Spray Engineering Devices
- Unlisted share
- Industrials & Engineering
- ISIN INE528I01015
At a glance
Sales
FY25
₹461 Cr
−15.8%on FY24What the company earned from its customers in the year.
Profit
FY25
₹15.02 Cr
−71.7%on FY24What was left after every cost and tax was paid.
Market valuecalculated
₹209 Cr
What the whole company would be worth at GrowFast's indicative price.
Net worth
FY25
₹205 Cr
What the owners would have left on paper if every debt was repaid.
From the company's published figures; sources are beside each figure further down the page.
Key details
- Company
- Spray Engineering Devices
- ISIN
- INE528I01015
- Sector
- Industrials & Engineering
- Type of share
- Unlisted equity share
- Indicative price per share
- ₹83.16
- Price last updated
- 12 Oct 2026
- Minimum quantity
- Confirmed by the desk
- How you hold it
- In your own demat account
- Enquiries
- GrowFast desk, on WhatsApp
Indicative prices, illiquid shares. Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Company
About Spray Engineering Devices
Spray Engineering Devices Limited (SED) designs and manufactures energy-efficient process equipment and turnkey plants, mainly evaporators, pans, condensers and heat-recovery systems, for sugar mills, jaggery units, ethanol distilleries and industrial waste-water recycling. The business began in 1992 with spray nozzles for sugar mills and the present company was set up in 2004; it has corporate offices in Chandigarh and Mohali and three manufacturing units at Baddi in Himachal Pradesh. It is controlled by its founder and Managing Director Vivek Verma and his family, who held about 70% of the equity in September 2024, with a foreign investor, Klondike Investments Ltd, holding 11.25%.
Written from: sprayengineering.com, icra.in, sprayengineering.com
Financials
Ask for the full annual report.
The figures on this page are the headline numbers. The desk can share the latest annual report and anything published since.
Ask for the financials- Sector
- Industrials & Engineering
- ISIN
- INE528I01015
- Head office
- Mohali, Punjab (corporate office); registered office in Chandigarh
- Promoters
- Vivek Verma (48.59%) and Prateek Verma (21.69%); promoter group 70.28% in total
- Shareholding pattern (company website)
- Key people
- Managing Director: Vivek Verma; Chief Financial Officer: Jitendar Kumar (from 7 September 2025); Company Secretary: Rinkal Goyal
- Corporate Identification Number
- U00000CH2004PLC027625
- Official website
- sprayengineering.com
Read from: Directors' Report FY2024-25, unless another source is shown on a card.
Key data
What the numbers mean
The ratios buyers look at, each said in plain words.
Price to earnings (P/E)calculated
14×
At this price you pay ₹14 for every ₹1 of profit the company made in the year.
Price to book (P/B)calculated
1.02×
At this price you pay ₹1.02 for every ₹1 of net worth on the company's books.
Profit margincalculated
3.3%
Out of every ₹100 of sales, ₹3.3 was left as profit.
Return on equitycalculated
7.3%
For every ₹100 of the owners' money, the company made ₹7.3 of profit in the year.
Debt to equitycalculated
0.39×
The company has borrowed ₹0.39 for every ₹1 of its owners' money.
- Indicative price
- ₹83.16
- Market valuecalculated
- ₹209 Cr
- price × shares
- No. of shares
- 2,50,96,423
- EPS
- ₹5.95
- Book value per share
- ₹81.7
- Face value
- ₹10
Figures marked “calculated” are worked out by GrowFast from its indicative price and the company's published figures for FY2024-25. They move with the price, and they are arithmetic, not a valuation.
Figures in ₹ crore
Financials
Spray Engineering Devices Limited. As published in the company's audited reports. GrowFast has not audited them.
Sales, year by year
₹ crore. The darkest bar is the latest year.
FY22 to FY25: ₹215 Cr to ₹461 Cr.
Profit, year by year
₹ crore, after tax. A bar below the line is a loss.
