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Standard Engineering Technology

SETL NSE
₹417.60 +11.20 (+2.76%)
P/E
97.57
View as Markdown
MCP
Close 4 Nov 2026 ₹417.60 +248.79 +147% 1Y
Start ₹168.81

Key Fundamentals

MicrocapIndustrial ManufacturingCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
14.70%
Debt to Equity
0.11
EPS (TTM)
₹4.28
Book Value
₹39.54
Market Cap
—
P/E (TTM)
97.57
P/B
10.56
ROE
10.70%
Dividend Yield
0.00%
EBITDA
₹138 Cr
52W High
₹468.15
52W Low
₹104.56
Day Range
₹391.35 – ₹426.70
Volume
6,77,969

Peer Comparison

Industrials › Capital Goods › Industrial Products

Standard Engineering Technology peer comparison
Indo-MIM
₹1,240.10106.91₹59,516 Cr18.470.55%23.40%25.00%₹3,482 Cr₹562 Cr
Aditya Infotech
₹3,999.8098.59₹46,234 Cr14.530.04%25.40%28.60%₹4,883 Cr₹477 Cr
Syrma SGS
₹1,512.6079.19₹28,543 Cr9.590.10%14.00%16.80%₹5,464 Cr₹401 Cr
Honeywell Automation
₹29,810.0047.82₹25,976 Cr5.650.38%12.60%17.00%₹4,703 Cr₹552 Cr
Jyoti CNC Automation
₹1,034.9573.19₹22,990 Cr11.010.00%18.20%21.30%₹2,191 Cr₹323 Cr
Kaynes Technology India
₹3,330.0064.57₹21,957 Cr4.710.00%8.69%12.70%₹3,899 Cr₹345 Cr
LMW
₹17,358.00106.09₹18,108 Cr6.100.21%4.05%5.58%₹3,374 Cr₹176 Cr
Standard Engineering Technology (this company)
₹417.6097.57₹8,091 Cr10.560.00%10.70%14.70%₹849 Cr₹88 Cr
Median 8 companies₹2,421.3088.38₹24,483 Cr10.080.07%13.30%16.90%₹3,690 Cr₹373 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

52 Average

Data confidence 98/100

Category scores

Quality
46
Average
Returns, margins, earnings quality 22% weight
Valuation
25
Poor
Cheap vs sector & own history 24% weight
Growth
78
Strong
Sales & profit trajectory 9% weight
Financial Health
70
Strong
Solvency, leverage, coverage 9% weight
Momentum
99
Strong
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company is expected to give good quarter

Weaknesses

3
  • Stock is trading at 8.46 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4312
OscillatorsBearish432
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
62.11
Neutral
MACD (12,26,9)
3.97
Bullish
SMA (50)
390.33
Bullish
SMA (200)
228.55
Bullish

As of

Growth Rate

From the financial statements below. 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
3Y+15.83%
1Y+26.06%
TTM+31.99%

Net profit

Net profit growth by window
3Y+16.13%
1Y+20.29%
TTM+18.92%

Operating cash flow

Operating cash flow growth by window
3Y+182.31%
1Y+800.00%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
3Y−1.90 pp
1Y−2.06 pp
TTM−2.41 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2022₹240 Cr
Mar 2023₹498 Cr
Mar 2024₹544 Cr
Mar 2025₹614 Cr
Mar 2026₹774 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2022₹25.00 Cr
Mar 2023₹53.00 Cr
Mar 2024₹60.00 Cr
Mar 2025₹69.00 Cr
Mar 2026₹83.00 Cr

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
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

94d ago

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.

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.

Quarterly Results

₹ Cr
SETL quarterly results, ₹ crore
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 (₹)
0.67
1.28
0.81
1.07
0.81
0.76
1.05
1.01
0.96
0.99
1.32

Profit & Loss

₹ Cr
SETL profit and loss, annual, ₹ crore
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 (₹)
1.64
3.39
3.21
3.23
4.01
4.28
Div. Payout %
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
SETL balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
SETL cash flow, annual, ₹ crore
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/EBITDA
3
26
−49
26
58

Ratios

SETL financial ratios, annual
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

Log in to view Standard Engineering Technology insights

62 extracted metrics across FY22–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 60.47%
  • Public 22.73%
  • Others 13.83%
  • DIIs 1.66%
  • FIIs 1.30%

21.38% of promoter holding pledged as of Sep 2026

Change vs previous quarter

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.
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 Capital Goods sector, in the Industrial Products industry.
What is the PE ratio of Standard Engineering Technology Ltd?
Standard Engineering Technology Ltd trades at a PE ratio of 97.57 as of 4 Nov 2026, on earnings per share of ₹4.28, 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 ₹468.15 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Standard Engineering Technology Ltd?
Standard Engineering Technology Ltd reported a return on equity of 10.70%. 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.

Website standardglr.com
Listed 13 Jan 2025
Face Value ₹10

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