1. Semiconductor-grade glass-lining technology to stay in Japan, not transferred to India Delivered - At the Q1 FY27 call, management stated glass-lining technology for semiconductor-grade products will not be transferred to India, with critical products manufactured in Japan and non-critical in India. No disclosure contradicting this commitment has appeared in our record.
2. Scigenics acquisition - completed in Q3 FY26 Delivered - At the Q2 FY26 call, management disclosed the acquisition of Seigenics, a seismic/bioprocess equipment company. The acquisition of Scigenics India Private Limited was completed during Q3 FY26 for ₹9 cr through subsidiary Standard Scigenics Private Limited.
3. H1 FY26 EBITDA margins of \~18.5-18.8% to sustain and slightly increase in H2 Missed - At the Q2 FY26 call, management said H1 EBITDA margins of \~18.5-18.8% "will definitely sustain" and slightly increase in H2 as exports happen. Q3 FY26 EBITDA margin was 17.1% and Q4 FY26 was 15.5%, declining below H1 levels instead of sustaining.
4. C2C Engineering - 51% stake for ₹12.25 cr, completed in H2 FY26 Delivered - At the Q2 FY26 call, management proposed acquiring 51% of C2C Engineering Private Limited for ₹12.25 cr, to be completed in H2 FY26. A binding term sheet was signed November 3, 2025 and the majority stake was acquired during FY26, the company renamed Standard C2C Engineering Private Limited.
5. Name change to Standard Engineering Technology Limited Delivered - At the Q2 FY26 call, management stated intent to seek shareholders' approval to change the name from Standard Glass Lining Technology Limited to Standard Engineering Technology Limited. The name change was formally completed during Q3 FY26 with ROC approval, and the renamed company appears in Q1 FY27 disclosures.
6. Gearing/TOLTNW to further improve over the medium term Delivered - At the Q4 FY25 announcement, management projected gearing/TOLTNW metrics to further improve over the medium term, after gearing and TOL/TNW of 0.28 and 0.63 time as on March 31, 2024. FY26 Total Debt/Equity was 0.09 and Q1 FY27 0.10, with Net Debt/Equity at 0 in both quarters.
7. Interest coverage ratio over 15x over the medium term On track - At the Q4 FY25 announcement, management projected an interest coverage ratio of over 15 times over the medium term. FY26 interest coverage was 11.35, and the reported financials show 11.49x - below the 15x target with the medium-term horizon not fully reached.
8. No order book disclosure going forward Missed - At the Q3 FY26 call, management said the company has decided not to disclose order book figures going forward. At the Q4 FY26 call it disclosed an order book of approximately above ₹1,000 cr, and at the Q1 FY27 call a core business unexecuted order book of up to ₹1,400 cr.
9. Cash flow from operations of ₹50-70 cr positive by March 31, 2026 Pending - At the Q3 FY26 call, management guided cash flow from operations of ₹50 cr to ₹70 cr positive by March 31, 2026. Neither the Q4 FY26 transcript nor the reported financials state the FY26 operating cash flow actual, so outcome versus the guided floor is not yet verifiable.
10. Largest glass lining equipment manufacturer in India by FY27 Pending - At the Q3 FY26 call, management said "next year, we are going to become the largest glass lining equipment manufacturer in India". At the Q4 FY26 call, management said the heat exchanger unit comes fully into operation from July 1, 2026; no independent verification of the market-position claim is in our record, and the FY27 horizon runs to March 2027.
11. API Pharma UAE - 3-year performance agreement Pending - In the Q4 FY26 PPT, management disclosed a 3-year performance agreement with API Pharma (UAE) covering pharma, biopharma, life sciences, F&B and process industries, with defined annual and cumulative targets, extendable up to ten years on milestone achievement. The 2026 agreement appears in Q1 FY27 disclosures; no performance against targets has been disclosed yet.
12. Borrowing limit enhanced from ₹200 cr to ₹2,000 cr Pending - In the Q1 FY27 EGM notice, management proposed enhancing the borrowing limit from ₹200 cr to ₹2,000 cr. No disclosure of shareholder approval appears in our record yet.
