Standard Engineering Technology Ltd(SETL)

NSE: SETLBSE: 544333

₹ 352.7+4.99%refreshed 26 Oct, 02:13 pm ISTMarket cap: ₹ 7,036 crWebsite: www.standardglr.comUpdated: 24 Oct 2026

About

Standard Engineering Technology Ltd (SETL) is an Indian manufacturer of specialised process equipment, including glass-lined reactors, metal equipment, pumps and PTFE-lined equipment, for the pharma, chemical and CDMO sectors. In FY26 the company posted revenue from operations of ₹774.1 Cr. In Q1 FY27 revenue grew 43.1% YoY to ₹247.7 Cr, which management called a record quarter. Its FY25 annual report places it among the top three manufacturers of glass-lined equipment in India, with a 23.3% market share in PTFE-lined pipelines and fittings.^[1][2]

Business segments

Metal Equipment and Pumps: 63.6% of FY26 revenue (₹519.87 Cr), EBIT margin 13.7%.^[3]
Glass Lined Equipment: 31.7% of FY26 revenue (₹258.67 Cr), EBIT margin 21.9%.^[3]
PTFE Lined Equipment: 4.7% of FY26 revenue (₹38.34 Cr), EBIT margin 16.5%.^[3]

Products and services

The core range spans 180+ varieties of glass-lined reactors, metal equipment, pumps and PTFE-lined equipment for the pharma and chemical process industries (Q1 FY27).^[4]
The FY25 annual report lists 65 sub-products across the company's product categories.^[2]
Shell and tube glass-lined heat exchangers, developed with Japanese partner GL Hakko, are a new product line. SETL says it is the only Indian maker, and full-fledged sales are expected from September 2026.^[4]
Conductivity glass-lined reactors have been supplied to Hetero, Sun Pharma and Laurus Labs. A global commercial launch through partner IPP is targeted for April 2027.^[5]
Subsidiaries Standard C2C Engineering (process, civil, HVAC, electrical and instrumentation) and Scigenics (bioprocess and fermentation) allow the company to deliver turnkey projects from concept to commissioning.^[6]
The company has private-label agreements with HHV Pumps for vacuum pumps and with Atlas Copco (FY25).^[2]

Market position

As of FY25, the company was among the top three glass-lined equipment makers in India and among the top three suppliers of multistage claw vacuum pumps.^[2]
It held a top-three position with a 23.3% market share in PTFE-lined pipelines and fittings in India (FY25).^[2]
The FY25 report says it is the only supplier in India able to make stainless steel glass-lined reactors of up to 10 KL.^[2]

Operations and capacity

The company had eight manufacturing facilities in Hyderabad spread over 500,000 sq. ft. (FY25).^[2]
Monthly installed capacity was 150 - 200 glass-lined vessels (FY25).^[2]
Existing plants ran at 70 - 80% capacity utilisation in Q4 FY26. In Q2 FY26 the metal division was at ~70% and glass lining at ~50%.^[6]
Assembly of glass-lined heat exchangers in India began with 50 units made and sold from April 2026. Full capacity of 200 units/month is targeted from July 2026.^[6]
Specified grades of glass for glass lining are bought under supply agreements with Japan's Asahi Glassplant and GL Hakko (FY25).^[2]

Key operating numbers

The unexecuted core-business order book stood at ₹1,400 Cr after Q1 FY27 billing, compared with ~₹1,000 Cr at the end of Q4 FY26.^[4][6]
At the end of Q4 FY26 the order book had an 8 - 9 month execution horizon, and its export component was ~₹30 Cr.^[6]
Export share fell to 2 - 3% in Q1 FY27, from 13.3% in Q1 FY26 and 6.5% for full-year FY26. Management guided a recovery to 5 - 6% in Q2 FY27.^[4]
Fixed asset turnover was 10.9x in Q1 FY27.^[4]

Customers and distribution

In FY25 its customers included 30 of the roughly 80 pharmaceutical and chemical companies in the NSE 500 index.^[2]
CDMO customers made up ~50% of the core-business order book as of Q1 FY27. The rest came from pharma and chemicals.^[4]
Customers for glass-lined heat exchangers include SRF, Deccan, Anupam Rasayan, Sai Life and CDMO players.^[5]
The company has resale arrangements covering North America, South America, Europe and parts of Asia and Africa, plus agency arrangements for Bangladesh and Russia (FY25).^[2]
Agreements with affiliates of International Process Plants give it access to more than 160,000 customers worldwide (FY25).^[2]

Expansion and capex

A greenfield facility (36 acres, 5.5 lakh sq ft) is being built at a capex of ₹130 Cr (₹65 Cr in FY27, ₹65 Cr in FY28). Phase 1 (50%) is targeted for April 2027 and Phase 2 for April 2028.^[6]
The greenfield site will support 100 mm fabrication thickness and 100-ton cranes, allowing entry into oil & gas and nuclear engineering. The company states ₹2,000 Cr of incremental revenue potential.^[6]
SETL is acquiring up to 51% of GScale Energy in a phased ₹487 Cr programme to make power and cooling equipment for AI data centers. Phase I is ₹190 Cr, and a 4 lakh sq ft factory is targeted for November 2026.^[4]
SETL invested ₹71.5 Cr for a 19.19% stake in GL Hakko (Japan) in Phase I, with the right to increase it to 51.07% over the next 2 - 3 years.^[4]
Capex was ₹49 Cr in Q1 FY27. The ~₹487 Cr GScale programme is planned to be funded from SETL's own balance sheet with no new debt.^[4]
Subsidiary S2 Engineering commissioned Unit 5 to make stainless steel and nickel alloy equipment (FY25).^[2]

Recent developments

GScale Energy is targeted to contribute ~₹250 Cr of revenue in FY27 from about four months of operations.^[4]
In Q1 FY27 SETL received a large order for semiconductor-grade low-leaching glass reactors for an LED and electronic chemicals pilot plant in India.^[4]
In Q3 FY26 the company's name changed from Standard Glass Lining Technology Limited to Standard Engineering Technology Limited.^[5]
In Q3 FY26 the company completed the acquisitions of Scigenics India (slump sale for ₹9 Cr) and 51% of Standard C2C Engineering (₹12.25 Cr). In FY26, C2C's revenue was ₹24 Cr and Scigenics' was ~₹20 Cr.^[5]
A preferential issue of up to 24,39,750 equity shares was approved.^[4]

Market Cap

₹7,036 Cr

High / Low

₹468 / 105

Stock P/E

76.9

Price / Book

8.5

Book Value

₹40

EPS

₹4.0

No. of Shares

19.95 Cr

ROCE

14.7%

ROE

10.7%

OPM

15.4%

Debt / Equity

0.07

Sales

₹774 Cr

Net Profit

₹83 Cr

Promoter holding

60.5%

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