Standard Engineering Technology logo

Standard Engineering Technology

SETL NSE

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods
Market Cap
₹9,160 Cr
Volatility
High Risk
P/E Ratio
109.38
EBITDA
₹138 Cr
Return on Equity
10.41%
Debt to Equity
0.11
Book Value
₹39.54
52W High
₹445.9
52W Low
₹104.56

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company is expected to give good quarter

Weaknesses

3
  • Stock is trading at 11.8 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
26.69% higher than 3Y
Net Income Growth
20.99% higher than 3Y
Cash Flow Change
763% higher than 3Y
ROE
8.1% lower than 3Y
ROCE
0.14% higher than 3Y
EBITDA Margin (Avg.)
-9.1% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI 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 anthropic claude-opus-4.6 42d 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

Particulars Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
1,044
Total Assets
298
348
665
958
1,254
Figures in ₹ Crores

Cash Flow

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs0.20%Promot.60.47%FIIs2.77%Others14.59%Public21.97%As ofJun 2026
21.38% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Standard Engineering Technology

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 trades as SETL on the NSE and under code 544333 on the BSE.
Which sector does Standard Engineering Technology Ltd belong to?
Standard Engineering Technology Ltd is classified under the Industrials sector, in the Industrial Manufacturing industry.
What is the market capitalisation of Standard Engineering Technology Ltd?
Standard Engineering Technology Ltd has a market capitalisation of ₹9,160 Cr, which places it in the Mid Cap band.
What is the PE ratio of Standard Engineering Technology Ltd?
Standard Engineering Technology Ltd trades at a PE ratio of 109.38, against a book value of ₹39.54 per share.
What is the 52-week high and low of Standard Engineering Technology Ltd?
Over the last 52 weeks Standard Engineering Technology Ltd has traded between ₹104.56 and ₹445.9.
What is the Return on Equity (ROE) of Standard Engineering Technology Ltd?
Standard Engineering Technology Ltd reported a return on equity of 10.41%. Its debt-to-equity ratio is 0.11.

Company Information

Incorporated in September 2012, Standard Engineering Technology is a manufacturer of engineering equipment for the pharmaceutical and chemical sectors in India.[1]

Website standardglr.com
Listed 2025-01-13
Face Value ₹ 10
Issued Size 19,94,91,662

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