13. Preferential issue of up to 24,39,750 equity shares On track - In the Q1 FY27 PPT, management approved raising funds via preferential issue of up to 24,39,750 equity shares. The share swap ratio was revised from 84.48:1 to 84.49:1, with 22,18,403 equity shares at ₹293 per share against GScale consideration of ₹64,99,92,079; the issue is in progress.
14. Board changes - Ikeda to Executive Director, Rao as Independent Director Delivered - In the Q4 FY26 PPT, management proposed, subject to AGM approval, Mr. Yasuyuki Ikeda moving from Non-Executive to Executive Director and Mr. K. Uma Maheswara Rao as new Independent Director. In the Q1 FY27 PPT both changes were approved, subject to shareholder approval.
15. Standard Projects Pvt Ltd - 75% subsidiary for civil construction Delivered - In the Q4 FY26 PPT, management proposed a new 75% subsidiary, Standard Projects Pvt. Ltd., to strengthen civil construction, precast infrastructure and PEB capabilities. Standard Projects Private Limited was incorporated in Q1 FY27.
16. GScale - ₹487 cr phased program, fully self-funded On track - In the Q1 FY27 PPT, management guided a ₹487 cr phased GScale program, funded entirely through internal accruals without raising additional debt. Phase I investment of ₹190 cr - ₹125 cr cash plus ₹65 cr share swap - was deployed with zero new debt, against SETL's ₹105 cr cash and CRISIL A/Positive rating.
17. FY27 EBITDA margin maintained at 17-18% On track - At the Q1 FY27 call, management guided EBITDA margins to be maintained at 17% to 18% in future. Q1 FY27 EBITDA margin was 17.5%, within the guided range, with the year still in progress.
18. Consolidated FY27 revenue of ₹1,450 cr On track - At the Q1 FY27 call, management guided consolidated FY27 revenue of ₹1,450 cr, comprising ₹1,200 cr SETL core plus ₹250 cr GScale. Q1 FY27 total income was ₹250 cr, consistent with the annual target, with the year still in progress.
19. GScale EBITDA margin of 23-25% Pending - At the Q1 FY27 call, management guided GScale EBITDA margin around 23% to 25% for GScale products and services. No GScale revenue or margin has been disclosed yet as operations have not commenced.
20. GL Hakko revenue target of ₹400 cr Pending - At the Q1 FY27 call, management stated the target for GL Hakko revenue to grow from ₹200 cr to ₹400 cr, conditional for the additional 32% stake acquisition, reiterated as a ₹400 cr phase revenue target in the Q1 FY27 PPT. GL Hakko's current revenue is ₹200 cr; no progress toward ₹400 cr is disclosed in our record.
21. GL Hakko stake increase to 51.07% over 2-3 years On track - At the Q1 FY27 call, management said it invested \~₹71 cr for \~19% in GL Hakko, with the right to grow to 51% over two to three years, acquiring another 32% conditional on revenue growing from ₹200 cr to ₹400 cr; the Q1 FY27 PPT set Phase II at up to 51.07% over three years. Phase I of 19.19% was completed for ₹71.5 cr; the 51% target has not been reached.
22. GScale factory operational November 2026 On track - At the Q1 FY27 call, management guided GScale operations to start by November 2026, with the Q1 FY27 PPT showing a 4 lakh sq ft giga-watt scale factory operational Nov 2026. A 3 lakh sq ft factory is ready, expanding to 4 lakh sq ft, live Nov 2026, with 80% design complete and LOAs from leading datacenter clients in final closure.
23. GScale Energy - ₹250 cr revenue in FY27 Pending - At the Q1 FY27 call, management guided GScale to bring in around ₹250 cr revenue this year (FY27), clarified by Brahma Reddy as "Revenue"; the Q1 FY27 PPT targets \~₹250 cr from \~4 months of operations post-acquisition. Operations are planned to start by November 2026; no revenue is disclosed yet.
24. GScale Energy - acquire 51% stake On track - At the Q1 FY27 call, management stated firm intent to acquire up to 51% of GScale Energy, proposed as a controlling 51% stake subject to regulatory approvals in the Q1 FY27 PPT. 33.55% of the GScale Energy stake has been acquired, with the 51% subject to regulatory approvals.
25. Entry into nuclear and oil & gas sectors by FY28 Pending - At the Q4 FY26 call, management targeted entry into nuclear and oil & gas sectors by FY28, linked to the greenfield project. No disclosure of entry into these sectors appears in our record, and FY28 has not been reached.
