Standard Engineering FY26: Revenue Jumps 27%, While the Business Model Quietly Changes

FY26 total income was INR 793.1 crore, EBITDA was INR 138.0 crore, PBT was INR 111.2 crore, and PAT was INR 83.0 crore, as per the investor presentation and management commentary.

Q4FY26 total income was INR 230.9 crore (+35.0% YoY), EBITDA was INR 35.7 crore (+26.0% YoY), and PAT was INR 21.1 crore (+27.8% YoY).

FY26 revenue from operations of INR 774 crore was split as Reaction Systems 37.8%, Storage, Separation and Drying Systems 24.6%, and Plant/Engineering Services 37.6% (presentation).

Exports were 6.5% of FY26 revenue from operations (presentation). Management also discussed export shipment deferrals in Q4 due to customer requests.

The presentation states planned capex of INR 130 crore over the next 2 years. In the concall, management said the 36-acre greenfield campus will be executed in two phases with Phase 1 from April 1, 2027 and Phase 2 from April 1, 2028.

Management stated an order book of approximately above INR 1,000 crore, with an execution timeline of about 8 to 9 months (up to 10 months).

Management attributed margin pressure mainly to higher metal prices and increased employee hiring to prepare for expected growth in FY27.