{"id":183157,"date":"2026-05-15T08:11:27","date_gmt":"2026-05-15T12:11:27","guid":{"rendered":"https:\/\/alphastreet.com\/india\/standard-glass-lining-technology-limited-sgltl-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-15T08:13:59","modified_gmt":"2026-05-15T12:13:59","slug":"standard-glass-lining-technology-limited-sgltl-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/standard-glass-lining-technology-limited-sgltl-q4-2026-earnings-call-transcript\/","title":{"rendered":"Standard Glass Lining Technology Limited (SGLTL) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Standard Glass Lining Technology Limited (NSE: SGLTL) Q4 2026 Earnings Call dated May. 15, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Monali Jain<\/strong> \u2014 IR<\/em><\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Nageswara Rao Kandula<\/strong> \u2014 MD<\/em><\/p>\n

Analysts:<\/h2>\n

Raman KV<\/strong> \u2014 Analyst<\/em><\/p>\n

Maitri Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Standard Engineering Technology Limited Q4FY26 earnings conference call. As a reminder, all participant lines will be in a listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call please signal an operator by pressing star then zero on your touchstone phone. I now hand the conference call over to Ms. Priyashi Patel from Goindia Advisors. Thank you.<\/p>\n

And over to you.<\/p>\n

Monali Jain<\/strong> \u2014 IR<\/em><\/p>\n

Thank you Steve. Good evening everyone and welcome to quarter four and FY26 earning call of Standard Engineering Technology Limited. We have on the call Mr. Nageshwarar Kandala Managing Director. Mr. Ramakrishna Kandala Executive Director. Mr. Venkate Mohana Rao Kattar Gadda Executive Director. Mr. Yasu Yuki Ikeda, Executive Director and Mr. Anjanuli Pathuri, Chief Financial Officer. We must remind you that the discussion on today’s call may include certain forward looking statement and must be therefore viewed in conjunction with the risk that the company faces.<\/p>\n

I will now request Mr. Nageshwar to please take us through the financial and the business updates Subsequent to which we will open the floor for the question and answer. Thank you. And over to you sir.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Operator. Operator.<\/p>\n

Operator<\/strong><\/p>\n

Oh yes ma’, am, the line of the management has been disconnected. Yes.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Yes.<\/p>\n

Operator<\/strong><\/p>\n

Oh yes, you have the line for the management connected. Yes.<\/p>\n

Nageswara Rao Kandula<\/strong> \u2014 MD<\/em><\/p>\n

So you can hand over to Mr. Rao and call his opening remarks. Mr. Rao, you can go ahead.<\/p>\n

Raman KV<\/strong> \u2014 Analyst<\/em><\/p>\n

Yes.<\/p>\n

Nageswara Rao Kandula<\/strong> \u2014 MD<\/em><\/p>\n

Yes sir, you can start.<\/p>\n

Raman KV<\/strong> \u2014 Analyst<\/em><\/p>\n

I can start?<\/p>\n

Nageswara Rao Kandula<\/strong> \u2014 MD<\/em><\/p>\n

Yes sir, you can start. Please continue. Sir, please continue.<\/p>\n

Raman KV<\/strong> \u2014 Analyst<\/em><\/p>\n

Good evening everyone. Thank you for joining us today on the Q4 and full year 2526 earning call. My warm welcome to all our shareholders, investors and bank partners, global partners and member of the SVTL family. I want to begin by saying this plainly. This has been the best year in our company’s history. The numbers will speak for themselves. What I want to convey is that it is not just a scale of performance for stood out it was this depth of it. Revenue, profitability, cash flows, working capital, execution, quality.<\/p>\n

All of them improve together in the same year. That does not happen by accident. And I am deeply proud of what our team has built over the past three quarters. I have spoken at length about our evaluation. From a glass lined equipment manufactured into a fully integrated precision engineering and terminal solution company. The transformation is now complete and execution not just in intent. Glass learning remains a core strength and one of our most profitable verticals. But today’s Standard Engineering Technology Limited deliver its complex multidisciplinary projects with single point accountability.<\/p>\n

From concepts, process engineering and dataing design to fabrication, automation, installation, commissioning, water trial and validation, very few companies globally offer this depth under one roof. For pharmaceutical, chemical, food and burrows and biotechnology industries, the accretion of seismic and standard CPC engineering completed during the year and integration completely done have made this capability real and operational. Ctc, BIM process, Civil H Vac, Electrical and Instrumentation engineering fully in house.<\/p>\n

Tagilix strengthen our poisoning, bioproject and fermentation systems. Together they make our integrated platform one of the most complete in the industry. As I said at the outset, this was the strongest financial year in company history and what makes particularly meaningful is that the improvement was broad based. Revenues grow strongly year on year Profit will grow alongside revenues not at the expense of investment. Operating cash flows improved substantially and our working capital tightened, a discipline that is genuinely difficult to maintain.<\/p>\n

While cementels need expanding operations at the pace we have taken together, these results reflect a business that is growing in a healthy and sustainable way. Total income to 793 crores and 26.7% year on year growth EBITDA 138 crores 15.2% year on year growth with an EBITDA margin 17.4% profit before tax CBT 111 crores up by 18.9 year on year growth profits after tax 83 crores 21% year on year growth with PAT margins 10.5% EPS improved 4 rupees working capital debt has improved from 174 days to 160 days.<\/p>\n

Cash flows from operations are 0.2 cash flows 45 days. Total income fees are 230 crores. Q4 result total income 231 crore reached a 35% growth EBIT 36 crores 26% growth 15.55% margin profit before tax 29 crore reflecting 28.4% growth profit profit tax 21% 21 crore 27.8% growth cat margins 9.1% on margins Q4 saw some pressure on EBITDA primarily driven by commodity prices increases in key input raw materials. We are also making deliberate investments on manpower once we gear up for what we expect to be an even stronger year ahead.<\/p>\n

