MarketFriction

Veto Switchgears & Cables Ltd

NSE VETO · BSE 539331 · Consumer Electronics
₹136.79 -4.15%
NSE close2026-10-01
52 week range82.32 - 155.90
Market cap₹279 Cr.
P/E10.2
IPO 2012 · +174% since Price band 20% Delivery 55.8%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales71.6482.0579.4461.2174.2875.7189.1864.8788.7794.22138.8689.36
Expenses61.6373.3375.1254.1165.7270.5278.3458.5780.4084.41125.6079.92
Operating Profit10.018.724.327.108.565.1910.846.308.379.8113.269.44
OPM %13.97%10.63%5.44%11.60%11.52%6.86%12.16%9.71%9.43%10.41%9.55%10.56%
Other Income0.340.393.590.420.151.450.520.350.850.550.190.53
Interest1.570.870.730.390.040.500.710.630.370.470.510.74
Depreciation0.700.790.480.630.660.930.841.091.021.131.091.01
Profit before tax8.087.456.706.508.015.219.814.937.838.7611.858.22
Tax %25.12%34.36%66.87%24.92%25.47%30.33%25.18%30.22%22.48%28.42%25.74%28.83%
Net Profit6.054.892.234.885.973.637.343.436.086.278.805.85
EPS in Rs3.132.501.112.543.091.963.941.933.183.454.593.10
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales177239253218150181267290300300387411
Expenses151214212197131158233257269269349370
Operating Profit262541211924343331323841
OPM %15%11%16%10%13%13%13%11%10%11%10%10%
Other Income-422012355322
Interest543442454222
Depreciation222122333344
Profit before tax152139161421303029303337
Tax %15%14%26%27%33%31%32%33%37%26%26%
Net Profit13182912915202018222527
EPS in Rs7.1410.0015.816.054.857.7410.4710.599.3911.5813.1514.32
Dividend Payout %28%20%13%-0%-0%13%10%9%11%9%8%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth8%16%10%35%
Compounded Profit Growth4%11%7%31%
Stock Price CAGR1%6%5%26%
Return on Equity10%9%8%9%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital181818181919191919191919
Reserves546383130148159175194214227247271
Borrowings354231384026354743232321
Other Liabilities141913161316454945376987
Total Liabilities121142145202220220274309321306358398
Fixed Assets222120233040444340415149
CWIP03870323791113
Investments000000000000
Other Assets99118118171190177227263274256296336
Total Assets121142145202220220274309321306358398
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-22120-2511317-818281510
Cash from Investing Activity3-8-124-2-11-70-2-8-18-4
Cash from Financing Activity-5-0-21213-19-34-10-27-3-5
Net Cash Flow-414-130121-4-36-8-61
Free Cash Flow-41814-299184-91322-56
CFO/OP-1%93%88%-49%98%188%56%2%91%130%76%57%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1258686154102145183162171162179155
Inventory Days1411007086207314320231182156160134
Days Payable583015151734926552404846
Cash Conversion Cycle208156140225292425411328300278291243
Working Capital Days1335893164198282279225229231242207
ROCE %13%21%20%26%10%9%11%14%13%12%11%12%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters47.15%45.06%45.06%45.06%45.06%45.06%45.06%45.06%45.06%45.06%45.06%45.06%
FIIs0.00%0.00%0.01%0.00%0.09%0.01%0.42%0.53%0.00%0.01%0.01%0.41%
Public52.86%54.93%54.94%54.94%54.86%54.94%54.53%54.42%54.95%54.93%54.94%54.53%
No. of Shareholders26,13125,80429,60328,57226,87226,14425,57826,56726,29925,77625,17223,721

