# Project Consultancy/Turnkey — company-by-company sector analysis

> Project Consultancy/Turnkey: Power Mech Projects Ltd owns the largest revenue base; SEPC Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Project Consultancy/Turnkey has underperformed NIFTY 500 by 27.8% over 52 weeks and 6.6% over 13 weeks. 1 of 3 covered companies beat NIFTY on Mansfield relative strength, while 2 of 3 beat the sector itself. Power Mech Projects Ltd leads with revenue of ₹6,062 crore, based on 3 of 3 comparable companies through Mar 2026.

### Is the Project Consultancy/Turnkey sector outperforming NIFTY 500?

Project Consultancy/Turnkey has underperformed NIFTY 500 by 27.8% over 52 weeks and 6.6% over 13 weeks. 1 of 3 covered companies beat NIFTY on Mansfield relative strength, while 2 of 3 beat the sector itself.

### Which Project Consultancy/Turnkey company is largest by revenue?

Power Mech Projects Ltd leads with revenue of ₹6,062 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Project Consultancy/Turnkey company is growing fastest?

SEPC Ltd has the fastest current revenue growth at 76.3%, across 3 of 3 comparable companies.

### Which Project Consultancy/Turnkey company has the strongest 4-Factor Sector Score?

Power Mech Projects Ltd ranks first at 63.3/100 with 74.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Project Consultancy/Turnkey company has the least gross debt?

Om Infra Ltd has the lowest comparable gross debt at ₹86 crore. Power Mech Projects Ltd has the highest at ₹664 crore.

### How much history does this Project Consultancy/Turnkey comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Project Consultancy/Turnkey has underperformed NIFTY 500 by 27.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 6.6%. 1 of 3 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Power Mech Projects Ltd is the strongest against the sector itself at +7.2%.

13-week sector return versus NIFTY 500: -6.6%
52-week sector return versus NIFTY 500: -28%
Stocks leading NIFTY: 1/3
Stocks leading sector: 2/3

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 3
Combined market value: ₹10.2K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Power Mech Projects Ltd (POWERMECH): 63/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 17.9/35 | Capital efficiency 19.9/25 | Valuation 8.5/20 | Relative strength 17.0/20
   - Exact sum: 17.9 + 19.9 + 8.5 + 17 = 63.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. SEPC Ltd (SEPC): 42/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 23.2/35 | Capital efficiency 9.0/25 | Valuation 10.0/20 | Relative strength 0.0/20
   - Exact sum: 23.2 + 9 + 10 + 0 = 42.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -23.2% and the one-year return is -54.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Om Infra Ltd (OMINFRAL): 42/100 — Mixed-negative evidence; evidence 84%
   - Growth & earnings 13.3/35 | Capital efficiency 10.9/25 | Valuation 8.3/20 | Relative strength 9.6/20
   - Exact sum: 13.3 + 10.9 + 8.3 + 9.6 = 42.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Power Mech Projects Ltd is the scale leader at ₹6,062 crore, 475.1% ahead of SEPC Ltd. SEPC Ltd's growth is 76.3% from a ₹1,054 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Power Mech Projects Ltd is the scale benchmark; SEPC Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Power Mech Projects Ltd's growth falls below SEPC Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Power Mech Projects Ltd · ₹6,062 crore | 475.1% versus #2 · SEPC Ltd | 8/8 recent comparable periods | 3/3 companies · 42 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Power Mech Projects Ltd (POWERMECH): ₹6.1K Cr
2. SEPC Ltd (SEPC): ₹1.1K Cr
3. Om Infra Ltd (OMINFRAL): ₹500 Cr

### Revenue growth — fastest growers
1. SEPC Ltd (SEPC): 76%
2. Power Mech Projects Ltd (POWERMECH): 16%
3. Om Infra Ltd (OMINFRAL): -30%

