	64,601.67
	Expenses
	(a) Cost of Materials, Erection, Construction & Operation Expenses	12,828.99	14,325.93	8,311.82	42,005.30	47,256.99
	(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade	-	-	-	-	-
	(c) Employee benefits expense	680.03	671.91	827.33	2,899.95	3,271.27
	(d) Finance Costs	912.51	1,021.66	1,230.52	4,075.62	4,477.82
	(e) Depreciation and amortisation expense	92.69	128.86	127.17	487.62	508.78
	(f) Other expenses	1,462.42	743.21	1,097.74	5,370.97	4,149.06
	Total expenses	15,976.64	16,891.57	11,594.58	54,839.46	59,663.92
3	Profit before exceptional Items and tax (1-2)	902.90	668.70	1,016.83	3,069.63	4,937.75
4	Exceptional Items- Refer Note no 8	40.09	68.97	-	109.06	1,389.25
5	Profit before tax (3 - 4)	862.81	599.73	1,016.83	2,960.57	3,548.50
6	Tax Expense
	Current Tax	-	-	-	-	-
	Deferred Tax	113.52	250.00	-	863.52	1,033.93
7	Profit for the period / year (5 - 6)	749.29	349.73	1,016.83	2,097.05	2,514.57
8	Other comprehensive Income (OCI)
	1) Items that will not be reclassified to profit or loss
	Re-measurement gain/(loss) on defined benefit plans (Net of Taxes)	34.37	(24.56)	5.67	(16.54)	(5.68)
	Fair Value of Equity Instruments through OCI	(13.49)	(5.14)	(20.10)	(14.34)	(32.39)
	Total Other comprehensive Income (OCI)	20.88	(29.70)	(14.43)	(30.88)	(38.07)
9	Total comprehensive Income for the period / year (7+8)	770.17	320.03	1,002.40	2,066.17	2,476.50
10	Paid-up equity share capital (Face value ₹ 10 each) (Refer Note 2 & 8)	1,94,332.28	1,94,015.81	1,56,365.98	1,94,332.28	1,56,365.98
11	Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year				(6,286.48)	(6,067.36)
12	Earnings per share (of Rs 10/- each) (not annualised for the quarters)
	(a) Basic	0.04	0.02	0.07	0.12	0.16
	(b) Diluted	0.04	0.02	0.07	0.12	0.16
	See accompanying notes to the financial results

SEPC Limited Standalone Statement of Assets and Liabilities as at March 31, 2026 (Rs In Lakhs)
Particulars	As at 31-03-2026	As at 31-03-2025
	(Audited)	(Audited)
ASSETS
Non-current assets
Property, plant and equipment	2,098.95	2,419.13
Right to Use Assets	122.90	160.83
Intangible assets	15.84	19.88
Contract Assets	9,037.62	10,407.75
Financial assets
Investments	55.34	69.68
Loans	696.17	696.17
Trade Receivables	27,170.01	19,233.76
Other Financial Assets	1,277.55	1,396.59
Deferred tax asset (net)	38,426.10	39,289.62
Income tax assets (net)	1,509.09	2,163.73
Other Non Current Assets	79.48	-
Total Non-Current Assets	80,489.05	75,857.14
Current assets
Contract Assets	1,46,351.10	1,07,627.83
Financial assets
Investments	138.36	-
Trade receivables	27,867.53	29,454.49
Cash and cash equivalents	2,600.14	717.91
Bank balances other than cash and cash equivalents	4,848.59	4,190.26
Other financial assets	2,570.41	185.95
Other current assets	13,110.12	13,308.02
Total Current Assets	1,97,486.25	1,55,484.46
Total Assets	2,77,975.30	2,31,341.60
EQUITY AND LIABILITIES
Equity
Equity share capital	1,94,332.28	1,56,365.98
Other equity	(6,286.48)	(6,067.36)
Total Equity	1,88,045.80	1,50,298.62
Liabilities
Non-Current Liabilities
Financial liabilities
Lease Liabilities	20.29	137.13
Borrowings	23,930.38	26,161.79
Other financial liabilities	453.78	1,798.61
Provisions	620.14	567.84
Contract Liabilities	2,174.36	3,204.84
Total Non-Current Liabilities	27,198.95	31,870.21
Current liabilities
Financial liabilities
Lease Liabilities	192.72	62.40
Borrowings	11,206.35	9,482.42
Trade payables
- Total outstanding dues of micro enterprises and small enterprises	-	-
- Total outstanding dues of creditors other than micro enterprises and small enterprises	44,900.63	34,382.91
Other financial liabilities	91.00	869.84
Other current liabilities	496.88	269.43
Contract Liabilities	5,720.62	3,969.93
Provisions	122.35	135.84
Total Current Liabilities	62,730.55	49,172.77
Total Liabilities	89,929.50	81,042.98
Total Equity and Liabilities	2,77,975.30	2,31,341.60

