Veto Switchgears And Cables Ltd.

•

vetoswitchgears.comBSE: 539331NSE: VETO

Market Cap₹ 238 Cr.

Current Price

High / Low₹ 154 / 82

Stock P/E9.1

Book Value₹ 150

Price to Book0.75

Dividend Yield0.80 %

ROCE11.0 %

ROE8.6 %

Face Value₹ 10

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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 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 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

Capital GoodsCapital GoodsElectric Equipment

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

S.No.	Name
1.	ABB	7393.30	52.44	156670.22	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	927.00	116.83	146044.22	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	POWERINDIA	31580.00	122.36	140759.52	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
4.	SIEMENS	3947.50	42.92	140578.57	0.46	214.31	-49.38	4713.70	8.44	21.42	9.14
5.	GVT&D	4663.20	639.39	119399.62	0.21	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3179.80	76.10	113239.20	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2567.50	19.35	73854.48	0.16	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17440.85	61.81	73028.91	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1121.10	43.08	70355.94	0.89	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	45.60	19.93	62680.10	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1197.05	155.76	28621.95	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	VETO	124.45	8.69	237.89	0.80	5.85	70.48	89.36	37.75	11.19	10.57

Detailed Comparison with:

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:: 1%
5 Years:: 4%
3 Years:: -2%
1 Year:: 12%

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

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

7393.30

52.44

156670.22

0.53

3623.00

930.02

35588.70

1110.31

30.18

12.56

CGPOWER

927.00

116.83

146044.22

0.14

308.28

15.52

3280.81

13.99

27.94

12.11

POWERINDIA

31580.00

122.36

140759.52

0.03

2941.50

2135.18

24936.90

1586.18

28.73

14.58

SIEMENS

3947.50

42.92

140578.57

0.46

214.31

-49.38

4713.70

8.44

21.42

9.14

GVT&D

4663.20

639.39

119399.62

0.21

362.99

24.65

1836.14

38.04

75.51

25.10

ENRIN

3179.80

76.10

113239.20

0.13

440.90

67.83

2485.60

39.28

40.19

23.56

WAAREEENER

2567.50

19.35

73854.48

0.16

891.87

15.39

7931.79

79.22

37.92

18.15

APARINDS

17440.85

61.81

73028.91

0.34

4674.50

1677.98

65910.60

1191.31

31.84

11.50

HAVELLS

1121.10

43.08

70355.94

0.89

289.71

-16.64

6518.19

19.48

25.74

7.15

SUZLON

45.60

19.93

62680.10

0.00

305.22

-5.89

3829.09

22.83

35.79

15.55

SCHNEIDER

1197.05

155.76

28621.95

0.00

12.44

-69.84

651.36

4.78

31.01

5.23

VETO

124.45

8.69

237.89

0.80

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

Operating Profit

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%

Interest

Depreciation

Profit before Tax

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

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

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

105

129

147

172

185

191

231

Operating Profit

OPM %

17.75%

13.03%

22.78%

11.32%

12.86%

15.22%

15.10%

12.41%

11.62%

11.52%

11.60%

-3

Interest

Depreciation

Profit before Tax

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

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%

11.86%

8.45%

8.37%

6.27%

8.88%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

122

133

150

170

191

220

240

Trade Payables

Total Liabilities

136

132

177

191

222

247

257

269

296

Capital Work in Progress

Cash & Bank

105

107

101

124

136

Total Assets

136

132

177

191

222

247

257

269

296

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Cash from Investing

-18

-1

-20

-14

-23

Cash from Financing

-0

-21

-19

-3

-16

-19

-0

-6

-4

-1

-7

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

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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