Standard Engineering Technology Ltd.

•

standardengtech.comBSE: 544333NSE: SETL

Market Cap₹ 8,175 Cr.

Current Price

High / Low₹ 411 / 105

Stock P/E191.6

Book Value₹ 33

Price to Book3.30

Dividend Yield0.00 %

ROCE8.8 %

ROE6.7 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Working capital cycle has improved - days down from 639 to 458
Company comfortably covers its interest (15.3x coverage)

CONS

Receivables are growing faster than sales - a possible quality concern
A large part of profit comes from other income (56.9% of PBT)
Recent results are weak - TTM profit is down 24.2% versus prior year
Company has a low return on equity of 8.2% over last 3 years
Company has a low return on capital employed of 10.8%
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.14x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	433.35	62.03	150895.22	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	970.60	89.95	47994.32	0.61	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3634.35	72.98	43305.57	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	35625.15	57.15	31498.06	0.31	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1002.85	70.89	22807.13	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2248.45	80.08	20407.72	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	TRITURBINE	577.50	54.59	18358.64	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2775.95	128.99	17927.57	0.00	35.16	19.46	172.60	25.90	12.28	37.29
9.	LLOYDSENGG	84.28	58.44	13072.16	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1547.15	550.12	11623.38	0.13	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KRN	1579.75	106.67	10340.80	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	SETL	409.80	95.59	8175.17	0.00	26.75	26.56	247.69	43.12	15.32	15.99

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52	65	41	60	40	56	67	53	60	78	101
	42	56	34	51	34	47	54	47	54	72	88
Operating Profit	10	10	7	9	6	9	14	6	6	7	14
OPM %	19.42%	15.00%	17.08%	14.82%	15.02%	15.39%	20.36%	11.51%	10.05%	8.55%	13.50%
	1	4	2	4	4	7	8	8	7	7	8
Interest	1	1	1	2	2	1	1	1	1	1	1
Depreciation	1	1	1	1	1	1	1	2	2	2	2
Profit before Tax	8	12	7	10	7	14	19	12	11	11	21
Tax %	27.41%	16.94%	27.07%	20.32%	20.52%	24.51%	23.58%	24.43%	19.89%	20.59%	23.65%
Net Profit	6	10	5	8	5	10	15	9	9	9	16
	0.37	0.55	0.27	0.44	0.30	0.53	0.74	0.44	0.44	0.44	0.82

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	153	210	209	196	259	293
	126	178	173	166	226	260
Operating Profit	27	32	37	30	33	33
OPM %	17.52%	15.32%	17.45%	15.24%	12.58%	11.11%
	1	4	8	19	30	30
Interest	3	4	5	6	4	4
Depreciation	4	4	5	5	6	6
Profit before Tax	21	27	34	37	53	55
Tax %	24.66%	25.70%	23.46%	23.08%	22.37%	22.44%
Net Profit	16	20	26	29	41	43
EPS	14.06	13.14	14.52	1.44	2.06	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 7%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 27%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: 15%
3 Years:: 8%
Last Year:: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	15	16	18	199	199
	45	98	316	396	439
	35	34	58	33	40
Trade Payables	31	37	37	30	88
	44	22	15	21	80
Total Liabilities	171	208	445	679	847
	39	48	50	55	63
Capital Work in Progress	0	2	3	7	15
	10	11	49	63	94
	60	70	80	90	137
	0	0	53	57	105
Cash & Bank	0	5	48	116	103
	62	71	162	291	330
Total Assets	171	208	445	679	847

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7	11	-12	7	18
Cash from Investing	-41	-26	-190	-223	-15
Cash from Financing	40	29	212	200	-3
	0	5	10	-15	0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	10.43	12.75	14.52	1.44	2.06
Book Value (₹)	39.68	72.34	183.76	29.87	31.99
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	1.29	1.56	1.73	1.70	2.36
PROFITABILITY
Operating Margin %	18.41%	17.20%	17.45%	15.24%	12.58%
Net Margin %	10.45%	9.59%	12.59%	14.59%	15.88%
ROE %	26.28%	23.01%	11.78%	6.16%	6.66%
ROCE %	28.88%	28.32%	15.01%	8.63%	8.82%
	9.34%	10.63%	8.09%	5.10%	5.38%
EFFICIENCY
Debtor Days	70	55	76	103	114
Inventory Days	142	113	131	158	160
Payable Days	168	118	129	121	160
	44	50	78	140	115
FINANCIAL HEALTH
Debt to Equity (x)	0.39x	0.22x	0.15x	0.04x	0.04x
Interest Coverage (x)	7.80x	7.04x	8.28x	7.12x	15.25x
	1.16x	1.69x	2.94x	5.67x	2.68x
GROWTH
Revenue Growth %	0.00%	37.32%	-0.12%	-6.28%	31.76%
Operating Profit Growth %	0.00%	28.28%	22.57%	10.11%	28.77%
Net Profit Growth %	0.00%	26.09%	31.13%	8.59%	43.43%
	0.00%	0.00%	13.95%	-90.11%	43.43%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	102.37x	51.20x
P/B (x)	0.00x	0.00x	0.00x	4.92x	3.30x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.45x	58.36x	32.32x

Shareholding Pattern

Numbers in percentages

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	60.41	60.41	60.41	60.47	60.47	60.47
	2.63	2.45	2.72	2.54	2.43	2.78
	2.21	0.98	1.10	0.77	0.35	0.20
Government	0.00	0.00	0.00	0.00	0.00	0.00
	34.75	36.15	35.78	36.24	36.75	36.56

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-26

Copy of Newspaper Publication

2026-08-26 - Standard Engineering Technology Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-25

General Updates

2026-08-25 - Standard Engineering Technology Limited has informed the Exchange about General Updates

2026-08-24

Shareholders meeting

2026-08-24 - Standard Engineering Technology Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026

2026-08-23

Copy of Newspaper Publication

2026-08-23 - Standard Engineering Technology Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - Standard Engineering Technology Limited has informed the Exchange about Transcript

2026-08-10

Shareholders meeting

2026-08-10 - Standard Engineering Technology Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on August 10, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-10

Shareholders meeting

2026-08-10 - Standard Engineering Technology Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on August 10, 2026

2026-08-07

Corrigendum

2026-08-07 - Standard Engineering Technology Limited has informed the Exchange regarding Corrigendum to Notice of Extra Ordinary General Meeting to be held on August 10, 2026

2026-08-07

Copy of Newspaper Publication

2026-08-07 - Standard Engineering Technology Limited has informed the Exchange about Copy of Newspaper Publication

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