Vedavaag Systems Ltd

₹ 19.6 -0.56%

05 Jun - close price

About

Incorporated in 1998, Vedavaag Systems Ltd provides IT Sales &Services like Governance & Citizen Services, Banking, Finance and
Insurance Services^[1]

Key Points

Business Overview:^[1]
VSL is certified under ISO 9001:2015 and ISO 27001:2013. It started off as an e-governance company and transited to citizen services delivery management that includes financial inclusion, e-governance solutions, cloud-enabled IOT-based AI & ML solutions, Retail and logistics, Fintech, Health care, online education services, and rural citizen services in partnership with various Nodal Agencies and Public Sector Undertakings like SBI, SCR, ITI, BEL, BSNL, ECIL, UTIITSL, etc across 18 states in India

Website BSE

Market Cap ₹ 46.0 Cr.
Current Price ₹ 19.6
High / Low ₹ 46.0 / 15.0
Stock P/E 12.2
Book Value ₹ 59.1
Dividend Yield 2.55 %
ROCE 4.77 %
ROE 2.74 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Stock is trading at 0.33 times its book value
Company is expected to give good quarter

Cons

The company has delivered a poor sales growth of 11.3% over past five years.
Promoter holding is low: 35.2%
Company has a low return on equity of 4.29% over last 3 years.
Promoters have pledged 42.4% of their holding.
Debtor days have increased from 90.6 to 113 days.
Company's cost of borrowing seems high

* 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

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	14.12	14.72	15.14	14.83	16.93	17.02	18.75	19.22	17.66	25.64	18.97	17.42	33.39
	11.31	12.40	12.73	13.11	13.40	14.15	15.71	15.80	14.90	22.50	16.51	15.38	31.91
Operating Profit	2.81	2.32	2.41	1.72	3.53	2.87	3.04	3.42	2.76	3.14	2.46	2.04	1.48
OPM %	19.90%	15.76%	15.92%	11.60%	20.85%	16.86%	16.21%	17.79%	15.63%	12.25%	12.97%	11.71%	4.43%
	0.13	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest	0.01	0.00	0.01	0.00	0.19	0.11	0.12	0.18	0.74	0.23	0.22	0.20	0.71
Depreciation	0.46	0.41	0.42	0.42	0.42	0.37	0.39	0.50	0.63	0.61	0.61	0.62	0.62
Profit before tax	2.47	1.91	1.98	1.30	2.92	2.39	2.53	2.74	1.39	2.30	1.63	1.22	0.15
Tax %	25.91%	25.65%	25.76%	22.31%	26.71%	25.52%	24.90%	26.64%	24.46%	30.00%	31.90%	17.21%	86.67%
	1.84	1.41	1.47	1.01	2.15	1.78	1.91	2.01	1.04	1.61	1.11	1.02	0.03
EPS in Rs	0.80	0.62	0.64	0.44	0.94	0.78	0.83	0.88	0.45	0.69	0.47	0.43	0.01
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	66.38	81.83	92.95	74.52	60.19	62.33	55.90	68.78	65.43	61.55	72.50	95.41
	54.52	69.90	79.19	57.31	46.77	52.68	46.05	57.09	54.41	51.65	60.52	86.27
Operating Profit	11.86	11.93	13.76	17.21	13.42	9.65	9.85	11.69	11.02	9.90	11.98	9.14
OPM %	17.87%	14.58%	14.80%	23.09%	22.30%	15.48%	17.62%	17.00%	16.84%	16.08%	16.52%	9.58%
	0.69	1.75	1.15	0.40	0.90	0.28	0.52	0.10	0.14	0.08	0.14	0.00
Interest	0.04	0.07	0.04	0.06	0.19	0.17	0.07	0.12	0.05	0.21	1.17	1.37
Depreciation	8.47	7.30	2.49	2.72	2.75	2.62	2.33	2.09	1.86	1.66	1.89	2.46
Profit before tax	4.04	6.31	12.38	14.83	11.38	7.14	7.97	9.58	9.25	8.11	9.06	5.31
Tax %	28.22%	14.90%	26.90%	29.40%	20.74%	24.79%	25.85%	25.37%	25.51%	25.65%	25.61%	29.19%
	2.90	5.38	9.04	10.48	9.02	5.37	5.89	7.15	6.89	6.04	6.75	3.76
EPS in Rs	2.13	3.81	6.34	6.58	3.93	2.34	2.57	3.12	3.01	2.63	2.91	1.60
Dividend Payout %	0.00%	0.00%	14.19%	15.21%	25.42%	21.35%	23.36%	19.24%	19.97%	28.47%	17.20%	0.00%

