SETL
Standard Engineering Technology share price & financials
- Price
- ₹281.1
- Market cap
- ₹5.9k Cr
- Sector
- Capital Goods
- Calls analysed
- 6
Standard Engineering Technology Limited Q1 FY27
What went well
- Strong financial performance with total income growing 41% YoY to INR 250 crores.
- EBITDA increased by 27% YoY to INR 44 crores, maintaining healthy margins at 17.5%.
- Successful entry into the AI data center infrastructure market through GScale Energy acquisition, with a target of INR 250 crores revenue in the current year.
What to watch
- Export revenue was low at 2-3% this quarter due to global market uncertainties, though expected to recover to 5-6% in Q2 FY27.
- Working capital days were high at 320 days last year, though management expects improvement to below 200 days by September FY27.
What Standard Engineering Technology Limited does
Standard Engineering Technology Limited (formerly Standard Glass Lining Technology) designs, engineers, manufactures, installs and commissions specialised process equipment — glass-lined, stainless-steel and nickel-alloy reactors, storage/separation/drying systems and plant engineering services — for pharmaceutical, chemical and food & beverage manufacturers. It has evolved from a single-capability equipment maker into an integrated, end-to-end turnkey solutions provider offering concept-to-commissioning execution, and earns revenue by supplying this equipment and associated engineering/installation services to process-industry customers in India and overseas. Growth has been supplemented by inorganic acquisitions (PTFE pipes & fittings, pumps, metals and multidisciplinary engineering businesses) and technology partnerships/subsidiaries in Japan, the US and Southeast Asia.
Segments
- Reaction Systems
- Storage, Separation & Drying Systems
- Plant Engineering & Services
- Manufacturing facilities
- 10
- Total built-up manufacturing area
- >5,00,000 sq. ft.
- Product size range manufactured
- 30 litres to 2,50,000 litres capacity
- Sub-products across product categories
- 130
- Reactor manufacturing capacity
- ~100 units/month
- ANFD (filter-dryer) manufacturing capacity
- ~30 units/month
Guidance record · Q1 FY27
what the last two calls moved 23 tracked 3 delivered 8 missed 12 open- Conductivity Glass Launch delivered said Q4 FY25 Promised: Officially launching within 2-3 months Q1 FY27: Management announced that conductivity glass has been launched in India, significantly ahead of the previously delayed April 2027 timeline.
- Petrochemicals Heavy Engineering Project Completion went quiet said Q4 FY25 Promised: Complete within 18-24 months (130 cr capex) Q1 FY27: No specific update provided on the original petrochemicals heavy engineering project. Management commentary focused on the new GScale manufacturing facility.
- Revenue Growth revised up said Q4 FY26 Promised: Grow revenue in FY27 at a rate better than FY26 (>26.7%) Q1 FY27: Management provided new, specific guidance for FY27 consolidated revenue of INR 1450 crores, implying ~83% growth, a significant upward revision from the initial guidance of 'better than 26.7%'.
All 23 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 50.7%, net profit up 6.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 60 | 40 | 56 | 67 | 53 −12% | 60 +50% | 78 +39% | 101 +51% |
| EBITDA | 9 | 6 | 9 | 14 | 6 −33% | 6 +0% | 7 −22% | 17 +21% |
| Net profit | 8 | 5 | 10 | 15 | 9 +13% | 9 +80% | 9 −10% | 16 +7% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +149.9% 1Y
1Y: ₹187.37 on 10 Sept 2025 → ₹468.15. High ₹468.15 (11 Sept 2026), low ₹105.65 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.2%
- 6 Aug
- Q4 FY26
- +1.5%