These are considered investment not cost overrun. We are actively working to offset this pressure through operational leverages as our revenue volumes grow tighter procurement discipline and ongoing efficiency improvement across manufacturing and project execution. The revenue tragedy we are on itself the most powerful lever for margins. Record a few technology milestones worth highlighting each of the proof points not just a pipeline item. Our talent tube blockchain heat exchanger developed with our Japanese partner Miele Kato now have over 200 units in the RO book with 100 already successfully delivered.<\/p>\n

This is commercial validation at scale. Customers are actually choosing this or graphite and alloy alternatives not because of price but because of superior safety, reliability and life cycle performance. That is the meaningful shift in customer behavior and it tells us that market is ready for what we are building. Our connectivity glass lining reactors are progressing well. Multiple units have already been manufactured, supplied and validated into the field. With the encouraging feedback from regulated pharma market, our international pharma IPP has expressed strong interest on distributing this globally.<\/p>\n

We will share more on the pharma launch in the quarter ahead, but the early signals are very positive on our new certificated integrated advanced Manchester campus Construction is progressing on plan. This facility will open the door to oil and gas, nuclear engineering, food and beverages and heavy precision engineering sectors we are not currently serving at scale actually decision with global partners and several of these areas are already underway. I want to highlight two governance decisions that consider as much strategic as they are structural and I want to give them the prominence the deserve.<\/p>\n

The board has approved the redesignation of Mr. SAP Akara and executive existing non executive Director to Executive Director subject to shareholders approach at the ensuring AGM. This individual has been our board since earlier 2023 and has been deeply involved and international business development, strategic collaboration and global expansion particularly in Japan and other overseas markets. In the enhanced executive role they will lead global operations and marketing which is focused my debate on depending on our technology partnership and expanding our international as we accelerate our global ambition having this level of dedicated executive focus on exactly what this space of growth demands.<\/p>\n

The board has also approved the appointment of Mr. Kancharla Mama New Independent Director subject to shareholders approval. This individual brings over 38 years experience in precision engineering, industrial manufacturing and engineering technology with expertise in 3D plant modeling, intelligent schematics and advanced engineering analysis and analysis depth we need to at board level. Both appointments are a signal of the kind of institutions we are building one with the leadership and governance architecture to match our long term ambition.<\/p>\n

We enter the new finance layer from proposition of genuine strength or order book pipeline in healthy Our execution capabilities are our execution capabilities are expanding and our platform is now differentiated in ways that matter to customers or international business continues to grow and we see meaningful headroom ahead. A global demand for integrated engineering solutions increase the structural tailwind remain firmly on our India’s CDMO expansion, supply chain diversification Globally increasing our long term structural shifts and we are positioned at the center of them.<\/p>\n

We are confident and continued strong growth in the year ahead. The investments we are making today in people in technology and infrastructure are we right once the states are building the to award to our shareholders and investors this year results belong too much to you as they do to us. Your belief in this journey through every phase of our evaluation has been foundation on which everyone else has been thankful to our customers, employees, banking partners and global partner. Your presentation partnership makes this possible.<\/p>\n

You know we do not take either lightly. We have come a long way and the most exacting part of this story is still ahead. And now I will hand over to Mr. Asuki Akada, Executive Director, Global Operation and share his thoughts over to Mr. S. Thank you Magesh. Good evening everyone. My name is Yasi Tilkera. I was elected to Executive Director of sctl. So I have been closely looking at SCTL as a non executive Director for the last two years. And I am confidently, I can confidently say that this company is building something very unique for the future.<\/p>\n

Nagesh just explained that financial year 26 March was very strong. But what is more exciting is that as Nagesh explained, we have started from equipment manufacturing company, now we are adding engineering capability, execution capability. So we are becoming a one stop solution company which is very unique and I have never seen such a company globally and this is what we’re trying to achieve. So we have a. I’m very excited about the future growth potential of sepl. So today we are still evolving from a traditional equipment manufacturing company into a global integrated engineering and technology platform.<\/p>\n

And very few companies, as I said, I’ve never seen such a company in the world. So we are trying to become something unique, something new to the market. And not only engineering but advanced manufacturing and turnkey project execution, automation, installation, commissioning, water trial validation and documentation. So we can do this all under one platform in the same company for pharmaceutical and chemical industry. So this integrated capability creates so this integrated capability creates a powerful long term business model and I believe, I strongly believe that SCGL is strategically positioned for the next phase of growth.<\/p>\n

So the company is expanding into the new sectors including oil and gas, nuclear engineering, food and beverage, advanced process industries and high priority engineering systems and so on. SCTL is also building international partners as Magus mentioned, technology collaboration with companies like Glhaco Japan which will strengthen its global positioning in the coming years. So I am Japanese. So from Japanese perspective there are still some areas that the CTO needs to improve. But Having this Japanese strength, the quality contrast conservative, keep the promise with the Indian good culture.<\/p>\n

This combination is very. Not only the Indian customers can benefit from our collaboration but we would like to tackle global market in the future. Of course we will do it step by step but for Japan plus India now we can implement the same in other global countries we can do the same thing. And so I believe that financial year 27 is another major growth for SCTL. So the future roadmap, the global partnership, technology focus expansion plans and the integrated engineering platform gives me a confidence about the long term future of SUPM and I am extremely exciting.<\/p>\n

This is an extremely exciting time for me as well. And thank you for your trust and continued support. I’m looking forward to building this future journey together. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you sir. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on your touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star N2 participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Disha with supplier capital. Please go ahead.<\/p>\n

Maitri Shah<\/strong><\/p>\n

Hello,<\/p>\n

Raman KV<\/strong><\/p>\n

Am I audible sir? Yes, yes,<\/p>\n

Maitri Shah<\/strong><\/p>\n

Yes. Thank you so much for this opportunity. So first question was on our gross margin. So a gross margin that declined from around 39% in Q3 to 32% in Q4. So what was the reason for that?<\/p>\n

