Veto Switchgears & Cables Ltd

₹ 124 1.57%

29 May - 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

Market Cap ₹ 237 Cr.
Current Price ₹ 124
High / Low ₹ 140 / 82.3
Stock P/E 9.43
Book Value ₹ 152
Dividend Yield 0.81 %
ROCE 11.7 %
ROE 9.04 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 0.82 times its book value
Company is expected to give good quarter

Cons

Company has a low return on equity of 8.42% over last 3 years.
Dividend payout has been low at 8.97% of profits over last 3 years
Company has high debtors of 155 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	84.14	66.96	71.64	82.05	79.44	61.21	74.28	75.71	89.18	64.87	88.77	94.22	138.86
	77.91	59.13	61.63	73.33	75.12	54.11	65.72	70.52	78.34	58.57	80.40	84.41	125.60
Operating Profit	6.23	7.83	10.01	8.72	4.32	7.10	8.56	5.19	10.84	6.30	8.37	9.81	13.26
OPM %	7.40%	11.69%	13.97%	10.63%	5.44%	11.60%	11.52%	6.86%	12.16%	9.71%	9.43%	10.41%	9.55%
	1.81	0.41	0.34	0.39	3.59	0.42	0.15	1.45	0.52	0.35	0.85	0.55	0.19
Interest	1.41	0.97	1.57	0.87	0.73	0.39	0.04	0.50	0.71	0.63	0.37	0.47	0.51
Depreciation	0.66	0.76	0.70	0.79	0.48	0.63	0.66	0.93	0.84	1.09	1.02	1.13	1.09
Profit before tax	5.97	6.51	8.08	7.45	6.70	6.50	8.01	5.21	9.81	4.93	7.83	8.76	11.85
Tax %	63.15%	24.88%	25.12%	34.36%	66.87%	24.92%	25.47%	30.33%	25.18%	30.22%	22.48%	28.42%	25.74%
	2.21	4.90	6.05	4.89	2.23	4.88	5.97	3.63	7.34	3.43	6.08	6.27	8.80
EPS in Rs	1.05	2.54	3.13	2.50	1.11	2.54	3.09	1.96	3.94	1.93	3.18	3.45	4.59
Raw PDF

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
	97	177	239	253	218	150	181	267	290	300	300	387
	82	151	214	212	197	131	158	233	257	269	269	349
Operating Profit	15	26	25	41	21	19	24	34	33	31	32	38
OPM %	16%	15%	11%	16%	10%	13%	13%	13%	11%	10%	11%	10%
	1	-4	2	2	0	1	2	3	5	5	3	2
Interest	4	5	4	3	4	4	2	4	5	4	2	2
Depreciation	2	2	2	2	1	2	2	3	3	3	3	4
Profit before tax	10	15	21	39	16	14	21	30	30	29	30	33
Tax %	27%	15%	14%	26%	27%	33%	31%	32%	33%	37%	26%	26%
	7	13	18	29	12	9	15	20	20	18	22	25
EPS in Rs	3.90	7.14	10.00	15.81	6.05	4.85	7.74	10.47	10.59	9.39	11.58	13.15
Dividend Payout %	0%	28%	20%	13%	0%	0%	13%	10%	9%	11%	9%	8%

Compounded Sales Growth
10 Years:	8%
5 Years:	16%
3 Years:	10%
TTM:	29%

Compounded Profit Growth
10 Years:	4%
5 Years:	11%
3 Years:	7%
TTM:	14%

Stock Price CAGR
10 Years:	1%
5 Years:	0%
3 Years:	7%
1 Year:	-7%

Return on Equity
10 Years:	10%
5 Years:	9%
3 Years:	8%
Last Year:	9%

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	18	18	18	18	19	19	19	19	19	19	19	19
Reserves	54	63	83	130	148	159	175	194	214	227	247	271
	35	42	31	38	40	26	35	47	43	23	23	21
	14	19	13	16	13	16	45	49	45	37	43	87
Total Liabilities	121	142	145	202	220	220	274	309	321	306	332	398
	22	21	20	23	30	40	44	43	40	41	51	49
CWIP	0	3	8	7	0	3	2	3	7	9	11	13
Investments	0	0	0	0	0	0	0	0	0	0	0	0
	99	118	118	171	190	177	227	263	274	256	270	336
Total Assets	121	142	145	202	220	220	274	309	321	306	332	398

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
	-2	21	20	-25	11	31	7	-8	18	28	15
	3	-8	-12	4	-2	-11	-7	0	-2	-8	-18
	-5	-0	-21	21	3	-19	-3	4	-10	-27	-3
Net Cash Flow	-4	14	-13	0	12	1	-4	-3	6	-8	-6
Free Cash Flow	-4	18	14	-29	9	18	4	-9	13	22	-5
CFO/OP	-1%	93%	88%	-49%	98%	188%	56%	2%	91%	130%	76%

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	125	86	86	154	102	145	183	162	171	162	179	155
Inventory Days	141	100	70	86	207	314	320	231	182	156	160	132
Days Payable	58	30	15	15	17	34	92	65	52	40	48	45
Cash Conversion Cycle	208	156	140	225	292	425	411	328	300	278	291	242
Working Capital Days	133	58	93	164	198	282	279	225	229	231	242	207
ROCE %	13%	21%	20%	26%	10%	9%	11%	14%	13%	12%	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 ・Standalone data

Actual Production - Wires & Cables
Lac Bundles ・Standalone data

Capacity Utilization - Electrical Accessories
% ・Standalone data

Capacity Utilization - Wires & Cables
% ・Standalone data

Installed Capacity - Electrical Accessories
Lac Pieces ・Standalone data

Installed Capacity - Wires & Cables
Lac Bundles ・Standalone data

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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