- 15 May
- Q3 FY26
- −5.5%
- 5 Feb
- Q2 FY26
- −5.2%
- 6 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 31.0% a year over 1 year, FY25 to FY26. Operating margin narrowed to 12.8%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹197 Cr | ₹258 Cr |
| Operating profit | ₹31 Cr | ₹33 Cr |
| Operating margin | 15.7% | 12.8% |
| Interest | ₹6 Cr | ₹4 Cr |
| Depreciation | ₹4 Cr | ₹7 Cr |
| Net profit | ₹28 Cr | ₹42 Cr |
| Net margin | 14.2% | 16.3% |
| Cash from operations | ₹7 Cr | ₹18 Cr |
| Free cash flow | ₹-8 Cr | ₹-6 Cr |
| ROCE | 8.0% | 9.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹9 Cr | ₹15 Cr | ₹16 Cr | ₹18 Cr | ₹199 Cr | ₹199 Cr |
| Reserves | ₹14 Cr | ₹45 Cr | ₹98 Cr | ₹316 Cr | ₹548 Cr | ₹439 Cr |
| Borrowings | ₹18 Cr | ₹23 Cr | ₹25 Cr | ₹62 Cr | ₹137 Cr | ₹35 Cr |
| Other liabilities | ₹41 Cr | ₹87 Cr | ₹69 Cr | ₹49 Cr | ₹269 Cr | ₹174 Cr |
| Total liabilities | ₹82 Cr | ₹171 Cr | ₹208 Cr | ₹445 Cr | ₹1.2k Cr | ₹847 Cr |
| Fixed assets | ₹24 Cr | ₹39 Cr | ₹48 Cr | ₹50 Cr | ₹145 Cr | ₹63 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹3 Cr | ₹10 Cr | ₹15 Cr |
| Investments | ₹0 Cr | ₹10 Cr | ₹11 Cr | ₹49 Cr | ₹0 Cr | ₹94 Cr |
| Other assets | ₹58 Cr | ₹122 Cr | ₹147 Cr | ₹343 Cr | ₹1.0k Cr | ₹675 Cr |
| Total assets | ₹82 Cr | ₹171 Cr | ₹208 Cr | ₹445 Cr | ₹1.2k Cr | ₹847 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −0.78 pp while the public added +0.40 pp. The shareholder count shrank 20% to 47,340.
- Promoters
- 60.5%
- FIIs
- 2.8%
- DIIs
- 0.2%
- Public
- 36.6%
Since Jun 2025
- DIIs −0.78 pp
- Public +0.40 pp
- FIIs +0.33 pp
How it drifted, 6 quarters
Over this window DIIs fell from 2.2% to 0.2% — −2.0 pp.
Ownership split by quarter, oldest first. Mar '25: Promoters 60.4%, FIIs 2.6%, DIIs 2.2%, Public 34.8%.Jun '25: Promoters 60.4%, FIIs 2.5%, DIIs 1.0%, Public 36.2%.Sep '25: Promoters 60.4%, FIIs 2.7%, DIIs 1.1%, Public 35.8%.Dec '25: Promoters 60.5%, FIIs 2.5%, DIIs 0.8%, Public 36.2%.Mar '26: Promoters 60.5%, FIIs 2.4%, DIIs 0.3%, Public 36.8%.Jun '26: Promoters 60.5%, FIIs 2.8%, DIIs 0.2%, Public 36.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Monoflus Pte.Ltd. newly disclosed 3.59% held
- Asahi Glassplant Inc. +1.75 pp 5.24% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Standard Engineering Technology Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ramakrishna Kandula | 22.09% | unchanged |
| Krishna Veni Kandula | 18.64% | unchanged |
| M/s S2 Engineering Services represented by its partners Kandula Ramakrishna and Kandula Krishna Veni | 9.44% | unchanged |
| Asahi Glassplant Inc. | 5.24% | +1.75 pp |
| Monoflus Pte.Ltd. | 3.59% | newly disclosed |
| Nageswara Rao Kandula | 3.46% | unchanged |
| M/s Standard Holdings represented by its partners Kandula Krishna Veni and Kandula Ramakrishna | 2.31% | unchanged |
| Amansa Holdings Private Limited FPI fund | 2.20% | unchanged |
| Venkata Sandeep Gopineedi | 2.06% | unchanged |
| Monoform Management Support Co. Ltd | 1.64% | −3.60 pp |
| Amansa Investments Ltd | 1.43% | unchanged |
| Akkineni Anurag . | 1.38% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
Growth trapTo justify its price of ₹468, this stock must grow earnings at 73% every year for 7 years. Our analysis caps realistic growth at ~50%. At that growth it is worth ₹179 — downside of 62%.
- Growth the price implies
- 73.3% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 50.0% a year
- net profit, FY25–FY26
- The gap
- 0.2 pp
- -62% downside if it only repeats history
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Standard Engineering Technology Limited
Guides on how to read this kind of business and the numbers that matter.