Raman KV<\/strong><\/p>\n

I explained to you madam. Thank you for question. And I explained two things. One is metal slightly metal prices are increased. And the second thing is we invested on people. Coming years we have very big order books coming years we have high growth and we are. We are invested on people. We recruited many people for the coming years growth.<\/p>\n

Maitri Shah<\/strong><\/p>\n

So<\/p>\n

Raman KV<\/strong><\/p>\n

That is. That is slightly impacted our profitability and coming quarters is going to increase your profitability.<\/p>\n

Maitri Shah<\/strong><\/p>\n

So how should we see the ebitda margins for FY27?<\/p>\n

Raman KV<\/strong><\/p>\n

Sorry?<\/p>\n

Maitri Shah<\/strong><\/p>\n

EBITDA margin for 27.<\/p>\n

Raman KV<\/strong><\/p>\n

27 is going to improve<\/p>\n

Maitri Shah<\/strong><\/p>\n

Any sort of numbers that you like to put.<\/p>\n

Raman KV<\/strong><\/p>\n

No improvement. This is further. Whatever the given result, this further 27 is going to increase better than 26.<\/p>\n

Maitri Shah<\/strong><\/p>\n

Okay. And what is the current audible position<\/p>\n

Raman KV<\/strong><\/p>\n

Order book approximately? Today we have approximately thousand. Thousand course above thousand crores order book. But order inflow is the pipeline. Currently we have thousand four.<\/p>\n

Maitri Shah<\/strong><\/p>\n

Yeah. So how much out of that? How much will be export?<\/p>\n

Raman KV<\/strong><\/p>\n

Yeah, talking about 26 or 27.<\/p>\n

Maitri Shah<\/strong><\/p>\n

No, so the thousand crore audible. What will be the proportion of exports?<\/p>\n

Raman KV<\/strong><\/p>\n

Exports? I think 34 exporting almost domestic majority is domestic.<\/p>\n

Maitri Shah<\/strong><\/p>\n

Okay, yeah so 30. 30. Okay. And how do you see the revenue? Because you have a good order book so what. What sort of growth are you expecting for FR27<\/p>\n

Raman KV<\/strong><\/p>\n

Compared to 26? Better we are going to do better 27<\/p>\n

Maitri Shah<\/strong><\/p>\n

So this 25 sort of growth can we maintain<\/p>\n

Raman KV<\/strong><\/p>\n

Better than this year? Madam Dancer?<\/p>\n

Maitri Shah<\/strong><\/p>\n

Okay, and what was the capex number for FY26 sir and what will be for FY27?<\/p>\n

Raman KV<\/strong><\/p>\n

FY26 I think we invested in 30 first investors and coming 27 we are planning to coming two years 130 crores we are going to invest in one.<\/p>\n

Maitri Shah<\/strong><\/p>\n

So there was last time I think we spoke there was one greenfield capacity that was coming up and we said the construction is progressing how much?<\/p>\n

Raman KV<\/strong><\/p>\n

That project is 36 acres that project is started now<\/p>\n

Maitri Shah<\/strong><\/p>\n

Sorry<\/p>\n

Raman KV<\/strong><\/p>\n

Now bring this project connecting started we are going to complete within two years first phase we are going to complete 27 April 1st so it will 50% will going to come into operations.<\/p>\n

Maitri Shah<\/strong><\/p>\n

Okay, so how much<\/p>\n

Raman KV<\/strong><\/p>\n

Total Capex investment is? 130 crores first year we are this year we are going to invest 65 crores next year we are going to another 65 crores we are going to invest 100% rupees.<\/p>\n

Maitri Shah<\/strong><\/p>\n

Okay, how much capacity are we adding and what will be the revenue potential from these last<\/p>\n

Raman KV<\/strong><\/p>\n

Existing facilities Also we are improving last call I explained to you same thing and existing facilities now we are bringing a lot of robots and automatic yield missions automatic polishing mission and so existing facilities can handle another 50 70% revenue can handle and that facility totally if you complete that almost all that facility can handle up to 20024 7. Total Once existing facilities and a new facility is completely finished then our manufacturing capability is almost four point.<\/p>\n

Maitri Shah<\/strong><\/p>\n

Could you repeat? Sir, Good morning<\/p>\n

Raman KV<\/strong><\/p>\n

Sorry,<\/p>\n

Maitri Shah<\/strong><\/p>\n

Could you just repeat the number what will be the total potential?<\/p>\n

Raman KV<\/strong><\/p>\n

Total existing facilities we are. I explained it clearly existing facilities we are moderate happening and robots and automatic missions Everything we are adding Once we everything we add existing facilities going there 2000 course capacity and once greenfield project is completed that is another 2004 capacity total existing and new facility total it will become a 4 point crore manufacturing capabilities we are going to get.<\/p>\n

Maitri Shah<\/strong><\/p>\n

Okay, that is clear. Thank you so much and all the best<\/p>\n

Operator<\/strong><\/p>\n

Thank you the next question comes from the line of KV Raman with Sequent investments Please go ahead<\/p>\n

Raman KV<\/strong><\/p>\n

Hello sir, congratulations on good set of numbers. I think about 2\/4 back you have given that you will be having a quarterly revenue of 250 to 300 crores is it possible that can we expect that 250 to 300 crores of quarterly revenue rendered from FY27 onwards? Yes, definitely.<\/p>\n

Operator<\/strong><\/p>\n

And so what’s our current utilization in the existing plant?<\/p>\n

Raman KV<\/strong><\/p>\n

Existing plant almost 70, 80% we are using. But once we moderate equipment we are adding another 30%. We can create existing facilities. Capacity we can create.<\/p>\n

