Veljan Denison Ltd

₹ 1,854 -1.62%

15 Sep 4:01 p.m.

About

Incorporated in 1973, Veljan Denison Ltd manufactures Hydraulic Pumps, Motors, Valves and Custom Built Power Packs^[1]

Key Points

Business Overview:^[1]^[2]
VDL commenced commercial production in 1977 as a joint venture with the Denison Hydraulics division of Abex Corporation, USA. Following subsequent changes in ownership, the Indian promoters became independent in 1994. The Company manufactures precision hydraulic components and systems, including hydraulic vane pumps, motors, valves and power pack systems, with its manufacturing units primarily located in Patancheru, Hyderabad.

Website BSE NSE - BE

Market Cap ₹ 837 Cr.
Current Price ₹ 1,854
High / Low ₹ 1,980 / 752
Stock P/E 33.0
Book Value ₹ 534
Dividend Yield 0.46 %
ROCE 14.9 %
ROE 10.9 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Company has delivered good profit growth of 26.2% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 17.0%

Cons

Stock is trading at 3.47 times its book value
Company has a low return on equity of 10.8% over last 3 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

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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
	28.27	31.05	31.51	33.43	33.67	33.96	36.42	37.54	38.53	35.72	32.91	40.83	39.07
	20.55	24.23	23.69	25.45	26.26	25.74	27.31	28.85	28.19	25.96	25.29	31.28	28.46
Operating Profit	7.72	6.82	7.82	7.98	7.41	8.22	9.11	8.69	10.34	9.76	7.62	9.55	10.61
OPM %	27.31%	21.96%	24.82%	23.87%	22.01%	24.20%	25.01%	23.15%	26.84%	27.32%	23.15%	23.39%	27.16%
	0.59	0.63	0.78	0.72	0.64	0.63	0.63	0.88	0.67	0.71	0.73	0.94	1.07
Interest	0.20	0.48	0.18	0.15	0.08	0.10	0.13	0.13	0.06	0.09	0.14	0.09	0.09
Depreciation	1.12	1.13	1.26	1.24	1.22	1.25	1.28	1.29	1.32	1.37	1.37	1.37	1.42
Profit before tax	6.99	5.84	7.16	7.31	6.75	7.50	8.33	8.15	9.63	9.01	6.84	9.03	10.17
Tax %	25.89%	26.03%	25.84%	24.21%	25.93%	25.87%	26.65%	28.96%	26.17%	26.30%	32.16%	27.13%	26.65%
	5.18	4.32	5.31	5.55	5.01	5.56	6.11	5.79	7.11	6.64	4.64	6.57	7.46
EPS in Rs	11.51	9.60	11.80	12.33	11.13	12.36	13.58	12.87	15.80	14.76	10.31	14.60	16.58
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	TTM
	78	78	79	96	88	83	74	98	111	124	142	148	149
	56	57	56	68	61	61	60	72	87	94	108	111	111
Operating Profit	22	21	23	28	26	22	13	26	23	30	33	37	38
OPM %	28%	27%	29%	29%	30%	26%	18%	26%	21%	24%	24%	25%	25%
	3	0	1	1	1	1	1	2	2	3	3	3	3
Interest	2	2	2	1	1	1	0	0	1	1	0	0	0
Depreciation	3	2	3	3	3	4	5	5	5	5	5	5	6
Profit before tax	20	18	19	25	23	18	9	23	20	27	31	35	35
Tax %	34%	30%	25%	34%	28%	26%	24%	27%	26%	25%	27%	28%
	13	13	15	16	16	13	7	17	15	20	22	25	25
EPS in Rs	28.98	27.87	32.24	36.18	36.29	29.87	15.24	37.51	32.40	45.27	49.96	55.47	56.25
Dividend Payout %	17%	18%	16%	14%	14%	17%	33%	17%	20%	19%	17%	15%

Compounded Sales Growth
10 Years:	7%
5 Years:	15%
3 Years:	10%
TTM:	1%

Compounded Profit Growth
10 Years:	7%
5 Years:	26%
3 Years:	20%
TTM:	3%

Stock Price CAGR
10 Years:	17%
5 Years:	27%
3 Years:	28%
1 Year:	51%

Return on Equity
10 Years:	10%
5 Years:	10%
3 Years:	11%
Last Year:	11%

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	2	2	2	2	2	2	2	2	2	2	4	4
Reserves	88	98	113	126	140	148	155	169	181	198	215	236
	27	26	34	22	19	6	10	7	9	7	8	1
	20	12	12	15	23	22	21	24	26	24	29	26
Total Liabilities	137	138	161	165	184	178	188	202	219	231	257	268
	23	27	24	26	43	56	62	58	59	78	82	82
CWIP	4	3	3	3	6	7	3	7	15	3	2	2
Investments	0	0	0	0	0	0	0	0	14	14	14	14
	110	109	134	135	136	115	123	137	131	137	159	169
Total Assets	137	138	161	165	184	178	188	202	219	231	257	268

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
	0	13	18	17	29	18	26	13	16	11	16	28
	-1	-1	-1	-6	-25	-10	-6	-15	-16	-6	-7	-12
	3	-6	6	-15	-7	-18	3	-5	0	-5	-4	-11
Net Cash Flow	2	6	23	-4	-2	-11	23	-8	-0	0	6	5
Free Cash Flow	-4	12	17	10	3	7	18	4	4	2	8	23
CFO/OP	37%	61%	110%	90%	146%	112%	191%	75%	90%	56%	73%	99%

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	297	316	274	246	216	161	142	123	93	84	84	83
Inventory Days	259	207	298	181	354	536	489	491	465	492	496	434
Days Payable	68	31	30	21	136	146	125	118	89	73	86	60
Cash Conversion Cycle	489	492	542	407	434	551	506	496	468	503	495	458
Working Capital Days	269	290	250	256	261	296	242	237	197	206	205	217
ROCE %	20%	16%	15%	17%	15%	12%	7%	14%	11%	14%	14%	15%

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

Castings Share of Raw Material Consumption
% of total raw material consumption

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

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Components Share of Raw Material Consumption
% of total raw material consumption

Imported Material Share of Raw Material Consumption
% of total raw material consumption

Steel Share of Raw Material Consumption
% of total raw material consumption

Foreign Exchange Earnings (Exports)
Rs Lakhs

Pumps, Motors, Valves & Spares Revenue Share
% of revenue from operations

Research and Development Expenditure
Rs Lakhs

Total Permanent Employees
number

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
	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%
	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	25.02%	25.02%	25.01%	25.02%	25.00%	25.02%	25.02%	25.01%	25.02%	25.02%	25.02%	25.02%
No. of Shareholders	2,994	3,018	3,553	4,151	4,210	4,843	4,772	4,758	4,822	4,700	4,549	4,383

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%
	10.40%	10.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%
	14.62%	14.62%	25.02%	25.02%	25.02%	25.02%	25.02%	25.02%	25.01%	25.02%	25.02%	25.02%
No. of Shareholders	2,372	2,565	2,906	2,921	2,715	2,877	2,729	2,898	3,553	4,772	4,549	4,383

* 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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Veljan Denison Ltd

Veljan Denison Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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