SEMAC - Semac Consul
📢 Recent Corporate Announcements
Semac Construction reported a strong turnaround in Q3 FY26, with consolidated revenue from operations growing 28% year-on-year to ₹58.96 crore. The company posted a net profit of ₹1.57 crore, compared to a net loss of ₹1.24 crore in the same quarter last year. For the nine-month period, revenue jumped nearly 69% to ₹167.83 crore, indicating significant scaling of operations. This performance is bolstered by the acquisition of its subsidiary, Semac Construction Technologies, which is now being merged with the parent company.
- Consolidated Revenue from Operations rose 28.1% YoY to ₹58.96 crore in Q3 FY26.
- Net Profit turned positive at ₹1.57 crore for the quarter, reversing a loss of ₹1.24 crore in Q3 FY25.
- 9-month Revenue surged 68.6% to ₹167.83 crore, reflecting strong operational scaling.
- Basic EPS improved significantly to ₹5.04 from a negative ₹3.98 in the previous year's quarter.
- The company is in the process of merging its 100% subsidiary, Semac Construction Technologies, pending NCLT approval.
Semac Construction Limited reported a strong financial performance for Q3 FY26, achieving a consolidated net profit of ₹156.98 lakhs compared to a loss of ₹124.09 lakhs in the same period last year. Consolidated revenue from operations grew 28% YoY to ₹5,895.66 lakhs, while the nine-month revenue surged 68.6% to ₹16,783.23 lakhs. The company has successfully turned around its operations, moving from a 9M FY25 loss of ₹657.24 lakhs to a 9M FY26 profit of ₹273.81 lakhs. Additionally, the company is awaiting NCLT approval for the merger of its wholly-owned subsidiary, Semac Construction Technologies India Private Limited.
- Consolidated Revenue for Q3 FY26 rose 28% YoY to ₹58.96 crore from ₹46.05 crore.
- Net Profit stood at ₹1.57 crore in Q3 FY26, a sharp recovery from a loss of ₹1.24 crore in Q3 FY25.
- 9M FY26 Revenue grew by 68.6% YoY to ₹167.83 crore, reflecting the impact of the June 2025 acquisition.
- Basic EPS improved significantly to ₹5.04 for the quarter compared to a negative ₹3.98 in the previous year.
- The company has filed a scheme of amalgamation with NCLT to merge its 100% subsidiary into the parent entity.
Semac Construction Limited has approved a Joint Venture (JV) with Altis Holding Corporation, a Ukrainian entity, to participate in a major infrastructure tender. The JV is specifically formed to bid for the 'Redevelopment of Barauni Junction Railway Station' project under the East Central Railways. This move indicates the company's strategic focus on securing large-scale government infrastructure contracts. Investors should note that the financial impact depends on the successful winning of the bid, the value of which is currently undisclosed.
- Board approved Joint Venture with Ukraine-based Altis Holding Corporation on January 19, 2026.
- The partnership is aimed at bidding for the Redevelopment of Barauni Junction Railway Station project.
- The project is being developed by the Ministry of Railways through East Central Railway.
- The bid submission marks a strategic expansion into railway infrastructure for the company.
Semac Construction Limited has approved a Joint Venture with Altis Holding Corporation, a company registered in Ukraine. The partnership is specifically aimed at submitting a bid for the redevelopment of the Barauni Junction Railway Station for East Central Railways. This project is a key initiative under the Ministry of Railways. The collaboration marks a strategic move by Semac to enhance its bidding capabilities for large-scale infrastructure projects through international cooperation.
- Board approved JV with Ukraine-based Altis Holding Corporation on January 19, 2026.
- The partnership targets the 'Redevelopment of Barauni Junction Railway Station' project under East Central Railways.
- The bid is being submitted to the Chief Engineer (Con)/NC, East Central Railway, under the Ministry of Railways.
- Strategic move to leverage international expertise for domestic infrastructure development.
Semac Construction Limited has successfully completed its Reconciliation of Share Capital Audit for the quarter ended December 31, 2025. The audit confirms that the total issued and listed capital remains unchanged at 31,17,309 equity shares. Approximately 98.98% of the company's shares are held in dematerialized form, with the majority (89.23%) held through NSDL. The report indicates no pending demat requests beyond the 21-day limit, reflecting efficient share registry management.
- Total issued and listed capital stands at 31,17,309 equity shares as of December 31, 2025.
- Dematerialized holdings account for 98.98% of total shares, with 27,81,642 shares in NSDL and 3,03,944 in CDSL.
- Only 1.02% or 31,722 shares remain in physical form.
- The company maintains 1,58,027 shares in a suspense escrow account for shareholders of Renaissance Advanced Consultancy Limited (RACL).
- Zero demat requests were pending beyond the 21-day threshold during the quarter.
