Price
Financials
Standalone, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 31.05 | 31.51 | 33.43 | 33.67 | 33.96 | 36.42 | 37.54 | 38.53 | 35.72 | 32.91 | 40.83 | 39.07 |
| Expenses | 24.23 | 23.69 | 25.45 | 26.26 | 25.74 | 27.31 | 28.85 | 28.19 | 25.96 | 25.29 | 31.28 | 28.46 |
| Operating Profit | 6.82 | 7.82 | 7.98 | 7.41 | 8.22 | 9.11 | 8.69 | 10.34 | 9.76 | 7.62 | 9.55 | 10.61 |
| OPM % | 21.96% | 24.82% | 23.87% | 22.01% | 24.20% | 25.01% | 23.15% | 26.84% | 27.32% | 23.15% | 23.39% | 27.16% |
| Other Income | 0.63 | 0.78 | 0.72 | 0.64 | 0.63 | 0.63 | 0.88 | 0.67 | 0.71 | 0.73 | 0.94 | 1.07 |
| Interest | 0.48 | 0.18 | 0.15 | 0.08 | 0.10 | 0.13 | 0.13 | 0.06 | 0.09 | 0.14 | 0.09 | 0.09 |
| Depreciation | 1.13 | 1.26 | 1.24 | 1.22 | 1.25 | 1.28 | 1.29 | 1.32 | 1.37 | 1.37 | 1.37 | 1.42 |
| Profit before tax | 5.84 | 7.16 | 7.31 | 6.75 | 7.50 | 8.33 | 8.15 | 9.63 | 9.01 | 6.84 | 9.03 | 10.17 |
| Tax % | 26.03% | 25.84% | 24.21% | 25.93% | 25.87% | 26.65% | 28.96% | 26.17% | 26.30% | 32.16% | 27.13% | 26.65% |
| Net Profit | 4.32 | 5.31 | 5.55 | 5.01 | 5.56 | 6.11 | 5.79 | 7.11 | 6.64 | 4.64 | 6.57 | 7.46 |
| EPS in Rs | 9.60 | 11.80 | 12.33 | 11.13 | 12.36 | 13.58 | 12.87 | 15.80 | 14.76 | 10.31 | 14.60 | 16.58 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 78 | 79 | 96 | 88 | 83 | 74 | 98 | 111 | 124 | 142 | 148 | 149 |
| Expenses | 57 | 56 | 68 | 61 | 61 | 60 | 72 | 87 | 94 | 108 | 111 | 111 |
| Operating Profit | 21 | 23 | 28 | 26 | 22 | 13 | 26 | 23 | 30 | 33 | 37 | 38 |
| OPM % | 27% | 29% | 29% | 30% | 26% | 18% | 26% | 21% | 24% | 24% | 25% | 25% |
| Other Income | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 3 | 3 | 3 |
| Interest | 2 | 2 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
| Depreciation | 2 | 3 | 3 | 3 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 6 |
| Profit before tax | 18 | 19 | 25 | 23 | 18 | 9 | 23 | 20 | 27 | 31 | 35 | 35 |
| Tax % | 30% | 25% | 34% | 28% | 26% | 24% | 27% | 26% | 25% | 27% | 28% | |
| Net Profit | 13 | 15 | 16 | 16 | 13 | 7 | 17 | 15 | 20 | 22 | 25 | 25 |
| EPS in Rs | 27.87 | 32.24 | 36.18 | 36.29 | 29.87 | 15.24 | 37.51 | 32.40 | 45.27 | 49.96 | 55.47 | 56.25 |
| Dividend Payout % | 18% | 16% | 14% | 14% | 17% | 33% | 17% | 20% | 19% | 17% | 15% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | 7% | 15% | 10% | 1% | ||
| Compounded Profit Growth | 7% | 26% | 20% | 3% | ||
| Stock Price CAGR | 18% | 32% | 25% | 81% | ||
| Return on Equity | 10% | 10% | 11% | 11% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 4 | 4 |
| Reserves | 88 | 98 | 113 | 126 | 140 | 148 | 155 | 169 | 181 | 198 | 215 | 236 |
| Borrowings | 27 | 26 | 34 | 22 | 19 | 6 | 10 | 7 | 9 | 7 | 8 | 1 |
| Other Liabilities | 20 | 12 | 12 | 15 | 23 | 22 | 21 | 24 | 26 | 24 | 29 | 26 |
| Total Liabilities | 137 | 138 | 161 | 165 | 184 | 178 | 188 | 202 | 219 | 231 | 257 | 268 |
| Fixed Assets | 23 | 27 | 24 | 26 | 43 | 56 | 62 | 58 | 59 | 78 | 82 | 82 |
| CWIP | 4 | 3 | 3 | 3 | 6 | 7 | 3 | 7 | 15 | 3 | 2 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14 | 14 | 14 | 14 |
| Other Assets | 110 | 109 | 134 | 135 | 136 | 115 | 123 | 137 | 131 | 137 | 159 | 169 |
