S
Standard Engineering Technology Ltd
SETL NSE
Standard Engineering Technology Ltd
IndustrialsNSE: SETL BSE: 544333 Industrial Manufacturing
Key Fundamentals
MicrocapIndustrial ProductsCapital GoodsMarket Cap
₹6,081 Cr
Volatility
Moderate
P/E Ratio
72.2
EBITDA
₹119 Cr
Return on Equity
9.63%
Debt to Equity
0.11
Book Value
₹39.54
52W High
₹313.3
52W Low
₹104.56
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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51 extracted metrics + investor summaries across FY22–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
3- Stock is trading at 7.81 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 12.8% over last 3 years.
Growth Rate
Revenue Growth
23.66% ↗
Net Income Growth
20.57% ↘
Cash Flow Change
108.07% ↗
ROE
-34.36% ↘
ROCE
-32.09% ↘
EBITDA Margin (Avg.)
-21.59% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 18d agoAI opinion · based on fundamentals
Risk high
Standard Engineering Technology Ltd is a small-cap industrial company with a market cap of ₹5,626 Cr trading at a PE of 64.9x. The company has delivered 26% TTM sales growth and 24% TTM profit growth, but carries a relatively modest 3-year ROE of ~13% and pays no dividend to shareholders.
Bull Case 7
- Strong TTM revenue growth of 26% indicates accelerating top-line momentum compared to 3-year sales CAGR of 16%
- TTM profit growth of 24% demonstrates healthy earnings expansion alongside revenue growth
- 3-year compounded sales CAGR of 16% shows consistent medium-term business scaling
- 3-year compounded profit CAGR of 14% reflects sustained profitability improvement over multiple years
- Stock price CAGR of 46% over 1 year reflects strong market confidence and re-rating
- 5-year ROE average of 16% indicates the company has historically generated reasonable returns on shareholder equity
- Company is expected to deliver a good upcoming quarter, suggesting near-term earnings visibility
Bear Case 8
- PE ratio of 64.9x is significantly elevated for an industrial company, pricing in substantial future growth
- Zero dividend yield despite repeated profitability suggests no capital return to shareholders
- 3-year ROE of only 13% (last year 11%) shows declining return on equity, trending below the 5-year average of 16%
- Price-to-book ratio of 6.83x is high for an industrials business, implying premium valuation relative to net assets
- Last year ROE dropped to 11%, indicating deteriorating capital efficiency even as profits grew
- Limited long-term track record with 10-year growth data unavailable, making it difficult to assess business durability
- Market cap of ₹5,626 Cr on a PE of 64.9x implies current earnings of only ~₹87 Cr, a thin absolute profit base
- Profit growth of 24% TTM trails the 64.9x PE multiple, yielding a PEG ratio above 2.5x which suggests stretched valuation relative to growth
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 15d ago Positives 3
- 33.55% stake in GScale Energy Jul 30
SETL completed acquisition of 33.55% stake in GScale Energy Private Limited, making it an associate company. Remaining balance to be settled via share swap to achieve majority control.
- Phase I Japan stake completed Jul 27
SETL completed Phase I investment acquiring 19.19% stake in GL HAKKO Co., Ltd., Japan, the first step toward a proposed 51.07% majority holding.
- ¥3.15 bn GL HAKKO investment Jul 6
SETL announced plan to invest ¥3.15 bn to acquire 51.07% of GL HAKKO Co., Ltd. in two phases, signaling international expansion into Japan.
Neutral 1
- Board meet for preferential issue Jul 8
Board meeting scheduled for July 11, 2026 to consider preferential issue of equity shares. Trading window closed until results are declared.
TL;DR: SETL is on an aggressive inorganic growth path, executing two strategic acquisitions in quick succession — GScale Energy (energy sector) and GL HAKKO (Japan). The international expansion and energy diversification signal ambition beyond core capital goods. Key risks are execution and integration of these new stakes, plus potential dilution from the proposed preferential issue. The trend is clearly expansionary, and if integration succeeds, the stock could re-rate on diversified earnings.
