Veedol Corporation Ltd

₹ 1,485 -0.57%

31 Aug 1:01 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 ₹ 2,587 Cr.
Current Price ₹ 1,485
High / Low ₹ 2,035 / 1,238
Stock P/E 11.8
Book Value ₹ 594
Dividend Yield 3.90 %
ROCE 24.1 %
ROE 19.5 %
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 73.0%

Cons

The company has delivered a poor sales growth of 11.5% over past five years.

* 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

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
	474	474	496	487	479	476	482	532	514	509	538	607	609
	435	433	455	439	437	430	444	464	455	456	486	544	510
Operating Profit	39	42	42	48	41	46	38	68	59	53	52	63	98
OPM %	8%	9%	8%	10%	9%	10%	8%	13%	11%	10%	10%	10%	16%
	8	8	8	12	14	9	7	10	13	11	13	12	12
Interest	0	0	1	0	1	1	1	1	1	1	0	1	0
Depreciation	4	4	4	4	5	8	7	8	8	8	9	10	8
Profit before tax	42	45	45	55	50	46	37	69	64	55	56	64	102
Tax %	26%	22%	25%	23%	26%	25%	-1%	13%	22%	26%	22%	10%	23%
	31	35	34	43	37	35	37	60	50	41	44	57	78
EPS in Rs	17.90	20.21	19.27	24.63	21.30	19.86	21.43	34.26	28.51	23.50	24.99	32.98	44.72
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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
	1,037	974	1,130	1,275	1,377	1,317	1,258	1,536	1,854	1,933	1,972	2,169	2,263
	956	860	994	1,136	1,246	1,178	1,094	1,388	1,712	1,760	1,776	1,941	1,997
Operating Profit	81	113	136	139	131	138	164	147	142	173	196	227	266
OPM %	8%	12%	12%	11%	9%	10%	13%	10%	8%	9%	10%	10%	12%
	163	24	35	32	32	38	38	30	22	31	38	48	48
Interest	1	1	3	3	2	2	2	2	1	2	4	2	2
Depreciation	11	7	9	9	10	12	14	15	15	15	29	34	34
Profit before tax	232	129	159	159	149	161	185	160	147	187	202	238	276
Tax %	32%	39%	32%	33%	35%	24%	24%	23%	22%	24%	16%	20%
	159	86	108	107	97	122	141	123	115	143	169	192	220
EPS in Rs	92.18	49.39	61.87	61.05	55.41	69.75	80.76	70.54	65.76	82.03	96.85	109.97	126.19
Dividend Payout %	19%	50%	47%	56%	82%	70%	72%	76%	62%	62%	54%	103%

Compounded Sales Growth
10 Years:	8%
5 Years:	12%
3 Years:	5%
TTM:	13%

Compounded Profit Growth
10 Years:	8%
5 Years:	6%
3 Years:	18%
TTM:	17%

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

Return on Equity
10 Years:	18%
5 Years:	18%
3 Years:	19%
Last Year:	19%

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
Equity Capital	0.85	2	2	2	2	2	2	3	3	3	3	3
Reserves	499	585	611	649	638	679	735	716	761	824	911	1,032
	21	28	29	42	39	38	18	14	5	1	22	16
	217	231	255	256	249	248	286	302	330	320	320	353
Total Liabilities	738	846	897	949	928	967	1,040	1,036	1,099	1,149	1,256	1,405
	194	148	231	242	249	263	277	270	272	294	340	351
CWIP	0	2	0	3	2	12	4	3	2	10	7	8
Investments	0	68	65	70	69	76	74	70	70	73	78	82
	544	628	600	634	608	616	686	692	756	771	830	963
Total Assets	738	846	897	949	928	967	1,040	1,036	1,099	1,149	1,256	1,405

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
	80	127	35	94	79	133	69	93	103	156	30	194
	45	-7	24	-86	-1	-49	39	37	6	-92	73	53
	-20	-36	-56	-58	-110	-80	-102	-142	-81	-86	-99	-122
Net Cash Flow	105	83	2	-49	-31	4	6	-11	28	-21	4	125
Free Cash Flow	143	112	14	77	65	101	51	85	89	109	-12	160
CFO/OP	142%	158%	71%	108%	103%	124%	62%	86%	94%	114%	38%	109%

Ratios

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
Debtor Days	63	62	65	54	52	42	47	50	47	42	54	58
Inventory Days	84	105	115	93	85	102	150	109	90	84	104	93
Days Payable	60	89	96	90	80	87	107	79	64	47	51	59
Cash Conversion Cycle	87	78	84	57	56	56	90	80	73	79	107	92
Working Capital Days	62	41	65	54	53	48	71	66	59	86	92	71
ROCE %	18%	23%	26%	24%	22%	23%	26%	22%	20%	24%	24%	24%

Insights

In beta

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Installed capacity for grease
MT/year ・Standalone data

x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
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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 ・Standalone data

Number of depots
count ・Standalone data

Number of distributors and dealers
count ・Standalone data

Number of manufacturing plants
count ・Standalone data

Retail outlets and workshops served
count ・Standalone data

Automotive segment share of revenue
% ・Standalone data

Veedol brand share of gross domestic sales
% ・Standalone data

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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