Spray Engineering Devices Limited (SEDL), as per its credit rating report, is engaged in manufacturing cooling and condensing systems, and equipment for sugar mills. SEDL mainly manufactures energy-saving devices, automation devices, and condensers. SEDL offers the turnkey solution for the sugar sector having specialization in evaporation, crystallization, refining and cooling, and condensing systems. SEDL’s products also include spray continuous pans, mechanical circulators, jet ejectors, vacuum batch pans, boiling/process houses, falling film evaporators, and direct contact heaters. The company provides services such as EPC solutions, process, and equipment design, project and equipment design, industrial and plant automation, and many more. It has three manufacturing units in Baddi, Himachal Pradesh. It is an ISO 9001 and 14001 certified company.
Business Overview
Business Profile: Spray Engineering Devices Limited
1. Core Business Description: Innovative Technological Solutions Provider
Spray Engineering Devices Limited (SEDL), along with its subsidiaries (the Group), is fundamentally an Innovative Technological Solutions provider. The Group’s business model centers on the manufacturing of equipment and the delivery of highly specialized engineering services.
The business activities are consolidated into a single operating segment: Process and project engineering equipment. The Group operates on a global scale, catering to both domestic and international markets.
Areas of Specialization: The Group focuses heavily on highly technical process engineering related to:
• Vaporization
• Condensation
• Evaporation
• Heat Exchange
• Crystallization
• Sugar Refining
The Group also provides specialized design and engineering services.
2. Products and Project Focus
SEDL’s products are primarily equipment solutions for two critical industrial sectors: the Sugar & Allied Industries and Zero Liquid Discharge (ZLD) solutions for Wastewater.
The Group is heavily invested in future-looking Research and Development (R&D) projects, demonstrating a commitment to enhancing operational efficiency and addressing regulatory needs. Development costs related to the following projects were capitalized during the year:
Project Focus
Goal / Technology
Sugar Processing Efficiency
Reduction of Steam Demand (e.g., from 47% to 27% at Dewan Sugars Ltd.; from 25-26% to 20%).
Evaporation Technology
Development of Low Temperature Evaporator (LTE®) and Vertical Mechanical Vapour Recompression (MVR) Based Plate Falling Film Evaporator (PFFE).
Biomass and Biofuel
Development of Process for Biomass Gasification and Bagasse Super-Heated Steam Dryers.
Alternative Production
Development of Energy Efficient Method For Jaggery Production.
Drying/Refining
Development of Paddle Vacuum Dryer.
3. Group Structure and Subsidiaries
The consolidated financial statements include the results of Spray Engineering Devices Limited (the Parent Company) and its subsidiaries.
Subsidiary Name
Country
Ownership (%)
Consolidation Status
SED Engineers & Fabricators Private Limited
India
100%
Consolidated Subsidiary.
Sustainable Environment Developers Limited
India
100%
Consolidated Subsidiary.
The financial information of one Associate, IPRO Sugar Engineering Private Limited, in which the Parent has an investment of ₹ 0.0025 Crore (INR 0.25 million), has not been considered in the consolidated financial statements as it is deemed immaterial to the Group.
4. Revenue Sources and Financial Performance (Consolidated FY 2024-25)
The Group’s total consolidated income for the year ended March 31, 2025, was ₹ 461.83 Crore (INR 4,618.26 million).
A. Core Operational Revenue (₹ 460.97 Crore)
Operational revenue is generated primarily through two core activities:
1. Sale of Products: This is the dominant revenue stream, contributing ₹ 435.51 Crore (INR 4,355.13 million).
2. Erection, Commissioning, and Related Services: Contributed ₹ 18.61 Crore (INR 186.09 million).
B. Other Revenue and Financial Metrics (₹ in Crore)
Financial Metric
FY 2024-25 (₹ Crore)
FY 2023-24 (₹ Crore)
Revenue from Operations
₹ 460.97 Crore
₹ 547.35 Crore
Profit After Tax (PAT)
₹ 15.02 Crore
₹ 53.16 Crore
Total Assets
₹ 419.63 Crore
₹ 302.18 Crore
Total Equity
₹ 205.03 Crore
₹ 123.28 Crore
5. Recent Developments and Highlights
The fiscal year 2024-25 was characterized by significant capital activity, strategic R&D investment, and a notable decline in profitability.
Financial and Capital Structure
• Revenue and Profit Decline: The Group experienced a substantial reduction in performance. Revenue from operations dropped from ₹ 547.35 Crore to ₹ 460.97 Crore, and PAT decreased sharply from ₹ 53.16 Crore to ₹ 15.02 Crore.
• Capital Infusion: The Group received ₹ 67.01 Crore (INR 670.05 million) from the issue of shares during the year. This addition led to a significant increase in total equity.
• Improved Gearing: Due to the substantial increase in total equity, the Debt-Equity Ratio decreased from 0.61 to 0.39. However, the Return on Equity Ratio decreased dramatically from 54.75% to 9.15%.
• No Dividend: The Company has not declared or paid any dividend during the year.
Investment in Innovation and Assets
• R&D Capitalization: The Group capitalized significant development costs, totaling ₹ 12.91 Crore (INR 1,290.7 million, including 109.40 million intangible assets and 19.67 million CWIP) related to its specialized projects, indicating a strong focus on future product development.
• Asset Growth: The Group invested heavily in fixed assets, with cash flow showing ₹ 27.99 Crore (INR 279.86 million) spent on the purchase of Property, Plant & Equipment (PPE), Capital Work-in-Progress (CWIP), and Intangible Assets.
Financial Performance (₹ Cr)
Profit and Loss Statement for Spray Engineering Devices Limited (Rs. in Cr)
Particulars
Mar-23
Mar-24
Mar-25
Net Revenue
392
547
461
Other Income
2
1
1
Total Income
394
548
462
Cost of Materials Consumed
255
341
302
Changes in Inventories
-8
6
-12
Employee Expenses
39
47
54
Depreciation
4
5
8
Finance Costs
8
10
11
Other Expenses
50
66
78
Total Expenses
348
474
441
Profit Before Tax
47
74
21
Income Tax
12
21
6
Profit After Tax
34
53
15
OCI
0
-1
0
Profit for the Period
34
52
15
Balance Sheet for Spray Engineering Devices Limited (Rs. in Cr)
Particulars
Mar-23
Mar-24
Mar-25
Fixed Assets
55
80
114
CWIP
13
13
13
Inventories
78
76
114
Trade Receivables
60
87
114
Other Assets
57
46
64
Total Assets
263
302
420
Share Capital
23
23
25
Reserves
50
101
180
Borrowings
59
75
80
Trade Payables
39
56
42
Other Liablities
93
48
93
Total Liablities
263
302
420
Cash Flow Statement for Spray Engineering Devices Limited (Rs. in Cr)