^{}[]

3rd Floor, No.53/20, Dreams Road, Thousand Lights,

TÜVNORD

ISO 9001 | ISO 14001 | ISO 45001

SEPC Limited Standalone Statement of cash flows for the Year ended March 31, 2026 (Amount in ₹ lakhs, unless otherwise stated)
Particulars	For the Year ended March 31,2026 (Audited)	For the Year ended March 31,2025 (Audited)
Cash flow from operating activities
Profit before tax and after exceptional items	2,960.57	3,548.50
Adjustments for:
Depreciation and amortization expenses	487.62	508.78
Finance cost	4,075.62	4,477.82
Interest income	(167.11)	(283.42)
Liabilities no longer required written back	(2,249.84)	(3,349.82)
Provisions no longer required	(13.51)	(745.65)
Gain on initial recognition of unsecured loan	(427.03)	(213.17)
Gain on derecognition of Leased assets	(38.70)	-
Net change in Fair value of Investments	(4.40)	-
Exceptional items - Loss on Extinguishment of Liability	109.06	1,389.25
Provision for doubtful debts	1,125.95	-
Bad Debts written off	122.11	-
Provision for Contract assets	100.00	-
Operating Profit before working capital changes	6,080.34	5,332.29
Changes in working capital
Increase in trade payables	12,767.56	15,743.65
Increase in trade receivables	(6,684.98)	(8,458.95)
Increase in other Current liabilities	227.45	80.73
Increase / (Decrease) in contract liabilities	720.21	(1,658.66)
(Decrease) / Increase in Short Term provisions	(13.49)	205.35
Increase / (Decrease) in Long Term provisions	35.76	(295.47)
Decrease in other financial liabilities	(2,123.68)	(5,934.39)
Increase in other financial assets	(542.07)	(351.81)
Decrease / (Increase) in other current assets	75.78	(1,700.23)
Increase in Contract Assets	(37,453.14)	(15,759.31)
Increase in Other Non Current assets	(79.48)	-
Cash used in operations	(26,989.74)	(12,796.80)
Income taxes refund /payments (net)	654.64	(453.36)
Net cash used in operating activities (A)	(26,335.10)	(13,250.16)
Cash flow from Investing activities
Purchase of property, plant and equipment and Intangible assets	(84.80)	(12.28)
Movement in Bank balances not considered as Cash and cash equivalents (Net)	(658.34)	67.43
Investment in mutual funds	(133.95)	-
Interest received	172.15	317.33
Net cash (used in) / generated from investing activities (B)	(704.94)	372.48
Cash flow from Financing activities
Proceeds from issue of share capital	32,494.88	20,000.00
Repayment of Short Term Borrowings (net)	(860.44)	(5,891.24)
Repayment of Long term borrowings	(1,604.85)	(573.25)
Proceeds from Long Term borrowings	737.73	325.24
Interest & Finance charges paid	(1,845.05)	(1,979.46)
Repayment of finance lease obligation	-	(103.03)
Net cash flow generated from financing activities (C)	28,922.27	11,778.26
Net Increase / (decrease) in cash and cash equivalents (A+B+C)	1,882.23	(1,099.42)
Cash and cash equivalents at the beginning of the year	717.91	1,817.33
Cash and cash equivalents at the end of the year	2,600.14	717.91
Cash and cash equivalents comprise
Cash and cash equivalents as per Balance Sheet	7,448.73	4,908.17
Less: Bank balances not considered as Cash and cash equivalents as defined in Ind-AS 7 Cash Flow Statements	4,848.59	4,190.26
	2,600.14	717.91