26. Scigenics FY27 revenue target of ₹60 cr Pending - At the Q4 FY26 call, management targeted Scigenics to touch ₹60 cr in FY27, versus \~₹20 cr in FY26. FY26 Scigenics revenue was \~₹20 cr; no FY27 revenue disclosure appears in our record yet.
27. C2C Engineering FY27 revenue target of ₹60 cr Pending - At the Q4 FY26 call, management guided a C2C Engineering FY27 revenue target of ₹60 cr, versus ₹24 cr done in FY26. FY26 C2C revenue was ₹24 cr; no FY27 revenue disclosure appears in our record yet.
28. Total investment ₹170-200 cr to reach ₹3,000 cr revenue, asset turns 8-9x Pending - At the Q4 FY25 call, the MD stated total investment of approximately ₹170-200 cr going forward, post completion reaching up to ₹3,000 cr of revenue with asset turns improving to 8-9 times; later calls scaled this to ₹2,000 cr from existing facilities plus ₹2,000 cr from the new one, \~₹4,000 cr combined. No disclosure of achieving ₹3,000 cr or ₹4,000 cr capacity appears in our record; the investment is still being deployed.
29. Japan facility (GL HAKKO) expansion complete by December 2025, 200 heat exchangers/month from January 2026 Partial - At the Q4 FY25 call, the MD guided the GL HAKKO Japan expansion to complete in December 2025, then "January onwards, we are planning to produce 200 heat exchangers per month"; later calls shifted full-fledged in-house manufacturing to July 1 onwards. GL Hakko's new heat-exchanger plant at Nakatsu was commissioned in 2026, from a base of \~20 heat exchangers per month as of Q4 FY25; no 200/month production from Japan is confirmed.
30. IPO proceeds - ₹130 cr working capital loan repayment, ₹40 cr capex, ₹20 cr acquisition Partial - At the Q3 FY25 call, management stated the prospectus plan: ₹130 cr for working capital loan repayment, ₹40 cr capex in parent and material subsidiary, ₹20 cr for an unidentified acquisition, balance general corporate purposes. Debt repayment of ₹13,000.00 lakh was fully utilized by March 31, 2025; by March 31, 2026 capex was ₹771.94 lakh of ₹1,000.00 lakh, S2 Engineering capex ₹1,086.25 lakh of ₹3,000.00 lakh, and inorganic growth fully utilized at ₹2,000.00 lakh.
31. US subsidiary - 100% subsidiary as stock point Delivered - At the Q3 FY25 call, management said they will set up a 100% subsidiary in the USA, first phase a stock point rather than manufacturing; at the Q1 FY26 call it was clarified the South Carolina facility would serve only as stock point, service and support. Standard Engineering Inc. was incorporated in South Carolina, USA, as a wholly owned subsidiary, with expanded North America presence confirmed in the Q4 FY26 PPT.
32. Export share \~10% in FY25, 12-15% in FY26, 30-40% in 5-6 years Missed - At the Q3 FY25 call, management expected export share to touch \~10% of revenue in FY25; at the Q1 FY26 call the FY26 target was 13-15% with 30-40% over 5-6 years, later revised to 15-20% over two years at the Q3 FY26 call. FY25 export share was 3.7%, FY26 6.5%, and Q1 FY27 exports 2-3% of revenue.
33. Working capital days brought down to 110 days Missed - At the Q3 FY25 call, management committed to bring working capital days down to 110 days; the target was progressively revised upward to 150 days, then below 200 days by September FY27. Q1 FY26 working capital was 173 days, FY26 closed at 160 days, and Q1 FY27 was 139 days - the 110-day target was never achieved.
34. Heavy engineering facility - first phase 3 lakh sq ft within 15 months Partial - At the Q3 FY25 call, management said of the 36-acre, 9 lakh sq ft planned facility "We are expecting within 15 months we are going to finish this facility"; deadlines repeatedly slipped - 18-24 months with ₹130 cr capex, then 14-18 months, then first phase in FY27, then first phase from April 1, 2027. Construction had started as of Q4 FY26, past the original March 2026 deadline implied by the 15-month commitment.
