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Standard Engineering Technology Q2 FY27 results: net profit up 43.0% to ₹12.43 crore, revenue up 115.6%
Standard Engineering Technology Limited reported standalone Q2 FY27 revenue of ₹113.52 crore, up 115.6% from Q2 FY26, while EBITDA rose 188.1% to ₹17.46 crore. Net profit was ₹12.43 crore and basic EPS was ₹0.62, compared with ₹8.69 crore and ₹0.44 in the year-ago quarter; against Q1 FY27, profit and EPS were lower. The company also filed an investor presentation and said it was targeting 40–50% core revenue growth in FY27.
Key points
- Q2 FY27 standalone revenue was ₹113.52 crore, up 115.6% from ₹52.65 crore in Q2 FY26 and 11.9% from ₹101.49 crore in Q1 FY27.
- EBITDA was ₹17.46 crore, with a 15.4% margin; PBT was ₹16.26 crore and net profit was ₹12.43 crore.
- Basic EPS was ₹0.62, compared with ₹0.44 in Q2 FY26 and ₹0.82 in Q1 FY27.
- H1 FY27 revenue was ₹215.01 crore, up 79.1% from ₹120.03 crore in H1 FY26, while net profit rose 22.6% to ₹28.76 crore.
- Total assets were ₹958.00 crore at 30 September 2026, compared with ₹847.31 crore at 31 March 2026; borrowings were ₹54.82 crore and cash was ₹0.21 crore.
How did Standard Engineering Technology perform in Q2 FY27?
Standard Engineering Technology reported standalone revenue of ₹113.52 crore in Q2 FY27, up 115.6% from ₹52.65 crore in Q2 FY26 and 11.9% from ₹101.49 crore in Q1 FY27. Total income was ₹116.53 crore, compared with ₹60.36 crore a year earlier and ₹109.18 crore in the previous quarter.
EBITDA rose to ₹17.46 crore from ₹6.06 crore in Q2 FY26 and ₹16.62 crore in Q1 FY27. The EBITDA margin was 15.4%, compared with 11.5% a year earlier and 16.4% in the previous quarter. PBT was ₹16.26 crore, net profit was ₹12.43 crore and basic EPS was ₹0.62; in Q2 FY26, these were ₹11.50 crore, ₹8.69 crore and ₹0.44.
Against Q1 FY27, PBT fell 24.0% to ₹16.26 crore, net profit fell 23.9% to ₹12.43 crore and EPS fell 24.4% to ₹0.62. The company filed both standalone and consolidated results for the quarter and half year ended 30 September 2026; the figures here are standalone.
On a standalone basis, Q2 FY27 net profit was up 43.0% from the year-ago quarter, while total expenses rose 105.2% to ₹100.27 crore. The filing did not state why the year-on-year profit increase differed from the revenue increase.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 113.52 | 101.49 | 52.65 | +115.6% | +11.9% |
| Other income | 3.01 | 7.69 | 7.72 | −61.0% | −60.9% |
| Total expenses | 100.27 | 87.79 | 48.86 | +105.2% | +14.2% |
| EBITDA | 17.46 | 16.62 | 6.06 | +188.1% | +5.1% |
| EBITDA margin | 15.4% | 16.4% | 11.5% | +3.9 pp | −1.0 pp |
| Profit before tax | 16.26 | 21.39 | 11.50 | +41.4% | −24.0% |
| Tax | 3.83 | 5.06 | 2.81 | +36.3% | −24.3% |
| Net profit | 12.43 | 16.33 | 8.69 | +43.0% | −23.9% |
| EPS (₹) | 0.62 | 0.82 | 0.44 | +40.9% | −24.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Standard Engineering Technology's costs and profit?
Total expenses rose to ₹100.27 crore in Q2 FY27 from ₹48.86 crore in Q2 FY26, an increase of ₹51.41 crore. Cost of materials increased by ₹30.33 crore to ₹64.60 crore, other expenses by ₹20.30 crore to ₹36.77 crore, employee cost by ₹1.04 crore to ₹4.28 crore, finance costs by ₹1.59 crore to ₹2.35 crore and depreciation by ₹0.34 crore to ₹1.86 crore.
Other income fell by ₹4.71 crore to ₹3.01 crore from ₹7.72 crore in Q2 FY26. There was no exceptional item in either quarter. Tax expense increased by ₹1.02 crore to ₹3.83 crore from ₹2.81 crore, while PBT rose by ₹4.76 crore to ₹16.26 crore.