### 20-quarter Revenue history
- POWERMECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹909 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹865 Cr | Sep 2023 ₹932 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹2.1K Cr
- SEPC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹122 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹143 Cr | Sep 2023 ₹129 Cr | Dec 2023 ₹141 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹176 Cr | Sep 2024 ₹171 Cr | Dec 2024 ₹133 Cr | Mar 2025 ₹118 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹237 Cr | Dec 2025 ₹341 Cr | Mar 2026 ₹274 Cr
- OMINFRAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹209 Cr | Mar 2023 ₹347 Cr | Jun 2023 ₹267 Cr | Sep 2023 ₹280 Cr | Dec 2023 ₹272 Cr | Mar 2024 ₹296 Cr | Jun 2024 ₹169 Cr | Sep 2024 ₹238 Cr | Dec 2024 ₹133 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹104 Cr | Sep 2025 ₹124 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹160 Cr

### 20-quarter Revenue growth history
- POWERMECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 22% | Mar 2024 11% | Jun 2024 16% | Sep 2024 11% | Dec 2024 21% | Mar 2025 42% | Jun 2025 28% | Sep 2025 20% | Dec 2025 6.1% | Mar 2026 14%
- SEPC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 4.2% | Jun 2024 23% | Sep 2024 33% | Dec 2024 -5.7% | Mar 2025 -20% | Jun 2025 15% | Sep 2025 39% | Dec 2025 156% | Mar 2026 132%
- OMINFRAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 30% | Mar 2024 -15% | Jun 2024 -36% | Sep 2024 -15% | Dec 2024 -51% | Mar 2025 -42% | Jun 2025 -38% | Sep 2025 -48% | Dec 2025 -16% | Mar 2026 -6.9%

## Operating Economics & Margin Trend

What the numbers say: Power Mech Projects Ltd leads opm at 11%; Om Infra Ltd leads margin change at +19.3 percentage points.

Investor read: Power Mech Projects Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Power Mech Projects Ltd · 11% | 11.9% versus #2 · Om Infra Ltd | 2/8 recent comparable periods | 3/3 companies · 60 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Power Mech Projects Ltd (POWERMECH): 11%
2. Om Infra Ltd (OMINFRAL): 9.8%
3. SEPC Ltd (SEPC): 4.0%

### Margin change — fastest expanders
1. Om Infra Ltd (OMINFRAL): +19.3 pp
2. Power Mech Projects Ltd (POWERMECH): −1.0 pp
3. SEPC Ltd (SEPC): −9.0 pp

### 20-quarter OPM history
- POWERMECH: Jun 2021 10% | Sep 2021 10% | Dec 2021 10% | Mar 2022 10% | Jun 2022 11% | Sep 2022 11% | Dec 2022 11% | Mar 2023 11% | Jun 2023 11% | Sep 2023 12% | Dec 2023 12% | Mar 2024 11% | Jun 2024 11% | Sep 2024 12% | Dec 2024 11% | Mar 2025 12% | Jun 2025 13% | Sep 2025 12% | Dec 2025 11% | Mar 2026 11%
- SEPC: Jun 2021 -16% | Sep 2021 -9.8% | Dec 2021 -31% | Mar 2022 -0.7% | Jun 2022 -20% | Sep 2022 -148% | Dec 2022 11% | Mar 2023 9.0% | Jun 2023 9.0% | Sep 2023 7.0% | Dec 2023 -1.0% | Mar 2024 5.0% | Jun 2024 14% | Sep 2024 4.0% | Dec 2024 3.0% | Mar 2025 13% | Jun 2025 14% | Sep 2025 4.0% | Dec 2025 8.0% | Mar 2026 4.0%
- OMINFRAL: Jun 2021 22% | Sep 2021 21% | Dec 2021 20% | Mar 2022 4.2% | Jun 2022 8.8% | Sep 2022 -6.1% | Dec 2022 4.7% | Mar 2023 6.0% | Jun 2023 7.6% | Sep 2023 15% | Dec 2023 0.8% | Mar 2024 8.7% | Jun 2024 10% | Sep 2024 7.3% | Dec 2024 1.4% | Mar 2025 -9.5% | Jun 2025 -0.7% | Sep 2025 5.4% | Dec 2025 5.9% | Mar 2026 9.8%

