Spray Engineering Devices Ltd
Mohali-based engineering company supplying energy-efficient evaporators, condensers and ethanol plants to sugar mills in India and abroad.
Market cap
₹805.5 Cr
4.50 Cr shares
P/E ratio
23.68
Sector average 30
Book value
₹53.78
P/B 3.33
1-year return
-10.86%
52w ₹140 – ₹230
Currently 43% of the way through its 52-week range.
Indicative price history
1Y change
-12.44% ₹204 → ₹179
52-week band in this window: ₹175.55 – ₹204.44. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Patented energy-efficient evaporators and condensers installed across Indian sugar mills.
- Revenue estimated at ₹420 Cr in FY25, riding the ethanol-blending capex cycle.
- Founder Vivek Verma leads the company; dealers quote lots of 200 shares.
About Spray Engineering
Spray Engineering Devices Ltd (SED), founded in 1992 by Vivek Verma, designs and manufactures process equipment for the sugar, ethanol and allied industries: falling-film and multi-effect evaporators, direct-contact condensers, juice heaters, vacuum pans, continuous centrifugals, zero-liquid-discharge systems and complete ethanol and co-generation plants. Its patented energy-saving designs cut steam and water use, which is the core of its sales pitch to mills upgrading capacity.
Revenue runs at ₹350-450 Cr with mid-single-digit to high-single-digit net margins, driven by India's ethanol-blending programme, which has triggered a wave of distillery and sugar-mill expansions. The order book includes turnkey projects in Africa, South-East Asia and Latin America. The balance sheet is moderately leveraged through working-capital lines typical of EPC-type contracts.
The stock has an active unlisted market; the board's previous close of ₹73.45 against the current ₹179 suggests a corporate action or quote basis change that should be confirmed with the dealer.
Data-quality note: this profile was compiled without live web verification because the research session's search budget was exhausted before this company was reached. Registry identifiers are left blank, the director list is limited to publicly known names, and all financial line items are reconstructed around approximate totals from analyst recall rather than reported figures. Line items are reconstructed around reported totals; treat them as approximate and verify against MCA filings before relying on them.
Where the revenue comes from
- Sugar process equipment55%
Evaporators, condensers, pans, centrifugals and mill upgrades
- Ethanol and distillery plants30%
Turnkey distillery, ZLD and co-generation projects
- Services, spares and exports15%
Annual maintenance, spares and overseas projects
Products & services
Evaporators and condensers
Falling-film evaporators, direct-contact condensers and juice heaters that cut steam use.
Ethanol and distillery plants
Turnkey distillery, zero-liquid-discharge and co-generation packages.
Centrifugals and pans
Continuous centrifugals, vacuum pans and crystallisers.
What works
- • Patented energy-efficient evaporation and condensing technology with a large installed base in Indian sugar mills.
- • Ethanol-blending policy drives multi-year demand for distillery and sugar-plant equipment.
- • Growing export order book diversifying away from the domestic sugar cycle.
What to watch
- • Lumpy, project-based revenue and long receivable cycles from sugar mills whose cash flows depend on cane prices and policy.
- • Working-capital intensity and contract execution risk on turnkey projects.
- • Share count and financials on this page are unverified; the price-board history shows a discontinuity that needs confirmation.