Against Q1 FY27, total expenses increased by ₹12.48 crore to ₹100.27 crore, including a ₹10.30 crore rise in other expenses and an ₹8.12 crore rise in cost of materials. Other income fell by ₹4.68 crore to ₹3.01 crore, while tax was lower by ₹1.23 crore at ₹3.83 crore. The filing does not explain the change in expenses.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 64.60 | 34.27 | +30.33 | +88.5% |
| Employee cost | 4.28 | 3.24 | +1.04 | +32.1% |
| Finance costs | 2.35 | 0.76 | +1.59 | +209.2% |
| Depreciation | 1.86 | 1.52 | +0.34 | +22.4% |
| Other expenses | 36.77 | 16.47 | +20.30 | +123.3% |
| Total expenses | 100.27 | 48.86 | +51.41 | +105.2% |
| Other income | 3.01 | 7.72 | −4.71 | −61.0% |
| Tax | 3.83 | 2.81 | +1.02 | +36.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, standalone revenue was ₹215.01 crore, up 79.1% from ₹120.03 crore in H1 FY26. Total income rose 66.2% to ₹225.71 crore from ₹135.79 crore, while PBT rose 22.2% to ₹37.65 crore from ₹30.81 crore.
H1 FY27 net profit was ₹28.76 crore, up 22.6% from ₹23.45 crore in H1 FY26, and basic EPS rose 22.0% to ₹1.44 from ₹1.18. The results were unaudited and reviewed by the statutory auditors.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 215.01 | 120.03 | +79.1% |
| Profit before tax | 37.65 | 30.81 | +22.2% |
| Net profit | 28.76 | 23.45 | +22.6% |
| EPS (₹) | 1.44 | 1.18 | +22.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, standalone total assets were ₹958.00 crore, compared with ₹847.31 crore at 31 March 2026. Total equity rose to ₹667.73 crore from ₹638.26 crore, while borrowings increased to ₹54.82 crore from ₹25.73 crore. Cash was ₹0.21 crore, compared with ₹0.50 crore at the previous balance-sheet date.
Inventories were ₹184.62 crore at 30 September 2026, compared with ₹136.59 crore at 31 March 2026. Trade receivables were ₹110.98 crore, compared with ₹104.86 crore, and trade payables were ₹150.78 crore, compared with ₹88.09 crore.
H1 FY27 operating cash flow was ₹20.42 crore, compared with ₹14.12 crore in H1 FY26. Investing cash flow was negative ₹44.82 crore against negative ₹8.22 crore, while financing cash flow was ₹24.12 crore against negative ₹5.90 crore. Capital expenditure was ₹24.57 crore, compared with ₹8.12 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 958 | 847.31 |
| Total equity | 667.73 | 638.26 |
| Borrowings | 54.82 | 25.73 |
| Cash and equivalents | 0.21 | 0.50 |
| Inventories | 184.62 | 136.59 |
| Trade receivables | 110.98 | 104.86 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 20.42 | 14.12 |
| Cash from investing | −44.82 | −8.22 |
| Cash from financing | 24.12 | −5.90 |
| Capital expenditure | 24.57 | 8.12 |
Source: Company's results filing (XBRL).
How has Standard Engineering Technology done over the last 8 quarters?
Revenue rose in each of the last four quarters on a year-on-year basis. In the quarterly series, revenue increased from ₹101.49 crore in Q1 FY27 to ₹113.52 crore in Q2 FY27; the highest revenue in the series was ₹113.52 crore, while the lowest was ₹40.20 crore in Q3 FY25.
Profit after tax was ₹12.43 crore in Q2 FY27, below ₹16.33 crore in Q1 FY27 and above ₹8.69 crore in Q2 FY26. The highest quarterly PAT in the series was ₹16.33 crore and the lowest was ₹5.46 crore. The EBITDA margin was 15.4% in Q2 FY27, compared with 16.4% in Q1 FY27 and 8.5% in Q4 FY26; the highest margin was 20.4% in Q1 FY26 and the lowest was 8.5%.
Revenue and profit have therefore moved upward from the Q2 FY26 level, while the latest quarter showed higher revenue but lower profit and EBITDA margin than Q1 FY27. The data also records revenue growth year-on-year in each of the last four quarters and profit growth year-on-year in each of the last two quarters.
What else did the company announce?
The company filed an investor presentation on 5 November 2026 under Regulation 30, covering the financial results for the quarter and half year ended 30 September 2026. The presentation included Q2 and H1 FY27 highlights, historical financial performance, the board and leadership, and annexures covering the business, capital expenditure, market opportunity and detailed financials.