### 20-quarter Margin change history
- POWERMECH: Jun 2021 +16.4 pp | Sep 2021 +23.3 pp | Dec 2021 +6.2 pp | Mar 2022 +0.6 pp | Jun 2022 +0.5 pp | Sep 2022 +0.8 pp | Dec 2022 +0.5 pp | Mar 2023 +0.5 pp | Jun 2023 +0.1 pp | Sep 2023 +0.8 pp | Dec 2023 +1.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp
- SEPC: Jun 2021 −8.5 pp | Sep 2021 −5.3 pp | Dec 2021 −0.3 pp | Mar 2022 +12.3 pp | Jun 2022 −3.6 pp | Sep 2022 −138.5 pp | Dec 2022 +42.3 pp | Mar 2023 +9.7 pp | Jun 2023 +28.5 pp | Sep 2023 +155.3 pp | Dec 2023 −12.0 pp | Mar 2024 −4.0 pp | Jun 2024 +5.0 pp | Sep 2024 −3.0 pp | Dec 2024 +4.0 pp | Mar 2025 +8.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +5.0 pp | Mar 2026 −9.0 pp
- OMINFRAL: Jun 2021 −27.4 pp | Sep 2021 −4.4 pp | Dec 2021 −2.1 pp | Mar 2022 −0.5 pp | Jun 2022 −13.3 pp | Sep 2022 −27.4 pp | Dec 2022 −15.0 pp | Mar 2023 +1.8 pp | Jun 2023 −1.2 pp | Sep 2023 +20.9 pp | Dec 2023 −3.9 pp | Mar 2024 +2.6 pp | Jun 2024 +2.6 pp | Sep 2024 −7.5 pp | Dec 2024 +0.6 pp | Mar 2025 −18.1 pp | Jun 2025 −10.9 pp | Sep 2025 −1.9 pp | Dec 2025 +4.5 pp | Mar 2026 +19.3 pp

## Profit Scale & Acceleration

What the numbers say: Power Mech Projects Ltd leads with ₹412 crore of TTM profit, 663% above SEPC Ltd. SEPC Ltd shows ≥100% on the scoring scale (125% uncapped) growth from a ₹54 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Power Mech Projects Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Power Mech Projects Ltd · ₹412 crore | 663% versus #2 · SEPC Ltd | 8/8 recent comparable periods | 3/3 companies · 42 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Power Mech Projects Ltd (POWERMECH): ₹412 Cr
2. SEPC Ltd (SEPC): ₹54 Cr
3. Om Infra Ltd (OMINFRAL): ₹21 Cr

### Profit growth — fastest growers
1. SEPC Ltd (SEPC): 100%
2. Power Mech Projects Ltd (POWERMECH): 18%
3. Om Infra Ltd (OMINFRAL): -43%

### 20-quarter Net profit history
- POWERMECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹51 Cr | Mar 2023 ₹75 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹153 Cr
- SEPC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹-20 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹14 Cr
- OMINFRAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹6 Cr

### 20-quarter Profit growth history
- POWERMECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 22% | Mar 2024 12% | Jun 2024 22% | Sep 2024 37% | Dec 2024 40% | Mar 2025 55% | Jun 2025 31% | Sep 2025 11% | Dec 2025 15% | Mar 2026 18%
- SEPC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 50% | Mar 2024 — | Jun 2024 60% | Sep 2024 -67% | Dec 2024 -33% | Mar 2025 43% | Jun 2025 113% | Sep 2025 300% | Dec 2025 275% | Mar 2026 40%
- OMINFRAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -30% | Mar 2024 -59% | Jun 2024 -12% | Sep 2024 -83% | Dec 2024 -24% | Mar 2025 370% | Jun 2025 -108% | Sep 2025 78% | Dec 2025 74% | Mar 2026 -56%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Om Infra Ltd has the clearest covered balance-sheet capacity with ₹6 crore and gross debt of ₹86 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Om Infra Ltd · ₹86 crore | 75.7% versus #2 · SEPC Ltd | 2/8 recent comparable periods | 3/3 companies · 45 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Om Infra Ltd (OMINFRAL): ₹86 Cr
2. SEPC Ltd (SEPC): ₹354 Cr
3. Power Mech Projects Ltd (POWERMECH): ₹664 Cr

