COMPANY SNAPSHOT

Spray Engineering Devices Ltd. is a rapidly growing, technology-driven Indian engineering company focused on sustainable solutions in sugar processing, water recycling, and agro-industries. With innovative, award-winning products and a track record of doubled revenues in two years, it's well-positioned for continued expansion—both domestically and internationally.

Founded in 1992 (or 2004 based on incorporation records), SED began with spray nozzles and now excels in evaporation, heat exchange, condensation, and crystallization systems.

It was founded by engineering professionals, with Lalit Handa as CEO.

Headquartered in Mohali, Punjab, and operates fabrication units in Baddi, Himachal Pradesh.

Products & Services

Core offerings include:

• Evaporators: tubular & plate falling film, and patented Low Temperature Evaporators for water recovery and jaggery production.
• Spray Continuous Pan (SCP®): vertical crystallization system for sugar mills.
• Other systems: condensate flash heaters (Flash Cigar®), molasses conditioners, heat exchangers, and industrial automation/EPC services.

Markets & Reach

• Installed systems in 500+ sugar mills in India and in about 40 countries.
• Also active in wastewater recycling, biofuels, jaggery, and other agro-industrial projects.

Key Strengths & Outlook

• Strong R&D focus with government-recognized unit.
• Energy-efficient and low-footprint technologies (e.g., boiler-less, ZLD systems).
• Diverse business model spanning sugar, jaggery, waste water, biofuel, and industrial automation.
• Strong financial growth and increasing margins.
• Expanding through EPC contracts and global installations.

INDUSTRY OUTLOOK

India’s thermal systems sector—from heat exchangers to advanced crystallizers—is on a strong upward trajectory, with robust demand fueled by industrialization, regulatory enforcement, clean tech push, and technological modernization. Firms that combine energy-efficient designs, smart operation tools, and regulatory-ready systems are best positioned to lead.

LATEST SHAREHOLDING

Note: Promoters (the Verma brothers) together hold ~80.3%, while non-promoter/non-institutional investors account for the remaining ~19.7%.