Veto Switchgears And Cables Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Wire & Cables: 34.5% • Lighting & Fittings: 33.2% • Accessories & Others: 32.3%
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company is almost debt free
- Latest quarter profit grew 60.5% YoY, showing strong momentum
- Company comfortably covers its interest (23.4x coverage)
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
CONS
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.36x)
- Operating margins have contracted to 11.5% from 21.1%
- Total debt has risen sharply - up 30.6% year on year
- Growth is decelerating - 3Y profit CAGR (-1.6%) trails the 5Y trend (14.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 42 | 51 | 55 | 62 | 42 | 53 | 54 | 67 | 43 | 58 | 70 | 75 | 58 | |
| 36 | 44 | 48 | 57 | 36 | 46 | 50 | 58 | 39 | 52 | 62 | 65 | 52 | |
| Operating Profit | 5 | 8 | 7 | 5 | 5 | 6 | 4 | 9 | 5 | 6 | 8 | 10 | 6 |
| OPM % | 12.78% | 14.66% | 12.17% | 7.83% | 12.58% | 12.25% | 7.09% | 13.84% | 10.55% | 10.70% | 11.45% | 13.54% | 10.18% |
| 1 | 1 | 1 | 18 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |
| Interest | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 5 | 7 | 6 | 22 | 6 | 7 | 5 | 10 | 5 | 7 | 9 | 11 | 8 |
| Tax % | 24.54% | 25.60% | 35.19% | 20.52% | 24.65% | 25.00% | 25.29% | 18.48% | 24.24% | 22.24% | 26.04% | 25.30% | 26.17% |
| Net Profit | 4 | 5 | 4 | 17 | 4 | 5 | 4 | 8 | 4 | 6 | 6 | 8 | 6 |
| 1.92 | 2.77 | 2.20 | 9.06 | 2.26 | 2.84 | 2.01 | 4.16 | 1.95 | 2.98 | 3.36 | 4.19 | 3.12 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 112 | 120 | 123 | 109 | 121 | 153 | 174 | 196 | 210 | 216 | 261 | |
| 92 | 105 | 95 | 97 | 105 | 129 | 147 | 172 | 185 | 191 | 231 | |
| Operating Profit | 20 | 16 | 28 | 12 | 16 | 23 | 26 | 24 | 24 | 25 | 30 |
| OPM % | 17.75% | 13.03% | 22.78% | 11.32% | 12.86% | 15.22% | 15.10% | 12.41% | 11.62% | 11.52% | 11.60% |
| -3 | 5 | 6 | 6 | 6 | 3 | 10 | 13 | 21 | 7 | 8 | |
| Interest | 5 | 4 | 3 | 4 | 4 | 2 | 3 | 4 | 3 | 1 | 1 |
| Depreciation | 2 | 2 | 1 | 1 | 2 | 2 | 3 | 2 | 2 | 2 | 3 |
| Profit before Tax | 10 | 15 | 30 | 14 | 16 | 22 | 31 | 31 | 40 | 28 | 35 |
| Tax % | 22.99% | 19.57% | 32.91% | 31.30% | 29.59% | 27.86% | 26.46% | 26.49% | 24.25% | 22.68% | 25.04% |
| Net Profit | 8 | 12 | 20 | 9 | 11 | 16 | 23 | 23 | 30 | 22 | 26 |
| EPS | 4.18 | 6.55 | 10.53 | 4.91 | 5.82 | 8.43 | 11.83 | 11.95 | 15.94 | 11.26 | — |
| Dividend Payout % | 47.88% | 29.84% | 18.29% | 0.00% | 0.00% | 11.86% | 8.45% | 8.37% | 6.27% | 8.88% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 12%
- 3 Years:
- 8%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 12%
- 5 Years:
- 14%
- 3 Years:
- -2%
STOCK PRICE CAGR
- 10 Years:
- 0%
- 5 Years:
- 4%
- 3 Years:
- 1%
- 1 Year:
- 13%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 11%
- 3 Years:
- 11%
- Last Year:
- 9%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 57 | 68 | 86 | 122 | 133 | 150 | 170 | 191 | 220 | 240 | |
| 42 | 31 | 38 | 40 | 26 | 40 | 43 | 32 | 6 | 19 | |
| Trade Payables | 10 | 8 | 7 | 8 | 9 | 13 | 10 | 13 | 12 | 17 |
| 8 | 7 | 29 | 1 | 3 | 1 | 5 | 2 | 11 | 2 | |
| Total Liabilities | 136 | 132 | 177 | 191 | 191 | 222 | 247 | 257 | 269 | 296 |
| 19 | 18 | 18 | 11 | 11 | 13 | 12 | 11 | 12 | 19 | |
| Capital Work in Progress | 2 | 5 | 7 | 0 | 2 | 0 | 0 | 0 | 0 | 0 |
| 2 | 2 | 2 | 2 | 13 | 39 | 39 | 39 | 27 | 27 | |
| 34 | 34 | 43 | 59 | 59 | 65 | 70 | 67 | 70 | 70 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 93 | 99 | |
| Cash & Bank | 2 | 2 | 2 | 13 | 7 | 3 | 2 | 4 | 7 | 1 |
| 77 | 71 | 105 | 107 | 98 | 101 | 124 | 136 | 60 | 80 | |
| Total Assets | 136 | 132 | 177 | 191 | 191 | 222 | 247 | 257 | 269 | 296 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 21 | 25 | 4 | 12 | 15 | 9 | 8 | 15 | 6 | 16 | |
| Cash from Investing | -18 | -1 | -20 | 5 | 2 | -14 | 0 | 12 | 17 | -23 |
| Cash from Financing | -0 | -21 | 21 | 3 | -19 | 7 | -3 | -16 | -19 | 1 |
| 0 | -0 | 0 | 10 | -6 | -4 | -1 | 1 | 3 | -7 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Veto Switchgears And Cables Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-06 - Veto Switchgears And Cables Limited has informed the Exchange about Copy of Newspaper Publication
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 - Veto Switchgears And Cables Limited has informed the Exchange regarding 'Intimation regarding e-voting facilities of 19th AGM'.
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 - 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 - Veto Switchgears And Cables Limited has informed the Exchange regarding Outcome of Board Meeting held on September 04, 2026.
2026-09-02 - SDD Certificate for the period of 1st April 2026 to 31st August 2026
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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