Veritas (India) Ltd

₹ 134 -0.96%

11 Nov - close price

About

Incorporated in 1985, Veritas India Ltd is in the business of Trading, Distribution, Development, and Wind Power Generation, and Manufacturing
& Warehousing.^[1]

Key Points

Business Overview:^[1]
VIL (formerly Duroflex Engineering Ltd) is a diversified company engaged in international trade and distribution across polymers, paper and paper boards, rubber, heavy distillates, and chemicals. It is also involved in software development, agriculture, manufacturing, warehousing, and wind energy generation.

Website BSE

Market Cap ₹ 359 Cr.
Current Price ₹ 134
High / Low ₹ 268 / 130
Stock P/E
Book Value ₹ 876
Dividend Yield 0.04 %
ROCE 1.52 %
ROE 0.71 %
Face Value ₹ 1.00

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Pros

Stock is trading at 0.15 times its book value

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 10.6% over past five years.
Company has a low return on equity of 4.13% over last 3 years.
Contingent liabilities of Rs.481 Cr.
Dividend payout has been low at 0.29% of profits over last 3 years
Company has high debtors of 246 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Chemicals & Petrochemicals Trading - Chemicals

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	940.87	1,323.90	1,094.54	755.52	915.51	1,642.46	784.62	586.66	1,006.40	987.83	531.74	897.52	712.35
YoY Sales growth	+74.33%	+131.40%	+66.09%	+52.56%	-2.70%	+24.06%	-28.32%	-22.35%	+9.93%	-39.86%	-32.23%	+52.99%	-29.22%
	884.01	1,268.82	1,043.93	691.20	867.38	1,592.18	759.81	550.80	990.77	963.00	522.65	877.44	705.50
Operating Profit	56.86	55.08	50.61	64.32	48.13	50.28	24.81	35.86	15.63	24.83	9.09	20.08	6.85
OPM %	6.04%	4.16%	4.62%	8.51%	5.26%	3.06%	3.16%	6.11%	1.55%	2.51%	1.71%	2.24%	0.96%
	0.25	56.04	0.35	0.54	13.01	3.12	-10.67	2.78	-0.33	0.57	-0.28	0.53	-0.06
Interest	6.33	5.85	10.58	7.59	14.05	13.16	5.41	4.57	4.39	3.23	15.00	5.97	0.96
Depreciation	8.91	8.96	15.89	9.43	10.10	9.95	9.94	9.97	10.31	10.52	10.52	11.03	11.25
Profit before tax	41.87	96.31	24.49	47.84	36.99	30.29	-1.21	24.10	0.60	11.65	-16.71	3.61	-5.42
Tax %	0.62%	0.53%	0.73%	-0.48%	0.92%	1.22%	-9.09%	-0.21%	0.00%	6.52%	-4.67%	-1.39%	0.92%
	41.61	95.80	24.30	48.07	36.66	29.93	-1.10	24.15	0.60	10.88	-15.93	3.66	-5.48
EPS in Rs	15.52	35.73	9.06	17.93	13.67	11.16	-0.41	9.01	0.22	4.06	-5.94	1.37	-2.04
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,503	1,456	1,648	1,679	1,876	2,037	1,876	2,131	2,163	3,855	4,098	3,113	3,129
Sales growth	+25%	-3%	+13%	+2%	+12%	+9%	-8%	+14%	+1%	+78%	+6%	-24%	-22%
	1,446	1,388	1,567	1,601	1,765	1,899	1,714	1,975	2,021	3,651	3,911	3,027	3,069
Operating Profit	57	68	82	78	110	138	163	157	142	204	188	85	61
OPM %	3.8%	4.7%	5.0%	4.7%	6%	7%	9%	7%	7%	5%	4.6%	2.7%	1.9%
	0	-0	2	1	12	49	4	0	5	58	6	3	1
Interest	6	6	9	7	51	35	24	19	17	31	40	27	25
Depreciation	1	1	1	1	25	30	32	32	34	43	39	41	43
Profit before tax	50	61	73	71	46	122	111	106	96	188	114	20	-7
Tax %	4%	2%	2%	5%	6%	0%	1%	1%	1%	1%	0%	-0%
	48	60	71	68	44	122	109	105	95	187	114	20	-7
EPS in Rs	19.85	22.47	26.67	25.27	16.23	45.61	40.82	39.05	35.36	69.69	42.36	7.35	-2.55
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	1%