### Net debt — lowest net debt
1. Om Infra Ltd (OMINFRAL): ₹6 Cr
2. SEPC Ltd (SEPC): ₹277 Cr

### 20-quarter Gross debt history
- POWERMECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹531 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹477 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹396 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹735 Cr | Jun 2025 — | Sep 2025 ₹960 Cr | Dec 2025 — | Mar 2026 ₹664 Cr
- SEPC: Jun 2021 ₹836 Cr | Sep 2021 ₹897 Cr | Dec 2021 ₹897 Cr | Mar 2022 ₹981 Cr | Jun 2022 ₹981 Cr | Sep 2022 ₹449 Cr | Dec 2022 ₹449 Cr | Mar 2023 ₹409 Cr | Jun 2023 ₹409 Cr | Sep 2023 ₹422 Cr | Dec 2023 — | Mar 2024 ₹455 Cr | Jun 2024 ₹455 Cr | Sep 2024 ₹381 Cr | Dec 2024 ₹381 Cr | Mar 2025 ₹358 Cr | Jun 2025 ₹358 Cr | Sep 2025 ₹365 Cr | Dec 2025 ₹365 Cr | Mar 2026 ₹354 Cr
- OMINFRAL: Jun 2021 ₹143 Cr | Sep 2021 ₹147 Cr | Dec 2021 ₹147 Cr | Mar 2022 ₹140 Cr | Jun 2022 ₹149 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹139 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹127 Cr | Sep 2023 ₹113 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹108 Cr | Sep 2024 ₹103 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹112 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹86 Cr

### 20-quarter Net debt history
- SEPC: Jun 2021 ₹799 Cr | Sep 2021 ₹865 Cr | Dec 2021 ₹865 Cr | Mar 2022 ₹973 Cr | Jun 2022 ₹951 Cr | Sep 2022 ₹393 Cr | Dec 2022 ₹393 Cr | Mar 2023 ₹374 Cr | Jun 2023 ₹359 Cr | Sep 2023 ₹383 Cr | Dec 2023 — | Mar 2024 ₹424 Cr | Jun 2024 ₹424 Cr | Sep 2024 ₹325 Cr | Dec 2024 ₹325 Cr | Mar 2025 ₹341 Cr | Jun 2025 ₹309 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹306 Cr | Mar 2026 ₹277 Cr
- OMINFRAL: Jun 2021 ₹94 Cr | Sep 2021 ₹98 Cr | Dec 2021 ₹98 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹105 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹-14 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹6 Cr

## Return On Capital Employed

What the numbers say: Power Mech Projects Ltd leads ROCE at 21.8%, 16.8 percentage points above SEPC Ltd. SEPC Ltd has the strongest latest improvement at +0.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Power Mech Projects Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Power Mech Projects Ltd · 21.8% | 333.4% versus #2 · SEPC Ltd | Not enough history | 3/3 companies · 30 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Power Mech Projects Ltd (POWERMECH): 22%
2. SEPC Ltd (SEPC): 5.0%
3. Om Infra Ltd (OMINFRAL): 4.7%

### ROCE change — fastest improvers
1. SEPC Ltd (SEPC): +0.8 pp
2. Om Infra Ltd (OMINFRAL): −0.3 pp
3. Power Mech Projects Ltd (POWERMECH): −1.0 pp

