SETLStandard Engineering Technology Ltd.
Standard Engineering Technology Q2 FY27 Results: Consolidated Net Profit ₹28.20 Crore on Total Income of ₹297 Crore
- Earnings
- glass lined reactors and engineering
Reviewed byKeshav SehgalBlacklitt Research
Standard Engineering Technology (NSE: SETL) reported consolidated total income of ₹296.90 crore and net profit of ₹28.20 crore for the quarter ended 30 Sep 2026, it said in a filing on 05 Nov 2026. Standalone total income was ₹116.53 crore and standalone net profit ₹12.43 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹296.90 crore, up 57.8% YoY and 17.7% QoQ
- Net profit and EPS: ₹28.20 crore, up 37.9% YoY and 5.4% QoQ; basic EPS ₹1.32
- Finance costs: ₹5.18 crore, up 110.9% YoY and 65.6% QoQ
Standalone
The company on its own, without its subsidiaries
- Total income: ₹116.53 crore, up 93.0% YoY and 6.7% QoQ
- Net profit and EPS: ₹12.43 crore, up 43.1% YoY and down 23.9% QoQ; basic EPS ₹0.62
- Finance costs: ₹2.35 crore, up 210.3% YoY and 108.0% QoQ
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 296.90 | 188.20 | +57.8% | 252.19 | +17.7% | |
| Revenue from operations | 296.60 | 182.78 | +62.3% | 247.69 | +19.7% |
| Other income | 0.31 | 5.42 | -94.3% | 4.50 | -93.2% |
| 28.20 | 20.45 | +37.9% | 26.75 | +5.4% | |
| Profit before tax | 39.20 | 27.72 | +41.4% | 36.03 | +8.8% |
| Finance costs | 5.18 | 2.46 | +110.9% | 3.13 | +65.6% |
| Depreciation | 5.43 | 3.86 | +40.9% | 4.95 | +9.7% |
| Tax expense | 11.00 | 7.27 | +51.3% | 9.28 | +18.5% |
| Net profit margin | 9.50% | 10.86% | -1.37 pp | 10.61% | -1.11 pp |
| EPS, basic (₹) | 1.32 | 1.01 | +30.7% | 1.32 | 0.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated revenue from operations grew 62.3% YoY, while other income fell from ₹5.42 crore to ₹0.31 crore. Other income is now 0.1% of total income, so the year-on-year growth in total income rests almost entirely on operating revenue.
Net profit rose 37.9% YoY, slower than total income at 57.8%. Finance costs of ₹5.18 crore are 1.7% of total income, up from ₹2.46 crore a year earlier, and tax of ₹11.00 crore is 28.1% of profit before tax of ₹39.20 crore.
The notes say the consolidated results include the share of loss from joint ventures and associates of ₹1.91 crore, and the reason for that loss is not explained. Six subsidiaries whose revenues were ₹48.3 crore before elimination adjustments were not reviewed by the auditor, who relied on other auditors' reports for them.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 116.53 | 60.36 | +93.0% | 109.18 | +6.7% | |
| Revenue from operations | 113.52 | 52.65 | +115.6% | 101.49 | +11.8% |
| Other income | 3.01 | 7.72 | -61.0% | 7.69 | -60.8% |
| 12.43 | 8.69 | +43.1% | 16.33 | -23.9% | |
| Profit before tax | 16.26 | 11.50 | +41.4% | 21.39 | -24.0% |
| Finance costs | 2.35 | 0.76 | +210.3% | 1.13 | +108.0% |
| Depreciation | 1.86 | 1.52 | +22.8% | 1.79 | +3.8% |
| Tax expense | 3.83 | 2.81 | +35.9% | 5.06 | -24.4% |
| Net profit margin | 10.67% | 14.39% | -3.72 pp | 14.96% | -4.29 pp |
| EPS, basic (₹) | 0.62 | 0.44 | +40.9% | 0.82 | -24.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone revenue from operations rose 115.6% YoY, while other income fell 61.0% to ₹3.01 crore.
Standalone net profit rose 43.1% YoY but fell 23.9% QoQ, while total income rose 6.7% over the same period. Finance costs more than tripled from ₹0.76 crore to ₹2.35 crore year on year, and the net profit margin fell to 10.67% from 14.39%.
The filing does not give the reason for the rise in standalone revenue and profit or for the fall in other income against the year-earlier quarter.
Inference
The consolidated results now include GScale Energy Private Limited, in which the company acquired a 33.55% stake for ₹125.00 crore, with control obtained on 28 Sep 2026. The initial accounting for that transaction is provisionally determined. The company also proposes a further 17.45% stake in GScale under a Share Swap Agreement dated 11 Jul 2026, subject to regulatory approvals.
The company acquired an initial 19.19% stake in GL Hakko Co. Ltd., Japan, for ₹71.47 crore under an agreement dated 13 Jul 2026, and proposes an additional 31.88% within three years, subject to approvals under Japan's FEFTA. The company allotted 24,39,750 shares at ₹293 each on a preferential basis, aggregating ₹71.48 crore, and had ₹16.64 crore of IPO fresh-issue proceeds unutilised at 30 Sep 2026.
The filing does not state the amount or timing of payment for the further GScale and GL Hakko stakes, and it does not give the reason for the joint venture loss.
Filed with BSE on . Reference: Original filing (PDF)
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