Company Overview
Sprayking Limited (CIN: L29219GJ2005PLC045508) reported significant financial deterioration in FY26, with standalone net profit declining 82.9% to ₹37.69 lakhs from ₹220.47 lakhs in FY25. Total income decreased to ₹5,397.76 lakhs from ₹6,285.78 lakhs, attributed to production disruptions and weaker demand. Consolidated performance showed net profit of ₹393.31 lakhs (down 46% year-over-year) on total revenue of ₹13,163.52 lakhs.
Financial Performance & Ratios
Key financial ratios deteriorated substantially: net profit ratio fell to 0.03 (down 46%), return on equity declined to 0.05 (down 75%), and inventory turnover ratio dropped to 3.64 from 4.74. Tangible assets grew significantly to ₹1,809.62 lakhs, driven by plant & machinery additions worth ₹472.25 lakhs. The current ratio improved to 3.12 from 1.30 due to reduced liabilities.
Corporate Actions & AGM Details
The company implemented a 1:1 stock split subdividing shares from ₹2 to Re. 1 face value, effective August 12, 2025. Sprayking will hold its 22nd Annual General Meeting on September 30, 2026, to adopt financial statements and seek approval for material related party transactions with subsidiary Narmadesh Brass Industries up to ₹50 crores. No dividend was recommended for FY26.
Subsidiary & Related Party Transactions
Narmadesh Brass Industries Limited (60% subsidiary) represents 52.7% of consolidated net assets (₹1,247.07 lakhs) and contributed 30.18% to consolidated profit (₹269.06 lakhs). Related party transactions totaled ₹2,495.63 lakhs, including sales of ₹2,184.42 lakhs to Narmadesh Brass Industries. The company paid a ₹5,900 SEBI penalty for delayed submission of related party transactions.
Management & Governance
The board composition includes Mr. Hitesh Pragajibhai Dudhagara as Chairman and Managing Director, with statutory auditors M/s. B.B. Gusani & Associates appointed for 5 years until the 24th AGM. Shareholding pattern shows promoters holding 54.28% with 100% dematerialized holdings. The company maintains compliance with Indian GAAP and Companies Act requirements, with no material adverse observations in secretarial audit except the disclosed SEBI penalty.