Veedol Corporation Ltd

₹ 1,300 0.88%

02 Apr - close price

About

Tide Water Oil Co. Ltd. is a leading manufacturer and marketer of lubricants in over 65 countries around the globe. In India, it has been catering to both automotive and industrial segments since 1928 under the brand “Veedol''. ^[1]

Key Points

Product Portfolio
Automotive Lubricants: The Co. manufactures a wide range of automotive lubricants for 2-wheelers, passenger cars, commercial vehicles, OEM oils, gear and transmission oils, greases, etc. ^[1]
Industrial Lubricants: The Co. also manufactures industrial lubricants like Machinery Oil, Thermic Fluids, Spindle Oils, Turbine Oils, Heavy-duty Hydraulic Oils, etc. ^[2]
Specialities: The Co. is also engaged in the manufacture and sale of Speciality Vehicle Sanitization Products. ^[3]

Website BSE NSE

Market Cap ₹ 2,265 Cr.
Current Price ₹ 1,300
High / Low ₹ 2,035 / 1,238
Stock P/E 17.2
Book Value ₹ 432
Dividend Yield 4.15 %
ROCE 19.2 %
ROE 17.6 %
Face Value ₹ 2.00

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Pros

Company is almost debt free.
Stock is providing a good dividend yield of 4.15%.
Company has been maintaining a healthy dividend payout of 79.2%

Cons

The company has delivered a poor sales growth of 6.26% over past five years.
Tax rate seems low
Earnings include an other income of Rs.97.5 Cr.

* 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

Energy Oil, Gas & Consumable Fuels Petroleum Products Lubricants

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	391	389	383	381	404	388	378	364	386	398	373	352	395
	377	368	361	363	381	359	360	345	368	363	359	341	379
Operating Profit	14	20	22	18	23	29	18	19	18	34	13	10	16
OPM %	4%	5%	6%	5%	6%	8%	5%	5%	5%	9%	4%	3%	4%
	16	10	14	11	13	18	20	14	17	20	13	27	38
Interest	0	0	0	0	0	0	1	1	1	1	1	1	0
Depreciation	3	2	2	2	2	2	4	7	6	6	6	6	6
Profit before tax	28	27	33	26	33	45	34	25	28	47	20	31	48
Tax %	21%	16%	21%	20%	20%	17%	21%	22%	-18%	5%	17%	15%	8%
	22	23	26	21	26	37	27	20	34	45	16	26	44
EPS in Rs	12.60	13.05	15.12	12.03	15.07	21.33	15.37	11.19	19.30	25.81	9.35	15.15	25.05
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	918	956	935	962	1,074	1,193	1,127	1,051	1,248	1,492	1,557	1,527	1,517
	816	868	794	830	949	1,072	1,007	926	1,145	1,411	1,464	1,437	1,443
Operating Profit	103	88	141	132	125	121	121	126	103	82	93	91	74
OPM %	11%	9%	15%	14%	12%	10%	11%	12%	8%	5%	6%	6%	5%
	10	163	-1	28	30	35	33	42	46	36	55	69	98
Interest	0	0	0	1	1	1	1	2	1	1	1	3	2
Depreciation	9	7	7	7	8	8	9	10	11	10	10	22	23
Profit before tax	104	243	133	151	147	147	143	156	136	106	137	134	146
Tax %	34%	30%	38%	32%	34%	34%	26%	25%	22%	20%	19%	7%
	68	171	83	103	97	97	106	117	107	85	111	125	131
EPS in Rs	39.73	99.51	47.53	58.82	55.39	55.27	60.42	67.11	61.17	48.72	63.54	71.67	75.36
Dividend Payout %	25%	17%	52%	50%	61%	83%	80%	87%	88%	84%	80%	74%

