BSE: 540079
Sprayking Limited
Manufactures brass forged and turned components from its base in Jamnagar, Gujarat. The standalone entity makes these components directly, while consolidated results include subsidiary Narmadesh Brass Industries, a brass-related manufacturer that contributes materially to group turnover. The cost structure is dominated by raw materials, which accounted for 93.5% of revenue in FY26, reflecting the commodity-driven nature of brass processing. Employee costs make up 2.5% of revenue, other operating expenses 4.2%, and depreciation 2.5%. The company is listed on BSE under the Industrial Products classification within the Capital Goods sector. In FY26, the consolidated entity posted a net profit margin of 3.05% and an EBITDA margin of 8.38%, with operating cash flow turning positive year-on-year. The Board approved an increase in authorised share capital from Rs. 22 crore to Rs. 22.5 crore in September 2025. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Brass components manufacturing (standalone), Subsidiary brass operations. Materials-heavy, cyclical industrial brass components manufacturing
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 102 | 128 | 129 |
| EBITDA (ex other income) | 15 | 10 | 8 |
| margin % | 15.1 | 7.9 | 6.5 |
| Owners' profit | 5 | 7 | 0 |
| EPS, as reported (₹) | 6.03 | 6.89 | 1.80 |
| ROE % · ROCE % | 26.7 · 36.0 | 19.4 · 26.3 | 4.8 · 8.4 |
| Debt / equity (x) | 1.03 | 1.37 | 0.30 |
| Cash from operations | (20) | (7) | (9) |
| Capex | (7) | (11) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 28 | 36 | 28 | 22 | 20 | 42 | 45 | 17 |
| Profit before tax | 1 | 3 | 2 | 0 | 5 | 0 | (1) | (0) |
| Net profit | 1 | 2 | 2 | 1 | 4 | (0) | (0) | (0) |
| EPS (₹) | 0.17 | 1.84 | 1.57 | 0.06 | 0.38 | 0.02 | 0.46 | 0.00 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 20,105 | 21.8 | 9.08 | 17.2 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 18,461 | 72.4 | 16.52 | 48.1 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,258 | 37.2 | 19.23 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,316 | 25.9 | 3.47 | 12.2 | 13.3 | 16.0 | 15.9 | 8.4 |
| W P I L LTD. | 4,112 | 26.0 | 2.09 | 11.7 | 10.2 | 13.1 | 13.3 | 17.7 |
| HARSHA ENGINEERS INT LTD | 4,034 | 26.1 | 2.88 | 15.7 | 11.1 | 13.2 | — | 15.9 |
| ADOR WELDING LTD | 2,610 | 23.0 | 4.71 | 18.8 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,598 | 29.1 | 3.94 | 21.4 | 12.4 | 15.2 | — | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.3 | 16.9 | 1 of 27 | 100% |
| P/B | 0.3 | 2.4 | 1 of 24 | 100% |
| ROCE | 5.0 | 12.3 | 24 of 31 | 23% |
| ROE | 4.8 | 10.3 | 17 of 24 | 30% |
| Debt / Equity | 0.3 | 0.2 | 17 of 24 | 30% |
| EBITDA margin | 8.1 | 10.8 | 17 of 23 | 27% |
| Revenue growth | (24.0) | (5.5) | 17 of 23 | 27% |
| Profit growth | (119.9) | (5.0) | 20 of 23 | 14% |
| Market cap | 24 | 110 | 28 of 31 | 10% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Sprayking 22nd AGM: All 4 resolutions passed with over 99.9% approval | compliance | minimal | — | — |
| 30 Sept 2026 · Sprayking 22nd AGM held via video conferencing; 5 resolutions transacted | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Sprayking 22nd AGM notice published in newspapers | compliance | minimal | — | — |
| 4 Sept 2026 · Revised Annual Report FY25-26 and 22nd AGM Notice filed with BSE | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · Sprayking Limited revised notice for 22nd AGM on September 30, 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Sprayking Limited announces book closure for 22nd AGM | compliance | minimal | — | — |
| 4 Sept 2026 · Sprayking Limited files Annual Report FY25-26 and 22nd AGM notice | results | medium | — | — |
| 4 Sept 2026 · Sprayking 22nd AGM on Sept 30, 2026; RPT and director items | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Sprayking reappoints Hitesh Dudhagara as Managing Director for 5 years | management changes | high | — | — |
| 2 Sept 2026 · Sprayking board re-appoints Hitesh Dudhagara as MD for 5 years | management changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.