Sprayking re-appoints Hitesh Dudhagara as managing director

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Reviewed by
Shriram SScanX News Team
Key Highlights
  • Sprayking re-appointed Hitesh Dudhagara as Managing Director for five years
  • Board approved draft Board Report and MD&A for FY26
  • Company fixed date and appointed scrutinizer for 22nd AGM
  • Re-appointment subject to shareholder approval at ensuing general meeting
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Sprayking Limited has re-appointed Hitesh Pragajibhai Dudhagara as Executive Director, designated as Managing Director, for a term of five years. The board approved the appointment on September 2, 2026.

The re-appointment is subject to shareholder approval at the ensuing general meeting. The term begins from March 4, 2026, following the recommendation of the audit committee.

Board Meeting Outcomes

In addition to the director re-appointment, the board meeting held on September 2, 2026, concluded with several other key approvals. The board considered and approved the draft Board Report along with annexures for FY26, pursuant to Section 134 of the Companies Act, 2013.

The board also approved the Management Discussion and Analysis Report for FY26, prepared in accordance with the Companies Act, 2013, and SEBI Listing Regulations. Furthermore, the board fixed the date, time, and place for the company’s 22nd Annual General Meeting (AGM) and appointed a scrutinizer for the same. The meeting commenced at 4:00 pm and concluded at 6:00 pm.

Appointment Details

Dudhagara, who holds a bachelor’s degree in mechanical engineering from Shivaji University, Kolhapur, brings over 15 years of experience in the brass industry. He has been associated with the company as a director since its incorporation.

Particulars Details
Name Hitesh Pragajibhai Dudhagara
DIN 00414604
Role Executive Director (Managing Director)
Term 5 years
Start Date March 4, 2026
Qualification Bachelor’s degree in Mechanical Engineering

Professional Background

Dudhagara oversees the overall operations of the company. His expertise lies in the brass industry sector. He currently serves as the chairman and managing director of Sprayking Limited.

He also holds directorships in Narmadeshwar Metal Private Limited and Narmadesh Brass Industries Limited. The disclosure notes he is the son of Pragjibhai Meghijibhai Patel and the husband of Ronak Hitesh Dudhagara, another director on the board.

Regulatory Compliance

The company made this disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was submitted to BSE Limited on September 2, 2026.

Historical Stock Returns for Sprayking

1 Day5 Days1 Month6 Months1 Year5 Years
0.0%+3.17%-1.52%-18.75%-37.80%0.0%

How might the continuity of Hitesh Dudhagara's leadership influence Sprayking's strategic direction in the brass industry over the next five years?

What specific operational or financial targets has the board outlined in the approved FY26 Board Report that shareholders should monitor?

Given Dudhagara's concurrent directorships in Narmadeshwar Metal and Narmadesh Brass, are there potential synergies or conflict of interest concerns to watch for?

Sprayking reports 83% decline in consolidated net profit for FY26

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Reviewed by
Ashish TScanX News Team
Key Highlights

Sprayking Limited reported an 83% decline in consolidated net profit to ₹190.36 lakh for FY26, with revenue from operations at ₹13,163.52 lakh. The standalone net profit fell to ₹37.69 lakh from ₹220.96 lakh in the previous year. The board approved the audited financial results on May 26, 2026.

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Sprayking Limited reported an 83% decline in consolidated net profit to ₹190.36 lakh for the financial year ended March 31, 2026. The company's revenue from operations for the year stood at ₹13,163.52 lakh. The board of directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on May 26, 2026.

The standalone financial results for FY26 show a net profit of ₹37.69 lakh, a significant decrease from ₹220.96 lakh in the previous year. Revenue from operations for the standalone entity was ₹5,349.48 lakh, down from ₹6,195.21 lakh in FY25. The company reported a basic earnings per share (EPS) of ₹0.02 for the year on a standalone basis.

Consolidated Performance

The consolidated results include the financials of subsidiary Narmadesh Brass Industries Limited. For the quarter ended March 31, 2026, the company reported a consolidated net loss of ₹242.65 lakh. Revenue from operations for the quarter was ₹4,472.32 lakh. The total comprehensive income for the year stood at ₹190.36 lakh.

The finance costs for the consolidated entity increased to ₹301.45 lakh in FY26 from ₹219.74 lakh in the previous year. Depreciation and amortisation expenses also rose to ₹324.46 lakh from ₹180.98 lakh.

Financial Position

The total consolidated assets as of March 31, 2026, were ₹11,927.63 lakh, comprising non-current assets of ₹3,065.73 lakh and current assets of ₹8,861.90 lakh. The company's equity share capital remained unchanged at ₹2,113.59 lakh. Non-controlling interest stood at ₹2,353.05 lakh.

The net cash generated from operating activities for the consolidated entity was negative at ₹1,782.06 lakh for the year. The company raised ₹3,835.61 lakh through the issue of security premiums during the year. Cash and cash equivalents at the end of the year were ₹10.41 lakh.

Metric FY26 (₹ in Lakh) FY25 (₹ in Lakh)
Consolidated Revenue from Operations 13,163.52 13,163.52
Consolidated Net Profit 190.36 1,080.00
Standalone Revenue from Operations 5,349.48 6,195.21
Standalone Net Profit 37.69 220.96
Total Consolidated Assets 11,927.63 10,521.77

B.B. Gusani & Associates, Chartered Accountants, audited the standalone and consolidated financial results and issued an unmodified opinion. The report confirms that the financial results give a true and fair view of the company's financial position.

Historical Stock Returns for Sprayking

1 Day5 Days1 Month6 Months1 Year5 Years
0.0%+3.17%-1.52%-18.75%-37.80%0.0%

What specific measures will management implement to curb the rising finance costs that eroded profitability?

How does the company plan to address the negative operating cash flow given the low cash reserves?

Will the company consider restructuring or divesting Narmadesh Brass Industries Limited to improve consolidated performance?

More News on Sprayking

1 Year Returns:-37.80%