Q2 and H1 FY26 results approved; auditor review finds no material misstatement
Board approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 29,659.64 | 18,278.41 | +62.3% | 24,769.21 | +19.7% |
| Total income | 29,690.36 | 18,820.25 | +57.8% | 25,219.01 | +17.7% |
| Profit before tax | 3,919.86 | 2,771.75 | +41.4% | 3,602.94 | +8.8% |
| Profit after tax | 2,820.21 | 2,044.72 | +37.9% | 2,674.62 | +5.4% |
| Total comprehensive income | 2,816.65 | 2,045.05 | +37.7% | 2,671.04 | +5.5% |
| Basic EPS | 1.32 | 1.01 | +30.7% | 1.32 | 0% |
- Total Income YoY Growth
- +57.8% (Year ago 18,820.25)
- Profit After Tax Growth
- Latest 2,820.21 (+37.9% YoY, +5.4% QoQ)
- Period
- Quarter ended September 30, 2026
Auditor's review
Conclusion: Unmodified
Notes to the results
- Company acquired 33.55% equity stake in GScale Energy Private Limited for Rs. 12,500 lakhs; GScale became a subsidiary w.e.f. September 28, 2026, accounted provisionally under Ind AS 103.
- Company acquired an initial 19.19% equity stake in GL Hakko Co., Ltd., Japan for Rs. 7,147 lakh; proposes to acquire additional 31.88% within three years.
- Preferential issue of 24,39,750 equity shares at Rs.293 per share aggregating Rs.7,148.47 lakhs allotted on October 16, 2026, after the reporting period.
Board meeting outcome
The board of Standard Engineering Technology Ltd met on November 05, 2026 and approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The meeting ran from 11:04 A.M. to 11:47 A.M.
Auditor's review conclusion
MSKA & Associates LLP (formerly M S K A & Associates), Chartered Accountants, issued a limited review report on both statements. The report states that nothing came to the auditors' attention that causes them to believe the statement has not disclosed what the regulations require, or that it contains any material misstatement. A review is narrower in scope than an audit, and the auditors state that they do not express an audit opinion.
In the consolidated report, the auditors note that they did not review the interim financial information of six subsidiaries; for that portion they relied on the reports of other auditors, and their conclusion is not modified on that account.
Standalone results (Rs. lakhs)
- Revenue from operations: 11,351.76 for the quarter, against 5,264.62 in the quarter ended September 30, 2025
- Total income: 11,652.80, against 6,036.40
- Profit before tax: 1,625.96, against 1,150.25
- Profit for the period: 1,243.44, against 868.84
- Basic and diluted EPS: 0.62, against 0.44
- Half year revenue from operations: 21,501.13, against 12,802.97; profit for the period 2,876.40, against 2,344.51
Consolidated results (Rs. lakhs)
- Revenue from operations: 29,659.64 for the quarter, against 18,278.41
- Profit before tax: 3,919.86, against 2,771.75
- Profit for the period: 2,820.21, against 2,044.72
- Basic and diluted EPS: 1.32, against 1.01
- Half year revenue from operations: 54,428.85, against 35,585.81; profit for the period 5,494.83, against 4,158.00
Other decisions and transactions noted
- GScale Energy Private Limited: the company acquired a 33.55% equity stake by subscribing to its shares for Rs. 12,500 lakhs, and obtained control over GScale on September 28, 2026, including through the right to appoint a majority of its directors. GScale became a subsidiary and is consolidated from that date. A share swap agreement dated July 11, 2026 provides for a further 17.45% equity stake, subject to regulatory approvals.
- GL Hakko Co., Ltd., Japan: under a Share Subscription Agreement dated July 13, 2026, an initial 19.19% equity stake was acquired for Rs. 7,147 lakhs. The company proposes to acquire a further 31.88% within three years, subject to approvals under Japan's FEFTA and other conditions.
- Preferential allotment: the board approved the issuance of up to 24,39,750 fully paid-up equity shares of face value Rs. 10 each at an issue price of Rs. 293 per share (including a securities premium of Rs. 283), aggregating Rs. 7,148.47 lakhs, to AGI Group Holdings Inc., Japan and Monoflus Pte. Ltd., Singapore. Shareholders approved the proposal at the Extraordinary General Meeting held on August 10, 2026. Allotment of 22,77,100 shares to AGI Group Holdings and 1,62,650 shares to Monoflus was completed after the reporting period.
- IPO proceeds: the IPO of 2,92,89,367 equity shares at Rs. 140 each — an offer for sale of 1,42,89,367 shares and a fresh issue of 1,50,00,000 shares, aggregating Rs. 41,005.11 lakhs — was listed on January 13, 2025. Net proceeds of Rs. 23,224.50 lakhs were received in an escrow account. Of the total Rs. 23,224.00 lakhs earmarked, Rs. 21,559.94 lakhs was utilised and Rs. 1,664.06 lakhs remained unutilised as at September 30, 2026, temporarily placed in term deposits with scheduled commercial banks.
Points a retail investor can track
- The company operates as a single segment: manufacturing and selling glass lined reactors, receivers and storage tanks for the pharmaceutical industry.
- Of the unutilised IPO money, Rs. 1,435.86 lakhs relates to the capital expenditure object for S2 Engineering Industry Private Limited and Rs. 228.20 lakhs to the company's own capital expenditure.
- Consolidated accounts now include GScale, so period-on-period comparisons partly reflect the newly acquired subsidiary.
Also from Standard Engineering Technology
ICRA monitoring report: IPO proceeds in line with objects, Rs. 18.071 crore unutilised at quarter end
5 Nov 2026
SETL Q2 FY27: GScale SFN revenue from 15 December 2026, Power Products production from 15 January 2027
5 Nov 2026
Standard Engineering Q2 FY27: revenue up 62.3%, PAT up 37.9%, datacenter engine scaled up
5 Nov 2026
More numbers
- Standalone Revenue from operations, quarter ended Sep 30, 2026 (Rs. lakhs)11,351.76
- Standalone Profit for the period, quarter ended Sep 30, 2026 (Rs. lakhs)1,243.44
- Consolidated Revenue from operations, half year ended Sep 30, 2026 (Rs. lakhs)54,428.85
- Net IPO proceeds received in escrow (Rs. lakhs)23,224.50
- Unutilised IPO proceeds as at Sep 30, 2026 (Rs. lakhs)1,664.06
- Equity stake acquired in GScale Energy Private Limited33.55%
- Total income, latest quarter29,690.36 (Rs. in Lakhs)
- Total income, year-ago quarter18,820.25 (Rs. in Lakhs)
- Total income, previous quarter25,219.01 (Rs. in Lakhs)
- Total comprehensive income, latest quarter2,816.65 (Rs. in Lakhs)
- Total comprehensive income, year-ago quarter2,045.05 (Rs. in Lakhs)
- Total comprehensive income, previous quarter2,671.04 (Rs. in Lakhs)
- Profit after tax, latest quarter2,820.21 (Rs. in Lakhs)
- Profit after tax, year-ago quarter2,044.72 (Rs. in Lakhs)
- Profit after tax, previous quarter2,674.62 (Rs. in Lakhs)
- Revenue from operations, latest quarter29,659.64 (Rs. in Lakhs)
- Revenue from operations, year-ago quarter18,278.41 (Rs. in Lakhs)
- Revenue from operations, previous quarter24,769.21 (Rs. in Lakhs)
- Profit before tax, latest quarter3,919.86 (Rs. in Lakhs)
- Profit before tax, year-ago quarter2,771.75 (Rs. in Lakhs)
- Profit before tax, previous quarter3,602.94 (Rs. in Lakhs)
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