### 20-quarter ROCE history
- SEPC: Jun 2021 — | Sep 2021 -6.9% | Dec 2021 — | Mar 2022 -5.4% | Jun 2022 — | Sep 2022 -9.0% | Dec 2022 — | Mar 2023 -4.9% | Jun 2023 — | Sep 2023 3.0% | Dec 2023 4.6% | Mar 2024 1.3% | Jun 2024 5.3% | Sep 2024 1.7% | Dec 2024 4.7% | Mar 2025 2.5% | Jun 2025 4.8% | Sep 2025 2.4% | Dec 2025 5.0% | Mar 2026 3.3%
- OMINFRAL: Jun 2021 — | Sep 2021 5.9% | Dec 2021 — | Mar 2022 5.7% | Jun 2022 — | Sep 2022 3.1% | Dec 2022 — | Mar 2023 4.3% | Jun 2023 — | Sep 2023 11% | Dec 2023 16% | Mar 2024 9.3% | Jun 2024 15% | Sep 2024 6.0% | Dec 2024 9.8% | Mar 2025 2.9% | Jun 2025 4.4% | Sep 2025 -0.4% | Dec 2025 2.6% | Mar 2026 2.6%

### 20-quarter ROCE change history
- SEPC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 — | Mar 2023 +0.5 pp | Jun 2023 — | Sep 2023 +12.0 pp | Dec 2023 — | Mar 2024 +6.2 pp | Jun 2024 — | Sep 2024 −1.3 pp | Dec 2024 +0.1 pp | Mar 2025 +1.2 pp | Jun 2025 −0.5 pp | Sep 2025 +0.7 pp | Dec 2025 +0.3 pp | Mar 2026 +0.8 pp
- OMINFRAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.8 pp | Dec 2022 — | Mar 2023 −1.4 pp | Jun 2023 — | Sep 2023 +7.6 pp | Dec 2023 — | Mar 2024 +5.0 pp | Jun 2024 — | Sep 2024 −4.7 pp | Dec 2024 −6.2 pp | Mar 2025 −6.4 pp | Jun 2025 −10.1 pp | Sep 2025 −6.4 pp | Dec 2025 −7.2 pp | Mar 2026 −0.3 pp

## Valuation Against Growth & Quality

What the numbers say: There is not enough comparable evidence to name a reliable guarded peg leader.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG

### P/E — lowest P/E
1. SEPC Ltd (SEPC): 21.1
2. Power Mech Projects Ltd (POWERMECH): 22.5
3. Om Infra Ltd (OMINFRAL): 40.8

### 20-quarter Guarded PEG history

### 20-quarter P/E history
- POWERMECH: Jun 2021 — | Sep 2021 72.3 | Dec 2021 14.2 | Mar 2022 10.1 | Jun 2022 9.0 | Sep 2022 18.0 | Dec 2022 17.8 | Mar 2023 20.1 | Jun 2023 23.9 | Sep 2023 28.3 | Dec 2023 28.0 | Mar 2024 31.7 | Jun 2024 30.7 | Sep 2024 40.6 | Dec 2024 29.6 | Mar 2025 29.2 | Jun 2025 31.4 | Sep 2025 26.6 | Dec 2025 22.7 | Mar 2026 17.0
- SEPC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -6.0 | Dec 2022 -11.4 | Mar 2023 — | Jun 2023 41.3 | Sep 2023 -319.5 | Dec 2023 -710.1 | Mar 2024 103.1 | Jun 2024 148.1 | Sep 2024 197.6 | Dec 2024 169.8 | Mar 2025 73.6 | Jun 2025 71.3 | Sep 2025 50.1 | Dec 2025 36.4 | Mar 2026 19.9
- OMINFRAL: Jun 2021 8.8 | Sep 2021 27.0 | Dec 2021 24.3 | Mar 2022 32.8 | Jun 2022 18.9 | Sep 2022 23.9 | Dec 2022 25.9 | Mar 2023 84.3 | Jun 2023 37.3 | Sep 2023 39.0 | Dec 2023 27.0 | Mar 2024 23.7 | Jun 2024 33.8 | Sep 2024 36.2 | Dec 2024 60.3 | Mar 2025 45.6 | Jun 2025 35.2 | Sep 2025 57.8 | Dec 2025 38.2 | Mar 2026 28.0

