SETL Q4 FY26 earnings call.
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Revenue
₹227 Cr
verified against source
Revenue YoY
26.7%
reported change
EBITDA
₹138 Cr
latest reported figure
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Standard Engineering Technology Limited delivered its best-ever financial year in FY26, with total income of ₹793 crore (26.7% YoY), PAT of ₹83 crore (21% YoY), and EBITDA margin of 17.4%. Q4 saw revenue of ₹231 crore (35% YoY growth) though margins compressed to 9.1% PAT due to elevated metal prices and deliberate manpower investments for future growth. The company has completed its transformation from glass-lining equipment manufacturer to integrated precision engineering and project execution platform, with the C2C Engineering acquisition fully integrated. The order book stands at ₹1,000 crore with 30% export content, and management targets better-than-FY26 performance in FY27. A ₹130 crore greenfield capex over two years will add 2,000 crore revenue capacity by FY28, while the current facility modernization (adding robotics) will enable 60-70% revenue growth on existing infrastructure. Management flagged export order delays (USD 3.5 million pushed to Q1 FY27) and commodity cost volatility as near-term headwinds but remains confident on margin recovery as revenue scales and solution-selling mix improves.
Colored figures show movement against the previous available record.
Guidance to track
- Management explicitly guided that FY27 will be better than FY26 with growth expected to exceed 25%, driven by strong order book execution and solution selling mix expansion.
- Confirmed previous guidance of ₹250-300 crore quarterly revenue from FY27 onwards as utilization improves and new capacity comes online.
- EBITDA margins expected to recover and improve in FY27 compared to FY26 levels, driven by operating leverage, solution mix, and better procurement discipline offsetting input cost pressures.
- C2C Engineering targeting ₹60 crore (from ₹24 crore in FY26) and Genic targeting ₹60 crore (from ₹30 crore in FY26), representing combined incremental ₹66 crore from acquisitions.
Risks flagged
- Metal prices increased in Q4 FY26, creating margin pressure. Management acknowledges this is a sector-wide challenge and is addressing through advance raw material booking and price pass-through mechanisms.
- USD 3.5 million export order originally expected in Q4 was delayed to Q1 FY27 due to client readiness and port clearance challenges. Export growth targets for FY27 depend on execution of deferred orders.
- Significant hiring of employees for future growth created near-term margin pressure. Management frames this as investment but carries execution risk if revenue ramp doesn't materialize as planned.
- Inventory doubled from FY25 to FY26 to ₹438 crore. Though management attributes this to project execution and export readiness, receivables also increased, raising cash conversion concerns.
Key quotes
- This has been the best year in our company's history. The members will pick for themselves. But I want to convey is that it is not just a scale of performance that stood out. It was the depth of it. Revenue, profitability, cash flows, working capital, execution quality, all of them improved together in the same year.
- We are very excited about the future growth potential of SETL. We are still evolving from a traditional equipment manufacturing company into a global integrated engineering and technology platform and very few companies as I said I've never seen such a company in the world.
- Margin is going to improve. This year we recruited many higher-end employees and we invested on manpower. So that is the reason slightly this year compared to 26th financial year 27 we are going to grow very high. So that manpower cost also we are going to cover, coming years profit will be going to increase.
- We are creating facility for 200 numbers. Total TAM globally is 2 billion USD. We are only one manufacturer in India for this product. The TAM in India alone is 2,000 crore.
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