Veto Switchgears & Cables Ltd

₹ 133 1.18%

22 Jun - close price

vetoswitchgears.com BSE: 539331 NSE: VETO

About

Incorporated in 2007, Veto Switchgears
& Cables Ltd manufactures wires & cables, electrical accessories & also deals in LED
lighting, CFL & Fans^[1]

Key Points

Business Overview:^[1]
VSCL is a flagship company of Gurnani Group. It is ISO 9001:2008 Certified, the first company to produce ISI-mark electrical accessories in India, and manufactures all types of cables and housing wires. It sells products under the brand name of Veto and Vimal Power

Website BSE NSE - BE

Market Cap ₹ 255 Cr.
Current Price ₹ 133
High / Low ₹ 154 / 82.3
Stock P/E 10.7
Book Value ₹ 147
Dividend Yield 0.75 %
ROCE 11.6 %
ROE 8.83 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Stock is trading at 0.91 times its book value

Cons

The company has delivered a poor sales growth of 10.1% over past five years.
Company has a low return on equity of 10.2% over last 3 years.
Dividend payout has been low at 7.73% of profits over last 3 years
Company has high debtors of 152 days.
Promoter holding has decreased over last 3 years: -5.02%

* 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

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	59.85	41.63	51.31	54.96	61.66	41.74	52.98	54.12	67.19	43.24	58.13	70.37	74.79
	54.41	36.31	43.79	48.27	56.83	36.49	46.48	50.28	57.88	38.69	51.90	62.31	64.66
Operating Profit	5.44	5.32	7.52	6.69	4.83	5.25	6.50	3.84	9.31	4.55	6.23	8.06	10.13
OPM %	9.09%	12.78%	14.66%	12.17%	7.83%	12.58%	12.27%	7.10%	13.86%	10.52%	10.72%	11.45%	13.54%
	9.47	0.84	1.11	0.88	17.77	1.25	1.35	2.35	1.67	1.58	2.25	1.85	1.77
Interest	1.09	0.69	0.97	0.44	0.49	0.26	0.06	0.33	0.60	0.46	0.28	0.35	0.35
Depreciation	0.55	0.61	0.55	0.64	0.33	0.52	0.55	0.72	0.64	0.76	0.87	0.88	0.84
Profit before tax	13.27	4.86	7.11	6.49	21.78	5.72	7.24	5.14	9.74	4.91	7.33	8.68	10.71
Tax %	26.98%	24.49%	25.60%	35.13%	20.48%	24.65%	25.14%	25.29%	18.48%	24.24%	22.24%	26.04%	25.40%
	9.68	3.66	5.29	4.20	17.32	4.31	5.42	3.84	7.95	3.72	5.69	6.42	8.00
EPS in Rs	5.06	1.91	2.77	2.20	9.06	2.25	2.84	2.01	4.16	1.95	2.98	3.36	4.19
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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
	97	112	120	123	109	121	153	174	196	210	216	247
	82	92	105	95	97	105	129	147	172	185	191	218
Operating Profit	15	20	16	28	12	16	23	26	24	24	25	29
OPM %	16%	18%	13%	23%	11%	13%	15%	15%	12%	12%	12%	12%
	1	-3	5	6	6	6	3	10	13	21	7	7
Interest	4	5	4	3	4	4	2	3	4	3	1	1
Depreciation	2	2	2	1	1	2	2	3	2	2	2	3
Profit before tax	10	10	15	30	14	16	22	31	31	40	28	32
Tax %	27%	23%	20%	33%	31%	30%	28%	26%	27%	24%	23%	25%
	7	8	12	20	9	11	16	23	23	30	22	24
EPS in Rs	3.90	4.18	6.70	10.93	4.88	5.79	8.43	11.83	11.95	15.95	11.26	12.47
Dividend Payout %	0%	48%	30%	18%	0%	0%	12%	8%	8%	6%	9%	8%

Compounded Sales Growth
10 Years:	8%
5 Years:	10%
3 Years:	8%
TTM:	14%

Compounded Profit Growth
10 Years:	8%
5 Years:	8%
3 Years:	1%
TTM:	11%

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

Return on Equity
10 Years:	11%
5 Years:	11%
3 Years:	10%
Last Year:	9%

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	18	18	18	18	19	19	19	19	19	19	19	19
Reserves	54	57	72	110	122	133	150	170	191	220	240	262
	35	42	31	38	40	26	34	38	28	13	17	12
	14	18	13	14	12	15	22	23	23	21	26	68
Total Liabilities	121	136	134	180	193	194	224	251	261	274	301	361
	20	19	18	18	25	26	27	26	24	25	31	30
CWIP	0	2	5	7	0	2	0	0	0	0	0	0
Investments	1	2	2	2	2	13	39	39	39	27	27	27
	101	113	109	153	166	153	158	186	198	222	242	304
Total Assets	121	136	134	180	193	194	224	251	261	274	301	361

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
	-2	19	22	-1	2	11	3	1	5	6	16	24
	3	-18	-1	-20	5	2	-14	0	12	17	-23	-16
	-5	-0	-21	21	3	-19	7	-3	-16	-19	1	-8
Net Cash Flow	-4	0	-0	0	10	-6	-4	-1	1	3	-7	0
Free Cash Flow	-4	15	18	-4	1	8	3	1	4	3	7	23
CFO/OP	-2%	106%	156%	15%	97%	99%	38%	32%	61%	69%	93%	115%

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	125	131	128	160	155	148	149	156	159	161	167	152
Inventory Days	141	175	149	206	288	265	230	214	176	169	165	141
Days Payable	58	53	36	34	38	42	45	30	33	30	39	45
Cash Conversion Cycle	208	253	241	331	405	372	334	340	302	300	293	248
Working Capital Days	133	67	125	168	193	219	198	209	235	252	242	213
ROCE %	13%	17%	16%	23%	10%	11%	13%	16%	15%	17%	11%	12%

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

Number of Dealers/Distributors
Count

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

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Actual Production - Electrical Accessories
Lac Pieces

Actual Production - Wires & Cables
Lac Bundles

Capacity Utilization - Electrical Accessories
%

Capacity Utilization - Wires & Cables
%

Installed Capacity - Electrical Accessories
Lac Pieces

Installed Capacity - Wires & Cables
Lac Bundles

Number of States Covered (Distribution)
Count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	50.08%	47.15%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%
	0.00%	0.00%	0.00%	0.01%	0.00%	0.09%	0.01%	0.42%	0.53%	0.00%	0.01%	0.01%
	49.92%	52.86%	54.93%	54.94%	54.94%	54.86%	54.94%	54.53%	54.42%	54.95%	54.93%	54.94%
No. of Shareholders	20,508	26,131	25,804	29,603	28,572	26,872	26,144	25,578	26,567	26,299	25,776	25,172

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	58.19%	45.94%	50.07%	54.22%	55.74%	55.74%	50.08%	45.06%	45.06%	45.06%
	7.17%	6.88%	5.31%	4.12%	5.16%	1.32%	0.00%	0.01%	0.42%	0.01%
	0.00%	0.28%	0.04%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	34.64%	46.91%	44.58%	41.66%	39.10%	42.94%	49.93%	54.94%	54.53%	54.94%
No. of Shareholders	7,615	11,548	12,176	10,575	9,502	19,923	19,724	29,603	25,578	25,172

* 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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Veto Switchgears & Cables Ltd

Veto Switchgears & Cables Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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