| Total Assets | 137 | 138 | 161 | 165 | 184 | 178 | 188 | 202 | 219 | 231 | 257 | 268 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 0 | 13 | 18 | 17 | 29 | 18 | 26 | 13 | 16 | 11 | 16 | 28 |
| Cash from Investing Activity | -1 | -1 | -1 | -6 | -25 | -10 | -6 | -15 | -16 | -6 | -7 | -12 |
| Cash from Financing Activity | 3 | -6 | 6 | -15 | -7 | -18 | 3 | -5 | 0 | -5 | -4 | -11 |
| Net Cash Flow | 2 | 6 | 23 | -4 | -2 | -11 | 23 | -8 | -0 | 0 | 6 | 5 |
| Free Cash Flow | -4 | 12 | 17 | 10 | 3 | 7 | 18 | 4 | 4 | 2 | 8 | 23 |
| CFO/OP | 37% | 61% | 110% | 90% | 146% | 112% | 191% | 75% | 90% | 56% | 73% | 99% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 297 | 316 | 274 | 246 | 216 | 161 | 142 | 123 | 93 | 84 | 84 | 83 |
| Inventory Days | 259 | 207 | 298 | 181 | 354 | 536 | 489 | 491 | 465 | 492 | 496 | 434 |
| Days Payable | 68 | 31 | 30 | 21 | 136 | 146 | 125 | 118 | 89 | 73 | 86 | 60 |
| Cash Conversion Cycle | 489 | 492 | 542 | 407 | 434 | 551 | 506 | 496 | 468 | 503 | 495 | 458 |
| Working Capital Days | 269 | 290 | 250 | 256 | 261 | 296 | 242 | 237 | 197 | 206 | 205 | 217 |
| ROCE % | 20% | 16% | 15% | 17% | 15% | 12% | 7% | 14% | 11% | 14% | 14% | 15% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 74.98% | 74.98% | 74.98% | 74.98% | 74.98% | 74.98% | 74.98% | 74.98% | 74.98% | 74.98% | 74.98% | 74.98% |
| DIIs | 0.00% | 0.00% | 0.00% | 0.00% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Public | 25.02% | 25.02% | 25.01% | 25.02% | 25.00% | 25.02% | 25.02% | 25.01% | 25.02% | 25.02% | 25.02% | 25.02% |
| No. of Shareholders | 2,994 | 3,018 | 3,553 | 4,151 | 4,210 | 4,843 | 4,772 | 4,758 | 4,822 | 4,700 | 4,549 | 4,383 |
Fundamentals
Market Cap₹ 956 Cr.
Current Price₹ 2,083
Stock P/E37.8
Book Value₹ 534
ROCE14.9 %
ROE10.9 %
Dividend Yield0.41 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)1%
Compounded Profit Growth (TTM)3%
Standalone figures.
Valuation
Market capRs 1,033 Cr
Enterprise valueRs 976 Cr
P/E (TTM)40.82x
Price to book4.30x
Price to sales6.96x
EV / EBITDA23.80x
EV / EBIT27.51x
EV / sales6.57x
Price to cash flow36.82x
Earnings yield2.45%
Dividend yield0.37%
P/E, 3-year average18.06x
P/B, 3-year average1.85x
P/E, 5-year average14.25x
P/B, 5-year average1.41x
Profitability
Operating margin (excl. other income)25.20%
Operating margin (incl. other income)27.25%
EBITDA margin27.60%
Pre-tax margin23.60%
Net profit margin17.04%
Net margin, latest quarter19.09%
ROE10.85%
ROCE14.88%
ROA9.51%
ROE, 3-year average10.72%
ROCE, 3-year average14.46%
ROA, 3-year average9.26%
ROE, 5-year average10.14%
ROCE, 5-year average13.61%
ROA, 5-year average8.68%
ROIC (approx.)14.04%
Tax rate27.64%
Other income / net worth1.26%
Growth
Sales growth (latest year)4.53%
Profit growth (latest year)11.03%
Sales CAGR, 3 years10.18%
Sales CAGR, 5 years15.00%
Profit CAGR, 3 years19.63%
Profit CAGR, 5 years29.47%
Sales growth QoQ-4.31%
Profit growth QoQ13.55%
Sales growth YoY (latest quarter)1.40%
Profit growth YoY (latest quarter)4.92%
Per share
EPS (TTM)Rs 56.24
EPS (latest year)Rs 55.47
EPS (latest quarter)Rs 16.58
EPS, 3-year averageRs 65.32
EPS, 5-year averageRs 67.16
Book value per shareRs 534.36
Sales per shareRs 330.07
Cash flow per shareRs 62.36
Free cash flow per shareRs 51.11
Dividend per share (latest year)Rs 8.49
Dividend per share, 3-year averageRs 11.32
Dividend per share, 5-year averageRs 11.98