Compounded Sales Growth
10 Years:	2%
5 Years:	11%
3 Years:	13%
TTM:	32%

Compounded Profit Growth
10 Years:	-4%
5 Years:	-9%
3 Years:	-18%
TTM:	-44%

Stock Price CAGR
10 Years:	-1%
5 Years:	-12%
3 Years:	-27%
1 Year:	-56%

Return on Equity
10 Years:	7%
5 Years:	5%
3 Years:	4%
Last Year:	3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	13.63	14.13	14.25	15.94	22.93	22.93	22.93	22.93	22.93	22.93	23.22	23.46
Reserves	19.27	24.55	43.33	56.98	76.83	79.91	84.14	89.16	94.48	98.93	112.38	115.17
	0.00	0.00	0.08	5.08	0.50	5.42	4.64	4.90	3.96	2.36	4.69	1.37
	65.31	38.59	33.34	30.26	16.48	10.24	8.30	9.28	13.82	21.70	21.83	33.73
Total Liabilities	98.21	77.27	91.00	108.26	116.74	118.50	120.01	126.27	135.19	145.92	162.12	173.73
	20.18	13.14	15.72	23.31	23.78	24.62	23.23	21.75	19.60	17.85	22.07	19.73
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.02	0.02	3.02	7.02	7.02	7.02	7.03	7.04	7.04	18.04	18.04	18.04
	78.01	64.11	72.26	77.93	85.94	86.86	89.75	97.48	108.55	110.03	122.01	135.96
Total Assets	98.21	77.27	91.00	108.26	116.74	118.50	120.01	126.27	135.19	145.92	162.12	173.73

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-5.85	0.71	0.52	-2.76	-14.38	0.85	3.92	2.58	2.05	15.72	0.05	2.75
	0.67	1.50	-8.01	-14.28	-3.11	-3.40	-0.89	-0.55	0.42	-10.84	-5.97	-0.01
	0.00	0.40	9.88	11.23	17.64	2.49	-2.56	-1.94	-2.43	-4.13	6.85	-3.33
Net Cash Flow	-5.18	2.61	2.40	-5.81	0.15	-0.05	0.47	0.09	0.03	0.76	0.94	-0.58
Free Cash Flow	-5.87	0.46	-4.55	-13.06	-17.60	-2.62	2.98	1.97	2.34	15.80	-6.05	2.63
CFO/OP	-40%	14%	20%	5%	-90%	27%	61%	44%	42%	182%	19%	48%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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	243.10	110.80	84.74	224.82	55.85	63.07	74.63	39.22	57.63	96.96	61.82	113.16
Inventory Days	195.23	110.23	112.12	20.27	15.34
Days Payable	487.61	192.78	161.08	290.80	130.92
Cash Conversion Cycle	-49.29	28.25	35.78	-45.71	-59.72	63.07	74.63	39.22	57.63	96.96	61.82	113.16
Working Capital Days	78.08	105.45	130.10	223.40	296.11	303.04	390.27	356.93	420.51	438.59	449.78	289.18
ROCE %	12.44%	17.83%	25.78%	21.95%	12.98%	7.01%	7.31%	8.48%	7.80%	6.78%	7.74%	4.77%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

States of Presence
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Banking Partners
Number

Customer Service Points (CSPs)
Number

Workforce (Employees)
Number

Gross Transaction Value (GTV)
INR Crores

Order Book (Secured Orders)
INR Crores

Number of Transactions
Crores

Primary Agriculture Co-operative Society (PACS) Automated
Number

VedaEdutech Tuition Centers
Number

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	35.98%	35.98%	35.98%	35.98%	35.98%	35.98%	35.98%	35.53%	35.16%	35.16%	35.16%	35.16%
	0.00%	0.00%	0.00%	0.00%	0.00%	4.20%	3.76%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.92%	0.00%	0.00%	0.00%	0.00%
	64.01%	64.02%	64.01%	64.01%	64.01%	59.82%	60.26%	61.54%	64.85%	64.86%	64.84%	64.85%
No. of Shareholders	12,132	13,202	12,748	15,320	15,138	15,280	14,714	16,611	16,619	16,085	15,716	15,415

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	22.90%	20.55%	35.98%	35.98%	35.98%	35.98%	35.98%	35.98%	35.53%	35.16%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.92%	0.00%
	77.10%	79.45%	64.02%	64.02%	64.02%	64.02%	64.00%	64.01%	61.54%	64.85%
No. of Shareholders	6,034	7,278	6,765	6,398	6,196	12,027	11,918	15,320	16,611	15,415

* 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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