Operator<\/strong><\/p>\n

Okay. And how much are you spending to modernize this for the upgradation of the existing banks?<\/p>\n

Raman KV<\/strong><\/p>\n

Another last year we invested another 40 crores. Another 30, 35 to 40 crores we are going to invest.<\/p>\n

Operator<\/strong><\/p>\n

Okay. And so my second question is with respect to C2C engineering. How much revenue did we do in CQC engineering in FY26? And what’s the guidance? How are you? How are we planning to grow that particular business in the coming year?<\/p>\n

Raman KV<\/strong><\/p>\n

This year actually we are expecting this year they finished the 24 crores. And next year we are targeting 60 crores in deposits. 60 crores. That is. That is our capability, integration and dollar thing. Small business acquisition and scale of the business. That is our philosophy. So this year I told you 24. This next year 60 crores. Because of order book already we have CTC order book almost on 46. 47 crores at the moment and 60 crores. And what about your finance Janic? The acquisition you did in Q2,<\/p>\n

Operator<\/strong><\/p>\n

How<\/p>\n

Raman KV<\/strong><\/p>\n

Has that panned out in FY27?<\/p>\n

Operator<\/strong><\/p>\n

And what’s the growth guidance for that in the coming year as well?<\/p>\n

Raman KV<\/strong><\/p>\n

I think 30 something we did this year only for. Because of last quarter. Only that full. I think this year also we are going to touch 60 crores. That is also.<\/p>\n

Operator<\/strong><\/p>\n

So if my understanding is right, sir, from C2C as well as the times generic, you will be having incremental 100 crores of sales.<\/p>\n

Raman KV<\/strong><\/p>\n

Yes. 100% increment. Yes, correct. You’re right.<\/p>\n

Operator<\/strong><\/p>\n

And so what about the margins in this P2C engineering and science<\/p>\n

Raman KV<\/strong><\/p>\n

Genic. Are they similar margin to the company’s overall margin or a better margin business? Similar.<\/p>\n

Operator<\/strong><\/p>\n

Similar<\/p>\n

Raman KV<\/strong><\/p>\n

Margins. Okay. Similar margin. So. So I just have one doubt, sir. As you already mentioned that we are at 80% utilization and our util will further improve. Can we expect the margins to improve from the current 14% margin to around 16 17% margin in FY27. Margin is going to improve. Definitely. S. I can’t confirm but margin is going to improve and revenue is going to better than 26 improvement.<\/p>\n

Operator<\/strong><\/p>\n

Yeah. Okay. Just a follow up on this. Can you just explain where will the margin improvement come from? Like operating leverage or exports Etc something like that.<\/p>\n

Raman KV<\/strong><\/p>\n

Actually this year we invested on people Very big number of employees we recruited for the future growth point of view and already order book is very strong and customer response also very strong. And we are how we are going to margins improve. We are going to provide solutions, we are selling solutions, we are product based. Always comparisons, always competition. But whenever we are going to provide to customer solutions our market is going to improve. That is we believe last year also some cases we thought we are going to implement in coming years.<\/p>\n

Understood sir. Thank you. Thank you so much sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Prakar Tabriwal. The choice institutional equities. Please go ahead.<\/p>\n

Raman KV<\/strong><\/p>\n

Yeah. Hello sir. Congratulations on a great set of numbers. Thank you. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

So are you seeing<\/p>\n

Raman KV<\/strong><\/p>\n

Your voice is not clear sir.<\/p>\n

Operator<\/strong><\/p>\n

Hello. Yes. Yes sir I just wanted to understand your current thousand crore order book. So is it mostly now driven by the capex renewals we are seeing in India or are you also capturing market share from the larger competitors?<\/p>\n

Raman KV<\/strong><\/p>\n

I can’t comment that computer point of view. We got orders from my clients.<\/p>\n

Operator<\/strong><\/p>\n

Okay, okay. Okay. And what about export plan? Sir,<\/p>\n

Raman KV<\/strong><\/p>\n

Expo plans are going to end good orders in pipeline. We are discussing with clients and due to our some discussion with slightly delayed. But compared to last year this year our revenue will be doubled export revenue. So we are expecting 27 also this is going to grow.<\/p>\n

Operator<\/strong><\/p>\n

Okay. Any specific countries or regions sir where you are focusing more.<\/p>\n

Raman KV<\/strong><\/p>\n

Equally? Europe and US and Middle East. We are getting good opportunities.<\/p>\n

Operator<\/strong><\/p>\n

Okay. Okay. Great sir. Thank you so much. Thank you. The next question comes from the line of Jatin from Avik said financial advisory. Please go ahead.<\/p>\n

Raman KV<\/strong><\/p>\n

Yeah, sorry. In Q3 con call you have said<\/p>\n

Operator<\/strong><\/p>\n

That USD 3.5 million of export is going to dispense in quarter four. But when we see on quarter four number our current export is just 5.3% against the guidance which we have given about 12 to 13%. So why the reason of this slippage? If you can explain<\/p>\n

Raman KV<\/strong><\/p>\n

The reason is some equipment is almost ready but client is asking to wait this quarter. We are going to clear this first quarter that are whatever pending. Are we there?<\/p>\n

Operator<\/strong><\/p>\n

Okay.<\/p>\n

Raman KV<\/strong><\/p>\n

Exports is exciting compared to FY25, FY26 our revenue export revenue is doubled so same we are expecting in FY27 also.<\/p>\n

Operator<\/strong><\/p>\n

So that remaining 3.5 million USD order which we have get so like this when it will come in next quarter or it will delay for this?<\/p>\n

Raman KV<\/strong><\/p>\n

No, no. This first quarter we are going to next to max. We are going to complete and based on the customer. We are waiting for some customer experiences.<\/p>\n

