SUMANSPEAKS June 23, 2026 SumanSpeaks Independent Capital Markets Intelligence · Estd 2006 Legal Intelligence · EPC Sector The Court That Keeps Giving SEPC Ltd (₹6.82) Another Chance to Breathe From a ₹195 crore Singapore arbitration decree to a ₹2 crore salary lifeline — how the Madras High Court became the most interesting character in SEPC's ongoing legal saga, and why the retail investor is watching the wrong plot entirely Indian markets love to price fear. And when a company simultaneously carries a Singapore arbitration award, a CRISIL D rating, and a Madras High Court order on its file, the average retail investor does not pause to read the fine print. He sells first, panic-tweets second, and asks questions never. SEPC Limited (BSE: 513446) has been living in this particular purgatory for over three years — down on bad days, overlooked on good ones, and relent...
Prakash Industries Ltd: Banking on Steely Recovery
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Prakash Industries (PIL) reported a 37.8% yoy top-line growth in Q2FY13; however, its operating margins declined mainly due to higher input costs.
Higher realizations drive top-line growth: PIL’s net sales grew by 37.8% yoy to Rs.631 Cr mainly on account of higher realization across product categories. Gross realization of structural steel/TMT and wire rods increased by 12.4% and 7.8% yoy to Rs.38,557/tonne and Rs.40,409/tonne, respectively.
High costs dented PIL’s profitability: Raw material costs increased by 44.9% yoy to Rs.444 Cr due to increase in prices of inputs. EBITDA margin slipped by 367 bps yoy to 13.1%; however, EBITDA increased by 7.7% yoy to Rs.83 Cr. Interest expenses stood at Rs.13 Cr compared to Rs.3 Cr in Q2FY12 and depreciation expenses also increased by 44.7% yoy to Rs.25.72 Cr. Hence, net profit decreased by 18.6% yoy to Rs.44.57 Cr in Q2FY13 as against Rs.54.81 in the same period previous year. .
Outlook and valuation: PIL has slowed down its power expansion plans; nevertheless, we can expect PIL’s EBITDA to witness a strong growth from FY14 once the benefits of increased capacities of sponge iron and power commence meaningful production. Hence, the scrip can be purchased at the CMP of Rs.49.95, for a short term target of Rs.61-62.
Higher realizations drive top-line growth: PIL’s net sales grew by 37.8% yoy to Rs.631 Cr mainly on account of higher realization across product categories. Gross realization of structural steel/TMT and wire rods increased by 12.4% and 7.8% yoy to Rs.38,557/tonne and Rs.40,409/tonne, respectively.
High costs dented PIL’s profitability: Raw material costs increased by 44.9% yoy to Rs.444 Cr due to increase in prices of inputs. EBITDA margin slipped by 367 bps yoy to 13.1%; however, EBITDA increased by 7.7% yoy to Rs.83 Cr. Interest expenses stood at Rs.13 Cr compared to Rs.3 Cr in Q2FY12 and depreciation expenses also increased by 44.7% yoy to Rs.25.72 Cr. Hence, net profit decreased by 18.6% yoy to Rs.44.57 Cr in Q2FY13 as against Rs.54.81 in the same period previous year. .
Outlook and valuation: PIL has slowed down its power expansion plans; nevertheless, we can expect PIL’s EBITDA to witness a strong growth from FY14 once the benefits of increased capacities of sponge iron and power commence meaningful production. Hence, the scrip can be purchased at the CMP of Rs.49.95, for a short term target of Rs.61-62.
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