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Spray Engineering Unlisted Shares
BUY
₹ 68.00
SELL
₹ 98.00
Spray Engineering shares are in a downtrend due to a combination of factors including mixed financial performance, significant volatility, and a decline in stock trends.
As on 29 Jul 2026, 11:01 PM, we are buying shares of the SPRAY ENGINEERING DEVICES LIMITED for ₹ 68.00 and selling them for ₹ 98.00 per share.
About Spray Engineering Unlisted Shares
Spray Engineering Devices Limited (SED), founded in 2004, has established itself as a global leader in energy-efficient solutions. Initially focused on manufacturing spray nozzles, the company quickly expanded its expertise to cover a broad range of industries, including sugar, bio-refinery, distillery, jaggery, biofuels, water management, and bio-based green chemicals. Operating in over 40 countries, SED is recognized for its innovative approach to improving energy efficiency, reducing operational costs, and sustainability across various industrial sectors.
Specializing in advanced processes such as evaporation, crystallization, and refining, SED is particularly known for its groundbreaking technologies that contribute to significant energy savings. Through its diverse product offerings and commitment to eco-friendly practices, Spray Engineering continues to transform industries, particularly in the sugar and allied sectors.
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Business Divisions
Spray Engineering delivers energy-efficient and sustainable solutions across a variety of industries. The company’s core business divisions include:
- Sugar and Bio-Refinery: Spray Engineering plays a pivotal role in optimizing the energy and water consumption of sugar plants and bio-refineries. Their Low-Temperature Evaporation Systems and other specialized technologies significantly reduce steam consumption, power usage, and water waste, ensuring greater sustainability.
- Distillery and Jaggery: The company provides innovative solutions for jaggery production with its Boiler-Free Jaggery Production Unit, which eliminates the need for traditional boilers. This eco-friendly process maximizes the use of bagasse and ensures a sustainable production cycle for jaggery manufacturers.
- Biofuel and Water Management: Spray Engineering also delivers cutting-edge solutions for biofuel production and water management. Its wastewater recycling systems have been implemented in over 100 plants globally, transforming wastewater into clean water while reducing environmental impact.
- Bio-Based Green Chemicals: As part of its commitment to sustainability, SED focuses on providing solutions for the production of bio-based green chemicals, which are becoming increasingly vital for industries looking to reduce their carbon footprints.
Financial Highlights
Here are five key financial highlights of Spray Engineering Unlisted Shares, showcasing the company’s strong financial health and potential for growth:
- Steady Revenue Growth: Spray Engineering’s revenue has consistently grown, reaching ₹547 crore in FY 2024, up from ₹392 crore in FY 2023. This reflects strong demand for its energy-efficient solutions across various sectors.
- Improved Profit Margins: In FY 2024, the company reported a gross margin of 37.66%, an improvement over the previous years. This increase in margins reflects better operational efficiencies and a higher proportion of revenue from value-added solutions like its Low-Temperature Evaporation System.
- Significant Increase in Earnings: EBITDA in FY 2024 was ₹87 crore, up from ₹54 crore in FY 2023, indicating improved operational performance and cost management. Additionally, PAT rose to ₹53 crore in FY 2024, compared to ₹33 crore in the previous year, demonstrating solid bottom-line growth.
- Solid Earnings Per Share (EPS): Spray Engineering reported an EPS of ₹23.56 in FY 2024, a significant increase from ₹14.71 in FY 2023. This growth in EPS suggests that the company is effectively translating its revenue into shareholder value.
- Strong Return on Equity (ROE): With an ROE of 43%, Spray Engineering demonstrates strong returns on shareholder equity, reflecting efficient capital use and a high level of profitability relative to its equity base.
Pros
- Stock is trading at 1.14 times its book value
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 26.3%
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -6.23% over past five years.
- Company has a low return on equity of 3.68% over last 3 years.
Key Details
| Share Name | Particulars |
|---|---|
| Spray Engineering Unlisted | 174.00 |
| Shares Price | Per Equity Share |
| Minimum Lot Size | Shares Worth Rs. 15000 |
| 52 Week High | ₹ 650 |
| 52 Week LoW | ₹ 525 |
| Depository | NSDL & CDSL |
| PAN Number | AAICS5252M |
| ISIN Number | INE528I01015 |
| CIN | U00000CH2004PLC027625 |
| RTA | N/A |
| Fundamentals | Value |
|---|---|
| Market Cap (in cr.) | 436.68 |
| P/E Ratio | 7.39 |
| P/B Ratio | 3.27 |
| Debt to Equity | 0.61 |
| ROE (%) | 43% |
| Book Value | 53.19 |
| EPS | 23.56 |
| Face Value | 10 |
| Total Shares | 25096423 |
Financials
| P&L Statement | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 547 | 392 | 214 |
| Cost of Material Consumed | 341 | 255 | 147 |
| Gross Margins | 37.66 | 34.95 | 31.31 |
| Change in Inventory | 6 | -7 | -6 |
| Employee Benefit Expenses | 47 | 39 | 28 |
| Other Expenses | 66 | 51 | 24 |
| EBITDA | 87 | 54 | 21 |
| OPM | 15.9 | 13.78 | 9.81 |
| Other Income | 1 | 1 | 1 |
| Finance Cost | 10 | 8 | 5 |
| D&A | 5 | 3 | 2 |
| EBIT | 82 | 51 | 19 |
| EBIT Margins | 14.99 | 13.01 | 8.88 |
| PBT | 74 | 45 | 15 |
| PBT Margins | 13.53 | 11.48 | 7.01 |
| Tax | 21 | 12 | 0 |
| PAT | 53 | 33 | 15 |
| NPM | 9.69 | 8.42 | 7.01 |
| EPS | 23.56 | 14.71 | 6.69 |
| Financial Ratios | FY24 | FY23 | FY22 |
|---|---|---|---|
| Operating Margin | 15% | 14% | 10% |
| Net Profit Margin | 10% | 8% | 7% |
| Return on Equity | 42% | 47% | 41% |
| Debt-Equity | 0.61 | 0.83 | 0.51 |
| Current Ratio | 1.38 | 1.13 | 1.02 |
| Dividend Payout | 0% | 0% | 0% |
| Company | SPRAY ENGINEERING |
|---|---|
| Market Cap (₹ Crores) | 1185.81 |
| Profitability Margin (%) | 9.55% |
| ROCE (%) | 54.55% |
| ROE (%) | 42.48% |
| D/E Ratio | 0.61 |
| P/E Ratio | 22.64 |
| P/B Ratio | 9.62 |
| Book Value per Share (₹) | 54.58 |
Promoters or Management
Annual Reports
Frequently Asked Questions
1. Who are Spray Engineering Devices’ customers?
For their sugar projects, customers include Bajaj group, Dalmia Group, DSCL Group, Birla group, Triveni sugar group. For their water projects, customers include Dr. Reddy’s Lab, Sun Pharma, Cipla India, JK Cement, Tata Chemicals, Pidlite Industries etc.
2. What is the revenue split of Spray Engineering Devices?
94% of their revenue is from sale of products. Rest comes from erection, commissioning & related services. Geographically, 81% of their revenue is from India whereas 19% is from outside of India.
3. What is the credit rating of Spray engineering devices’ debt?
Spray Engineering devices’ long term debts of term loan and cash credit were assigned a rating of BBB+. On the other hand, its short term bank guarantee/LC was assigned a rating of A2.
4. Has Spray Engineering done any private placement in the past year?
Spray engineering devices issued 25 lakh shares at a price of 287 per share in May 2024. This would help them raise 72 crores which would be used for further expansion.
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