# Spray Engineering Devices Limited
**ISIN:** INE528I01015
**Canonical URL:** https://polemarch.in/invest/spray-engineering-devices
**Type:** Unlisted
**Sector:** General / Unlisted
**Market cap bucket:** Unspecified
**Current quoted price:** ₹0.00 per share

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## Company profile

## Key ratios (as of FY2025, yearly)
### Liquidity Ratios
- **Working Capital:** 1.10603
- **Current Ratio:** 1.62738169
- **Quick Assets:** 1.72651
- **Quick Ratio:** 0.97934121
- **Cash Ratio:** 0.01321663
- **Working Capital To Sales:** 0.23993483
- **Net Working Capital to Assets:** 0.26357518

### Leverage Ratios
- **Total Debt:** 0.79831
- **Net Debt:** 0.77501
- **Debt to Equity:** 0.38936063
- **Debt to Assets:** 0.19024322
- **Debt To Capital:** 0.28024447
- **Equity Ratio:** 0.48860414
- **Financial Leverage:** 2.0466466
- **Interest Coverage:** 2.79563319
- **EBITDA Interest Coverage:** 3.46061135
- **Net Debt to EBITDA:** 1.95591056
- **Long Term Debt to Equity:** 0.08641132
- **Long Term Debt to Capital:** 0.07953831
- **Debt to EBITDA:** 2.01471331
- **Net Debt to Equity:** 0.3779965

### Profitability Ratios
- **Effective Tax Rate:** 0.25851167
- **NOPAT:** 0.2373504134
- **Invested Capital:** 2.82532
- **Gross Margin:** 0.37137694
- **EBITDA Margin:** 0.08595768
- **EBIT Margin:** 0.06944038
- **Pre Tax Margin:** 0.0446015
- **Net Margin:** 0.03258339
- **Return on Assets:** 0.03579378
- **Return on Equity:** 0.07325721
- **Return on Capital Employed:** 0.13154813
- **Return On Invested Capital:** 0.08400833
- **Pre-Tax ROE:** 0.10027752
- **Cash ROA:** 0.03578186
- **Return on Net Assets:** 0.06172611
- **Operating ROA:** 0.07628221

### Efficiency Ratios
- **Asset Turnover:** 1.09852821
- **Fixed Asset Turnover:** 5.23664061
- **Inventory Turnover:** 2.64637402
- **Receivables Turnover:** 4.03564018
- **Payables Turnover:** 7.19194538
- **Working Capital Turnover:** 4.16779834
- **Days Inventory Outstanding:** 137.92457043
- **Days Sales Outstanding:** 90.44413857
- **Days Payables Outstanding:** 50.75121967
- **Cash Conversion Cycle:** 177.61748932
- **Equity Turnover:** 2.24829904
- **Capital Employed Turnover:** 2.06947313

### Cashflow Ratios
- **Operating Cash Flow to Sales:** 0.03257255
- **Operating Cash Flow to Net Income:** 0.99966711
- **Free Cash Flow:** -0.12971
- **Free Cash Flow Margin:** -0.02813843
- **Cash Flow to Debt:** 0.18808483
- **Cash Interest Coverage:** 1.31135371
- **FCF to Net Income:** -0.86358189
- **Capital Expenditure:** 0.27986
- **Capex to Sales:** 0.06071098
- **Capex to Operating Cashflow:** 1.86386946
- **Dividend Payout Ratio:** 0
- **Retention Ratio:** 1

### Valuation Models
- **Shares Outstanding:** 2.5096
- **Market Cap:** 0
- **Enterprise Value:** 0.77501
- **P/E Ratio:** 0
- **P/B Ratio:** 0
- **P/S Ratio:** 0
- **EV / EBITDA:** 1.95591056
- **EV / Sales:** 0.16812554
- **EV / EBIT:** 2.42114964
- **Price / Operating Cash Flow:** 0
- **EV to FCF:** -5.97494411
- **EV to Assets:** 0.18469065
- **EV to Capital Employed:** 0.3184977
- **EV to Invested Capital:** 0.27430875

### Per Share Metrics
- **EPS (Basic):** 5.9499287
- **Book Value per Share:** 81.69867708
- **Sales per Share:** 182.60616384
- **Operating Cash Flow per Share:** 5.94794803
- **Free Cash Flow per Share:** -5.13825067
- **Cash per Share:** 0.9229916
- **EBITDA per Share:** 15.69640311
- **EBIT per Share:** 12.68024085

### DuPont Analysis
- **DuPont: Tax Burden:** 0.73054475
- **DuPont: Interest Burden:** 0.64229928
- **DuPont: EBIT Margin:** 0.06944038
- **DuPont: Asset Turnover:** 1.09852821
- **DuPont: Equity Multiplier:** 2.0466466
- **DuPont ROE (5-step):** 0.07325721

### Earnings Quality
- **Accruals to Assets:** 0.00001192
- **Accruals to Net Income:** 0.00033289
- **Cash Earnings Coverage:** 0.99966711
- **Capex to Depreciation:** 3.67559758

## Recent price points (last 10)

| Date | Price (₹) |
|---|---:|
| 2026-06-06 | 153 |
| 2026-06-07 | 153 |
| 2026-06-08 | 166 |
| 2026-06-09 | 155 |
| 2026-06-10 | 158 |
| 2026-06-11 | 177 |
| 2026-06-12 | 164.5 |
| 2026-06-13 | 155 |
| 2026-06-14 | 155 |
| 2026-06-15 | 155 |

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## Risk disclosure

Unlisted shares are illiquid and can lose their full value. They're illiquid, prices can swing sharply, and a quoted price is only as good as the next willing buyer at that level. Polemarch does not guarantee any return on any share. Talk to a SEBI-registered investment adviser before you put money in. Past performance is not a forecast of future returns.

Canonical (live): https://polemarch.in/invest/spray-engineering-devices
Operator: Mithtech Innovative Solutions Pvt Ltd, Bengaluru, India.