Financial Performance

Sprayking Limited reported significant financial deterioration in FY 2025-26, with standalone net profit declining 82.9% to ₹37.69 lakhs from ₹220.47 lakhs in FY25. Total revenue decreased 14.13% to ₹5,397.76 lakhs, while finance costs surged 94.06% to ₹145.10 lakhs and depreciation increased 110.47% to ₹222.39 lakhs. Consolidated performance showed a 50.04% decline in net profit to ₹363.31 lakhs, with basic EPS at ₹0.90 per share.

AGM and Corporate Governance

The company announced its 22nd Annual General Meeting on September 30, 2026, to seek shareholder approval for audited financial statements, reappointment of Mr. Hitesh Pragajibhai Dudhagara as Chairman and Managing Director, and material related party transactions with subsidiary Narmada Brass Industries up to ₹50 crores. The board recommended no dividend for FY26 and disclosed a penalty of ₹5,900 paid to BSE for delayed related party transaction disclosures.

Accounting Policies and Disclosures

The company disclosed comprehensive accounting policies covering inventory valuation (FIFO basis for raw materials and finished goods), revenue recognition (upon transfer of control), foreign exchange transactions, and borrowing costs. Related party transactions totaled ₹2,495.63 lakhs with entities where directors have interest, including significant transactions with subsidiary Narmada Brass Industries.

Financial Position and Ratios

As of March 31, 2026, the company showed a current ratio of 1.30 and debt-equity ratio of 1.80. Key financial ratios indicated operational challenges: inventory turnover ratio declined 37% to 4.74, trade receivables turnover ratio fell 40% to 6.24, and net profit ratio decreased 36% to 0.06. The company maintained adequate internal financial controls with all auditors issuing unqualified reports.

Capital Structure and Investments

The capital structure remained unchanged during FY26 with authorized share capital of ₹22.00 crores and paid-up share capital of ₹21.14 crores. Capital expenditure amounted to ₹130.99 lakhs on fixed assets, with investments of ₹792.75 lakhs in fixed deposits and subsidiary Narmada Brass Industries (64.03% owned).