Compounded Sales Growth
10 Years:	5%
5 Years:	6%
3 Years:	7%
TTM:	0%

Compounded Profit Growth
10 Years:	7%
5 Years:	4%
3 Years:	6%
TTM:	6%

Stock Price CAGR
10 Years:	0%
5 Years:	8%
3 Years:	14%
1 Year:	-9%

Return on Equity
10 Years:	16%
5 Years:	16%
3 Years:	15%
Last Year:	18%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	0.85	0.85	2	2	2	2	2	2	3	3	3	3	3
Reserves	386	516	599	627	654	645	671	702	668	681	709	746	750
	0	0	0	0	0	0	1	1	0	4	0	21	20
	190	192	208	211	211	206	198	229	230	250	249	231	222
Total Liabilities	577	709	809	839	867	853	872	934	902	939	962	1,002	995
	69	90	97	97	104	112	122	118	114	109	107	141	140
CWIP	1	0	2	0	3	1	2	1	1	2	7	2	6
Investments	57	121	115	212	214	214	215	215	215	215	215	215	215
	450	498	596	530	546	526	533	599	572	612	632	644	634
Total Assets	577	709	809	839	867	853	872	934	902	939	962	1,002	995

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	33	93	139	41	102	82	121	48	80	54	95	-35
	-3	36	-7	16	-86	-6	-43	44	47	31	-37	129
	-16	-32	-48	-56	-71	-105	-76	-84	-138	-68	-85	-98
Net Cash Flow	14	97	83	1	-55	-29	1	9	-12	18	-27	-4
Free Cash Flow	26	211	124	34	85	68	103	42	74	47	79	-56
CFO/OP	67%	145%	136%	76%	124%	112%	130%	60%	104%	92%	121%	-14%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	59	57	57	58	47	45	34	38	40	36	34	45
Inventory Days	120	90	111	129	100	88	110	171	118	99	90	113
Days Payable	67	53	86	93	88	75	78	100	70	57	36	40
Cash Conversion Cycle	112	94	83	95	59	58	66	108	88	78	88	118
Working Capital Days	89	71	64	78	67	63	60	82	72	60	96	102
ROCE %	30%	21%	28%	25%	23%	23%	22%	23%	20%	16%	20%	19%

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

Installed Capacity - Grease
Metric Tonnes Per Annum (MTPA)

x,xxx	xx,xxx	x,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	x,xxx	x,xxx	x,xxx
xxx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xxx,xxx	xx,xxx	xx,xxx	xxx,xxx	xxx,xxx
xx	xx	xx	xx	xx	xx	xx	xx	xx	xx	xx
xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx
x	x	x	x	x	x	x	x	x	x	x
xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
xxx	xxx	xxx	xxx	x,xxx	x,xxx	xxx	xxx	xxx		xxx
x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
										xx

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Installed Capacity - Lubricants
Kilolitres Per Annum (KLPA)

Number of Depots
Count

Number of Distributors
Count

Number of Manufacturing Plants (India)
Count

Number of Retail Outlets and Workshops
Count

Number of Product SKUs
Count

Wind Energy Generation Capacity
MW

Average Plant Efficiency
%

Shareholding Pattern

Numbers in percentages

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	57.28%	57.28%	57.28%	62.27%	62.27%	64.15%	64.29%	64.29%	64.29%	62.35%	64.58%	64.58%
	0.82%	0.83%	0.97%	1.38%	1.51%	1.98%	1.71%	1.46%	1.26%	1.14%	1.37%	1.17%
	5.37%	2.10%	2.12%	1.27%	1.22%	1.23%	1.24%	1.28%	1.17%	1.17%	1.17%	1.17%
	34.06%	37.33%	37.18%	32.61%	32.53%	30.17%	30.30%	30.51%	30.82%	32.86%	30.41%	30.61%
	2.46%	2.46%	2.46%	2.46%	2.46%	2.46%	2.46%	2.46%	2.46%	2.46%	2.46%	2.46%
No. of Shareholders	66,018	70,411	64,947	68,097	65,843	62,488	60,070	59,365	58,514	59,920	56,831	56,211

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	55.61%	57.27%	57.28%	57.28%	57.28%	57.28%	57.28%	62.27%	64.29%	64.58%
	0.37%	0.47%	0.59%	0.61%	0.59%	0.83%	0.82%	1.51%	1.26%	1.17%
	11.19%	11.28%	11.22%	11.21%	11.10%	8.47%	5.37%	1.22%	1.17%	1.17%
	30.37%	28.52%	28.45%	28.44%	28.56%	30.96%	34.06%	32.53%	30.82%	30.61%
	2.46%	2.46%	2.46%	2.46%	2.46%	2.46%	2.46%	2.46%	2.46%	2.46%
No. of Shareholders	19,270	20,663	21,466	21,791	23,234	65,125	66,018	65,843	58,514	56,211

* 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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Veedol Corporation Ltd

Veedol Corporation Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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