FY22 to FY25: ₹15.33 Cr to ₹15.02 Cr.
| Particulars | FY22 | FY23 | FY24 | FY25Latest |
|---|---|---|---|---|
| Revenue from operations | 214.94 | 392.62 | 547.35 | 460.97▼16% |
| Other income | 1.18 | 1.44 | 0.93 | 0.86▼8% |
| Total income | 216.12 | 394.05 | 548.28 | 461.83▼16% |
| EBITDA | 22.94 | 56.72 | n/a | n/a |
| Depreciation and amortisation | 2.14 | 2.86 | 4.93 | 7.61▲54% |
| Finance costs | 5.06 | 8.05 | 9.89 | 11.45▲16% |
| Profit before tax | 15.38 | 45.8 | 74.34 | 20.56▼72% |
| Profit after tax | 15.33 | 33.4 | 53.16 | 15.02▼72% |
| Earnings per share (basic) (₹) | 6.83 | 14.88 | 23.19 | 5.95▼74% |
Rupees crore unless marked, consolidated. The change shown is the latest year against the year before. Read from: Audited consolidated financial statements FY2022-23 (company website), Audited consolidated financial statements FY2024-25 (company website).
Credit rating. [ICRA]BBB+ (Stable) on long-term bank facilities and [ICRA]A2 on short-term facilities, total ₹145 crore; reaffirmed (26 December 2025) ICRA rating rationale
Ownership
Shareholding pattern
Who owns the company
As of 6 September 2024
- Promoter and promoter group70.28%
- Promoter: Vivek Verma48.59%
- Public29.64%
- Promoter: Prateek Verma21.69%
- Public: Klondike Investments Ltd (foreign investor)11.25%
- Public: Alternate investment funds0.50%
- Shares held by employee trust0.09%
- Total182.03%
Read from: Shareholding pattern (company website)
Capital history
Fund raise history
| Date and detail | Type | Instrument | Price per share | Amount raised |
|---|---|---|---|---|
| 2024-05Shareholders approved on 6 May 2024 a preferential issue of 25,09,642 equity shares of ₹10; the FY2024-25 cash flow statement shows ₹670.05 million received from issue of shares. The secretarial audit report states an issue price of ₹287 per share, which does not match the cash received, so no price is recorded here. | Preferential allotment | Equity shares | Not stated | ₹67 Cr |
Read from: Directors' Report FY2024-25 (secretarial audit report) and audited consolidated cash flow statement
Leadership
Management
Vivek Verma
Managing Director
Vimarsh Verma
Additional Director (appointed 20 August 2025)
Shridhar Venkatesh
Nominee Director
Niveta Sharma
Independent Director
Arshdeep Kaur
Independent Director
Jitendar Kumar
Chief Financial Officer
Rinkal Goyal
Company Secretary and Chief Compliance Officer
Read from: Directors' Report FY2024-25
Corporate calendar
Events
- 26 Dec 2025Credit ratingICRA reaffirmed [ICRA]BBB+ (Stable) and [ICRA]A2 on ₹145 crore of bank facilitiesOpen
- 5 Nov 2025AGM21st annual general meeting called, including a proposal to move the registered office from Chandigarh to Mohali, PunjabOpen
- 7 Sept 2025Board changeJitendar Kumar appointed Chief Financial Officer after Manoj Gupta stepped down on 31 August 2025Open
- 22 May 2025Board changePrateek Verma resigned as Whole-time DirectorOpen
- 20 Sept 2024EGMShareholders approved a new object clause and a new set of articles of associationOpen
- 6 May 2024EGMShareholders approved raising capital through an initial public offer, a preferential issue of 25,09,642 shares and a borrowing limit of ₹500 croreOpen
Reports and filings
Annual reports and results
Each link opens the document where its publisher keeps it.
