Veedol Corporation Ltd

₹ 1,482 -0.74%

31 Aug 2:04 p.m.

About

Veedol Corporation Ltd, formerly Tide Water
Oil Co. (India) Ltd, manufactures and markets automotive, OEM and industrial lubricants, greases, transmission fluids, coolants, EV fluids and vehicle-care products under the Veedol and ENEOS brands. It operates five Indian plants, has subsidiaries in the UK and UAE and sells across 70+ countries.^[1] ^[2]

Key Points

Product Portfolio:
a) Automotive Lubricants:^[1]
The portfolio covers lubricants for two-wheelers, passenger and commercial vehicles, tractors and off-highway equipment, besides industrial oils, specialised greases, coolants and EV fluids.^[2]
b) Industrial Lubricants:^[3]
The Co. also manufactures industrial lubricants like Machinery Oil, Thermic Fluids, Spindle Oils, Turbine Oils, Heavy-duty Hydraulic Oils, etc.
c) Specialities:^[4]

The Co. is also engaged in the manufacture and sale of Speciality Vehicle Sanitization Products.

Website BSE NSE

Market Cap ₹ 2,582 Cr.
Current Price ₹ 1,482
High / Low ₹ 2,035 / 1,238
Stock P/E 17.8
Book Value ₹ 456
Dividend Yield 3.91 %
ROCE 18.2 %
ROE 17.3 %
Face Value ₹ 2.00

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Pros

Company has reduced debt.
Company is almost debt free.
Stock is providing a good dividend yield of 3.91%.
Company has been maintaining a healthy dividend payout of 99.8%

Cons

The company has delivered a poor sales growth of 8.03% over past five years.
Tax rate seems low
Earnings include an other income of Rs.121 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

	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
	383	381	404	388	378	364	386	398	373	352	395	428	392
	361	363	381	359	360	345	368	363	359	341	379	414	375
Operating Profit	22	18	23	29	18	19	18	34	13	10	16	13	18
OPM %	6%	4.7%	6%	8%	4.8%	5%	4.7%	9%	3.6%	2.9%	4.0%	3.1%	4.5%
	14	11	13	18	20	14	17	20	13	27	38	38	18
Interest	0	0	0	0	1	1	1	1	1	1	0	1	0
Depreciation	2	2	2	2	4	7	6	6	6	6	6	6	5
Profit before tax	33	26	33	45	34	25	28	47	20	31	48	44	30
Tax %	21%	20%	20%	17%	21%	22%	-18%	5%	17%	15%	8%	-11%	13%
	26	21	26	37	27	20	34	45	16	26	44	49	26
EPS in Rs	15.12	12.03	15.07	21.33	15.37	11.19	19.30	25.81	9.35	15.15	25.05	28.03	15.03
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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	TTM
	956	935	962	1,074	1,193	1,127	1,051	1,248	1,492	1,557	1,527	1,547	1,566
	868	794	830	949	1,072	1,007	926	1,145	1,411	1,464	1,437	1,494	1,509
Operating Profit	88	141	132	125	121	121	126	103	82	93	91	53	57
OPM %	9%	15%	14%	12%	10%	11%	12%	8%	5%	6%	6%	3.5%	3.7%
	163	-1	28	30	35	33	42	46	36	55	69	115	121
Interest	0	0	1	1	1	1	2	1	1	1	3	2	2
Depreciation	7	7	7	8	8	9	10	11	10	10	22	24	23
Profit before tax	243	133	151	147	147	143	156	136	106	137	134	142	153
Tax %	30%	38%	32%	34%	34%	26%	25%	22%	20%	19%	7%	5%
	171	83	103	97	97	106	117	107	85	111	125	135	145
EPS in Rs	99.51	47.53	58.82	55.39	55.27	60.42	67.11	61.17	48.72	63.54	71.67	77.57	83.26
Dividend Payout %	17%	52%	50%	61%	83%	80%	87%	88%	84%	80%	74%	146%