Compounded Sales Growth
10 Years:	8%
5 Years:	11%
3 Years:	13%
TTM:	-22%

Compounded Profit Growth
10 Years:	-11%
5 Years:	-29%
3 Years:	-41%
TTM:	-113%

Stock Price CAGR
10 Years:	0%
5 Years:	5%
3 Years:	-22%
1 Year:	-49%

Return on Equity
10 Years:	5%
5 Years:	4%
3 Years:	4%
Last Year:	1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	2	3	3	3	3	3	3	3	3	3	3	3	3
Reserves	1,021	1,113	1,177	1,244	1,694	1,886	1,971	2,108	2,301	2,507	2,663	2,862	2,346
	209	409	644	969	495	487	389	268	232	327	198	438	397
	193	270	383	720	786	919	923	1,623	1,586	1,346	973	1,413	1,156
Total Liabilities	1,426	1,794	2,207	2,936	2,978	3,295	3,286	4,001	4,121	4,183	3,837	4,716	3,902
	856	857	858	858	1,896	2,038	1,982	1,984	2,053	2,052	2,033	2,114	2,109
CWIP	84	386	730	1,316	331	334	339	342	344	349	349	349	349
Investments	1	1	1	1	1	1	1	1	9	10	2	1	2
	485	550	618	761	751	922	964	1,674	1,715	1,772	1,454	2,251	1,442
Total Assets	1,426	1,794	2,207	2,936	2,978	3,295	3,286	4,001	4,121	4,183	3,837	4,716	3,902

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-25	156	80	279	225	145	144	121	81	56	41	-233
	-85	-303	-346	-587	-77	-71	-10	27	-3	-32	19	-1
	113	219	228	317	-133	-87	-130	-148	-76	-13	-39	210
Net Cash Flow	3	72	-38	9	15	-12	4	-0	1	11	21	-23
Free Cash Flow	-25	-147	-266	-309	148	57	134	119	84	25	53	-233
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	-42%	233%	101%	359%	208%	107%	89%	78%	58%	28%	23%	-271%

Ratios

Consolidated / View Standalone

	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	84	105	113	145	105	155	178	269	278	157	114	246
Inventory Days	6	0	8	3	25	0	0	15	8	4	4	5
Days Payable	46	27	31	58	84	103	70	197	156	15	66	141
Cash Conversion Cycle	44	78	90	90	46	52	108	88	130	146	53	110
Working Capital Days	35	52	61	-26	17	39	82	70	100	123	42	77
ROCE %	7%	5%	5%	4%	4%	7%	6%	5%	5%	8%	5%	2%

Insights

In beta

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Number of Domestic Locations (Group Level)
count

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x	x	x	x	x

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Number of International Offices (Group Level)
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Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	55.01%	55.01%	55.01%	55.01%	55.01%	55.01%	55.01%	55.01%	55.01%	55.01%	55.01%	55.01%
	9.73%	9.71%	9.71%	9.70%	9.70%	9.70%	9.70%	9.70%	9.70%	9.70%	9.70%	9.85%
	0.00%	0.00%	0.00%	0.00%	0.14%	0.14%	0.14%	0.14%	0.12%	0.00%	0.00%	0.00%
	35.25%	35.28%	35.28%	35.28%	35.15%	35.15%	35.15%	35.15%	35.17%	35.29%	35.30%	35.14%
No. of Shareholders	3,142	3,248	3,948	4,664	5,666	6,420	6,829	6,563	6,724	6,683	6,631	6,449

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	60.47%	60.47%	65.23%	65.23%	65.23%	63.36%	63.37%	55.01%	55.01%	55.01%	55.01%
	24.62%	9.70%	9.70%	9.70%	9.70%	9.70%	0.00%	9.71%	9.70%	9.70%	9.85%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.14%	0.00%	0.00%
	14.91%	29.83%	25.08%	25.08%	25.08%	26.94%	36.64%	35.28%	35.15%	35.29%	35.14%
No. of Shareholders	489	479	489	521	868	3,236	2,878	3,248	6,420	6,683	6,449

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Veritas (India) Ltd

Veritas (India) Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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