Spray Engineering Devices Ltd (SED)
₹ 220
About Spray Engineering Devices Ltd (SED)
In the world of unlisted shares, finding a company that combines cutting-edge technology with sustainability is rare. Spray Engineering Devices Limited (SED) is one such gem. While the name might sound technical, SED plays a huge role in the food we eat, the energy we use, and the water we save.
Founded in 2004, SED has grown from a spray nozzle manufacturer into a global leader in energy-efficient solutions. Here is everything you need to know about the company, explained in simple words.
What Does SED Do?
Imagine a company that helps sugar factories save massive amounts of energy, turns wastewater into clean water, and produces jaggery without burning any fuel. That is SED in a nutshell.
SED specializes in designing and building equipment for industries like sugar, biofuel, and chemicals. They operate in over 40 countries and employ 1,200 skilled professionals. Their work is so advanced that the Government of India (DSIR) recognizes their research and development unit.
The Core Business Verticals
SED’s business is diversified but focused on sustainability. They operate in:
-
Sugar Industry: Making sugar production more efficient.
-
Bio-refinery & Distillery: Creating biofuels and green chemicals.
-
Water Solutions: Recycling wastewater.
-
Jaggery Production: Modernizing traditional jaggery making.
-
Bio-Based Green Chemicals: Producing chemicals from renewable sources.
Innovative Technologies That Set Them Apart
What makes SED special? It’s their focus on solving big problems with smart technology. Here are two of their flagship innovations:
1. Low-Temperature Evaporation System
This is a fancy name for a machine that cleans dirty water without using too much energy.
-
How it works: It recycles wastewater into clean water using low heat.
-
The Impact: This system is used in over 100 plants worldwide. It drastically reduces the amount of steam and power needed for water treatment, helping industries become more eco-friendly.
2. Boiler-Free Jaggery Production Unit
Traditionally, making jaggery (gur) requires burning bagasse (dry sugarcane waste) in a boiler. SED invented a way to do it without a boiler.
-
The Benefit: It saves 100% of the bagasse, which can then be used to make other products or sold for profit. It can make solid, powder, or liquid jaggery. This is a game-changer for the rural economy.
Business Performance and Market Impact
SED isn’t just about lab experiments; their technology is deployed on a massive scale. Their solutions have been successfully installed in over 500 sugar factories in India.
Key Efficiency Achievements
When a sugar factory uses SED’s technology, the results are dramatic:
-
Steam Consumption: Reduced to just 25-26% on cane (much lower than industry average).
-
Power Usage: Lowered to 22-24 kW/Ton.
-
Fresh Water: They have helped over 600 installations achieve zero fresh water usage, meaning they recycle all the water they need.
Major Domestic Projects
SED is the go-to partner for India’s biggest business groups. Their client list reads like a “Who’s Who” of Indian industry:
-
Sugar Groups: Bajaj Group, Dalmia Group, Birla Group, Triveni Sugar, DSCL.
-
Water Projects (Pharma & Cement): Dr. Reddy’s Lab, Sun Pharma, Cipla, TATA Chemicals, JK Cement.
Global Footprint
SED is not just an Indian success story. They have executed major projects across the globe, proving their technology works everywhere.
-
Key International Markets: Dubai, South Africa, Nigeria, Kenya, Poland, Brazil, Indonesia, and the USA.
Why SED Matters for the Future (The Investment Case)
For investors looking at the unlisted market via Unlisted Network, SED presents a compelling story. Here is why the company is positioned for long-term growth:
-
Sustainability is the Future: As the world moves toward “Net Zero” and green energy, SED’s expertise in biofuels, water recycling, and energy saving puts them in high demand.
-
Proven Technology: They aren’t a startup. With over 500 installations in India alone, they have proven that their technology works and saves money for clients.
-
Diversified Risk: By operating in sugar, water, bio-refinery, and chemicals, SED is not dependent on just one industry.
-
Government Recognition: Being recognized by the DSIR (Department of Scientific & Industrial Research) adds credibility to their R&D capabilities.
-
Global Reach: Operating in over 40 countries provides a massive runway for future growth, reducing dependence on the Indian market alone.
Summary
Spray Engineering Devices Limited (SED) is a high-impact, technology-driven company. They are not just manufacturing equipment; they are engineering solutions for a cleaner, more efficient planet. For investors on Unlisted Network looking for a fundamentally strong company with a global footprint and a focus on green technology, SED represents a unique opportunity to invest in the backbone of sustainable industry.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Unlisted shares are illiquid and carry high risk. Investors should conduct their own due diligence before investing.
