Veedol Corporation Ltd.

•

veedolindia.com / www.veedol.comBSE: 590005NSE: VEEDOL

Market Cap₹ 2,504 Cr.

Current Price

High / Low₹ 2,035 / 1,238

Stock P/E11.4

Book Value₹ 634

Price to Book2.04

Dividend Yield4.04 %

ROCE24.7 %

ROE19.7 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2012 • Lubricants: 99.8% • Wind Power: 0.2%

AI Sector View

AI GENERATED

Oil Gas & Consumable Fuels

Reduce

Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

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PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 24.0%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 56.9% YoY, showing strong momentum
Company has been maintaining a healthy dividend payout of 51.5%

CONS

Company has delivered a poor profit growth of 8.8% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Oil Gas & Consumable FuelsAutomobile & AncillariesLubricants

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	CASTROLIND	188.15	17.52	18610.34	4.65	347.70	42.50	1871.47	25.03	61.82	26.41
2.	GULFOILLUB	1071.10	14.16	5307.89	4.76	120.84	26.96	1327.21	30.57	26.41	12.49
3.	SOTL	697.30	11.55	4780.72	0.72	288.06	414.80	1479.76	50.65	15.18	24.59
4.	PANAMAPET	492.70	6.23	2980.52	0.61	308.91	624.80	1735.15	150.30	19.58	22.35
5.	GANDHAR	271.60	8.82	2658.41	0.28	205.89	689.15	1731.93	91.81	14.99	16.24
6.	VEEDOL	1437.25	11.39	2504.26	4.04	77.92	56.88	608.57	18.49	24.70	17.48

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	519
Operating Profit	39	42	42	48	41	46	38	68	59	53	52	63	90
OPM %	8.13%	8.77%	8.38%	9.80%	8.65%	9.69%	7.90%	12.77%	11.44%	10.42%	9.59%	10.30%	14.73%
	5	5	4	8	8	3	-2	3	6	4	5	4	4
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	39	42	41	51	43	40	28	62	56	48	48	56	102
Tax %	27.52%	23.30%	26.99%	24.40%	29.40%	28.66%	-1.34%	14.44%	25.02%	29.73%	25.22%	11.46%	23.45%
Net Profit	0	0	0	0	37	35	37	60	50	41	44	57	78
	18.36	20.74	19.77	25.25	21.84	20.36	21.97	35.12	29.23	24.09	25.63	33.81	45.85

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,130	1,275	1,379	1,317	1,258	1,536	1,854	1,933	1,972	2,169	2,263
	994	1,136	1,249	1,179	1,094	1,388	1,712	1,762	1,779	1,942	2,006
Operating Profit	136	139	131	138	164	147	142	171	193	227	257
OPM %	12.01%	10.89%	9.46%	10.47%	13.04%	9.59%	7.67%	8.83%	9.78%	10.47%	11.35%
	30	23	21	23	22	20	15	20	13	18	17
Interest	3	3	2	2	2	2	1	2	4	2	2
Depreciation	9	9	10	12	14	15	15	15	29	34	34
Profit before Tax	153	150	139	146	170	160	147	187	202	238	254
Tax %	33.01%	35.00%	37.76%	26.99%	25.95%	23.23%	22.14%	23.64%	16.30%	19.63%	22.32%
Net Profit	103	98	86	106	126	123	115	143	169	192	197
EPS	0.00	0.00	0.00	0.00	83.16	72.32	67.42	84.08	99.26	112.72	—
Dividend Payout %	47.10%	55.69%	82.40%	69.64%	72.17%	76.07%	62.31%	61.85%	54.40%	51.46%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 11%
3 Years:: 5%

COMPOUNDED PROFIT GROWTH

10 Years:: 8%
5 Years:: 6%
3 Years:: 19%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -18%

RETURN ON EQUITY

10 Years:: 17%
5 Years:: 18%
3 Years:: 19%
Last Year:: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	3	3	3	3	3
	611	649	638	679	735	716	761	824	911	1,032
	50	62	59	58	38	35	26	22	35	26
Trade Payables	168	183	179	172	204	211	215	156	163	206
	114	478	526	571	499	549	582	690	540	546
Total Liabilities	945	1,374	1,405	1,482	1,478	1,516	1,588	1,695	1,652	1,814
	231	242	247	262	277	269	270	290	336	348
Capital Work in Progress	0	3	2	12	4	3	1	10	7	7
	66	70	71	77	74	70	70	73	78	82
	201	189	189	201	286	290	304	279	333	325
	0	0	0	0	0	0	0	224	293	345
Cash & Bank	149	179	160	205	184	149	163	41	45	205
	298	691	736	726	653	734	779	778	560	502
Total Assets	945	1,374	1,405	1,482	1,478	1,516	1,588	1,695	1,652	1,814

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	96	150	134	171	102	126	134	156	36	194
Cash from Investing	24	-86	-1	-49	38	37	6	-92	72	47
Cash from Financing	-56	-58	-110	-80	-102	-142	-81	-86	-99	-122
	2	-50	-31	3	5	-12	28	-22	3	119

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	64.29	64.29	64.29	62.35	64.58	64.58	64.58	64.58
	1.71	1.46	1.26	1.14	1.37	1.17	1.06	1.02
	1.24	1.28	1.17	1.17	1.17	1.17	1.17	1.17
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	32.77	32.98	33.28	35.33	32.87	33.08	33.19	33.23

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-25

Shareholders meeting

2026-08-25 - Veedol Corporation Limited has submitted the Exchange the E-Voting Results of the 103rd Annual General Meeting of the Company, along with Scrutinizer's Report.

2026-08-24

Shareholders meeting

2026-08-24 - Veedol Corporation Limited has informed the Exchange regarding Proceedings of 103rd Annual General Meeting held on August 24, 2026, through VC / OAVM.

2026-08-20

Copy of Newspaper Publication

2026-08-20 - Veedol Corporation Limited has informed the Exchange about Copy of Newspaper Publication in respect of dispatch of Postal Ballot Notice to the shareholders of the Company.

2026-08-19

Shareholders meeting

2026-08-19 - Veedol Corporation Limited has informed the Exchange regarding Postal Ballot Notice dated 15th August, 2026.

2026-08-18

Disclosure under SEBI Takeover Regulations

2026-08-18 - Standard Greases & Specialities Pvt Ltd has submitted to the Exchange a copy of Disclosures under Regulation 10(6)-Report to stock Exchange in respect of any acquisition made in reliance upon exemption provided for in regulation 10 of SEBI (SAST) Regulations, 2011.

2026-08-15

General Updates

2026-08-15 - Veedol Corporation Limited has informed the Exchange about circulation of Postal Ballot Notice in relation to obtaining approval of shareholders for Material Related Party Transactions with Standard Grease and Technologies Private Limited.

2026-08-13

Resignation of Director/KMP/SMP

2026-08-13 - Veedol Corporation Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-12

Resignation of Director/KMP/SMP

2026-08-12 - Veedol Corporation Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-12

Resignation of Director/KMP/SMP

2026-08-12 - Veedol Corporation Limited has informed the Exchange about Resignation of Director/KMP/SMP

News

Recent coverage and analyst commentary for VEEDOL

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