## Enterprise Value & Book Value

What the numbers say: Power Mech Projects Ltd leads ev/ebitda at 8.2×; SEPC Ltd leads p/bv at 0.59×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Power Mech Projects Ltd · 8.2× | 31.1% versus #2 · SEPC Ltd | 0/8 recent comparable periods | 3/3 companies · 50 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Power Mech Projects Ltd (POWERMECH): 8.2
2. SEPC Ltd (SEPC): 11.9
3. Om Infra Ltd (OMINFRAL): 30.8

### P/BV — lowest P/BV
1. SEPC Ltd (SEPC): 0.6
2. Om Infra Ltd (OMINFRAL): 1.1
3. Power Mech Projects Ltd (POWERMECH): 3.3

### 20-quarter EV/EBITDA history
- POWERMECH: Jun 2021 26.0 | Sep 2021 12.8 | Dec 2021 7.7 | Mar 2022 6.2 | Jun 2022 5.7 | Sep 2022 9.6 | Dec 2022 9.7 | Mar 2023 10.8 | Jun 2023 13.1 | Sep 2023 15.1 | Dec 2023 15.3 | Mar 2024 16.5 | Jun 2024 15.6 | Sep 2024 19.5 | Dec 2024 14.9 | Mar 2025 15.2 | Jun 2025 15.7 | Sep 2025 12.2 | Dec 2025 10.6 | Mar 2026 8.2
- SEPC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 56.1 | Mar 2024 45.1 | Jun 2024 51.7 | Sep 2024 67.7 | Dec 2024 50.8 | Mar 2025 30.1 | Jun 2025 30.5 | Sep 2025 25.9 | Dec 2025 20.1 | Mar 2026 11.9
- OMINFRAL: Jun 2021 4.7 | Sep 2021 7.0 | Dec 2021 7.2 | Mar 2022 7.9 | Jun 2022 6.6 | Sep 2022 7.3 | Dec 2022 11.7 | Mar 2023 10.3 | Jun 2023 8.6 | Sep 2023 12.5 | Dec 2023 11.7 | Mar 2024 9.1 | Jun 2024 13.0 | Sep 2024 13.1 | Dec 2024 16.5 | Mar 2025 12.9 | Jun 2025 22.6 | Sep 2025 31.1 | Dec 2025 34.1 | Mar 2026 30.8

### 20-quarter P/BV history
- POWERMECH: Jun 2021 1.0 | Sep 2021 1.5 | Dec 2021 1.4 | Mar 2022 1.3 | Jun 2022 1.4 | Sep 2022 2.3 | Dec 2022 2.5 | Mar 2023 3.5 | Jun 2023 4.7 | Sep 2023 4.9 | Dec 2023 4.7 | Mar 2024 5.8 | Jun 2024 5.8 | Sep 2024 5.8 | Dec 2024 4.1 | Mar 2025 4.4 | Jun 2025 5.5 | Sep 2025 3.9 | Dec 2025 3.2 | Mar 2026 2.5
- SEPC: Jun 2021 0.5 | Sep 2021 0.7 | Dec 2021 1.5 | Mar 2022 1.0 | Jun 2022 1.2 | Sep 2022 1.2 | Dec 2022 1.6 | Mar 2023 1.2 | Jun 2023 1.1 | Sep 2023 2.1 | Dec 2023 3.1 | Mar 2024 2.5 | Jun 2024 2.9 | Sep 2024 4.4 | Dec 2024 2.7 | Mar 2025 1.8 | Jun 2025 1.9 | Sep 2025 1.6 | Dec 2025 1.0 | Mar 2026 0.5
- OMINFRAL: Jun 2021 0.4 | Sep 2021 0.5 | Dec 2021 0.5 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 0.7 | Sep 2023 1.3 | Dec 2023 2.0 | Mar 2024 1.7 | Jun 2024 2.3 | Sep 2024 2.3 | Dec 2024 2.1 | Mar 2025 1.5 | Jun 2025 1.8 | Sep 2025 1.8 | Dec 2025 1.3 | Mar 2026 1.1