- FY2024-25Audited standalone financial statements 2024-25
- FY2024-25Directors' Report 2024-25
- FY2024-25Audited consolidated financial statements, March 2025
- FY2024-25Notice of the 21st Annual General Meeting
- FY2023-24Audited consolidated financial statements 2023-24
- FY2022-23Audited consolidated financial statements 2022-23
- FY2021-22Audited consolidated financial statements 2021-22
- 2025-12ICRA rating rationale, 26 December 2025
- 2024-09Shareholding pattern
Before you buy
Six things to check on any unlisted share.
The same list applies to every stock. None of it is advice on this one.
The company's latest financials
Revenue, profit and debt for the last three years, from its audited annual report. Ask the desk for the most recent set.
What the price implies
Compare the price per share with earnings and book value per share, and with listed companies in the same business.
Whether a listing is planned
A company may file for an IPO, delay it or never list. A listing, its timing and its price are never certain.
How you would sell
There is no exchange for these shares. You sell by finding a buyer, which can take time and may be at a lower price.
Lock-in after a listing
Shares bought before an IPO are usually locked in for a period after the company lists. Confirm the current rule before you buy.
Tax on your gains
Unlisted shares are taxed differently from listed ones. Check your position with a tax adviser.
Questions
What buyers ask about this stock.
Not answered here? Ask the desk.
Inquire about Spray Engineering Devices on WhatsAppIs the price shown for Spray Engineering Devices final?
No. It is an indicative price per share. The desk confirms the price and the quantity available when you inquire, and the confirmed price is the one you deal at.
How do I buy these shares?
Press Inquire. It opens a WhatsApp chat with the desk, with this stock already named. After the price and quantity are agreed, a 10% advance locks the deal. Once your KYC is complete you pay the balance, and the shares are transferred to your demat account.
Do I pay anything on this website?
No. No payment is taken and no order is placed on this site. Payment details are shared by the desk only after the deal is agreed.
What do I need before I can buy?
A demat account in your name and the documents for KYC: your identity and demat account details are verified before any deal, as the regulations require.
Can I sell my Spray Engineering Devices shares to GrowFast?
GrowFast buys as well as sells. Press Inquire and tell the desk how many shares you hold; it will come back with what it can offer.
How do I sell Spray Engineering Devices shares I already hold?
Tell the desk how many you hold. If a price is agreed, you transfer the shares from your demat account with a delivery instruction to your depository participant (a DIS, or its online equivalent), and payment follows as agreed with the desk.
Is there a lock-in if the company lists?
Shares held before an IPO are generally locked in for a period after the listing under SEBI's rules, which have changed over time. Ask the desk for the rule that applies today before you buy.
Is buying unlisted shares legal in India?
Yes. Shares of an unlisted company can be bought and sold privately and are transferred between demat accounts. They are not traded on a stock exchange, so the protections of an exchange do not apply.
What is the minimum I can buy?
It differs by stock and by what the desk holds at the time. The desk confirms the minimum quantity when you inquire.
What is an ISIN?
The 12-character code that identifies a security. It is how your depository knows exactly which share is being transferred to your demat account.
Why are unlisted shares riskier than listed ones?
Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
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Risk disclosure
Prices on this site are indicative, quoted per share, and are not an offer to buy or sell. The price and quantity for any deal are confirmed by GrowFast's desk at the time you deal.
Unlisted, pre-IPO and delisted shares are not traded on a stock exchange. They are illiquid, their prices can move sharply, and you may be unable to sell them when you wish or at all. A company that is expected to list may not do so.
Nothing on this site is investment advice or a promise of returns. Past prices do not predict future prices. Consider your own circumstances, and take independent advice, before you invest.
Inquire opens a WhatsApp chat with GrowFast. No payment is taken and no order is placed on this site.
GrowFast is not affiliated with, sponsored by or endorsed by Spray Engineering Devices. Its name and logo belong to their owner and are shown only to identify the company. Figures about it come from published sources and have not been audited by GrowFast. See the Terms and Conditions.