The board had earlier announced on 28 October 2026 that it would consider the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026, along with other business items. The filing stated that the trading window for directors and designated persons was closed from 1 October 2026 through 7 November 2026.
On 5 November 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. The filing did not disclose a dividend, fund raise or appointment in the supplied excerpts.
What did Standard Engineering Technology's management say?
Management said in the investor presentation that it was targeting 40–50% growth in core SETL revenue in FY27. It also said GScale Energy was targeting ₹250 Cr of revenue in FY27 from approximately three months of operations, with a 2.73 lakh sq ft giga-scale factory planned by December 2026 under a ₹487 Cr self-funded programme.
Management said the GScale Tukkuguda facility had approximately 273,000 sq ft operational, with an approximately 127,000 sq ft expansion to approximately 400,000 sq ft expected by Q4 FY27. Machinery deliveries were expected in mid-November and end-November 2026, followed by installation and commissioning.
Management said the SFN plant would start and production would begin on 15 December 2026, while the power-products plant would start and production of power-side products would begin on 15 January 2027. It also presented planned capex of ₹130 Cr for 5.5 lakh sq ft alongside what it described as a net-debt-free balance sheet.
Management identified risks including approval dependence for GScale’s proposed additional 17.45% share swap and path to 51% ownership, and for GL Hakko’s Phase 2 capital deployment and potential 51.07% ownership. It said the FY27 GScale revenue target relies on a short operating window and that H1 FY27 customer concentration was 52% from the top 10 customers and 61% from the top 20.
The presentation said Pharma remained the anchor while chemicals gained revenue share, and GScale Energy was positioned as the second growth engine. No analysts’ questions were included in the supplied excerpts.
How did Standard Engineering Technology shares react?
The stock was down 1.2% after five minutes, 1.4% after 15 minutes and 2.2% after 30 minutes from the price when the filing appeared. On the reaction day, it fell 4.9% from the previous close of ₹417.40 to close at ₹406.95.
The Industrial Products sector’s other stocks recorded a median reaction-day move of 0.9%, so Standard Engineering Technology underperformed the industry median by 5.8 percentage points on the reaction day. Data for the next day and five days was not provided.
Past results-day moves were -1.7% on 6 August 2026, -2.8% on 14 May 2026 and -6.7% on 5 February 2026. Earlier reaction-day moves also included -5.4% on 5 November 2025, 0.8% on 4 August 2025, 6.3% on 23 May 2025 and -2.1% on 12 February 2025.
| After the filing | Stock | Industrial Products median |
|---|---|---|
| 5 minutes | −1.2% | |
| 15 minutes | −1.4% | |
| 30 minutes | −2.2% | |
| Reaction day | −4.9% | +0.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 6 August 2026 | −1.7% |
| 14 May 2026 | −2.8% |
| 5 February 2026 | −6.7% |
| 5 November 2025 | −5.4% |
| 4 August 2025 | +0.8% |
| 23 May 2025 | +6.3% |
| 12 February 2025 | −2.1% |
Source: MarketPing price-reaction measurement.
How did other Industrial Products companies do?
Among 43 Industrial Products companies compared for Q2 FY27, the median revenue growth was 33.8%. Forty peers grew more slowly than Standard Engineering Technology and three grew faster. Of the 37 peers for which profit was compared, 27 reported higher profit.
| Standard Engineering Technology revenue growth (YoY) | +115.6% |
|---|---|
| Median of 43 other Industrial Products companies | +33.8% |
| Companies with slower revenue growth than Standard Engineering Technology | 40 of 43 |
| Companies with faster revenue growth than Standard Engineering Technology | 3 of 43 |
| Companies whose net profit rose | 27 of 37 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Standard Engineering Technology's revenue in Q2 FY27?
Revenue from operations was ₹113.52 crore, up 115.6% from ₹52.65 crore in Q2 FY26 (standalone).
Did Standard Engineering Technology make a profit in Q2 FY27?
Yes. Net profit was ₹12.43 crore, against a net profit of ₹8.69 crore in Q2 FY26.
What was Standard Engineering Technology's EPS in Q2 FY27?
Basic earnings per share were ₹0.62, against ₹0.44 in Q2 FY26.
How did Standard Engineering Technology shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.9% from the previous close; the median Industrial Products stock moved +0.9%.
When did Standard Engineering Technology announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approving The Financial Results For Second Quarter And Half Yearly Ended September 30 2026 And Other Business Matters (BSE, 28 October 2026) · PDF
- Results-Financial Results For The Period Ended September 30, 2026 (BSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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