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Spray Engineering Devices Unlisted Shares
DRHP Status : Not Filed
242
Fundamentals About Spray Engineering Devices
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
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
The following table shows a 10-point analysis of Spray Engineering Devices Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹461 cr · PAT ~₹15 cr · PAT Margin ~3% | Engineering & technology provider focused on energy-efficient solutions for sugar, ethanol, distillery, wastewater & biofuel sectors; offers turnkey plants, evaporators (incl. patented MVR-based LTE®), automation & process redesign; presence in 40+ countries; R&D-driven with 100+ patents. |
| Industry & Market Position | Niche leader in sugar process equipment · Strong export presence | Competitive edge through innovation, patents & execution capability; benefits from ethanol blending & green energy policies; exposed to sugar cycles, commodity volatility & project execution risks. |
| Revenue Growth Trend | FY23–FY25 strong prior CAGR (~30–50%) · FY25 ~16% YoY decline | Earlier growth driven by ethanol demand & order inflows; FY25 moderation due to export slowdown & project timing; long-term potential from sustainability push & blending targets. |
| Profitability & Margins | EBITDA ~₹39 cr (Margin ~8%) · PAT Margin ~3% | Margin compression due to lower volumes & higher costs; project-based earnings create volatility; potential normalization with improved execution & sector recovery. |
| Cash Flow Quality | OCF Positive Trend · Dividend Policy Present | Adequate operating cash generation; working capital intensive due to project cycles; supported by equity base; earnings quality moderate amid cyclicality. |
| Balance Sheet Strength | Net Worth ~₹205 cr · Book Value ~₹82/share · Moderate Debt | Strengthened equity position; manageable gearing; asset support from patents & infrastructure; reasonable downside protection with order visibility. |
| Valuation Comfort | Unlisted Price ₹225–270 (Feb 2026) · P/E ~15–18x · EPS ~₹6 (est.) | Reasonable valuation considering growth history & technology moat; Market Cap ~₹550–680 cr; reflects cyclical dip but recovery potential exists. |
| Management & Governance | Promoter-led · Professional Team · Transparent Disclosures | Experienced leadership with global project execution; clean reporting standards; strong R&D orientation; no major governance concerns noted. |
| Growth Triggers & Catalysts | Ethanol Policy Push · Order Book Expansion · Export Growth | Upside from ethanol blending targets, sustainability adoption & new project wins; operational efficiency improvements may support margin recovery; no confirmed IPO plans. |
| Liquidity & Exit Visibility | OTC Liquidity Only · No Confirmed IPO | Moderate unlisted trading; liquidity risk remains; exit primarily via OTC or strategic interest; quality niche engineering asset with recovery-linked upside. |
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.
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