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SETL · price
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Standard Engineering Technology reported FY26 total income of INR 793 crores (26.7% YoY growth), EBITDA of INR 138 crores (17.4% margin), and PAT of INR 83 crores (10.5% margin). The company completed its transformation from glass-lined equipment manufacturer to integrated turnkey solutions provider, with acquisitions of Scigenics and C2C Engineering fully integrated. Current order book stands at INR 1,000 crores with INR 30 crores exports. Management guided FY27 margins to improve driven by operational leverage and higher revenue volumes, with quarterly revenue run rate expected to reach INR 250-300 crores. C2C Engineering is projected to grow from INR 24 crores to INR 60 crores and Scigenics from INR 20 crores to INR 60 crores in FY27. New 36-acre Greenfield campus (INR 130 crores capex) will add INR 2,000 crores capacity by April 2028. Management highlighted margin pressure in Q4 due to rising metal prices and manpower investments but expects recovery in FY27.
The company is well-positioned for continued strong growth with a large order book and expanding manufacturing capacity. Management's confidence in margin improvement and better cash conversion in FY27 is positive for shareholders, though near-term margin pressure from raw material costs and expansion investments may persist.