Standard Engineering Q2: revenue +62% YoY to ₹297cr; margins compress, PAT +38%

Standard Engineering Technology (formerly Standard Glass Lining Technology) posted consolidated revenue of ₹296.60 Cr for Q2 FY27, up 62.3% YoY from ₹182.78 Cr and 19.7% QoQ from ₹247.69 Cr — at the top of management's own guided ₹250-300 Cr quarterly run-rate for FY27, since no sell-side analyst tracks the stock (Trendlyne's consensus tracker lists zero covering analysts, so there is no street PAT/revenue estimate to grade against). Consolidated PAT (pre-minority) came in at ₹28.20 Cr, up 37.9% YoY and 5.4% QoQ; profit attributable to shareholders was ₹26.38 Cr (+30.7% YoY), with basic EPS at ₹1.32 versus ₹1.01 a year ago.

Profit growth trailed revenue growth on both counts, and net profit margin compressed to 9.5% from 10.86% YoY and 10.61% QoQ. The squeeze traces to three lines: finance costs nearly doubled YoY to ₹5.18 Cr as the company funded the GScale Energy acquisition and capex ahead of its October preferential allotment; depreciation rose to ₹5.43 Cr on an expanding asset base; and the first-ever ₹1.91 Cr share-of-loss from an equity-accounted investee hit PBT. Minority interest also grew sharply (₹1.82 Cr vs ₹0.26 Cr YoY), diluting the profit attributable to shareholders relative to the ₹28.20 Cr group total, as GScale and other subsidiaries came under consolidation.

The stock went into the print at ₹408.05, down 4.7% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters.

Standalone (parent-only) PAT ₹12.43 Cr on revenue ₹113.52 Cr, EPS ₹0.62 — a much smaller base than the consolidated group

Against management's August 2026 concall guidance — FY27 core business revenue of ₹1,200 Cr (40-50% growth) and a ₹1,450 Cr consolidated target — the core Engineering & Technology segment posted H1 FY27 revenue of ₹567.65 Cr, up 50.9% YoY, at the top end of the guided growth band and tracking on-plan. The segment's EBITDA margin of roughly 16.3% in H1, however, sits just under the guided 17-18% core margin. The ₹1,450 Cr full-year consolidated target implies H2 revenue of roughly ₹906 Cr against H1's ₹544 Cr, a step-up that leans heavily on the still-nascent AI Data Center (GScale) vertical, which was consolidated only from September 28, 2026 and contributed negligible segment revenue this quarter. The quarter also carried the corporate rebrand from Standard Glass Lining Technology to Standard Engineering Technology and a ₹71.5 Cr preferential allotment to Japanese and Singaporean investors (AGI Group Holdings, Monoflus Pte, GL Hakko) completed October 16, 2026 — funding that explains the current quarter's elevated finance costs ahead of the raise landing on the balance sheet. No separate management press release was available in the record for this filing.