Semac Construction Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all dematerialization requests for the quarter ended December 31, 2025, were processed within the mandated timelines. It further verifies that security certificates received were mutilated and cancelled after due verification. This is a standard administrative filing required to maintain the integrity of the company's shareholding records.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Issued by Registrar and Transfer Agent (RTA) MUFG Intime India Private Limited.
- Confirms dematerialization requests were processed and listed on stock exchanges within prescribed timelines.
- Verification that security certificates were mutilated and cancelled after depository updates.
- Ensures adherence to SEBI (Depositories and Participants) Regulations, 2018.
Semac Construction Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of financial results. The window will remain closed until 48 hours after the declaration of the unaudited financial results for the quarter ending December 31, 2025. This is a standard regulatory procedure for listed companies in India.
- Trading window closure effective from January 1, 2026.
- Closure pertains to the unaudited financial results for the quarter ending December 31, 2025.
- Restriction applies to Designated Persons and their Immediate Relatives as per SEBI norms.
- Trading window will reopen 48 hours after the official declaration of quarterly results.
Financial Performance
Revenue Growth by Segment
The company operates in a single operating segment of Engineering, Procurement and Construction (EPC) Services. Standalone Net Profit before tax for H1 FY26 was INR 126.79 Lakhs, a significant turnaround from a loss of INR 476.82 Lakhs in H1 FY25.
Geographic Revenue Split
Operations are conducted in India and Oman. The company holds a 100% stake in its Indian subsidiary, Semac Construction Technologies India Private Limited, and a 65% stake in Semac and Partner LLC, Muscat, Oman.
Profitability Margins
Profitability showed a major turnaround; Standalone EPS improved from INR -17.54 in H1 FY25 to INR 3.93 in H1 FY26. Consolidated Total Comprehensive Income for equity holders turned positive at INR 122.42 Lakhs in H1 FY26 compared to a loss of INR 546.76 Lakhs in H1 FY25.
EBITDA Margin
Estimated Standalone EBITDA for H1 FY26 was INR 287.20 Lakhs (calculated as NPBT of INR 126.79 Lakhs + Finance Cost of INR 265.04 Lakhs + Depreciation of INR 75.30 Lakhs - Interest Income of INR 179.93 Lakhs).
Capital Expenditure
As of September 30, 2025, consolidated Property, Plant and Equipment (PPE) stood at INR 115.20 Lakhs and Right of Use assets at INR 266.65 Lakhs.
Credit Rating & Borrowing
Finance costs for H1 FY26 were INR 265.04 Lakhs, representing a 14.8% increase from INR 230.82 Lakhs in H1 FY25, indicating high borrowing costs relative to operating profit.
Operational Drivers
Capacity Expansion
The company acquired the remaining 50% equity of its associate, Semac Construction Technologies India Private Limited, on June 26, 2025, making it a wholly-owned subsidiary to consolidate EPC capacity.
Manufacturing Efficiency
Not applicable as the company operates in the EPC services segment.
Strategic Growth
Growth Strategy
Growth is driven by the consolidation of subsidiaries. The Board approved a Scheme of Amalgamation on July 30, 2025, to merge Semac Construction Technologies India Private Limited into the parent company to streamline EPC operations and reduce overheads.
Products & Services
Engineering, Procurement, and Construction (EPC) Services.
Brand Portfolio
SEMAC
Market Expansion
Expansion is focused on strengthening the domestic Indian EPC market and maintaining the 65% owned international operations in Muscat, Oman.
Strategic Alliances
The company transitioned its associate company, Semac Construction Technologies India Private Limited, into a 100% subsidiary during Q1 FY26.
External Factors
Industry Trends
The EPC industry is seeing a trend toward integrated service delivery; SEMAC is positioning itself by merging its technology-focused subsidiary into the main construction entity.
Competitive Moat
Moat is based on integrated EPC capabilities and an established international presence in Oman, though corporate governance needs further strengthening to sustain competitive advantage.
Geopolitical Risks
The 65% stake in the Oman-based subsidiary exposes the company to Middle Eastern geopolitical and economic stability risks.
Regulatory & Governance
Industry Regulations
The company must comply with the Companies Act 2013 and SEBI (LODR) Regulations 2015. It has substantially complied with corporate governance norms, though auditors noted compliance needs to be further strengthened.
Legal Contingencies
A Scheme of Amalgamation between the parent and its Indian subsidiary is currently pending approval before the National Company Law Tribunal (NCLT), Delhi.
Risk Analysis
Key Uncertainties
Key risks include the successful integration of the newly acquired subsidiary and the outcome of the NCLT amalgamation process.
Geographic Concentration Risk
Operations are concentrated in India and Oman.
Credit & Counterparty Risk
The company recognized a provision for expected credit loss of INR 110.69 Lakhs in H1 FY26, indicating significant counterparty credit risk.