Operator<\/strong><\/p>\n

Okay, thank you. And my next question is like in previous con call you are told like export and that solution and engineering have a premium margin compared to standalone equipment. As you can see like from FY25 by 26 we have grown our export as well as engineering revenue has increased. But when we see on margin that margin has been down. If you can explain this further<\/p>\n

Raman KV<\/strong><\/p>\n

Margin is slightly down. Because two things I told you. One is the metal prices are increasing. That is slightly impacted. And second thing is we have recruited many employees for future growth point of view that that purpose slightly manpower is investment is happen. That is slightly margins are reduced. And FY27 it is going to pick up margins also going to increase margin going.<\/p>\n

Operator<\/strong><\/p>\n

Okay. And on inventory side, our inventory has been double. When we compare some F by 25 to 26. Any reason on that.<\/p>\n

Raman KV<\/strong><\/p>\n

Expo Export is export. And our projects we are here integrating the lot of metals. We need to procure and integrate. And we dispatch not only managing many things. We need to the director or integrate. And also we are providing project solutions. So it’s a lot of inventory is required lead time and delivery time.<\/p>\n

Operator<\/strong><\/p>\n

Okay. But when we see in presentation on page number 26 we can see like our inventory days has not been double or increased. Like it has been decreased. So you can tell like how you are calculating those inventory days. Okay. Generally what we<\/p>\n

Raman KV<\/strong><\/p>\n

Do is because since we are issued an advance from the customers for the inventory. We reduce the advantages of the customer from the inventory wise. And then we will arrive the inventory days. Okay. Okay. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Rohit Ori Progressive shares. Please go ahead. Hi team. Couple of questions. First one. Sir, you mentioned about this order book. Can you take us through that? If you can break up this order book into the revenue mix and that<\/p>\n

Raman KV<\/strong><\/p>\n

Break up<\/p>\n

Operator<\/strong><\/p>\n

The order book. If you can break up into glass line versus heavy engineering and the other segments.<\/p>\n

Raman KV<\/strong><\/p>\n

Okay.<\/p>\n

Operator<\/strong><\/p>\n

Okay. In terms of this order book, we’re winning these orders because of quality or speed or pricing.<\/p>\n

Raman KV<\/strong><\/p>\n

You know, we are. We are working with our Japanese partners. You know, lot of quality and uniqueness. Also<\/p>\n

Nageswara Rao Kandula<\/strong><\/p>\n

Whatever.<\/p>\n

Raman KV<\/strong><\/p>\n

We are company. Our company completely unique company. We are end to end solution provider. We are selling solutions. We are not independent equipment sellers.<\/p>\n

Operator<\/strong><\/p>\n

Okay. So we did mention about the advance that is taken by the customer. That is paid by the customers. What percentage is that? If you can share that how much advantage we take from the customers.<\/p>\n

Raman KV<\/strong><\/p>\n

Generally we will accept 20%, 30%. Sometimes customers is the PO alarm is 10% based on customer<\/p>\n

Operator<\/strong><\/p>\n

Discussion. Sir, we see this development which is happening with standard projects. You intend to enter infra and epc. I know, I understand that you are giving solutions. But then in terms of the design capability, fabrication and commission. So do you think while going up the value chain our margin could get depressed?<\/p>\n

Raman KV<\/strong><\/p>\n

No, no sir. We are not going to a construction company. We are not going to do any EPC jobs. Also engineering and procurement and construction. But we are. We are. We are different unique company. We build the unit what is. We are anyhow equipment. We are manufacturing and we are supplying water tank designing and the concept to completion. And sometimes customers are asking. We are. We are. Generally we will avoid the civil path to clients. We can’t do much. But clients are interesting. You can do this also.<\/p>\n

Then we don’t want to do conventional constructions. That will be take lot of time and man for involvement sometimes. Today you can see last two 1\/4 people are not available due to elections. Some lot of things that we don’t want to affect our business. Then we are planning to. We have capability to precast. We can build this through precast very quickly. Fast building blocks will complete within six months. That capabilities we have. High capabilities we have. So we started preparation. We do any green print project for coming days.<\/p>\n

Any client wants. You can complete within 12 to 14 months. That is our capability. Now we made a full platform for the pharma and chemical companies.<\/p>\n

Operator<\/strong><\/p>\n

So sir, despite this small shift which is towards more towards the metal equipment that you might do, you are still hopeful that your margins will be in the range of maybe 17% or 20% kind of arranged<\/p>\n

Raman KV<\/strong><\/p>\n

Point of view. Always margins are very tight. But we are always providing complete solution to clients.<\/p>\n

Operator<\/strong><\/p>\n

That<\/p>\n

Raman KV<\/strong><\/p>\n

Advantage we are. We are getting future also it is going to improve.<\/p>\n

Operator<\/strong><\/p>\n

Okay. Okay. So we see this healthy growth which is there. But when we look at the balance sheet, the balance sheet comes under a little bit of stress. Understand there is a expansion which is taking place at your end and you are.<\/p>\n

Raman KV<\/strong><\/p>\n

Can you elaborate what is the stress? You understand, I can explain.<\/p>\n

Operator<\/strong><\/p>\n

So in the inventories CFOs are said. But in terms of the balance sheet, if we see the receivables, they are also increasing. Which gives you a little bit of a shift in the roce also. So that was the question that by when do you think that you know the cash conversion will become better from here on also. And<\/p>\n

Raman KV<\/strong><\/p>\n

2780 cash conversion is going to better compared to FY 2627 is going to better already compared to 2526 a lot of increment. Correct.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That<\/p>\n

Raman KV<\/strong><\/p>\n

Is 5 crores operating quality cash flow will become a 45 and working capital base also become a 180. Became a 160. 160. So next coming year, you know our working capital base we require really 170. Because our model is. Business model is like that. And corruption point of view are improving and margins point of view we are improving this year also slightly we recruited many high higher end employees and we invested on manpower. So that is the reason slightly this year compared to 26 financial year 27 we are going to grow very high.<\/p>\n