150 9001 | 100 14001 | 150 4501

S. No	Notes:
1	The above financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 25, 2026 and has been subjected to audit by the Statutory Auditors of the Company. These audited standalone financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Section 133 of the Companies Act, 2013 ("the Act"), Companies (Indian Accounting Standards) Rules, 2015, along with relevant amendment rules issued thereafter and other relevant provisions of the Act, as applicable and guidelines issued by the Securities and Exchange Board of India (SEBI) under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended.
2	a) During the year ended March 31, 2026, the company has allotted 35,00,00,000 equity shares of Rs 10 each, aggregating to Rs 35,000 Lakhs to eligible equity shareholders on right basis, after obtaining necessary approvals. In respect of which application money of Rs.17,500 lakhs has been received. The first and final call was due on November 07, 2025. In respect of which the Company has received Rs.14,994.88 lakhs. The rights issue committee and board of directors in their meeting held on November 12, 2025 has approved the conversion of 29,98,97,579 partly paid-up equity shares into fully paid-up equity shares of the Company.
b) During the year ended March 31, 2026 the Rights Issue Committee and the Board of Directors in their meeting held on February 02, 2026 has approved the variation in objects of the Rights Issue as set out in the Letter of Offer dated May 22, 2025.
3	Non-Current Contract Assets include overdue balances of Rs. 9,037.98 lakhs as at March 31, 2026 (March 31, 2025 Rs.6,959.44 Lakhs), which are net of provisions of Rs. 1,036.37 lakhs as at March 31, 2026 (March 31, 2025: Rs.926.98 lakhs). Non-Current Trade Receivable include overdue balances of Rs 5,844.92 lakhs as at March 31, 2026 (March 31, 2025, Rs. 495.18 lakhs), which are net of provisions of Rs. 538.77 lakhs as at March 31, 2026 (March 31, 2025: Rs.82.99 lakhs). Both the above amounts pertain to projects which have been stalled due to delays in obtaining approvals from the regulatory authorities and on account of disputes. One of the customers in the said projects is undergoing liquidation process, in respect of which the Company is confident of recovering the dues based on the realisability of the assets available with the said customer. Further, considering the ongoing negotiations with the customers, the management of the Company is confident of recovering the dues in full.
The Auditors have qualified this matter in their report for the quarter and year ended March 31, 2026.
4	The Company, SEPC Limited ("the Company"), along with Twardt Consultancy Services Private Limited ("TCPL"), were the Respondents in an International arbitration proceeding initiated before the Singapore International Arbitration Centre (SIAC) by GPC (India) Limited, GPE JV1 Limited, and Gaja Trustee Company Private Limited (collectively referred to as "the Claimants"). The dispute arose in connection with the investments made by the Claimants in an associate company of SEPC.
Pursuant to the SIAC Award dated January 7, 2021, damages amounting to Rs.19,854.10 lakhs and SGD 372,754.79 towards arbitration expenses were awarded against the Respondents, along with simple interest at 7.25% per annum from July 21, 2017, until the date of payment. The Respondents' appeal before the High Court of the Republic of Singapore challenging the SIAC Award was dismissed, and the award was upheld in favour of the Claimants. Subsequently, upon a Recognition and Enforcement Petition filed by the Claimants, the Madras High Court recognised the foreign award, subject to obtaining prior approval from the Reserve Bank of India (RBI). Aggrieved by this order, the Claimants approached the Hon'ble Supreme Court of India seeking further directions. The Hon'ble Supreme Court, vide its order, directed the Respondents to pay a sum of Rs.12,500 lakhs along with interest at 7.25% per annum from January 7, 2021, until the date of payment. In accordance with the Inter-se Arrangement dated September 29, 2015, executed between SEPC, TCPL, and Shri Housing Private Limited, which provides for full indemnification of any liability arising out of suits, proceedings, disputes, or damages payable by SEPC, TCPL remitted the entire amount, including interest, aggregating to ₹16,450 lakhs. The Hon'ble Supreme Court, vide its order dated August 26, 2025 has disposed of the petition and concluded that there is no impediment in law insofar as enforcement of the SIAC Award is concerned and that the execution petition in Madras High Court shall be proceeded with.
