Principles

Company NameSPRAY ENGINEERING DEVICES

Market Cap₹ 703.00

ISIN No.INE528I01015

No. of Outstanding Shares250096420

PAN No.AAICS5252M

PE ratio13.22

CINU00000CH2004PLC027625

Book value₹ 49.12

SectorEthanol, Sugar, Bio-Refinery, Distillery

P/BV5.70

DRHP Filed?Yes

P/S Ratio1.28

Available on

EPS₹ 21.20

Registration DateNov. 8, 2004

Face Value₹ 10.00

Stock Performance

Company Details

INDUSTRY OUTLOOK

Segment	Estimated 2024 Market	CAGR (2025–30)	Key Drivers & Notes
Heat Exchangers	₹7,300 cr (~USD 856M)	8–12%	Cross-sector demand, tech + government push
Evaporators	Part of global USD 32.6B market growth	~8–10%	Chemical, pharma, ZLD, solvent recovery
Condensers	Integrated in above	~8–10%	Chemical, pharma, ZLD, solvent recovery
Crystallizers	Domestic growth ~12% CAGR	~10%	Regulatory compliance, import substitution

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

Shareholder	Stake (%)
Mr. Vivek Verma	53.99%
Mr. Prateek Verma	26.31%
Klondike Investments Ltd.	12.50%
Others	7.20%

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

	FY 2021 (₹ Cr)	FY 2022 (₹ Cr)	FY 2023 (₹ Cr)	FY 2024 (₹ Cr)	FY 2025 (₹ Cr)
Fixed Assets	24.00	26.00	54.00	76.00	102.00
CWIP	0.00	1.00	13.00	13.00	15.00
Investments	0.00	0.00	0.26	0.40	0.50
Trade Receivables	30.00	43.00	60.00	87.00	108.00
Inventory	48.00	66.00	78.00	76.00	90.00
Other Assets	22.00	48.00	58.70	49.60	54.00
Total Assets	124.00	184.00	264.00	302.00	370.00
Liabilities (Est.)	2021.00	2022.00	2023.00	2024.00	2025.00
Share Capital	22.43	22.43	22.43	22.50	25.00
FV	10.00	10.00	10.00	10.00	10.00
Reserves	1.00	16.00	49.00	101.00	145.00
Borrowings	21.00	19.00	58.00	75.00	92.00
Trade Payables	37.00	32.00	39.00	56.00	66.00
Other Liabilities	42.57	94.57	95.57	47.50	32.00
Total Liabilities	124.00	184.00	264.00	302.00	370.00

SPRAY ENGINEERING DEVICES LTD - P & L Account

PARTICULARS	FY 2021 (₹ Cr)	FY 2022 (₹ Cr)	FY 2023 (₹ Cr)	FY 2024 (₹ Cr)	FY 2025 (₹ Cr)
Revenue	111.00	214.00	392.00	547.00	715.00
Cost of Material Consumed	61.00	147.00	255.00	341.00	445.00
Change in Inventory	1.00	-6.00	-7.00	6.00	5.00
Gross Margins (%)	45.05	31.31	34.95	37.66	38.00
Employee Benefit Expenses	21.00	28.00	39.00	47.00	58.00
Other Expenses	15.00	24.00	51.00	66.00	79.00
EBITDA	13.00	21.00	54.00	87.00	133.00
Operating Profit Margin (%)	11.71	9.81	13.78	15.90	18.60
Other Income	1.00	1.00	1.00	1.00	2.00
Finance Cost	6.00	5.00	8.00	10.00	12.00
Depreciation & Amortization (D&A)	2.00	2.00	3.00	4.00	5.00
EBIT	11.00	19.00	51.00	82.00	118.00
EBIT Margins (%)	9.91	8.88	13.01	14.99	16.50
PBT	5.00	15.00	45.00	74.00	108.00
PBT Margins (%)	4.50	7.01	11.48	13.53	15.10
Tax	0.00	0.00	12.00	21.00	30.00
PAT	5.00	15.00	33.00	53.00	78.00
Net Profit Margin (%)	4.50	7.01	8.42	9.69	10.90
Earnings Per Share (EPS)	2.23	6.69	14.71	23.56	31.45

SPRAY ENGINEERING DEVICES LTD - Cash Flow

PARTICULARS	FY 2021 (₹ Cr)	FY 2022 (₹ Cr)	FY 2023 (₹ Cr)	FY 2024 (₹ Cr)	FY 2025 (₹ Cr)
PBT	5.00	15.00	45.00	74.00	105.00
OPBWC	9.00	17.00	48.00	91.00	120.00
Change in Receivables	-7.00	-12.00	-17.00	-30.00	-35.00
Change in Inventories	-7.00	-18.00	-12.00	2.00	-5.00
Change in Payables	-9.00	-5.00	7.00	15.00	22.00
Other Changes	24.00	37.00	-12.00	-52.00	-30.00
Working Capital Change	1.00	2.00	-34.00	-65.00	-48.00
Cash Generated From Operations	10.00	19.00	14.00	26.00	42.00
Tax	0.00	0.00	0.00	-7.00	-9.00
Cash Flow From Operations	10.00	19.00	14.00	19.00	33.00
Purchase of PPE	-3.00	-5.00	-43.00	-30.00	-40.00
Sale of PPE	0.00	0.00	0.00	0.00	1.00
Cash Flow From Investment	-5.00	-4.00	-42.00	-28.00	-39.00
Borrowing	0.24	6.50	-3.00	17.50	22.00
Dividend	0.00	0.00	0.00	0.00	-2.00
Equity	0.76	0.00	0.00	0.00	0.00
Others From Financing	-6.00	-15.50	34.00	-9.50	5.00
Cash Flow From Financing	-5.00	-9.00	31.00	8.00	25.00
Net Cash Generated	0.00	1.00	3.00	-1.00	19.00
Cash at the Start	0.24	5.00	11.00	1.40	0.40
Cash at the End	0.24	11.00	14.00	0.40	19.40

	FY 2021 (₹ Cr)	FY 2022 (₹ Cr)	FY 2023 (₹ Cr)	FY 2024 (₹ Cr)	FY 2025 (₹ Cr)
Operating Profit Margin (%)	11.71	9.81	13.78	15.90	17.25
Net Profit Margin (%)	4.50	7.01	8.42	9.69	10.55
Earnings Per Share (Diluted)	2.23	6.69	14.71	23.56	31.40

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SPRAY ENGINEERING DEVICES LTD