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Spray Engineering Devices Unlisted Shares
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Fundamentals About Spray Engineering Devices
Downloads & Investor Documents
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Key Financials of Spray Engineering Devices
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 111 | 214 | 392 | 547 |
| Cost of Material Consumed | 61 | 147 | 255 | 341 |
| Gross Margins | 45.05 | 31.31 | 34.95 | 37.66 |
| Change in Inventory | 1 | -6 | -7 | 6 |
| Employee Benefit Expenses | 21 | 28 | 39 | 47 |
| Other Expenses | 15 | 24 | 51 | 66 |
| EBITDA | 13 | 21 | 54 | 87 |
| OPM | 11.71 | 9.81 | 13.78 | 15.9 |
| Other Income | 1 | 1 | 1 | 1 |
| Finance Cost | 6 | 5 | 8 | 10 |
| D&A | 2 | 2 | 3 | 5 |
| EBIT | 11 | 19 | 51 | 82 |
| EBIT Margins | 9.91 | 8.88 | 13.01 | 14.99 |
| PBT | 5 | 15 | 45 | 74 |
| PBT Margins | 4.5 | 7.01 | 11.48 | 13.53 |
| Tax | 0 | 0 | 12 | 21 |
| PAT | 5 | 15 | 33 | 53 |
| NPM | 4.5 | 7.01 | 8.42 | 9.69 |
| EPS | 2.23 | 6.69 | 14.71 | 23.56 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 24 | 26 | 54 | 76 |
| CWIP | 0 | 1 | 13 | 13 |
| Investments | 0 | 0 | 0.26 | 0.4 |
| Trade Receivables | 30 | 43 | 60 | 87 |
| Inventory | 48 | 66 | 78 | 76 |
| Other Assets | 22 | 48 | 58.74 | 49.6 |
| Total Assets | 124 | 184 | 264 | 302 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 22.43 | 22.43 | 22.43 | 22.5 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 1 | 16 | 49 | 101 |
| Borrowings | 21 | 19 | 58 | 75 |
| Trade Payables | 37 | 32 | 39 | 56 |
| Other Liabilities | 42.57 | 94.57 | 95.57 | 47.5 |
| Total Liabilities | 124 | 184 | 264 | 302 |
About Company
Spray Engineering Devices Ltd (SED) is an Indian process-engineering company specialising in energy-efficient equipment and sustainable process solutions. The following are some of the important points related to Spray Engineering Devices:
- Founded by Mr. Vivek Verma in 1992, its origins lie in manufacturing spray nozzles; over time, it has evolved into a technology company focused on evaporation, condensation, crystallization, and heat-exchange systems.
- SED’s business model is centered on providing turnkey EPC (Engineering, Procurement & Construction) solutions for process industries — especially sugar, distillery, jaggery, biofuel, and wastewater treatment.
- Key technology: SED has developed Low-Temperature Evaporation (LTE®) systems based on mechanical vapor recompression, enabling very high water recovery (up to ~99%) from wastewater with minimal energy footprint.
- Manufacturing & R&D: The company has its corporate office in Mohali, Punjab, and three manufacturing/automation units in Baddi, Himachal Pradesh. It also holds in-house R&D unit recognition by DSIR.
Challenges/Risks
- Capex & Project Risk: As an EPC-centric company, it must invest in large capital projects; delays or cost overruns could hurt margins.
- Market Concentration: A big part of its business comes from sugar and allied industries — cyclicality in sugar production or regulatory changes in that sector may impact demand.
- Technology Risk: While LTE / MVR technology is advanced, scaling and maintaining its efficiency across various industrial wastewater types could be challenging.
- Competition: Competes with other engineering firms and specialized process-equipment providers; staying ahead with innovation is critical.
- Working Capital: Large EPC orders often mean long project cycles and significant working capital needs (inventory, receivables).
Strategic Strengths/Advantages
- Sustainability Focus: Its process technology (e.g., LTE) helps reduce carbon emissions, recycle water, and minimize energy waste — aligning well with ESG trends.
- Proven Domain Expertise: Deep experience in sugar / distillery / allied sectors, which are very relevant for its core process-engineering business.
- Intellectual Property: Has several patented technologies (e.g., its MVR / LTE systems) that give it a technological moat.
- Global Reach: Strong overseas presence — its technologies are used in many countries.
- Customer-centric EPC Model: Beyond just selling equipment, it provides design, engineering, automation, and turnkey solutions, making it a one-stop partner for process industries.
Outlook/Future Potential
- With increasing regulatory and business focus on zero-liquid discharge (ZLD), SED’s LTE technology positions it well for growth in wastewater-intensive industries.
- The biofuel / jaggery vertical offers a strong sustainable growth lever, especially with its “boiler-free” jaggery production units.
- As process industries globally move toward decarbonization, SED’s energy-efficient systems and MVR-based solutions could see stronger demand.
- Its strong R&D and patent portfolio can help it innovate further and stay competitive.
Shareholding Pattern of Spray Engineering Devices
| Name | Holding |
|---|---|
| Mr. Vivek Verma | 53.99% |
| Mr. Prateek Verma | 26.31% |
| Klondike Investments Ltd | 12.50% |
| Others | 7.2% |
Promoters of Spray Engineering Devices
- Vivek Verma — Founder, instrumental in building the company’s R&D-driven approach.
- Board / Leadership includes Prateek Verma, Satish Vasant Deshpande, Ramit Gupta, Rajinder Godara, Brij Agnihotri, among others.
Click here to visit the official website of Spray Engineering Devices.
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Frequently Asked Questions
Spray Engineering Devices Ltd unlisted shares refer to equity in a privately held company specialising in industrial spray nozzles and fluid processing solutions. These shares are not listed on NSE or BSE and can be acquired through platforms like UnlistedKraft.
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Yes, per SEBI regulations, pre-IPO investors must observe a six-month lock-in period after the company’s shares are listed on a stock exchange.
If held for more than two years, gains qualify as long-term capital gains and are taxed at 20% with indexation. Gains made within two years are treated as short-term and taxed per your income tax slab.
UnlistedKraft provides reliable access to unlisted share opportunities in niche industrial segments like Spray Engineering Devices Ltd, backed by transparent pricing, expert guidance, secure dealings, and prompt share delivery to your demat account.
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