5329452026-01-012026-03-315329452026-03-315329452025-03-315329452025-04-012026-03-315329452026-01-012026-03-31in-capmkt:OtherExpenses1Member5329452025-04-012026-03-31in-capmkt:OtherExpenses1Member5329452026-03-31OtherNoncurrentFinancialAssetsDomain15329452026-03-31OtherNoncurrentFinancialAssetsDomain25329452026-03-31OtherNoncurrentFinancialAssetsDomain35329452026-03-31OtherNoncurrentAssetsDomain15329452026-03-31OtherNoncurrentAssetsDomain25329452026-03-31OtherCurrentFinancialAssetsDomain15329452026-03-31OtherCurrentFinancialAssetsDomain25329452026-03-31OtherCurrentAssetsDomain15329452026-03-31OtherNoncurrentFinancialLiabilitiesDomain15329452026-03-31OtherNoncurrentFinancialLiabilitiesDomain25329452026-03-31OtherNoncurrentLiabilitiesDomain15329452026-03-31OtherCurrentFinancialLiabilitiesDomain15329452026-03-31OtherCurrentFinancialLiabilitiesDomain25329452026-03-31OtherCurrentLiabilitiesDomain15329452026-03-31OtherCurrentLiabilitiesDomain25329452026-01-012026-03-31AuditorDomain15329452026-01-012026-03-31in-capmkt:AuditedMember5329452026-03-31in-capmkt:AuditedMember5329452026-01-012026-03-31in-capmkt:AdjustedMember5329452026-03-31in-capmkt:AdjustedMember5329452026-01-012026-03-31AuditQualification15329452026-01-012026-03-31AuditQualification2iso4217:INRiso4217:INRxbrli:shares532945SEPCNOTLISTEDINE964H01014SEPC LIMITEDMain BoardEquity2025-04-012026-03-312026-05-252026-05-20INRLakhsQuarterlyFourth quarterSingle segmentCONTRACT2026-05-2510:45:002026-05-2515:30:00trueCash Flow IndirectStatement on impact of audit qualification2026-01-012026-03-31AuditedConsolidated27383160001512100002889526000239121300000680030009127800092690001770680002736831000152695000-4009000148686000011352000113520000137334000000013733400021882000159216000000019433228000100.070.07000.070.072025-04-012026-03-31AuditedConsolidated10544985000313405000108583900008909102000002899950004077920004876200057009700010225748000632642000-1090600062173600008635200086352000053538400000005353840002578800056117200000001943322800010-2435900000.060.06000.060.06Other Expenses177068000Other Expenses570097000209895000000015840000031080002717001000696170001182426000397215200038426100002023800080464790000138360005891372000261778000484859000014892151000215439960001336119000228801150003092659400019433228000-243590000191896380001822700019207865000239303800000047407000244044500062014000002174350002719894000112063500007200763000720076300043452000836485000062175000012235000008998835000001171872900030926594000Contract Assets903762000Other financial assets127755000Income tax assets (net)150909000Other non-current assets7948000Right to Use Assets12290000Contract Assets14635110000Other current financial assets257041000Other current assets1336119000Other non-current financial liabilities45378000Lease Liabilities2029000Contract Liabilities217435000Other current financial liabilities24180000Lease Liabilities19272000Other current liabilities49688000Contract Liabilities5720620004075600000-3745314000-30379050007578000-79480000-542070000331214500072021000227450000487620000-13490003579000-212368000000167110000-440000000-1185300000-3320382000-2698646000000-654640000-263318200000013395000000008480000000000000000000000172150000-65834000-7049400000324948800000000737730002465290000018473500000289199700018832100001883210007345700026177800000-21882000-257880002188200025788000AuditedQualified opinionMSKA & Associatestrue2027-07-319711000971100010225748000102257480005353840005353840000.30.3309265940003092659400011718729000117187290001920786500019207865000The 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 managements 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).Qualified opinionRepetitiveNote No 6 as appearing in the Standalone Financial Results for the quarter and year ended March 31, 2026 <br></br> 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. <br></br> The auditors have qualified this matter in their report for the quarter and year ended March 31, 2026.NANANANon-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 managements 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).Qualified opinionRepetitive <br></br> Note No 3 as appearing in the Standalone Financial Results for the quarter and year ended March 31, 2026 <br></br> 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. <br></br> The Auditors have qualified this matter in their report for the quarter and year ended March 31, 2026.NANANAVenkataramani JaiganeshR.S. ChandrasekharanDr. Ravichandran RajagopalanMSKA & AssociatesChennai2026-05-25