So that manpower cost also we are going to cover coming years.<\/p>\n

Operator<\/strong><\/p>\n

So with the growth. With the growth that we have. The growth that we have. You think that in next two years or so that we will have good quality of free cash flow generation also?<\/p>\n

Raman KV<\/strong><\/p>\n

Yes. Yes. That is. That is our target also.<\/p>\n

Operator<\/strong><\/p>\n

I would request you to please come back in the queue for further questions as the rather is waiting the line. Thank you. The next question comes from the line of Arabant Adora from A square Capital. Please go ahead. Yes.<\/p>\n

Raman KV<\/strong><\/p>\n

What is the execution timeline for our current order book? I think this is almost eight months. I think eight months. Nine months.<\/p>\n

Operator<\/strong><\/p>\n

Okay. And sir you mentioned in the PTD that we are expecting a tame of around 108 billion in. So this is on export. Hello. Am I audible?<\/p>\n

Raman KV<\/strong><\/p>\n

Yes. Tell me. Tell your voice is some recent. Sir, some work is missing. Tell me sir now again please ask me again question.<\/p>\n

Operator<\/strong><\/p>\n

Yeah. So in the PT we have mentioned that our global one 8 million in USD so any. Any discussion of anything in pipeline that we are discussing with the client on that you feel like that will be converted<\/p>\n

Raman KV<\/strong><\/p>\n

Soon. Like. The global time is there. Time is available. Even India also 70000 crores time is there and we are doing nothing. That is our scope is there. If we try sky is not a limit. That’s the reason we are expanding facilities and all. We are not only expanding our existing ports also there. And we are trying to enter new areas also. That is we mentioned in presentation. And global time is very big. Very big. One company I don’t want to mention here. Company One for one company. German based company.<\/p>\n

One product they are producing there. That part is that part almost 10 to 10 billion they are doing 5 billion. We are nothing. We are not doing. But scope is there. Future is very bright.<\/p>\n

Operator<\/strong><\/p>\n

Understood sir, the scope is there. But is there any discussion or any inquiries that we are getting or anything<\/p>\n

Raman KV<\/strong><\/p>\n

Inquiries we are getting started supplying. That’s the reason 25 workers 26 finance year our our export growth is doubled. Okay. 27 also we are expecting sale and positive response. But big challenge to accept to Indian ports. Now we are added a Japanese technology, Japanese culture. And now our global operations going to control Mr. Yoshiki Regata that the further improvement is going to happen in our business we believe. Okay so and my second question was regarding the inventory which is at 438 crore.<\/p>\n

So what is the aging of this inventory? Sir,<\/p>\n

Operator<\/strong><\/p>\n

Create a nest<\/p>\n

Raman KV<\/strong><\/p>\n

Next 10 months. Yes. Next 10 months this inventory is going to clear. I think this is all below to 180 days below. I think this inventory. Is all quality inventory.<\/p>\n

Operator<\/strong><\/p>\n

Okay, Understood. So it’s less than 180 days. That’s what you said, correct?<\/p>\n

Raman KV<\/strong><\/p>\n

Yes. Yes. And<\/p>\n

Operator<\/strong><\/p>\n

Maintaining at a high level inventory. Is it like we are expecting good growth in the coming year? That’s why you are maintaining at a high level in inventory.<\/p>\n

Raman KV<\/strong><\/p>\n

Yes. Yes. Yes. Next year. This year compared to this year. Next year is very high growth.<\/p>\n

Operator<\/strong><\/p>\n

Okay. And is it not because of this any supply chain constraint that you are like feeling that could come due to this war and this global treasure. Is there anything like that sir?<\/p>\n

Raman KV<\/strong><\/p>\n

Yes. Some. Some challenges already we are facing because of today metal cost is one cost is tomorrow is excellent. That is we are facing already not many hundred whole industry is facing. So once order order received immediately we are also against. We are also booking the raw materials. So daily violent time is very high metals. Particularly metals.<\/p>\n

Operator<\/strong><\/p>\n

Okay.<\/p>\n

Raman KV<\/strong><\/p>\n

Understood sir. Thank you. Thank you so much and all the best. And you and your team is doing great job sir. Thank you. Thank you. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Heman, Sony and individual investor. Please go ahead. So thank you for providing this opportunity. Sir, I have two questions. First question is. Sir you are spoken that we will be manufacturing shell and tube glass lined heat exchanger from the month of April. So has it come live? First question is this answer. Because currently I think we are importing it from Japan. Answer. The second thing which I wanted to know is. Sir, you have briefly mentioned about the windfield Capex which can generate 2000 crores of revenue with 130 crore capex.<\/p>\n

So when does it come live? Sir,<\/p>\n

Raman KV<\/strong><\/p>\n

We have started manufacturing not complete partially I explained earlier also partially we started manufacturing that Indian manufacturing percentage sold in the market already 50 members. This year last April onwards. But manufacturing we are going to start on July 1st onwards. Okay. Sorry to interrupt<\/p>\n

Operator<\/strong><\/p>\n

Any disturbance from your end.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Just a second.<\/p>\n

Operator<\/strong><\/p>\n

Is it better now? Yes. Yeah yeah. Tell Me sir. Can you come again? Sir<\/p>\n

Raman KV<\/strong><\/p>\n

First question my answer already we manufacture in India. April onwards we 50 members and we sold also. That is the customer waiting for customer feedback. And we are manufacturing means we are earlier also. My calls clearly told. 80% equipment going to manufacturing in Japan. 20% only we are manufacturing in India. That process we started APL we completed 50 and supplied to clients. And another 50 members in order and hand we are going to coming days. We are going to exclude that also. But our seat exchanger unit is completely coming to operation July 1st onwards.<\/p>\n

