What Shriram EPC does

SEPC Limited (formerly Shriram EPC Limited, incorporated 2000, headquartered in Chennai) is an Indian publicly-listed engineering, procurement, and construction (EPC) company delivering turnkey solutions across five business segments: Water Infrastructure, Process & Metallurgy, Mining & Mineral Processing, Power, and Overseas Projects. The company operates a multi-disciplinary execution platform that integrates design, engineering, procurement, construction, and project management for industrial and infrastructure clients, supported by ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications and an investment-grade BBB- rating from CRISIL and Infomerics.

Revenue is generated almost entirely through lump-sum turnkey EPC contracts awarded via competitive bidding to government public sector undertakings (notably SAIL, MOIL, HCL) and private enterprises (Shalimar Corp, Moon Iron & Steel), typically with 30–33 month execution windows and milestone-based payments. International delivery is executed through wholly-owned subsidiaries (SEPC FZE in UAE, Shriram EPC FZE Sharjah) and joint ventures (SEPC-Furlong JV). FY26 total income reached Rs 1,085.84 crore (~68% YoY growth) with net profit of Rs 53.54 crore, against an order book of approximately Rs 10,455 crore.

The go-to-market motion is enterprise field sales driven by tender participation and Letters of Award, supplemented by JV partnerships that allow SEPC to bid on packages beyond its standalone capacity. The company is executing a deliberate international pivot: in March 2026 it agreed to acquire a 90% stake in Abu Dhabi-based Avenir International Engineers and Consultants LLC for ~$163M, adding oil & gas EPC and FEED capabilities to its MENA footprint. UAE-based Mark AB Capital is a strategic backer with board representation. Backed by strong backlog, a recent leadership transition (V Jaiganesh as MD), and active M&A, SEPC is repositioning from a domestic Indian EPC contractor into a multi-region industrial services platform.

Name

Shriram EPC

Legal name

SEPC Limited

Website

https://shriramepc.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

EPC and Turnkey Engineering Construction Services

NAICS

Engineering Services (541330), Oil and Gas Pipeline and Related Structures Construction (23712), Architectural, Engineering, and Related Services (5413)

SIC

Water, Sewer, Pipeline, Comm & Power Line Construction (1623), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Process Plant & Materials Handling EPC (Crushing, Conveying, Stockpiles, Loadout) (IMAKAOAE)

akta.pro secondary industries

Power Plant Electrical Systems EPC (Switchyard, Transformers, Protection & Controls) (EUAEAAAM), Civil & Site Works EPC (Earthworks, Roads, Drainage, Foundations) (EUAEADAA), Solar Balance-of-Plant EPC (Piles/Foundations, Trenching, Combiner Networks) (EUAEADAJ), Environmental & Permitting Compliance During Construction (Erosion Control, Wildlife Mitigation, Monitoring) (EUAMAFAM)

Keywords

• Engineering procurement construction
• Turnkey EPC solutions
• Mining infrastructure construction
• Water treatment EPC
• Process metallurgy projects

Headquarters

HQ city

Chennai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. EPC Contract Revenue: SEPC generates revenue through engineering, procurement, and construction contracts with government and private sector clients. Contracts are typically large-scale infrastructure projects secured through competitive bidding, with execution periods ranging from 30 to 33 months. Revenue recognition follows project completion milestones with milestone-based payments.
2. International Subcontracting: Subsidiary SEPC FZE executes international subcontracts for energy infrastructure work, including installation of safety systems. Contracts are executed on milestone-based progress systems with payments starting 60 days after submission.
3. Acquisition Integration: Acquisition of 90% stake in Avenir International Engineers and Consultants LLC for approximately $163 million will add oil and gas EPC and consulting segment revenue, with Avenir reporting AED 74 million revenue in 2024.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels3 records

Core offering

SEPC Limited (formerly Shriram EPC) provides end-to-end Engineering, Procurement, and Construction (EPC) and turnkey project management services across five business segments: Water Infrastructure, Process & Metallurgy, Mining & Mineral Processing, Power, and Overseas Projects. The company delivers multi-disciplinary design, engineering, procurement, construction, and project management services to government public sector undertakings, mining companies, steel/cement manufacturers, and energy clients across India and the Middle East.

Product overview

SEPC Limited (formerly Shriram EPC Limited) is an Indian engineering, procurement, and construction (EPC) company incorporated in 2000 with headquarters in Chennai. The company provides end-to-end, multi-disciplinary design, engineering, procurement, construction, and project management services as a unified offering. The portfolio consists of five interconnected business segments: Water Infrastructure, Process and Metallurgy, Mining and Mineral Processing, Power, and Overseas Projects. These segments operate as an integrated EPC platform, allowing the company to deliver turnkey solutions across diverse industrial sectors including steel, mining, water management, and infrastructure development.