Meanwhile, the lenders of the Company have filed an Impleading Petition before the Madras High Court seeking to be added as additional respondents, citing their price charge over the assets of the Company. Further, Madras High Court vide their order dated February 19, 2026, passed an order of interim attachment of trade receivables to the tune of Rs. 15,463.23 lakhs (being the balance amount payable to claimants as per the Court Order). TCPL along with SEPC has filed separate petition in the Madras High Court where TCPL has committed to pay Rs. 250 Lakhs as initial amount and Rs. 750 Lakhs per quarter through an affidavit. The initial payment of Rs. 250 Lakhs has been paid on May 13, 2026, and the quarterly payments will commence from July 2026. Based on the affidavit filed by TCPL and their commitments to make the payments to Claimants through Madras High Court, the Company is of the view that no liability will arise out of this case.
Further based on the above affidavit the Hon'ble High Court in the hearing dated April 30, 2026 has given partial relief from attachment of trade receivables as follows:
The consortium of banks is permitted to appropriate a maximum sum of Rs.1,569 Lakhs (Rs.1,369 Lakhs towards bank dues and Rs. 200 Lakhs towards salary payments) from and out of amounts received in the Trust and Retention Account. The matter is currently listed for hearing on June 23, 2026. The Company is hopeful of removing this attachment. The management is confident that no financial or legal liability will devolve upon the Company, as the same is fully indemnified under the said Inter-se Arrangement.
5	Mokul Shriram EPC JV (JV Company) where SEPC Limited is a JV partner, have won the complaint against Export Credit Guarantee Corporation of India Limited (ECGC) before the National Consumer Disputes Redressal Commission,(NCDRC) New Delhi, in connection with the project executed in Rasra, Iraq, NCDRC, vide their order dated January 27, 2021, allowed the claims and directed ECGC to pay a sum of Rs. 26,501 lakhs along with simple interest @ 10% pa. with effect from September 19, 2016 till the date of realisation to the JV Company within a period of three months from the date of order, failing which ECGC will be liable to pay compensation in the form of simple interest @ 12% pa. ECGC had filed an appeal against the order of NCDRC New Delhi, before Supreme Court, and the case is pending for disposal.
6	The Company has business losses which are allowed to be carried forward and set off against available future taxable profits under the Income Tax Act, 1961, in respect of which the Company has created Deferred Tax Assets ("DTA"). The Company has recognised DTA on the carry forward unabsorbed business losses to the extent of Rs.80,665.52 lakhs (March 31, 2025: Rs.84,559.48 lakhs) out of the total carry forward unabsorbed business losses of Rs.87,285.97 lakhs that was available as at March 31, 2026 (March 31, 2025- Rs.92,648.02 lakhs). The DTA amount recognised by the Company on these carry forward unabsorbed business losses amounts to Rs.28,187.76 lakhs as at March 31, 2026 (March 31, 2025- Rs. 29,548.46 lakhs). Considering the potential order book as on date, the current projects in the pipeline and a positive future outlook for the Company, the management of the Company is confident of generating sufficient taxable profits in the future and adjust them against these unabsorbed business losses, and accordingly, the DTA as on March 31, 2026, can be utilised before the expiry of the period for which this benefit is available.
The auditors have qualified this matter in their report for the quarter and year ended March 31, 2026.