That is heat exchanger question. Second is greenfield project. We are coming to you. We are going to invest 130 crores. That capacity we are creating 2000 crores production capacity capabilities. We are creating.<\/p>\n

Operator<\/strong><\/p>\n

So when does it come live?<\/p>\n

Raman KV<\/strong><\/p>\n

I told you know. Three years. First 50%. 50% will come into operation. First April 27th onwards. And second for rapier 28th April 1st onwards. Second phase we are dealing that facility. Two phases.<\/p>\n

Operator<\/strong><\/p>\n

Okay sir. So first phase come comes live by April 2027. And the second phase comes live by April 2028. Right?<\/p>\n

Raman KV<\/strong><\/p>\n

Yes.<\/p>\n

Operator<\/strong><\/p>\n

And sir, from July how many number pieces? How many number of pieces we are going to manufacture for glass line heat exchanges.<\/p>\n

Raman KV<\/strong><\/p>\n

We are creating facility. We are creating 200 numbers capacity. We are creating creative capacity.<\/p>\n

Operator<\/strong><\/p>\n

200.<\/p>\n

Raman KV<\/strong><\/p>\n

Yes.<\/p>\n

Operator<\/strong><\/p>\n

And sir, what kind of per month? And sir, what kind of revenue potential does it have? Sir, incremental revenue,<\/p>\n

Raman KV<\/strong><\/p>\n

Customer response and order book. Then we are here. We see once first one year, two years. If you run we will understand this. That that growth and that requirements to customer. Total address will market 2 point crores globally. 2 billion is available. Yeah. We are only one manufacturer in India. This correct<\/p>\n

Operator<\/strong><\/p>\n

Time in India is that how much? 2000 crores.<\/p>\n

Raman KV<\/strong><\/p>\n

Okay. Thanks<\/p>\n

Operator<\/strong><\/p>\n

A lot. Thanks a<\/p>\n

Raman KV<\/strong><\/p>\n

Lot.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, you are requested to limit your questions to one per participant. Thank you. Next question comes from the line<\/p>\n

Raman KV<\/strong><\/p>\n

Of Abhijit, an individual investor. Please go ahead.<\/p>\n

Operator<\/strong><\/p>\n

Hi. Thanks for the opportunity. I’d like to ask a question about the new subsidiary that is being floated. It says that you’re getting into pre engineering the buildings. Is this correct?<\/p>\n

Raman KV<\/strong><\/p>\n

No, sir. Precast building, sir. Precast buildings.<\/p>\n

Operator<\/strong><\/p>\n

Is there any specific reason why you are venturing out into this industry?<\/p>\n

Raman KV<\/strong><\/p>\n

No, not industry, sir. We are. What we are doing for our business is community projects. Sometimes the clients we are asking to do. We are not interested to do civil construction. But sometimes some clients are asking to do complete. We don’t want to touch the civil also. Then civil, conventional. We are not interested. We have capability precast. We can do free engineering for the building or pipelines. React how to travel everything we can do engineering. That capability is that then we can easily precast.<\/p>\n

We can produce glass. Will be completed within six months. Our project still going to increase. If we enter this area. Our project going to increase the speed, execution speed. That is our income.<\/p>\n

Operator<\/strong><\/p>\n

Okay. Another question that I have is with regards to the inventory and also the order book. I understand the inventory is 430crores and the order book is thousand crores. Is it correct that you are. You are able to exhaust this order book within the eight months of the next financial year or it will take longer.<\/p>\n

Raman KV<\/strong><\/p>\n

No, no, no. Eight months. Eight to nine months. Ten months maximum.<\/p>\n

Operator<\/strong><\/p>\n

Okay. And what is the impact of the war in general to the business? Because we understand that the freight has become an issue. And also steel costs as you told is also an issue.<\/p>\n

Raman KV<\/strong><\/p>\n

Site. Anyhow, our export site always we put to keep it in customer school.<\/p>\n

Operator<\/strong><\/p>\n

Your furnace is dependent on gas or it’s not?<\/p>\n

Raman KV<\/strong><\/p>\n

No, sir, we are not using any gas.<\/p>\n

Operator<\/strong><\/p>\n

Okay. All right. Thank you. Thank you.<\/p>\n

Raman KV<\/strong><\/p>\n

One more important point please. Understanding our glass running business till 30% maximum level. Our revenue is going to too much growth. Because so glass lining is here nothing business. We are still focusing glass learning. And we are already. We are becoming a slowly number one in the class learning area. But our other areas are very high. Other products are very high. Our basket is.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, that’s good luck. Thank you so much.<\/p>\n

Raman KV<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line offering commander from ias.<\/p>\n

Raman KV<\/strong><\/p>\n

So thank you for giving the opportunity. Congratulations to Standard Engineering Technology limited on their good set of<\/p>\n

Operator<\/strong><\/p>\n

Numbers. My question is. In the presentation it is mentioned the strategic priorities to enter into additional end user industries like oil and gas and flavors and fragments. Are there any future plans to enter into the nuclear reactors or any kind of segment into aerospace and defense? I’m sorry sir, we couldn’t hear you. Could you please repeat<\/p>\n

Nageswara Rao Kandula<\/strong><\/p>\n

My question is?<\/p>\n

Raman KV<\/strong><\/p>\n

I understand your question, sir. Presentation Nuclear also we are entering. That’s the reason we are greenfield project. We have started the constructions island gas and nuclear we are targeting.<\/p>\n

Operator<\/strong><\/p>\n

That’s great, sir. Can we be expecting by FY28?<\/p>\n

Raman KV<\/strong><\/p>\n

Yes. 28. Yes. Thank you. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is a follow up question. It’s on the line of Takhat Tegliwal from choice Exponential equities. Please go ahead.<\/p>\n

Raman KV<\/strong><\/p>\n

Yeah. Hi sir. Again I had a<\/p>\n

Operator<\/strong><\/p>\n

Question on the order book just to get an idea on which segment we expect to grow the fastest. I would like to get what the order book looks like. For now<\/p>\n