Differentiator

Problem solved

Functional benefit

Products and services

• Water Infrastructure EPC Provides end-to-end EPC solutions for water treatment, distribution, and management infrastructure including water supply systems, desalination facilities, and wastewater treatment infrastructure for government and municipal clients in India.
• Process and Metallurgy EPC Offers engineering, procurement, and construction services for process industry and metallurgical plants, including steel plants, cement plants, refineries, and industrial processing facilities for government PSUs and industrial clients.
• Mining and Mineral Processing EPC Provides turnkey EPC solutions for mining infrastructure including vertical shaft construction (e.g., MOIL Chikla Mine), mineral processing plants, and mining equipment installation for mining sector clients.
• Power EPC Delivers EPC services for power generation projects including thermal and solar power plant construction and balance of plant solutions, as well as transmission and distribution infrastructure.
• Overseas Projects EPC Manages international EPC projects across the Middle East, Africa, and other regions through subsidiaries including SEPC FZE in Sharjah, covering oil & gas, cement, energy infrastructure and industrial projects.

Quantifiable outcome

• FY26 total income of Rs 1,085.84 crore with 68.08% YoY increase and net profit of Rs 53.54 crore (over 2x growth)
• +2 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered major, core and minor.

• Furlong (SEPC-Furlong JV)majorChannel Partner/ Reseller/ Distributor · 14 May 2026Joint venture partnership for infrastructure projects in India. SEPC-Furlong JV has secured multiple contracts including Rs 521.46 crore road project from Shalimar Corp, Rs 86 crore Bihta Airport civil enclave development, and railway infrastructure projects.
• Avenir International Engineers and Consultants LLCcoreStrategic or Co-development Partner · 23 March 2026Abu Dhabi-based engineering services firm founded in 2007, specializing in oil and gas front-end engineering design and project management consultancy. SEPC agreed to acquire 90% stake for approximately $163 million (Rs 1,530 crore) through all-share-swap deal expected to close within six months. Reported revenue of AED 74 million in 2024, up from AED 69 million the prior year.
• Avenir International Engineers and Consultants LLC (Work Order)minorStrategic or Co-development Partner · 23 March 2026Post-acquisition, Avenir International Engineers and Consultants LLC has issued a work order to SEPC for total consideration of AED 13,500,000 (approximately Rs 32.63 crore), demonstrating ongoing business integration.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• NCC Limited: Diversified Indian EPC and construction company active in buildings, roads, water, and electrical T&D. Comparable to SEPC on water infrastructure and roads JV business, with similar tender-driven government contracting model.
• KEC International: RPG Group EPC company specializing in power transmission & distribution, cables, and civil infrastructure. Comparable on the power segment and on cross-border project execution; competes with SEPC's power BoP and overseas business.
• VA Tech Wabag: Pure-play water EPC and treatment specialist with strong Middle East presence. Direct competitor to SEPC's water infrastructure segment and a peer for municipal water and desalination contracts in UAE/Oman.
• Tata Projects: Indian multi-disciplinary EPC player operating across power, water, oil & gas, metals, and urban infrastructure. Highly comparable to SEPC in terms of customer base (PSUs, state governments) and project mix, often competing head-to-head on industrial and process plant tenders.
• Engineers India Limited: Government-owned engineering consultancy and EPC company with strong presence in refineries, petrochemicals, pipelines, and metallurgical plants. Overlaps with SEPC's process & metallurgy and oil & gas segments (especially post-Avenir), and competes for similar PSU contracts.
• BGR Energy Systems: Indian EPC player focused on power generation, transmission, oil & gas, and process industries. Closely comparable to SEPC in size, customer mix (NTPC, BHEL, PSU clients), and turnkey execution model.
• NBCC (India): Government-owned EPC and project management company with major presence in infrastructure, water, and real-estate project management consultancy. Comparable in PMC/EPSM and PSU contracting, and a peer in bidding for government-funded infrastructure programs.
• Kalpataru Projects International: Indian EPC company focused on power transmission, oil & gas pipelines, railways, and urban infrastructure. Comparable in scale and project mix, with international operations in Middle East/Africa that mirror SEPC's overseas expansion strategy.

Regional players

• IRB Infrastructure Developers: Indian road and highway EPC + BOT operator. Directly comparable to SEPC-Furlong JV's road widening work in India; competing for similar state government highway tenders.

Broad incumbents

• Larsen & Toubro: India's largest EPC conglomerate with deep capabilities across power, hydrocarbons, infrastructure, and process industries. Direct competitor on large multi-disciplinary EPC tenders like SAIL steel expansion and mining/mineral processing projects, though L&T operates at a vastly larger scale and capital base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/shriram-epc-limted

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shriram EPC