Quarterly Results
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 138 | 201 | 142 | 165 | 140 | 166 | 173 | 183 | 192 | 227 | 248 |
| Expenses | 115 | 170 | 118 | 132 | 114 | 143 | 144 | 154 | 162 | 195 | 208 |
| Operating Profit | 23 | 32 | 24 | 34 | 26 | 24 | 30 | 29 | 29 | 32 | 40 |
| OPM % | 17% | 16% | 17% | 20% | 19% | 14% | 17% | 16% | 15% | 14% | 16% |
| Other Income | 0 | 5 | 2 | 3 | 3 | 5 | 5 | 5 | 4 | 4 | 4 |
| Interest | 3 | 4 | 4 | 4 | 4 | 3 | 3 | 2 | 3 | 3 | 3 |
| Depreciation | 3 | 2 | 2 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 5 |
| PBT | 17 | 31 | 20 | 29 | 22 | 22 | 28 | 28 | 26 | 29 | 36 |
| Tax % | 27% | 22% | 25% | 29% | 26% | 26% | 26% | 26% | 23% | 26% | 26% |
| Net Profit | 12 | 24 | 15 | 21 | 16 | 16 | 21 | 20 | 20 | 21 | 27 |
| EPS in Rs | 6.65 | 12.78 | 0.81 | 1.07 | 0.81 | 0.76 | 1.05 | 1.01 | 0.96 | 0.99 | 1.32 |
Profit & Loss
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| Sales | 240 | 498 | 544 | 614 | 774 | 849 |
| Expenses | 200 | 412 | 449 | 506 | 655 | 720 |
| Operating Profit | 40 | 86 | 95 | 107 | 119 | 129 |
| OPM % | 17% | 17% | 17% | 18% | 15% | 15% |
| Other Income | 1 | 2 | 6 | 12 | 19 | 18 |
| Interest | 4 | 9 | 12 | 15 | 11 | 11 |
| Depreciation | 4 | 8 | 9 | 11 | 16 | 17 |
| PBT | 34 | 72 | 80 | 94 | 111 | 119 |
| Tax % | 26% | 26% | 25% | 27% | 25% | — |
| Net Profit | 25 | 53 | 60 | 69 | 83 | 89 |
| EPS in Rs | 16.44 | 33.84 | 32.14 | 3.23 | 4.01 | 4.28 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 15 | 16 | 18 | 199 | 199 |
| Reserves | 54 | 140 | 389 | 507 | 589 |
| Borrowings | 70 | 82 | 129 | 68 | 83 |
| Other Liabilities | 159 | 110 | 129 | 184 | 382 |
| Total Liabilities | 298 | 348 | 665 | 958 | 1,254 |
| Fixed Assets | 52 | 75 | 96 | 136 | 183 |
| CWIP | 1 | 3 | 4 | 8 | 27 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 245 | 269 | 565 | 814 | 1,045 |
| Total Assets | 298 | 348 | 665 | 958 | 1,254 |
Cash Flow
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Operating | -7 | 2 | -65 | 5 | 45 |
| Investing | -30 | -29 | -157 | -160 | -38 |
| Financing | 37 | 33 | 232 | 141 | -2 |
| Net Cash Flow | 0 | 5 | 10 | -14 | 6 |
| Free Cash Flow | -12 | -28 | -99 | -23 | -16 |
| CFO/OP | 3 | 26 | -49 | 26 | 58 |
Ratios
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 125 | 67 | 104 | 127 | 120 |
| Inventory Days | 399 | 183 | 258 | 296 | 386 |
| Days Payable | 198 | 96 | 102 | 115 | 171 |
| Cash Conversion Cycle | 326 | 154 | 260 | 309 | 335 |
| Working Capital Days | 53 | 66 | 178 | 272 | 226 |
| ROCE % | — | 43% | 24% | 16% | 15% |
Documents
1
Clarification sought from Standard Engineering Technology Ltd
23 Jun - Exchange has sought clarification from Standard Engineering Technology Ltd on June 23, 2026 with reference to significant movement in price, in order to ensure that … 23 Jun - Exchange has sought clarification from Standard Engineering Technology Ltd on June 23, 2026 with reference to significant movement in price, in order to ensure that …
2
Board Meeting Intimation for Consideration Of Audited Financial Results For The Quarter And Year Ended March 31, 2026
4 May - Board meeting on May 14, 2026 to approve audited FY26 standalone and consolidated results. 4 May - Board meeting on May 14, 2026 to approve audited FY26 standalone and consolidated results.
5
Board Meeting Intimation for Consideration Of Audited Financial Results For The Quarter And Year Ended March 31, 2026
4 May - Board meeting on May 14, 2026 to approve audited FY26 standalone and consolidated results. 4 May - Board meeting on May 14, 2026 to approve audited FY26 standalone and consolidated results.
Frequently Asked Questions about Standard Engineering Technology Ltd
What does Standard Engineering Technology Ltd do?
Incorporated in September 2012, Standard Engineering Technology is a manufacturer of engineering equipment for the pharmaceutical and chemical sectors in India.[1]
Where is Standard Engineering Technology Ltd (SETL) listed?
Standard Engineering Technology Ltd is listed on the Indian stock exchanges. It is listed on NSE: SETL and BSE: 544333. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Standard Engineering Technology Ltd belong to?
Standard Engineering Technology Ltd operates in the Industrials sector within the Industrial Manufacturing industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Standard Engineering Technology Ltd?
Standard Engineering Technology Ltd has a market capitalisation of approximately ₹6080.51 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Standard Engineering Technology Ltd?
The Price-to-Earnings (PE) ratio of Standard Engineering Technology Ltd is 72.20. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Standard Engineering Technology Ltd?
Over the past 52 weeks, Standard Engineering Technology Ltd has traded between a low of ₹104.56 and a high of ₹313.3. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Standard Engineering Technology Ltd?
Standard Engineering Technology Ltd has a Return on Equity (ROE) of 9.63%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Standard Engineering Technology Ltd on Tapetide?
On Tapetide, you can view Standard Engineering Technology Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Incorporated in September 2012, Standard Engineering Technology is a manufacturer of engineering equipment for the pharmaceutical and chemical sectors in India.[1]