ISO 9001 | ISO 14001 | ISO 45001

7 The Company has made net profit during the quarter and year ended March 31, 2026 amounting to Rs.749.29 Lakhs and Rs.2,097.05 Lakhs respectively and as of that date has accumulated losses aggregating Rs.2,08,770.52 Lakhs. Considering the positive developments of implementing the resolution plan, infusion of equity by the investor, completion of Rights Issue and the change in management, additional funding by investor for working capital together with plans to meet financial obligations in future out of the cash flows from execution of the pipeline of orders in hand, business plans, sanctioned non-fund based facilities etc, these financial results are prepared on a going concern basis.

8 Exceptional items for the year ended March 31, 2026 and March 31, 2025 of Rs 109.06 lakhs and Rs 1,389.25 lakhs respectively, represents loss on extinguishment of financial liability upon conversion of Compulsorily convertible debentures (CCDs) into equity.

12 The Company's Chief Operating Decision maker (CODm) reviews business operations as a single segment i.e. Engineering, Procurement and Construction (EPC) which falls with in single reportable segment. Accordingly, there are no additional disclosure to be furnished in accordance with the requirements of the Ind AS 108 - Operating Segments with respect to single reportable segment. Further, the Company majorly operates in India, hence it does not have any revenue and non-current operating assets located outside India.

13 The figures of the quarter ended March 31, 2026/2025 are the balancing figures between the audited figures in respect of the financial year up to March 31, 2026/2025 and the unaudited published year-to-date figures up to December 31, 2025/2024 being the date of the end of third quarter of the financial year which were subjected to limited review.

14 Previous year/period figures have been regrouped / reclassified to be in conformity with current period's classification/disclosure, wherever necessary.

For SEPC Limited

Place: Chennai

Date: May 25, 2026

Yergularamani Jalganesh

Managing Director

ANNEXURE I

Statement on impact of Audit Qualifications (for audit report with modified opinion) submitted along-with Annual Audited Financial Results - (Standalone).

Statement on impact of Audit Qualifications for the Financial Year ended March 31,2026 , [See Regulation 33 / 52 of the SEDI (LODA) (Amendment) Regulations, 2016]

Sl. No.	Particulars	Audited Figures (as reported before adjusting for qualifications)
1	Turnover / Total income	57,909.09
2	Total Expenditure	54,839.46
3	Net Profit/(Loss)	3,069.63
4	Earnings Per Share	0.12
5	Total Assets	2,77,975.30
6	Total Liabilities	89,929.50
7	Net Worth	1,88,045.80
8	Any other financial item(s) (as felt appropriate by the management)	-
II.1(a)	Audit Qualification (each audit qualification separately):
a. Details of Audit Qualification:
The carrying value of Deferred Tax Asset (DTA) as on March 31, 2026, include an amount of Rs.28,187.76 Lakhs (March 31, 2025 Rs. 29,548.46 Lakhs), which was recognized on carried forward business losses of Rs.80,665.52 Lakhs (March 31, 2025 Rs. 84,559.48 Lakhs). Due to non-availability of sufficient appropriate audit evidence to corroborate management's assessment that sufficient taxable profits will be available in the future against which such carried forward business losses can be utilised as required by Ind AS 12: "Income taxes", we are unable to comment on adjustments, if any, that may be required to the carrying value of the aforesaid DTA as on March 31, 2026. (Refer Note 06 of the Statement).
1(b)	Note No 6 as appearing in the Standalone Financial Results for the quarter and year ended March 31, 2026
The Company has business losses which are allowed to be carried forward and on off against available future taxable profits under the Income Tax Act, 1961, in respect of which the Company has created Deferred Tax Assets ("DTA"). The Company has recognised DTA on the carry forward unabsorbed business losses to the extent of Rs.80,665.52 Lakhs (March 31, 2025: Rs.84,559.48 Lakhs) out of the total carry forward unabsorbed business losses of Rs.87,285.97 Lakhs that was available as at March 31, 2026 (March 31, 2025- Rs.92,648.02 Lakhs). The DTA amount recognized by the Company on these carry forward unabsorbed business losses amounts to Rs.28,187.76 Lakhs as at March 31, 2026 (March 31, 2025- Rs. 29,548.46 Lakhs). Considering the potential order book as on date, the current projects in the pipeline and a positive future outlook for the Company, the management of the Company is confident of generating sufficient taxable profits in the future and adjust them against these unabsorbed business losses, and accordingly, the DTA as on March 31, 2026, can be utilised before the expiry of the period for which this benefit is available.

