Stock Price Movement and Market Context
On 24 Nov 2025, Sprayking’s share price touched Rs.1.81, its lowest level in the past year and an all-time low for the company. This price point represents a substantial drop from its 52-week high of Rs.6.33, indicating a decline of approximately 71.4% over the period. The stock’s daily change registered a fall of 1.06%, underperforming its sector by 0.93% on the same day.
In contrast, the broader market has shown resilience. The Sensex opened 88.12 points higher and was trading at 85,369.59, reflecting a 0.16% gain. The index remains close to its 52-week high of 85,801.70, just 0.51% away, and has recorded a 2.59% rise over the past three weeks. Mega-cap stocks have been leading this upward trend, with the Sensex trading above its 50-day and 200-day moving averages, signalling a bullish market environment.
Sprayking’s stock, however, is trading below all key moving averages including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, highlighting sustained downward pressure on the share price.
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Financial Performance and Valuation Metrics
Sprayking’s financial data over the past year reveals a complex picture. The stock’s 1-year return stands at -67.73%, a stark contrast to the Sensex’s 7.90% gain and the BSE500’s 6.66% return over the same period. This divergence underscores the stock’s underperformance relative to the broader market and its sector peers.
Operating profit growth over the last five years shows a compound annual growth rate (CAGR) of -0.19%, indicating a slight contraction in operating profits. The company’s ability to service debt is constrained, with a Debt to EBITDA ratio of 3.73 times, suggesting elevated leverage levels relative to earnings before interest, taxes, depreciation, and amortisation.
Despite these challenges, some quarterly metrics have reached notable highs. The company recorded a PBDIT (Profit Before Depreciation, Interest and Taxes) of Rs.5.63 crore, its highest quarterly figure. Operating profit to net sales ratio also peaked at 28.64%, while profit before tax excluding other income reached Rs.4.04 crore in the same quarter.
Return on Capital Employed (ROCE) stands at 9.1%, which is considered attractive in valuation terms. The enterprise value to capital employed ratio is 1, indicating the stock is trading at a discount compared to its peers’ average historical valuations. Additionally, the company’s profits have risen by 56.3% over the past year, despite the stock’s negative price performance. The PEG ratio is 0.1, reflecting the relationship between price, earnings growth, and valuation.
Shareholding and Sector Position
Sprayking operates within the Other Industrial Products sector, a segment that has seen varied performance across its constituents. The majority of Sprayking’s shares are held by non-institutional investors, which may influence trading dynamics and liquidity.
The stock’s market capitalisation grade is rated at 4, indicating its classification within the micro-cap or small-cap range. This size category often experiences higher volatility and sensitivity to market sentiment.
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Summary of Key Concerns
The stock’s decline to Rs.1.81 reflects a combination of factors including weak long-term fundamental strength, as evidenced by the negative CAGR in operating profits, and a high debt burden relative to earnings. These elements have contributed to the stock’s underperformance against both the Sensex and its sector peers over the past year.
Trading below all major moving averages further signals persistent downward momentum. While quarterly profit metrics have shown some improvement, these have not translated into positive price movement for the stock.
Investors analysing Sprayking should note the contrast between the company’s financial results and its market valuation, which remains discounted relative to peers. The stock’s micro-cap status and majority non-institutional ownership may also impact its trading behaviour and price stability.
Market Environment and Sector Outlook
The broader market environment remains positive, with the Sensex near its 52-week high and supported by strong performances from mega-cap stocks. This divergence highlights the challenges faced by Sprayking within its sector and the wider industrial products industry.
Sectoral performance and valuation trends may influence Sprayking’s future price movements, but as of the current assessment, the stock remains at a significant low point in its trading history.
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