Dividends
Dividend payout15.30%
Dividend payout, 3-year average17.02%
Dividend payout, 5-year average17.68%
Efficiency
Asset turnover0.55x
Fixed asset turnover1.80x
Inventory turnover1.32x
Inventory days277 days
Debtor days83 days
Debtors turnover4.39x
Creditor days60 days
Cash conversion cycle458 days
Working capital days217 days
Leverage
Total debtRs 1 Cr
Cash and bankRs 59 Cr
Net debtRs -58 Cr
Debt to equity0.00x
Net debt / EBITDA-1.41x
Interest coverage86.49x
Owners' fund to total sources89.80%
Debt to assets0.32%
Cash flow
Cash from Operating Activity (latest year)Rs 28 Cr
Cash from Investing Activity (latest year)Rs -12 Cr
Cash from Financing Activity (latest year)Rs -11 Cr
Net Cash Flow (latest year)Rs 5 Cr
Free cash flow (latest year)Rs 23 Cr
FCFE (approx.: FCF + change in debt)Rs 16 Cr
Cash from ops / profit, 5 years0.85x
Sales to cash flow5.27x
Statement figures
Net sales (TTM)Rs 149 Cr
Net sales (latest year)Rs 148 Cr
Sales (latest quarter)Rs 39 Cr
Operating profit excl. other income (latest year)Rs 37 Cr
Operating profit (latest quarter)Rs 11 Cr
Other income (TTM)Rs 3 Cr
EBITDA (TTM)Rs 41 Cr
PBDT (TTM)Rs 41 Cr
Profit before tax (TTM)Rs 35 Cr
Tax (latest year)Rs 10 Cr
Net profit (TTM)Rs 25 Cr
Net profit (latest year)Rs 25 Cr
Net profit (latest quarter)Rs 7 Cr
Depreciation (TTM)Rs 6 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 89 Cr
Total expenditure (latest year)Rs 111 Cr
Total income (latest year)Rs 151 Cr
Share capitalRs 4 Cr
ReservesRs 236 Cr
Shareholders' fundsRs 240 Cr
Total assetsRs 268 Cr
Net blockRs 82 Cr
Capital work in progressRs 2 Cr
InvestmentsRs 14 Cr
ReceivablesRs 34 Cr
InventoryRs 68 Cr
Other liabilitiesRs 26 Cr
Shares outstanding (crore)0.45
Ownership
Promoter holding74.98% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 40.8 is at the 96th percentile of its own 9.4-year range
(median 17.8, low 8.5, high 61.5).
P/B 4.30 is at the 96th percentile (median 1.74).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | VELJAN | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +11.0% | -2.8% | +13.8 pts |
| 1 month | +27.5% | -6.8% | +34.3 pts |
| 3 months | +26.7% | -7.6% | +34.3 pts |
| 3 years | +117.9% | +14.2% | +103.7 pts |
| 5 years | +343.3% | +27.9% | +315.5 pts |
Red flags
F-score 8 of 8| look | On NSE surveillance On NSE surveillance: ESM |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹39 Cr +1.4% vs Jun 2025.
Net profit ₹7 Cr +4.9%.
Activity
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| Samvardhana Motherson International Ltd | 167,351 | 36.6 | 13.4 % |
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| Endurance Technologies Ltd | 37,343 | 37.9 | 17.8 % |
| Exide Industries Ltd | 34,595 | 36.9 | 8.54 % |
| Dhoot Transmission Ltd | 30,776 | 68.7 | 24.4 % |
| Craftsman Automation Ltd | 27,475 | 58.7 | 13.9 % |
| Sansera Engineering Ltd | 27,228 | 78.1 | 13.7 % |
| ZF Commercial Vehicle Control System India Ltd | 26,150 | 53.2 | 19.1 % |
| Asahi India Glass Ltd | 24,421 | 54.7 | 11.5 % |
| Sundram Fasteners Ltd | 24,022 | 38.7 | 17.6 % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2026-08-21 | Dividend - Rs 8.50 Per Share |
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
ESM: stage 1Less than 100 unique PAN traded in previous 30 days