Fundamentals

Market Cap₹ 279 Cr.
Current Price₹ 146
Stock P/E10.2
Book Value₹ 152
ROCE11.6 %
ROE8.84 %
Dividend Yield0.68 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)35%
Compounded Profit Growth (TTM)31%
Consolidated figures.
Valuation
Market capRs 261 Cr
Enterprise valueRs 281 Cr
P/E (TTM)9.56x
Price to book0.90x
Price to sales0.64x
EV / EBITDA6.53x
EV / EBIT7.24x
EV / sales0.68x
Price to cash flow25.19x
Earnings yield10.46%
Dividend yield0.73%
P/E, 3-year average9.42x
P/B, 3-year average0.75x
P/E, 5-year average8.81x
P/B, 5-year average0.73x
Profitability
Operating margin (excl. other income)9.75%
Operating margin (incl. other income)10.26%
EBITDA margin10.46%
Pre-tax margin8.92%
Net profit margin6.65%
Net margin, latest quarter6.62%
ROE9.04%
ROCE11.77%
ROA6.65%
ROE, 3-year average8.39%
ROCE, 3-year average11.67%
ROA, 3-year average6.34%
ROE, 5-year average8.82%
ROCE, 5-year average12.39%
ROA, 5-year average6.47%
ROIC (approx.)9.25%
Tax rate26.31%
Other income / net worth0.67%
Growth
Sales growth (latest year)28.74%
Profit growth (latest year)13.56%
Sales CAGR, 3 years10.04%
Sales CAGR, 5 years16.37%
Profit CAGR, 3 years7.46%
Profit CAGR, 5 years11.18%
Sales growth QoQ-35.65%
Profit growth QoQ-32.57%
Sales growth YoY (latest quarter)37.75%
Profit growth YoY (latest quarter)60.43%
Per share
EPS (TTM)Rs 14.31
EPS (latest year)Rs 13.15
EPS (latest quarter)Rs 3.10
EPS, 3-year averageRs 11.37
EPS, 5-year averageRs 11.04
Book value per shareRs 151.55
Sales per shareRs 215.12
Cash flow per shareRs 5.43
Free cash flow per shareRs 3.14
Dividend per share (latest year)Rs 1.00
Dividend per share, 3-year averageRs 1.00
Dividend per share, 5-year averageRs 1.00
Dividends
Dividend payout7.60%
Dividend payout, 3-year average8.96%
Dividend payout, 5-year average9.17%
Efficiency
Asset turnover0.97x
Fixed asset turnover7.91x
Inventory turnover2.83x
Inventory days129 days
Debtor days155 days
Debtors turnover2.36x
Creditor days46 days
Cash conversion cycle243 days
Working capital days207 days
Leverage
Total debtRs 21 Cr
Cash and bankRs 2 Cr
Net debtRs 19 Cr
Debt to equity0.07x
Net debt / EBITDA0.44x
Interest coverage18.54x
Owners' fund to total sources72.82%
Debt to assets5.39%
Cash flow
Cash from Operating Activity (latest year)Rs 10 Cr
Cash from Investing Activity (latest year)Rs -4 Cr
Cash from Financing Activity (latest year)Rs -5 Cr
Net Cash Flow (latest year)Rs 1 Cr
Free cash flow (latest year)Rs 6 Cr
FCFE (approx.: FCF + change in debt)Rs 4 Cr
Cash from ops / profit, 5 years0.60x
Sales to cash flow37.26x
Statement figures
Net sales (TTM)Rs 411 Cr
Net sales (latest year)Rs 387 Cr
Sales (latest quarter)Rs 89 Cr
Operating profit excl. other income (latest year)Rs 38 Cr
Operating profit (latest quarter)Rs 9 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 43 Cr
PBDT (TTM)Rs 41 Cr
Profit before tax (TTM)Rs 37 Cr
Tax (latest year)Rs 9 Cr
Net profit (TTM)Rs 27 Cr
Net profit (latest year)Rs 25 Cr
Net profit (latest quarter)Rs 6 Cr
Depreciation (TTM)Rs 4 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 2 Cr
Cost of goods sold (latest year)Rs 291 Cr
Total expenditure (latest year)Rs 349 Cr
Total income (latest year)Rs 389 Cr
Share capitalRs 19 Cr
ReservesRs 271 Cr
Shareholders' fundsRs 290 Cr
Total assetsRs 398 Cr
Net blockRs 49 Cr
Capital work in progressRs 13 Cr
InvestmentsRs 0 Cr
ReceivablesRs 164 Cr
InventoryRs 103 Cr
Other liabilitiesRs 87 Cr
Shares outstanding (crore)1.91
Ownership
Promoter holding45.06% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 9.6 is at the 34th percentile of its own 9.4-year range (median 11.0, low 4.0, high 29.0).
P/B 0.90 is at the 42th percentile (median 0.94).
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.
PeriodVETONifty 50Difference
1 week-4.4%-2.8% -1.6 pts
1 month+8.5%-6.8% +15.3 pts
3 months+8.1%-7.6% +15.7 pts
6 months+62.1%+0.4% +61.7 pts
1 year+17.4%-9.9% +27.3 pts
2 years-11.5%-13.6% +2.0 pts
3 years+7.0%+14.2% -7.2 pts
5 years+25.6%+27.9% -2.3 pts