35. IPO capex - invest \~₹40 cr within a year Missed - At the Q3 FY25 call, management committed to invest \~₹40 cr of IPO capex plus internal accruals within a year, majority in the metal division, partially glass lining and Shell & Tube heat exchangers. Up to March 31, 2025 only ₹70.40 lakh of the ₹1,000.00 lakh IPO capex object was utilized; by March 31, 2026 it was ₹771.94 lakh of ₹1,000.00 lakh plus ₹1,086.25 lakh of ₹3,000.00 lakh, with FY26 total capex of ₹58 cr.
36. Deferred export consignment covered in Q1 FY26 Missed - At the Q4 FY25 call, the MD committed the deferred export consignment will be covered in Q1 FY26 with better Q1 numbers; it then slipped to H2 FY26, to Q4 FY26, and to Q1 FY27 "max to max" for the USD 0.35 crore order. Q1 FY26 exports were \~4% of revenue, Q2 FY26 2.5%, Q3 FY26 saw 0.1 crore of expected 0.45 crore, and Q4 FY26 export was 5.3%.
37. FY26 export share of 12-15% of revenue Missed - At the Q4 FY25 call, the MD guided \~15% of FY26 revenue from exports per current order booking, "maybe more", restated at 12-15% at the Q1 FY26 call, then 12-13% and a committed 13% "is going to be reached". FY26 actual export share was 6.5%, with Q4 FY26 at just 5.3%, attributed to clients asking to wait a quarter.
38. FY26 EBITDA margin maintained at 18-20% Missed - At the Q4 FY25 call, management guided FY26 EBITDA margin maintained at 18%-20%, with the CFO committing to maintain it at the Q1 FY26 call and H1 margins of \~18.5-18.8% to "definitely sustain". FY26 actual EBITDA margin was 17.4%, below the 18% floor, with Q4 FY26 at 15.5%.
39. FY26 revenue growth of 20-25% Delivered - At the Q3 FY25 call, management guided \~20%-25% growth to be maintained in FY26, reiterated through FY26 including "Correct. 25% if we do" and a full-year guide of around ₹750 cr. FY26 total income was ₹793 cr, up 26.7% YoY, with revenue from operations ₹774.1 cr, +26.1% - above the guided range.
40. Conductivity glass certification within 2-3 months, then product launch Partial - At the Q4 FY25 call, the MD said conductivity glass certification, being pursued with government institutes, was expected within 2-3 months, after which the product would be launched; launch was later guided for April 2027 with markets extended to Europe and the U.S.. Trials were completed with clients already using the product, multiple reactors supplied and executed with encouraging feedback, and installations slowly started by Q1 FY27, but no formal certification completion or full launch is disclosed.
41. Shell & Tube heat exchangers - 200/month India capacity, first sales Q1 FY26, full-fledged from Q3/Q4 FY26 Partial - At the Q3 FY25 call, management guided first sales in Q1 FY26 at 50-100 quantities and \~200 heat exchangers per month manufacture in India from Q3/Q4 FY26, with ₹25-30 cr invested in capacity; timelines shifted repeatedly to January 2027, June 2026, 300/month from April, and July 1 onwards at 200/month. First sales and \~250 orders came in Q1 FY26 including the first installation at SRF's Dahej plant, Q4 FY26 saw over 200 units in the order book with 100 delivered and 50 Indian-made units sold since April, but no sustained 200/month run rate is confirmed.
42. Ninth facility (metal division, 1,00,000 sq ft) starting operations within 10 days Delivered - At the Q3 FY25 call, management said the ninth facility of 1,00,000 sq ft in the metal division would start operations within 10 days. At the Q4 FY25 call, management confirmed Unit 5, a 100,000 sq ft facility, was successfully commissioned, and the Q4 FY25 PPT confirmed inauguration of the new S2 Unit 5 facility.
43. FY25 revenue guidance of ₹650 crores (later ₹650-670 cr) Missed - At the Q3 FY25 call, management reiterated FY25 revenue guidance of ₹650 crores, saying "we are sticking to the guidance, our order book is very strong and we are committed to deliver". FY25 actual revenue was ₹626 cr and PAT ₹69 cr, below the guided floor and the ₹80-82 cr PAT cited by the analyst; management acknowledged the miss, attributing it to a deferred export consignment.