SEPC Limited has received a Letter of Intent from Telecommunications Consultants India Limited (TCIL), a Government of India enterprise, for a ₹313.96 crore smart prepaid metering project in Punjab’s Central Zone under the Revamped Distribution Sector Scheme (RDSS). The order will be executed on a Design, Build, Finance, Own, Operate, and Transfer (DBFOOT) basis in consortium with Adya Smart Metering Private Limited, providing long-term revenue visibility through milestone-linked payments.
The project marks a significant expansion of SEPC’s power distribution infrastructure portfolio and reinforces its strategy of building annuity-based revenue streams. It involves the design, deployment, integration, commissioning, and long-term operation and maintenance of advanced metering infrastructure for Punjab State Power Corporation Limited (PSPCL). The consortium structure brings together complementary capabilities to deliver a comprehensive smart metering solution.
Valued at ₹313.96 crore, the project will follow a back-to-back payment structure linked to defined milestones during the post-operational Go-Live phase, including monthly, quarterly, and annual targets. This DBFOOT model offers predictable, long-term cash flows while supporting disciplined risk and capital management, aligning closely with SEPC’s financial and operational objectives.
Strategically, the order strengthens SEPC’s order momentum and deepens its presence in the rapidly evolving smart metering segment—an essential component of India’s power distribution reforms. With sustained public sector investment driving digital modernization of utilities, the project positions SEPC to benefit from continued sectoral growth.
Commenting on the development, Mr. Venkataramani Jaiganesh, Managing Director of SEPC Limited, said that the order reflects client confidence in SEPC’s execution capabilities across complex infrastructure projects. He highlighted smart metering as a key pillar of India’s power distribution reforms and noted that the DBFOOT structure supports the company’s focus on building long-term, annuity-linked revenues while maintaining a disciplined approach to risk and capital deployment.
SEPC Limited, formerly Shriram EPC Limited, is an established EPC company delivering turnkey solutions across Water & Wastewater, Roads, Industrial Infrastructure, and Mining. The company designs, procures, constructs, and commissions large and complex projects across India, primarily for Central and State Government agencies.
Financially, SEPC reported consolidated revenue of ₹796.89 crore for the nine months ended December 2025, exceeding its full-year FY25 revenue of ₹597.70 crore. EBITDA stood at ₹83.60 crore for the nine-month period compared with ₹98.90 crore for FY25, while net profit reached ₹39.81 crore versus ₹24.80 crore in FY25. The strong operating momentum, diversified portfolio, and increasing exposure to annuity-based projects position SEPC favorably to capitalize on growth opportunities in India’s infrastructure development sector.