Red flags

F-score 6 of 8
No red flags in the latest statements and filings.
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 2026
Sales ₹89 Cr +37.8% vs Jun 2025. Net profit ₹6 Cr +70.6%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-21Dividend - Re 1 Per Share
2025-09-22Dividend - Re 1 Per Share
2024-09-20Annual General Meeting/Dividend - Re 1 Per Share
2023-09-22Annual General Meeting/Dividend - Re 1 Per Share
2022-09-20Annual General Meeting/Dividend - Re 1 Per Share
2021-09-21 Annual General Meeting/Dividend - Rs 1 Per Sh
2020-09-21 Annual General Meeting
2019-09-19 Annual General Meeting
2018-09-25 Annual General Meeting/Dividend- Rs 2 Per Share
2017-09-25 Annual General Meeting/Dividend - Re 1/- Per Share
2017-05-25 Extra-Ordinary General Meeting
2017-02-22 Interim Dividend Re 1/- Per Share
2016-09-22 Annual General Meeting/Dividend - Rs 1.50 Per Share
2016-01-28 Interim Dividend - Re 0.50/- Per Share
2015-08-20 Annual General Meeting
DateTypeWhat it says
2026-09-30Shareholder meetingVoting results.
2026-09-28Shareholder meetingProceedings of Annual General Meeting held on September 28, 2026
2026-09-04UpdatesIntimation of book closure. from 22nd September 2026 to 28th September 2026
2026-09-04UpdatesIntimation regarding e-voting facilities of 19th AGM.
2026-09-04Record DateRecord date for the purpose of Dividend is 21-Sep-2026.
2026-09-04Shareholder meetingNotice of Annual General Meeting to be held on September 28, 2026
2026-09-04Board meeting outcomeOutcome of Board Meeting held on September 04, 2026.
2026-09-02Structural Digital DatabaseSDD Certificate for the period of 1st April 2026 to 31st August 2026
2026-08-12Board meeting outcomeVeto Switchgears And Cables Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-06-29Disclosure under SEBI TakeovVeto Switchgears And Cables Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of ...
2026-06-03General UpdatesGeneral Updates transfer of shares by way of gift
2026-05-28DividendBoard of Directors at its meeting held on May 28, 2026, recommended Final Dividend of Re. 1 per equity share.
2026-05-28Change in ManagementChange in Management reappointment of cost auditor & Internal auditor for the Financial year 26-27
2026-05-28Board meeting outcomeVeto Switchgears And Cables Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-02-13Board meeting outcomeVeto Switchgears And Cables Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
2026-02-13Integrated Filing- FinancialUnaudited Standalone & Consolidated Financial results for the third quarter ended 31st December 2025
2025-11-14Board meeting outcomeVeto Switchgears And Cables Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
2025-11-14Board meeting outcomeBoard meeting held on November 14, 2025.
2025-11-14Integrated Filing- FinancialUn-audited standalone and consolidated financial results for the quarter ended 30th September 2025
2025-10-03Shareholder meetingShareholders meeting
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.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Veto Switchgears & Cables Ltd?

Veto Switchgears & Cables Ltd (VETO) has a market capitalisation of Rs 279 Cr. at the 2026-10-01 close.

What is the P/E ratio of Veto Switchgears & Cables Ltd?

Veto Switchgears & Cables Ltd trades at a P/E of 10.2 on trailing twelve-month profit, at the 2026-10-01 close.

What were Veto Switchgears & Cables Ltd's latest quarterly results?

In the Jun 2026 quarter, Veto Switchgears & Cables Ltd sales was Rs 89 Cr (+37.8% vs Jun 2025) and net profit was Rs 6 Cr.

What is the 52-week high and low of Veto Switchgears & Cables Ltd?

The 52-week high is Rs 155.90 and the 52-week low is Rs 82.32.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03