Compounded Sales Growth
10 Years:	5%
5 Years:	8%
3 Years:	1%
TTM:	3%

Compounded Profit Growth
10 Years:	3%
5 Years:	3%
3 Years:	16%
TTM:	20%

Stock Price CAGR
10 Years:	3%
5 Years:	-4%
3 Years:	9%
1 Year:	-9%

Return on Equity
10 Years:	16%
5 Years:	16%
3 Years:	17%
Last Year:	17%

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	0.85	2	2	2	2	2	2	3	3	3	3	3
Reserves	516	599	627	654	645	671	702	668	681	709	746	791
	0	0	0	0	0	1	1	0	4	0	21	15
	192	208	211	211	206	198	229	230	250	249	231	234
Total Liabilities	709	809	839	867	853	872	934	902	939	962	1,002	1,043
	90	97	97	104	112	122	118	114	109	107	141	136
CWIP	0	2	0	3	1	2	1	1	2	7	2	4
Investments	121	115	212	214	214	215	215	215	215	215	215	215
	498	596	530	546	526	533	599	572	612	632	644	688
Total Assets	709	809	839	867	853	872	934	902	939	962	1,002	1,043

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
	93	139	41	102	82	121	48	80	54	95	-35	91
	36	-7	16	-86	-6	-43	44	47	31	-37	129	135
	-32	-48	-56	-71	-105	-76	-84	-138	-68	-85	-98	-122
Net Cash Flow	97	83	1	-55	-29	1	9	-12	18	-27	-4	105
Free Cash Flow	211	124	34	85	68	103	42	74	47	79	-56	72
CFO/OP	145%	136%	76%	124%	112%	130%	60%	104%	92%	121%	-14%	207%

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	57	57	58	47	45	34	38	40	36	34	45	43
Inventory Days	90	111	129	100	88	110	171	118	99	90	113	102
Days Payable	53	86	93	88	75	78	100	70	57	36	39	46
Cash Conversion Cycle	94	83	95	59	58	66	108	88	78	88	119	99
Working Capital Days	71	64	78	67	63	60	82	72	60	96	102	73
ROCE %	21%	28%	25%	23%	23%	22%	23%	20%	16%	20%	19%	18%

Insights

In beta

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Installed capacity for grease
MT/year

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

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Installed capacity for lubricants
KL/year

Number of depots
count

Number of distributors and dealers
count

Number of manufacturing plants
count

Retail outlets and workshops served
count

Automotive segment share of revenue
%

Veedol brand share of gross domestic sales
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	57.28%	62.27%	62.27%	64.15%	64.29%	64.29%	64.29%	62.35%	64.58%	64.58%	64.58%	64.58%
	0.97%	1.38%	1.51%	1.98%	1.71%	1.46%	1.26%	1.14%	1.37%	1.17%	1.06%	1.02%
	2.12%	1.27%	1.22%	1.23%	1.24%	1.28%	1.17%	1.17%	1.17%	1.17%	1.17%	1.17%
	37.18%	32.61%	32.53%	30.17%	30.30%	30.51%	30.82%	32.86%	30.41%	30.61%	30.72%	30.76%
	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	64,947	68,097	65,843	62,488	60,070	59,365	58,514	59,920	56,831	56,211	55,526	54,979

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	55.61%	57.27%	57.28%	57.28%	57.28%	57.28%	57.28%	62.27%	64.29%	64.58%	64.58%
	0.37%	0.47%	0.59%	0.61%	0.59%	0.83%	0.82%	1.51%	1.26%	1.06%	1.02%
	11.19%	11.28%	11.22%	11.21%	11.10%	8.47%	5.37%	1.22%	1.17%	1.17%	1.17%
	30.37%	28.52%	28.45%	28.44%	28.56%	30.96%	34.06%	32.53%	30.82%	30.72%	30.76%
	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	19,270	20,663	21,466	21,791	23,234	65,125	66,018	65,843	58,514	55,526	54,979

* 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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