Vedavaag Systems Ltd

₹ 19.0 -7.76%

23 Oct - 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 NSE

Market Cap ₹ 44.6 Cr.
Current Price ₹ 19.0
High / Low ₹ 35.4 / 15.0
Stock P/E 10.8
Book Value ₹ 65.1
Dividend Yield 0.00 %
ROCE 5.60 %
ROE 3.45 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Stock is trading at 0.29 times its book value

Cons

Promoter holding is low: 35.2%
Company has a low return on equity of 5.10% over last 3 years.
Promoters have pledged 42.4% of their holding.
Company has high debtors of 170 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

Information Technology Information Technology IT - Services IT Enabled Services

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	16.77	31.13	15.84	22.97	22.29	25.04	29.49	28.97	31.11	21.62	26.42	49.53	22.12
	14.00	24.59	13.46	17.96	18.95	20.72	21.09	29.41	26.88	18.66	23.38	47.33	19.56
Operating Profit	2.77	6.54	2.38	5.01	3.34	4.32	8.40	-0.44	4.23	2.96	3.04	2.20	2.56
OPM %	16.52%	21.01%	15.03%	21.81%	14.98%	17.25%	28.48%	-1.52%	13.60%	13.69%	11.51%	4.44%	11.57%
	0.00	0.00	0.00	0.08	0.00	0.00	0.00	0.14	0.00	0.00	0.00	0.00	0.00
Interest	0.00	0.01	0.00	0.19	0.12	0.12	0.18	0.73	0.23	0.22	0.20	0.71	0.15
Depreciation	0.80	2.53	0.94	2.41	0.52	0.54	3.96	-1.75	0.96	0.96	0.96	0.96	0.91
Profit before tax	1.97	4.00	1.44	2.49	2.70	3.66	4.26	0.72	3.04	1.78	1.88	0.53	1.50
Tax %	24.87%	21.75%	23.61%	12.45%	24.81%	25.41%	26.06%	31.94%	28.95%	31.46%	13.30%	62.26%	26.00%
	1.47	3.13	1.11	2.19	2.03	2.74	3.15	0.49	2.15	1.22	1.62	0.21	1.10
EPS in Rs	0.64	1.37	0.48	0.96	0.89	1.20	1.37	0.21	0.92	0.52	0.69	0.09	0.47
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	82	100	92	77	76	71	95	85	87	106	129	120
	70	84	66	61	62	56	78	69	70	90	116	109
Operating Profit	12	16	25	17	14	15	17	16	17	16	12	11
OPM %	15%	16%	28%	22%	18%	21%	18%	19%	19%	15%	10%	9%
	2	1	0	1	0	1	0	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	1	1	1
Depreciation	7	3	4	5	6	6	6	6	7	3	4	4
Profit before tax	6	14	22	13	8	10	11	10	10	11	7	6
Tax %	15%	27%	30%	22%	25%	28%	25%	25%	20%	26%	28%
	5	10	15	10	6	7	8	8	8	8	5	4
EPS in Rs	3.81	7.20	9.41	4.36	2.73	3.05	3.62	3.31	3.44	3.62	2.22	1.77
Dividend Payout %	0%	12%	11%	23%	18%	20%	17%	18%	22%	14%	0%

Compounded Sales Growth
10 Years:	5%
5 Years:	13%
3 Years:	15%
TTM:	4%

Compounded Profit Growth
10 Years:	0%
5 Years:	-6%
3 Years:	-12%
TTM:	-51%

Stock Price CAGR
10 Years:	-8%
5 Years:	-21%
3 Years:	-28%
1 Year:	-45%

Return on Equity
10 Years:	8%
5 Years:	6%
3 Years:	5%
Last Year:	3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	14	14	16	23	23	23	23	23	23	23	23
Reserves	25	44	62	83	87	92	98	104	110	125	129
	0	0	5	0	5	5	5	4	2	5	2
	39	38	35	20	18	18	20	26	32	31	45
Total Liabilities	77	96	118	126	133	138	146	157	167	184	200
	13	26	32	31	37	37	31	32	25	28	24
CWIP	0	0	0	8	0	0	0	0	0	0	0
Investments	0	0	0	0	0	0	0	0	0	0	0
	64	70	86	88	96	102	115	125	142	157	176
Total Assets	77	96	118	126	133	138	146	157	167	184	200

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1	9	-7	-8	4	8	3	10	5	0	3
	2	-16	-10	-11	-11	-6	-1	-7	0	-6	-0
	0	10	11	20	6	-2	-2	-3	-4	7	-3
Net Cash Flow	3	3	-6	1	-1	0	0	0	1	1	-1
Free Cash Flow	0	-7	-17	-19	-7	3	2	3	5	-6	3
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	14%	69%	-9%	-34%	45%	72%	35%	78%	49%	19%	41%

Ratios

Consolidated / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	111	106	225	196	105	60	81	122	134	153	170
Inventory Days	110	152
Days Payable	193	218
Cash Conversion Cycle	28	40	225	196	105	60	81	122	134	153	170
Working Capital Days	106	98	198	334	263	271	291	349	406	396	294
ROCE %		29%	31%	14%	8%	8%	9%	8%	8%	9%	6%

Insights

In beta

Mar 2016

Mar 2017

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Gross Transaction Value (GTV)
INR Crore

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Workforce (Employees on Rolls)
count ・Standalone data

Households Served (Cumulative)
lakhs

PACS Automated (Cumulative)
count

States/UTs Presence
count

Number of Customer Service Points (CSPs)
count

Number of Financial Inclusion Transactions
lakhs

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

1 Recently

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	35.98%	35.98%	35.98%	35.98%	35.98%	35.53%	35.16%	35.16%	35.16%	35.16%	35.16%	35.16%
	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%	0.00%	0.00%
	64.01%	64.01%	64.01%	59.82%	60.26%	61.54%	64.85%	64.86%	64.84%	64.85%	64.84%	64.85%
No. of Shareholders	12,748	15,320	15,138	15,280	14,714	16,611	16,619	16,085	15,716	15,415	15,924	16,411

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	22.90%	20.55%	35.98%	35.98%	35.98%	35.98%	35.98%	35.98%	35.53%	35.16%	35.16%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.92%	0.00%	0.00%
	77.10%	79.45%	64.02%	64.02%	64.02%	64.02%	64.00%	64.01%	61.54%	64.85%	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	16,411

* 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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Documents

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Nov 2024

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Feb 2022

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Nov 2021

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Aug 2021

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Jul 2021

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