The auditors have qualified this matter in their report for the quarter and year ended March 31, 2026.
Non-Current Contract Assets include overdue balances of Rs.9,037.98 Lakhs as at March 31, 2026 (March 31, 2025 Rs.6,959.44 Lakhs), which are net of provisions of Rs. 1,016.37 Lakhs as at March 31, 2026 (March 31, 2025: Rs.926.98 Lakhs) and Non-Current Trade Receivables include overdue balances Rs 5,844.92 Lakhs as on March 31, 2026 (March 31, 2025 Rs. 86.495.18 Lakhs) [net of provisions amounting to Rs. 538.77 Lakhs (March 31, 2025: Rs.82.99 Lakhs)], relating to dues on projects which have been stalled due to delays in obtaining approvals from the regulatory authorities and on account of disputes. Due to the nonavailability of sufficient appropriate audit evidence to corroborate management's assessment of the recoverability of the said balances on these projects, we are unable to comment on the carrying value of these non-current Contract Assets and non-current Trade Receivables and the consequential impact if any, on the Statement of the Company for the year ended March 31, 2026. (Refer Note 03 of the Statement). These qualifications have not been addressed by the Management of the Company in the Statement for the quarter ended March 31, 2026.

Note No 3 as appearing in the Standalone Financial Results for the quarter and year ended March 31, 2026
Non-Current Contract Assets include overdue balances of Rs. 9,037.98 Lakhs as at March 31, 2026 (March 31, 2025 Rs.6,959.44 Lakhs), which are net of provisions of Rs. 1,016.37 Lakhs as at March 31, 2026 (March 31, 2025: Rs.926.98 Lakhs). Non-Current Trade Receivable include overdue balances of Rs 5,844.92 Lakhs as at March 31, 2026 (March 31, 2025, Rs. 495.18 Lakhs), which are net of provisions of Rs. 538.77 Lakhs as at March 31, 2026 (March 31, 2025: Rs.82.99 Lakhs). Both the above amounts pertain to projects which have been stalled due to delays in obtaining approvals from the regulatory authorities and on account of disputes. One of the customers in the said projects is undergoing liquidation process, in respect of which the Company is confident of recovering the dues based on the realizability of the assets available with the said customer. Further, considering the ongoing negotiations with the customers, the management of the Company is confident of recovering the dues in full.

