NSE: SETL · BSE: 544333
STANDARD ENGNG TCNLGY LTD
Manufactures engineered process equipment — including metal equipment and pumps, glass-lined vessels, and PTFE-lined equipment — for pharmaceutical, chemical, food and beverages, and biotechnology customers. FY26 revenue of ₹774.10 crores split across three product segments: Metal Equipment and Pumps at 67.2% of segment revenue, Glass Lined Equipment at 33.4%, and PTFE Lined Equipment at 5.0%. The order book stood at ₹1,000 crores with an 8-10 month execution timeline and ₹30 crores of exports; export revenue doubled in FY26 versus FY25. A 36-acre greenfield campus is being built to add ₹2,000 crores of manufacturing capacity by April 2027 (Phase 1), with a long-term target of ₹4,000 crores of total capacity and ₹130 crores of capex over two years. A new heat exchanger line is set to run at 200 units per month from July 2026, and the company is also taking a 51% stake in GScale Energy, which supplies power and cooling equipment to AI datacenters and is targeting ₹250 crores of FY27 revenue. Materials account for 68.2% of revenue, making raw materials the dominant cost; EBITDA margin was 17.82% in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Metal Equipment and Pumps (67%), Glass Lined Equipment (33%), PTFE Lined Equipment (5%). Project-based, asset-heavy industrial engineering with order book execution
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 614 | 774 |
| EBITDA (ex other income) | 107 | 119 |
| margin % | 17.5 | 15.4 |
| Owners' profit | 64 | 80 |
| EPS, as reported (₹) | 3.47 | 4.01 |
| ROE % · ROCE % | 9.6 · 14.7 | 10.4 · 14.7 |
| Debt / equity (x) | 0.05 | 0.07 |
| Cash from operations | 5 | 45 |
| Capex | (28) | (61) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 140 | 166 | 173 | 183 | 192 | 227 | 248 |
| Profit before tax | 22 | 22 | 28 | 28 | 26 | 29 | 36 |
| Net profit | 16 | 16 | 21 | 20 | 20 | 21 | 27 |
| EPS (₹) | 0.82 | 0.76 | 1.05 | 1.01 | 0.96 | 0.99 | 1.32 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Glass Lined Equipment | 259 | 32.9 |
| Metal Equipment and Pumps | 411 | 52.2 |
| PTFE Lined Equipment | 38 | 4.9 |
| Metal Equipment & Pumps | 109 | 13.9 |
| Total, before eliminations | 817 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 86.1 | 26.5 | 110 of 130 | 16% |
| P/B | 9.2 | 3.1 | 94 of 112 | 16% |
| ROCE | 13.4 | 11.3 | 59 of 142 | 59% |
| ROE | 10.4 | 9.8 | 54 of 113 | 53% |
| Debt / Equity | 0.1 | 0.2 | 38 of 113 | 67% |
| EBITDA margin | 17.8 | 12.4 | 33 of 110 | 71% |
| Revenue growth | 43.1 | 20.6 | 28 of 114 | 76% |
| Profit growth | 26.6 | 17.1 | 50 of 109 | 55% |
| Market cap | 7349 | 279 | 12 of 141 | 92% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Standard Engineering Technology to hold virtual investor call | board shareholder meetings | low | — | — |
| 16 Oct 2026 · SETL allots 24.4 lakh shares on preferential basis to non-promoters | fund raising | high | — | — |
| 16 Oct 2026 · Allotted 24.4 lakh shares on preferential basis at Rs 293 each | fund raising | high | — | — |
| 8 Oct 2026 · Routine filing of demat remat certificate for Jul Sep 2026 | compliance | minimal | — | — |
| 7 Oct 2026 · NSE seeks clarification on GScale acquisition; company responds with details | regulatory legal | high | — | — |
| 3 Oct 2026 · In-principle approval received for preferential issue of 24.4 lakh shares | general | medium | — | — |
| 28 Sept 2026 · GScale Energy becomes subsidiary of SETL effective Sept 28, 2026 | strategic transactions | medium | — | — |
| 28 Sept 2026 · Standard Engineering Technology Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 | compliance | minimal | — | — |
| 18 Sept 2026 · M S K A and Associates reappointed as statutory auditor for five more years | management changes | medium | — | — |
| 18 Sept 2026 · Scrutinizer report: all 5 resolutions passed at 14th AGM with near-unanimous support | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.