Spray Engineering Devices

DRHP Status : Not Filed

490

Current Price 490

Market Cap 1186 Cr

ISIN INE528I01015

Face Value 10

P/E Ratio 35.9

EPS 14.63

P/B Ratio 16.5

Book Value 31.8

Debt to Equity Ratio 0.82

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

Name	Holding
Mr. Vivek Verma	53.99%
Mr. Prateek Verma	26.31%
Klondike Investments Ltd	12.50%
Others	7.2%

Spray Engineering Devices Limited (SEDL) is a prominent engineering firm specializing in the development and manufacturing of innovative equipment and systems for the sugar and process industries. SEDL is headquartered in India and has established itself as a leader in offering sustainable solutions that enhance efficiency and productivity. The companys product portfolio includes energy-efficient evaporators, condensers, heat exchangers, and crystallizers, tailored to meet the unique needs of its clients. SEDL is committed to delivering high-quality, customized engineering solutions that minimize environmental impact and reduce operational costs. With a strong focus on research and development, the company continuously evolves its technologies to stay ahead in the industry. SEDL dedication to excellence and customer satisfaction has earned it a reputable position in the global market, serving clients across various sectors with reliable and cutting-edge engineering solutions.

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Strengths

Revenue Growth: SEDL achieved substantial revenue growth in the fiscal year, with revenue from operations reaching ₹5,47 Cr, up from ₹3,926.20 million in the previous year. This reflects a positive trend in its business operations.
Intellectual Property: Additionally, SEDL possesses a range of intellectual assets both domestically and internationally, providing the company with a competitive edge over its industry peers.
Strong Asset Base: The company has significant non-current assets, including property, plant, and equipment valued at ₹97.6 Cr, creating a solid foundation to support its ongoing and future operations.
Experienced Promoters: The company’s promoters bring nearly three decades of industry experience, gained through their involvement with SEDL and previous roles in the sugar sector.

Weaknesses

Increased Debt: Current liabilities increased, including a rise in borrowings, which may imply dependence on debt for capital, potentially impacting liquidity.
Dependence on Specialized Industries: The focus on sugar and allied industries may expose SEDL to sector-specific risks, such as fluctuations in demand for sugar processing equipment.