Sprayking Posts Strong Annual Growth Despite Q4 Revenue Slump
The brass parts manufacturer saw annual revenue surge, but a sequential sales decline and contracting margins highlight mixed quarterly performance.
Sprayking reported a 44% jump in Q4 revenue year-on-year, though profit growth lagged at 18%. The company's net profit margin continues to face pressure, falling 160 basis points from the prior year.
Sprayking capped off its fiscal year with a quarter of contrasting signals. While the brass parts manufacturer delivered robust year-on-year growth, a significant sequential revenue drop and continued pressure on profitability paint a more nuanced picture of its recent performance.
Revenue for the quarter ended March 2025 surged 44.3% compared to the same period last year, reaching ₹29.37 crore. However, this marked a 23.6% decline from the previous quarter's ₹38.44 crore. Profit after tax grew 17.5% year-on-year to ₹2.08 crore and managed a 7.2% increase sequentially. This divergence between top-line contraction and bottom-line expansion points to shifting dynamics, with the net profit margin for the quarter at 7.1%, down from 8.7% a year ago.
A look at the trailing twelve months (TTM) shows total revenue of ₹132.04 crore and a TTM profit of ₹7.28 crore, resulting in a net profit margin of 5.5%. The company's financial health is supported by a strong return on equity of 16.54% and a robust current ratio of 4.79, though its debt-to-equity ratio stands at 1.62.
Quarterly Performance Snapshot
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin (%)
| Metric | CurrentQ4 FY25 | PreviousQ3 FY25 | Same quarter LYQ4 FY24 |
|---|---|---|---|
| Revenue (₹ Cr) | 29.37YoY +44% | 38.44 | 20.35 |
| Profit (₹ Cr) | 2.08YoY +18% | 1.94 | 1.77 |
| Net Profit Margin (%) | 7.1YoY -18% | 5.0 | 8.7 |
The stock, trading at ₹7.0 as of the results date, has faced significant headwinds over the past year, with a one-year return of -66.2%. Its current price-to-earnings (P/E) ratio of 10.0 trades at a 19.6% discount to the industry average of 12.5. The focus now shifts to whether Sprayking can stabilize its quarterly revenue stream and defend its profitability in the new fiscal year.
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