Raman KV<\/strong><\/p>\n

All segments are growing, sir.<\/p>\n

Operator<\/strong><\/p>\n

So there must be one. Like for example, our solutions<\/p>\n

Raman KV<\/strong><\/p>\n

Is moving faster, right?<\/p>\n

Operator<\/strong><\/p>\n

It’s<\/p>\n

Raman KV<\/strong><\/p>\n

Gotten<\/p>\n

Operator<\/strong><\/p>\n

A lot.<\/p>\n

Raman KV<\/strong><\/p>\n

Hello. Yeah. So our complete solutions segment is now<\/p>\n

Operator<\/strong><\/p>\n

Looking more lucrative. It’s gaining a larger share in the revenue. So would that be the growth engine? So just to get an idea on what segment should we focus on<\/p>\n

Raman KV<\/strong><\/p>\n

Equally.<\/p>\n

Operator<\/strong><\/p>\n

Thanks. Thank you. The next question comes from the line of KV Raman with Sequent Investments. Please go ahead.<\/p>\n

Raman KV<\/strong><\/p>\n

Yes sir. I just had a follow up question on the subsidy which we floated. Wherein we will be manufacturing, we will be doing precast buildings. I just want to understand why are we planning to get into this particular<\/p>\n

Operator<\/strong><\/p>\n

Business. The precast business<\/p>\n

Raman KV<\/strong><\/p>\n

Same question I answered three times. Sir, again I will answer to you. Pharma companies required blocks generally in the last three years. We are saying we are not interested to do any civil work. Customer scope. We are leaving. But customer sometimes they are saying everything you should do. So we are not interested construction business and construct the block walls, buildings. But the precursor we have capability precursors. If you do customer also going to get benefit. Not required any coloring wall not require any flashing or anything.<\/p>\n

So precast building to your offering client. So what? What is the advantage? This project is going to complete within 12 to 14 months. Our speed is going to increase sometimes what happened is our equipment is everything is ready but building is not ready. Building is not in our scope. So project is delayed or discharges are delayed. So customer is saying wait. Building is not ready project. But the customer also losing money because of war on the project. Suppose 150 crores project delay 6 months means finance cost, production delays something.<\/p>\n

But that gap we understand in industry. Now we have started precast buildings. So the project speed is going to increase and delivery is also going to faster. That’s the reason we decided to enter precast buildings. Buildings for pharma and chemical companies. We are not going to outside. We are not going to do any domestic buildings. We are strictly. We are going to do with pharma and chemical production block for precast buildings. Okay.<\/p>\n

Operator<\/strong><\/p>\n

Okay. Understood sir. Understood. Thank you. The next question comes from Rohit Ori with Progressive shares. Please go ahead.<\/p>\n

Raman KV<\/strong><\/p>\n

Hi sir. Yasu san is there with us. Sir, if you can just share that what<\/p>\n

Operator<\/strong><\/p>\n

Are the key responsibilities which are assigned to him? And going forward how will we probably improve the strategy or the performance of the company? Or maybe the risk of financial integrity? If yes, you can answer that. Thank you sir.<\/p>\n

Raman KV<\/strong><\/p>\n

Yes. Yes. You can answer please? Yes, please answer. Yeah, okay. Thank you. So I was assigned to lead the global operations and marketing and of course the strategy was I have a last 20 years on leading AGI Group company. This is a 76 year old company in Japan, more than 1000 employees globally. And I have done many acquisitions in last 10, 20 years. So having this experience and understanding the CTO, what we can do at CTL and what is missing, I will share my experience with the management team and we will build a global strategy how we can tackle other market outside of India together with management team.<\/p>\n

And did I answer your question? What was?<\/p>\n

Operator<\/strong><\/p>\n

Yes, if you can just take us through that. Are we looking at some acquisition or merger of that kind? Because you seem to be specializing in M and A.<\/p>\n

Raman KV<\/strong><\/p>\n

Yes, but of course I cannot say it now but that is part of our growth strategy. But just acquiring a company is just adding number and this is not what we should focus. So the organic growth, the combination of organic growth and inorganic growth is necessary for our sustainable growth. So we’re not just looking at one or two year growth but we are looking at sustainable continuous growth. So yes, we will. The answer is yes, we will be acquiring some companies in the future.<\/p>\n

Operator<\/strong><\/p>\n

Okay, this Hassan, thank you for answering my question. Arigato.<\/p>\n

Raman KV<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. There are no further questions from the participants. I would now like to hand the conference over to the management for closing comments.<\/p>\n

Raman KV<\/strong><\/p>\n

Thank you. Thank you for attending all. And the future is very bright. Compared to 26 and 27. We are going to do more growth and profitability going to increase and the quality of business going to increase. And our product range, we are adding one second, second, third and we are adding new clients, new new geographies. And 27 is the one more exciting year we’re expecting and we are parallelly we are expanding our facilities. Thank you all.<\/p>\n

Operator<\/strong><\/p>\n

Thank you on behalf of Goindia Advisors. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Standard Glass Lining Technology Limited (NSE: SGLTL) Q4 2026 Earnings Call dated May. 15, 2026 Corporate Participants: Monali Jain \u2014 IR Unidentified Speaker Nageswara Rao Kandula \u2014 MD Analysts: Raman KV \u2014 Analyst Maitri Shah […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":65860,"url":"https:\/\/alphastreet.com\/india\/key-highlights-from-infosys-infy-q1-2021-earnings-results\/","url_meta":{"origin":183157,"position":0},"title":"Key highlights from Infosys (INFY) Q1 2021 earnings results","author":"Staff Correspondent","date":"July 15, 2020","format":false,"excerpt":"Infosys (NYSE: INFY) reported earnings results for the first quarter of 2021 today. 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