Veto Switchgears And Cables Ltd.

•

vetoswitchgears.comBSE: 539331NSE: VETO

Market Cap₹ 241 Cr.

Current Price

High / Low₹ 154 / 82

Stock P/E8.8

Book Value₹ 155

Price to Book0.73

Dividend Yield0.79 %

ROCE11.2 %

ROE8.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Lighting & Fittings: 48.1% • Wire & Cables: 28.7% • Accessories & Others: 23.3%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Latest quarter profit grew 70.5% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.01x)
Company comfortably covers its interest (19.0x coverage)
Company generates healthy free cash flow

CONS

Company has a low return on equity of 8.4% over last 3 years
Operating margins have contracted to 10.5% from 13.9%
Growth is decelerating - 3Y profit CAGR (2.6%) trails the 5Y trend (18.6%)
Though reporting repeated profits, the company pays out little dividend (8.6%)
Expensive relative to growth - PEG of 3.4

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

Peer comparison

Capital GoodsCapital GoodsElectric Equipment

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

S.No.	Name
1.	ABB	7269.10	51.56	154038.32	0.54	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	910.00	114.69	143365.96	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	SIEMENS	3960.90	43.07	141055.77	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	POWERINDIA	31415.40	121.72	140025.86	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
5.	GVT&D	4545.00	623.18	116373.15	0.22	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3178.75	76.08	113201.81	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2627.50	19.80	75580.39	0.15	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17496.15	62.01	73260.47	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1114.80	42.84	69960.57	0.90	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	44.16	19.31	60700.73	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1227.70	159.75	29354.80	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	VETO	125.85	8.79	240.56	0.79	5.85	70.48	89.36	37.75	11.19	10.57

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
	67	72	82	79	61	74	76	89	65	89	94	139	89
	59	62	73	75	54	66	71	78	59	80	84	126	82
Operating Profit	8	10	9	4	7	9	5	11	6	8	10	13	8
OPM %	11.68%	13.97%	10.64%	5.45%	11.60%	11.52%	6.87%	12.16%	9.70%	9.43%	10.41%	9.55%	8.60%
	0	0	0	4	0	0	1	1	0	1	1	0	1
Interest	1	2	1	1	0	0	0	1	1	0	0	1	1
Depreciation	1	1	1	0	1	1	1	1	1	1	1	1	1
Profit before Tax	7	8	7	7	6	8	5	10	5	8	9	12	8
Tax %	24.73%	25.12%	34.36%	66.77%	24.92%	25.47%	30.27%	25.18%	30.22%	22.48%	28.42%	25.74%	28.81%
Net Profit	0	0	0	0	5	6	4	7	3	6	6	9	6
	2.56	3.16	2.56	1.17	2.55	3.12	1.96	3.84	1.80	3.18	3.45	4.59	3.10

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	177	239	253	218	150	181	267	290	300	300	411
	151	214	212	197	131	158	233	257	269	269	372
Operating Profit	26	25	41	21	19	24	34	33	31	32	39
OPM %	14.64%	10.65%	16.31%	9.59%	12.56%	13.03%	12.70%	11.27%	10.29%	10.55%	9.52%
	-4	2	2	0	1	1	3	5	5	3	2
Interest	5	4	3	4	4	2	4	5	4	2	2
Depreciation	2	2	2	1	2	2	3	3	3	3	4
Profit before Tax	15	21	39	16	14	21	30	30	29	30	37
Tax %	14.86%	14.02%	25.57%	27.47%	33.32%	30.64%	32.24%	32.75%	37.18%	26.14%	26.37%
Net Profit	13	18	29	12	9	15	20	20	18	22	27
EPS	7.14	9.77	15.30	6.09	4.88	7.76	10.56	10.70	9.39	11.58	—
Dividend Payout %	28.00%	20.00%	12.65%	0.00%	0.00%	12.92%	9.55%	9.44%	10.65%	8.64%	—

COMPOUNDED SALES GROWTH

10 Years:: 12%
5 Years:: 15%
3 Years:: 4%

COMPOUNDED PROFIT GROWTH

10 Years:: 12%
5 Years:: 19%
3 Years:: 3%

STOCK PRICE CAGR

10 Years:: 0%
5 Years:: 4%
3 Years:: 1%
1 Year:: 13%

RETURN ON EQUITY

10 Years:: 12%
5 Years:: 9%
3 Years:: 8%
Last Year:: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	18	18	18	19	19	19	19	19	19	19
Minority Interest	0	0	0	0	0	1	1	1	1	1
	63	79	106	148	159	175	194	214	227	247
	42	31	38	40	26	41	52	47	16	25
Trade Payables	11	9	8	8	10	32	34	30	24	28
	8	7	29	2	4	4	6	6	15	7
Total Liabilities	141	143	199	218	218	271	306	318	302	328
	21	20	23	16	25	30	29	27	28	38
Capital Work in Progress	3	8	7	0	3	2	3	7	9	11
	35	39	45	98	90	112	122	105	94	95
	0	0	0	0	0	0	0	0	133	147
Cash & Bank	15	10	3	15	16	13	9	15	8	1
	67	67	121	89	83	114	143	164	30	35
Total Assets	141	143	199	218	218	271	306	318	302	328