The Auditors have qualified this matter in their report for the quarter and year ended March 31, 2026. | | |
| c. Frequency of qualification: Whether appeared first time / repetitive / since now long continuing | Qualification 1(a)- Repetitive (Seventh Year) | | |
| d. For Audit Qualification(s) where the impact is quantified by the auditor, Management's views | Qualification 1(b)- Repetitive (Fifth Year) | Net applicable | |
| e. For Audit Qualification(s) where the impact is not quantified by the auditor:
(i) Management's estimation on the impact of audit qualification:
Turnover / Total Income
Total Expenditure
Net Profit/(Loss)
Earnings Per Share
Total Assets
Total Liabilities
Net Worth
(ii) If management is unable to estimate the impact, reasons for the same :

(iii) If Management is unable to estimate the impact, reasons for the same :
(iii) Auditors' Comments on (i) or (ii) above:
Signatories:
Venkataramani Jajganesh
Managing Director
Venkataramani Jajganesh
ANI
JAIGANESH
DAILY SIGNED BY
RAJAGOPALA
DAILY SIGNED BY
RAJAGOPALA
DAILY SIGNED BY
RAJAGOPALA
Digitally signed by RAJAGOPALAN Ravichandran
Digitally signed by RAJAGOPALAN Ravichandran
D.5:40:33 +05'30'

Ravichandran Rajagopalan
Audit Committee Chairman
Ravichandran
Chairman
Chairman
25th May 2026 | DAILY SIGNED BY
R.S Chandrasekharan
Chief Financial Officer
Trichirapally
Venkataramani Ganesh
DAILY SIGNED BY
D.26:05:25
15:49:33 +05'30'

R.S Chandrasekharan
D.26:05:25
15:52:35 +05'30'

D.26:05:25
15:52:35 +05'30'

D.26:05:25
15:52:35 +05'30 | D.26:05:25
15:50:21 +05'30'

D.26:05:25
15:50:21 +05'30'

D.26:05:25
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ANNEXURE I

Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along with Annual Audited Financial Results - (Caranii)March.

Statement on Impact of Audit Qualifications for the Financial Year ended March 31,2026, (See Regulation 11 F 52 of the SEBI (LO28) Amendment) Regulations, 2016)

