Synopsis: Chennai-based EPC company SEPC Limited has received a Letter of Acceptance from Steel Authority of India Limited – IISCO Steel Plant, Burnpur, for two Balance of Plant packages: Coke Oven BOP (excluding Civil & Structural) and Sinter Plant BOP (including Civil & Structural) for the 4.08 MTPA Crude Steel Expansion Project, with a combined order value of Rs.673.32 crore.
India’s steel sector capacity push is creating a fresh wave of EPC opportunities, and one Chennai-based engineering player has just landed a significant contract from the country’s largest steelmaker to help reshape a major integrated facility in Jharkhand.
With a market capitalization of Rs.1,440 crore, the shares of SEPC Limited were trading at Rs.7.82 per share, up by 13 percent from the previous day’s closing of Rs.6.91, and it is trading at a P/E of approximately 26x.
Order Update
SEPC Limited has received a Letter of Acceptance (LOA) from Steel Authority of India Limited (SAIL) – IISCO Steel Plant (ISP), Burnpur, for two packages under the 4.08 MTPA Crude Steel Expansion Project.
The first package covers Coke Oven BOP (Balance of Plant), excluding Civil & Structural works, valued at Rs.296.77 crore (net of ITC), with a 30-month execution timeline from the effective date of contract. The second package covers the Sinter Plant BOP (Balance of Plant), including Civil & Structural works, valued at Rs.376.56 crore, to be executed over 33 months. The combined value of both packages stands at Rs.673.32 crore.
SAIL’s IISCO Steel Plant at Burnpur is one of India’s oldest integrated steel plants, and the 4.08 MTPA crude steel expansion is a marquee brownfield project. For SEPC, this is a significant domestic win that broadens the company’s footprint in the steel sector alongside its existing base in oil & gas, petrochemicals, and infrastructure EPC.
Commenting on the order win, Managing Director Venkataramani Jaiganesh said the contract marks a significant milestone for SEPC and reflects the confidence that leading public sector enterprises place in the company’s engineering expertise and project execution capabilities.
He noted that India’s steel industry is entering a phase of sustained capacity expansion driven by infrastructure development and manufacturing growth and believes the order positions SEPC to benefit from this trend while strengthening its order book and enhancing future revenue visibility.
Financial Snapshot & Business Overview
SEPC Limited is a Chennai-based Engineering, Procurement and Construction company focused on the EPC segment across sectors including steel, oil & gas, and infrastructure. The company operates with a subsidiary in Sharjah and multiple joint operations and has been working through a financial resolution plan over the past few years.
On a consolidated basis for FY26, the company reported total revenue from operations of Rs.1,085.84 crore, up from Rs.646.02 crore in FY25. Net profit stood at Rs.53.54 crore for FY26, compared to Rs.24.84 crore in FY25. The Rs.673 crore SAIL win represents a meaningful addition to the order pipeline and signals improving execution visibility, though investors will want to watch receivable recovery and margin delivery closely before drawing firm conclusions.
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