## Market action

Power Mech Projects Ltd has the strongest one-year price move in Project Consultancy/Turnkey at -21%. It also leads on Mansfield relative strength against NIFTY at +5%. 1 of 3 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Power Mech Projects Ltd (POWERMECH): -21%
2. Om Infra Ltd (OMINFRAL): -31%
3. SEPC Ltd (SEPC): -55%

### Strongest relative strength versus NIFTY 500
1. Power Mech Projects Ltd (POWERMECH): 5.0%
2. Om Infra Ltd (OMINFRAL): -10%
3. SEPC Ltd (SEPC): -32%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Power Mech Projects Ltd (POWERMECH) — market value ₹8.2K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- SEPC Ltd (SEPC) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Om Infra Ltd (OMINFRAL) — market value ₹839 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 0. Unverified: 2. Withheld: 1. Graded companies: 3.

2 of 3 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 3 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Power Mech Projects Ltd (POWERMECH) — its two data sources disagree by up to 35% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | POWERMECH | Power Mech Projects Ltd | diff_gt_2pct | disagreement up to 34.54% over 14 comparable periods

- UNVERIFIED | SEPC | SEPC Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | OMINFRAL | Om Infra Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Project Consultancy/Turnkey index?

The Nifty Project Consultancy/Turnkey index tracks India's listed Project Consultancy/Turnkey companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Project Consultancy/Turnkey sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Project Consultancy/Turnkey stocks in India?

Ranked by this page's four-factor score, Power Mech Projects Ltd places first among 3 listed Project Consultancy/Turnkey companies, followed by SEPC Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Project Consultancy/Turnkey stocks are listed in India?

This comparison covers 3 listed Project Consultancy/Turnkey companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Project Consultancy/Turnkey company is the biggest?

Power Mech Projects Ltd is the largest, with trailing-twelve-month revenue of ₹6,062 crore, ahead of SEPC Ltd at ₹1,054 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Project Consultancy/Turnkey company is growing fastest?

SEPC Ltd has the fastest revenue growth at 76.3% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Project Consultancy/Turnkey company has the best profit margins?

Power Mech Projects Ltd has the highest operating margin at 11%, from 3 of 3 comparable companies. Om Infra Ltd shows the biggest recent improvement, at +19.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Project Consultancy/Turnkey company makes the most profit?

Power Mech Projects Ltd earns the most, at ₹412 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. SEPC Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Project Consultancy/Turnkey company earns the highest return on capital?

Power Mech Projects Ltd leads on return on capital employed at 21.8%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Project Consultancy/Turnkey company has the strongest balance sheet?

Om Infra Ltd carries the lowest comparable gross debt at ₹86 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Project Consultancy/Turnkey sector beating the market?

Project Consultancy/Turnkey has underperformed NIFTY 500 by 27.8% over the last 52 weeks and 6.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Project Consultancy/Turnkey stock has the strongest price momentum?

Power Mech Projects Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Project Consultancy/Turnkey company scores highest for research priority?

Power Mech Projects Ltd scores 63.3 out of 100 with 74.2% evidence confidence, from 17.9 points on growth and earnings, 19.9 on capital efficiency, 8.5 on valuation and 17 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Project Consultancy/Turnkey companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Project Consultancy/Turnkey sector?

The 3 Project Consultancy/Turnkey companies on this page carry ₹10,190 crore of combined market value. Power Mech Projects Ltd is the largest at ₹8,200 crore, about 80% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Project Consultancy/Turnkey sector performing?

1 of the 3 covered Project Consultancy/Turnkey companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 27.8% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/project-consultancy-turnkey