Sl. No.	Particulars	Audited Figures (as reported before adjusting for qualifications)	Adjusted Figures (audited figures after adjusting for qualifications)
			Rs table
1	Turnover / Total Income	1,03,583.90
2	Total Expenditure	1,02,257.40
3	Net Profit/(Loss)	5,326.42
4	Earnings Per Share	0.30
5	Total Assets	3,09,265.94
6	Total Liabilities	1,57,187.29
7	Net Worth	1,32,078.65
8	Any other financial Item(s) (as felt appropriate by the management)	-
II.	Audit Qualification (each audit qualification separately):
a. Details of Audit Qualification:
The carrying value of Deferred Tax Asset (DTA) as on March 31, 2026, include an amount of Rs.23,187.76 Lakhs (March 31, 2025 Rs. 29,549.46 lakhs), which was recognized as carried forward business losses of Rs.80,665.52 Lakhs (March 31, 2025 Rs. 84,559.46 lakhs). Due to non-availability of sufficient appropriate audit evidence to corroborate management's assessment that sufficient taxable profits will be available in the future against which such carried forward business losses can be utilized as required by Ind All 12: "Income taxes", we are unable to comment on adjustments, if any, that may be required to the carrying value of the aforesaid DTA as on March 31, 2026. (Refer Note 06 of the Statement).
1(a)	Note No 6 as appearing in the Consolidated Financial Results for the quarter and year ended March 31, 2026
The Company has business losses which are allowed to be carried forward and set off against available future taxable profits under the Income Tax Act, 1961, in respect of which the Company has created Deferred Tax Assets ("DTA"). The Company has recognized DTA on the carry forward unabsorbed business losses to the extent of Rs.80,665.52 lakhs (March 31, 2025 Rs.84,559.46 lakhs) out of the total carry forward unabsorbed business losses of Rs.87,285.97 lakhs that was available as at March 31, 2026 (March 31, 2025 Rs.32,648.02 lakhs). The DTA amount recognized by the Company on these carry forward unabsorbed business losses amounts to Rs.28,187.76 lakhs as at March 31, 2026 (March 31, 2025 Rs. 29,549.46 lakhs). Considering the potential order book as on date, the current projects in the pipeline and a positive future outlook for the Company, the management of the Company is confident of generating sufficient taxable profits in the future and adjust them against these unabsorbed business losses, and accordingly, the DTA as on March 31, 2026, can be utilized before the expiry of the period for which this benefit is available.
The auditors have qualified this matter in their report for the quarter and year ended March 31, 2026.
1(b)	Non-Current Contract Assets include overdue balances of Rs.9,037.98 lakhs as at March 31, 2026 (March 31, 2025 Rs.6,959.44 Lakhs), which are net of provisions of Rs. 1,036.37 lakhs as at March 31, 2026 (March 31, 2025 Rs.926.98 lakhs) and Non-Current Trade Receivables include overdue balances Rs 5,844.92 Lakhs as at March 31, 2026 (March 31, 2025 Rs. Rs 495.18 lakhs) (net of provisions amounting to Rs. 538.77 Lakhs (March 31, 2025 Rs.82.99 Lakhs)), relating to dues on projects which have been stalled due to delays in obtaining approvals from the regulatory authorities and on account of disputes. Due to the bioavailability of sufficient appropriate audit evidence to corroborate management's assessment of the recoverability of the said balances on these projects, we are unable to comment on the carrying value of these non-current Contract Assets and non-current Trade Receivables and the consequential impact if any, on the Statement of the Company for the year ended March 31, 2026. (Refer Note 03 of the Statement).
	Note No 3 as appearing in the Consolidated Financial Results for the quarter and year ended March 31, 2026
Non-Current Contract Assets include overdue balances of Rs. 9,037.98 lakhs as at March 31, 2026 (March 31, 2025 Rs.6,959.44 Lakhs), which are net of provisions of Rs. 1,036.37 lakhs as at March 31, 2026 (March 31, 2025 Rs.926.98 lakhs). Non-Current Trade Receivable include overdue balances of Rs 5,844.92 lakhs as at March 31, 2026 (March 31, 2025 Rs. 495.18 lakhs), which are net of provisions of Rs. 538.77 lakhs as at March 31, 2026 (March 31, 2025 Rs.82.99 lakhs). Both the above amounts pertain to projects which have been stalled due to delays in obtaining approvals from the regulatory authorities and on account of disputes. Due of the customers in the said projects in undergoing liquidation process, in respect of which the Company is confident of recovering the dues based on the realizability of the assets available with the said customer. Further, considering the ongoing negotiations with the customers, the management of the Company is confident of recovering the dues in full.
The Auditors have qualified this matter in their report for the quarter and year ended March 31, 2026.
	a. Frequency of qualification: Whether approved first time / repudiate / since how long continuing
Qualification Nai- Repudiate (Seventh Year)
b. For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views
Qualification Ydu- Repudiate (Fifth Year)
Not Applicable
	a. For Audit Qualification(s) where the impact is not quantified by the auditor:
(i) Management's estimation on the impact of audit qualification:
Turnover / Total Income
Total Expenditure
Net Profit/(Loss)
Earnings Per Share
Total Assets
Total Liabilities
Net Worth
(ii) If management is unable to estimate the impact, reasons for the same :
(iii) Auditors' Comments on (i) or (ii) above:
Signatories:
Venkataramani Jalganesh
Managing Director
Venkataramani Jalganesh
JAGANESH
RAJAGOPALAN
Ravichandran
Ravichandran
Ravichandran
Baiyugopalan
Baiyugopalan
Baiyugopalan
Baiyugopalan
Baiyugopalan
Baiyugopalan
Baiyugopalan
Baiyugopalan
Baiyugopalan
Baiyugopalan
Baiyugopalan
Baiyugopalan
B.8
Venkataramani
JAGANESH
Date: 2026.05.25
15:48:58 +05'30'
DA: 2026.05.25
15:52:04 +05'30'

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SEPC LIMITED — Interim / Quarterly Report 2026

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