SETL
Standard Engineering Technology Limited
Glass-lined and specialty process equipment for pharma, chemical and biotech plants
Industrials›Capital Goods›Industrial Manufacturing›Industrial Products
standardengtech.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
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Price & valuation
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What you need to know
Standard Engineering Technology (SETL, formerly Standard Glass Lining Technology) makes process engineering equipment such as reactors, heat transfer systems, and separation and drying systems for pharmaceutical and chemical plants, and is building an AI data centre equipment business through GScale Energy.
Company snapshot
14thBy market cap
Ranked among 69 companies in Industrial Products.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 69.4% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Glass Lined Equipment | 31.4% | 141 Cr | 29 Cr | — |
| Metal Equipment and Pumps | 69.4% | 311 Cr | 53 Cr | — |
| PTFE Lined Equipment | 5.0% | 22 Cr | 6 Cr | — |
Shares add up to 106% because segment revenues are before inter-segment eliminations.
What we see
- ✓Debt-to-equity of 0.07x — the company is largely funded by its own money, not borrowed funds.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|
| Sales | 140 Cr | 166 Cr | 173 Cr | 183 Cr | 192 Cr | 227 Cr | 248 Cr |
| Operating expenses (approx.) | 114 Cr | 143 Cr | 144 Cr | 154 Cr | 162 Cr | 195 Cr | 208 Cr |
| EBITDA | 26 Cr | 24 Cr | 30 Cr | 29 Cr | 29 Cr | 32 Cr | 40 Cr |
| OPM % | 18.5% | 14.2% | 17.1% | 15.7% | 15.3% | 13.9% | 16.0% |
| Other income | 3 Cr | 5 Cr | 5 Cr | 5 Cr | 4 Cr | 4 Cr | 4 Cr |
| Interest | 4 Cr | 3 Cr | 3 Cr | 2 Cr | 3 Cr | 3 Cr | 3 Cr |
| Depreciation | 3 Cr | 3 Cr | 4 Cr | 4 Cr | 4 Cr | 4 Cr | 5 Cr |
| Profit before tax | 22 Cr | 22 Cr | 28 Cr | 28 Cr | 26 Cr | 29 Cr | 36 Cr |
| Tax % | 26.3% | 25.8% | 25.8% | 26.2% | 23.0% | 26.2% | 25.8% |
| Net profit | 16 Cr | 16 Cr | 21 Cr | 20 Cr | 20 Cr | 21 Cr | 27 Cr |
| EPS (₹) | ₹0.82 | ₹0.76 | ₹1.05 | ₹1.01 | ₹0.96 | ₹0.99 | ₹1.32 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|
| Sales | 614 Cr | 774 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 506 Cr | 655 Cr | Sign in free for the trailing twelve months |
| EBITDA | 107 Cr | 119 Cr | Sign in free for the trailing twelve months |
| OPM % | 17.5% | 15.4% | Sign in free for the trailing twelve months |
| Other income | 12 Cr | 19 Cr | Sign in free for the trailing twelve months |
| Interest | 15 Cr | 11 Cr | Sign in free for the trailing twelve months |
| Depreciation | 11 Cr | 16 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 94 Cr | 111 Cr | Sign in free for the trailing twelve months |
| Tax % | 26.6% | 25.3% | Sign in free for the trailing twelve months |
| Net profit | 69 Cr | 83 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹3.47 | ₹4.01 | Sign in free for the trailing twelve months |
| Dividend payout % | 0.0% | 0.0% | Sign in free for the trailing twelve months |
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2025 | Mar 2026 |
|---|---|---|
| Equity capital | 199 Cr | 199 Cr |
| Reserves | 507 Cr | 589 Cr |
| Borrowings | 39 Cr | 57 Cr |
| Other liabilities | 207 Cr | 399 Cr |
| Total liabilities | 958 Cr | 1,254 Cr |
| Fixed assets (net) | 101 Cr | 129 Cr |
| CWIP | 8 Cr | 27 Cr |
| Investments | 0 Cr | 0 Cr |
| Inventories | 279 Cr | 438 Cr |
| Trade receivables | 214 Cr | 256 Cr |
| Cash & bank | 2 Cr | 7 Cr |
| Other assets | 354 Cr | 398 Cr |
| Total assets | 958 Cr | 1,254 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2025 | Mar 2026 |
|---|---|---|
| Cash from operating activity | 5 Cr | 45 Cr |
| Cash from investing | -160 Cr | -38 Cr |
| Cash from financing | 141 Cr | -2 Cr |
| Net cash flow | -14 Cr | 6 Cr |
| Free cash flow (OCF − Capex) | -23 Cr | -16 Cr |
Ratios
| Metric | Mar 2025 | Mar 2026 |
|---|---|---|
| ROCE % | 14.5% | 14.3% |
| ROE % | 9.0% | 10.0% |
| Debtor days | 127 | 120 |
| Inventory days | 284 | 302 |
| Days payable | 110 | 134 |
| Cash conversion cycle | 301 | 288 |
| OCF / EBITDA % | 4.9% | 38.1% |
| Debt / equity | 0.06 | 0.07 |
| Current ratio | 3.65 | 2.40 |
| Net debt / EBITDA | 0.35 | 0.42 |