Fundamentals
| Spray Engineering Devices Unlisted Shares Price | ₹ 220 | Market Cap (in cr.) | ₹ 552 |
| Unlisted Shares Price | Per Equity Share | P/E Ratio | 36.79 |
| Lot Size | 100 Shares | P/B Ratio | 2.57 |
| 52 Week High | ₹ 475 | Debt to Equity | 0.39 |
| 52 Week Low | ₹ 220 | ROE (%) | 7.31 |
| Depository | NSDL & CDSL | Book Value | 85.71 |
| PAN Number | AAICS5252M | Face Value | 10 |
| ISIN Number | INE528I01015 | Total Shares | 25096423 |
| CIN | U00000CH2004PLC027625 | ||
| RTA | Link Intime |
Financial
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 214 | 392 | 547 | 461 |
| Cost of Material Consumed | 147 | 255 | 341 | 302 |
| Change in Inventory | -6 | -7 | 6 | -12 |
| Gross Margins | 34.11 | 36.73 | 36.56 | 37.09 |
| Employee Benefit Expenses | 28 | 39 | 47 | 54 |
| Other Expenses | 24 | 51 | 66 | 78 |
| EBITDA | 21 | 54 | 87 | 39 |
| OPM | 9.81 | 13.78 | 15.9 | 8.46 |
| Other Income | 1 | 1 | 1 | 0.8 |
| Finance Cost | 5 | 8 | 10 | 11.5 |
| D&A | 2 | 3 | 5 | 7.6 |
| EBIT | 19 | 51 | 82 | 31.4 |
| EBIT Margins | 8.88 | 13.01 | 14.99 | 6.81 |
| PBT | 15 | 45 | 74 | 21 |
| PBT Margins | 7.01 | 11.48 | 13.53 | 4.56 |
| Tax | 0 | 12 | 21 | 6 |
| PAT | 15 | 33 | 53 | 15 |
| NPM | 7.01 | 8.42 | 9.69 | 3.25 |
| EPS | 6.69 | 14.71 | 23.56 | 5.98 |
Financial Ratios |
2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 9.81 | 13.78 | 15.9 | 8.46 |
| Net Profit Margin | 7.01 | 8.42 | 9.69 | 3.25 |
| Earning Per Share (Diluted) | 6.69 | 14.71 | 23.56 | 5.98 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 26 | 54 | 76 | 99 |
| CWIP | 1 | 13 | 13 | 13 |
| Investments | 0 | 0.26 | 0.4 | 0.5 |
| Trade Receivables | 43 | 60 | 87 | 114 |
| Inventory | 66 | 78 | 76 | 114 |
| Other Assets | 48 | 58.74 | 49.6 | 79.5 |
| Total Assets | 184 | 264 | 302 | 420 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 22.43 | 22.43 | 22.5 | 25.09 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 16 | 49 | 101 | 180 |
| Borrowings | 19 | 58 | 75 | 80 |
| Trade Payables | 32 | 39 | 56 | 42 |
| Other Liabilities | 94.57 | 95.57 | 47.5 | 92.91 |
| Total Liabilities | 184 | 264 | 302 | 420 |
| Cash-Flow Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | 15 | 45 | 74 | 20 |
| OPBWC | 17 | 48 | 91 | 38.5 |
| Change in Receivables | -12 | -17 | -30 | -27 |
| Change in Inventories | -18 | -12 | 2 | -38 |
| Change in Payables | -5 | 7 | 15 | -14 |
| Other Changes | 37 | -12 | -52 | 26.5 |
| Working Capital Change | 2 | -34 | -65 | -52.5 |
| Cash Generated From Operations | 19 | 14 | 26 | -14 |
| Tax | 0 | 0 | -7 | -15 |
| Cash Flow From Operations | 19 | 14 | 19 | -29 |
| Purchase of PPE | -5 | -43 | -30 | -28 |
| Sale of PPE | 0 | 0 | 0 | 0.2 |
| Cash Flow From Investment | -4 | -42 | -28 | -40 |
| Borrowing | 6.5 | -3 | 17.5 | 16 |
| Dividend | 0 | 0 | 0 | 0 |
| Equity | 0 | 0 | 0 | 67 |
| Others From Financing | -15.5 | 34 | -9.5 | -12 |
| Cash Flow from Financing | -9 | 31 | 8 | 71 |
| Net Cash Generated | 6 | 3 | -1 | 2 |
| Cash at the Start | 5 | 11 | 1.4 | 0.4 |
| Cash at the End | 11 | 14 | 0.4 | 2.4 |