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	24	22	-20	21	35	13	1	30	28	15
Cash from Investing	-8	-11	4	-2	-13	-7	-0	-4	-7	-18
Cash from Financing	-0	-21	21	3	-19	-3	4	-10	-27	-3
	14	-12	-0	12	-1	-4	-4	4	-6	-6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	45.06	45.06	45.06	45.06	45.06	45.06	45.06	45.06	45.06
	0.00	0.09	0.01	0.42	0.53	0.00	0.01	0.01	0.41
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	54.94	54.86	54.93	54.52	54.42	54.94	54.94	54.93	54.53

Documents

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

2026-09-07

Copy of Newspaper Publication

2026-09-07 - Veto Switchgears And Cables Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-06

Copy of Newspaper Publication

2026-09-06 - Veto Switchgears And Cables Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-04

Updates

2026-09-04 - Veto Switchgears And Cables Limited has informed the Exchange regarding 'Intimation of book closure'. from 22nd September 2026 to 28th September 2026

2026-09-04

Updates

2026-09-04 - Veto Switchgears And Cables Limited has informed the Exchange regarding 'Intimation regarding e-voting facilities of 19th AGM'.

2026-09-04

Record Date

2026-09-04 - Veto Switchgears And Cables Limited has informed the Exchange that Record date for the purpose of Dividend is 21-Sep-2026.

2026-09-04

Shareholders meeting

2026-09-04 - Veto Switchgears And Cables Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026

2026-09-04

Outcome of Board Meeting

2026-09-04 - Veto Switchgears And Cables Limited has informed the Exchange regarding Outcome of Board Meeting held on September 04, 2026.

2026-09-02

Structural Digital Database

2026-09-02 - SDD Certificate for the period of 1st April 2026 to 31st August 2026

2026-09-02

Copy of Newspaper Publication

2026-09-02 - Veto Switchgears And Cables Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for VETO

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Veto Switchgears And Cables Ltd.

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Name

ABB

7269.10

51.56

154038.32

0.54

3623.00

930.02

35588.70

1110.31

30.18

12.56

CGPOWER

910.00

114.69

143365.96

0.14

308.28

15.52

3280.81

13.99

27.94

12.11

SIEMENS

3960.90

43.07

141055.77

0.45

214.31

-49.38

4713.70

8.44

21.42

9.14

POWERINDIA

31415.40

121.72

140025.86

0.03

2941.50

2135.18

24936.90

1586.18

28.73

14.58

GVT&D

4545.00

623.18

116373.15

0.22

362.99

24.65

1836.14

38.04

75.51

25.10

ENRIN

3178.75

76.08

113201.81

0.13

440.90

67.83

2485.60

39.28

40.19

23.56

WAAREEENER

2627.50

19.80

75580.39

0.15

891.87

15.39

7931.79

79.22

37.92

18.15

APARINDS

17496.15

62.01

73260.47

0.34

4674.50

1677.98

65910.60

1191.31

31.84

11.50

HAVELLS

1114.80

42.84

69960.57

0.90

289.71

-16.64

6518.19

19.48

25.74

7.15

SUZLON

44.16

19.31

60700.73

0.00

305.22

-5.89

3829.09

22.83

35.79

15.55

SCHNEIDER

1227.70

159.75

29354.80

0.00

12.44

-69.84

651.36

4.78

31.01

5.23

VETO

125.85

8.79

240.56

0.79

5.85

70.48

89.36

37.75

11.19

10.57

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

139

126

Operating Profit

OPM %

11.68%

13.97%

10.64%

5.45%

11.60%

11.52%

6.87%

12.16%

9.70%

9.43%

10.41%

9.55%

8.60%

Interest

Depreciation

Profit before Tax

Tax %

24.73%

25.12%

34.36%

66.77%

24.92%

25.47%

30.27%

25.18%

30.22%

22.48%

28.42%

25.74%

28.81%

Net Profit

2.56

3.16

2.56

1.17

2.55

3.12

1.96

3.84

1.80

3.18

3.45

4.59

3.10

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

177

239

253

218

150

181

267

290

300

411

151

214

212

197

131

158

233

257

269

372

Operating Profit

OPM %

14.64%

10.65%

16.31%

9.59%

12.56%

13.03%

12.70%

11.27%

10.29%

10.55%

9.52%

-4

Interest

Depreciation

Profit before Tax

Tax %

14.86%

14.02%

25.57%

27.47%

33.32%

30.64%

32.24%

32.75%

37.18%

26.14%

26.37%

Net Profit

EPS

7.14

9.77

15.30

6.09

4.88

7.76

10.56

10.70

9.39

11.58

—

Dividend Payout %

28.00%

20.00%

12.65%

0.00%

12.92%

9.55%

9.44%

10.65%

8.64%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

Minority Interest

106

148

159

175

194

214

227

247

Trade Payables

Total Liabilities

141

143

199

218

271

306

318

302

328

Capital Work in Progress

112

122

105

133

147

Cash & Bank

121

114

143

164

Total Assets

141

143

199

218

271

306

318

302

328

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-20

Cash from Investing

-8

-11

-2

-13

-7

-0

-4

-7

-18

Cash from Financing

-0

-21

-19

-3

-10

-27

-3

-12

-0

-1

-4

-6

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

45.06

0.00

0.09

0.01

0.42

0.53

0.00

0.01

0.41

DIIs

0.00

Government

0.00

54.94

54.86

54.93

54.52

54.42

54.94

54.93

54.53

Veto Switchgears And Cables Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Veto Switchgears And Cables Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI