Veto Switchgears and Cables Limited VETO NSEINFRA

Industrials · Electrical Equipment & Parts · India

https://www.vetoswitchgears.com

Veto Switchgears and Cables Limited, together with its subsidiaries, engages in the manufacture and sale of wires and cables, and electrical accessories in India and internationally. It operates through Wire and Cables, Lighting & Fittings, and Accessories & Others segments. The company offers modular switches; LED lightning, including slim LED panel, concealed light, deep light, spotlight, flood light, streetlight, strip light, rope light, LED bulb, LED tube light, wall and track light, and surface panel; and wire and cables, comprising Vimal multi strand cables, Veto multistrand cables, and Vimal flexible wire. It also provides fans, such as ceiling, wall, pedestal, and table fans; MCB and distribution board, which includes circuit breaker, distribution panels, isolator, and AC box. In addition, the company offers bells and extension cords, which comprise ding dong, stereo, and multi tune bells, as well as extension cords. The company markets its products under the VETO and VIMAL POWER brand names through a network of dealers and distributors. Veto Switchgears and Cables Limited was founded in 1967 and is based in Jaipur, India.

Market & Price

Market Cap

₹237.03 Cr

Current Price

₹124.00

High / Low (52W)

₹133.80 / ₹84.40

Beta

Valuation

Stock P/E

9.93

Industry PE

27.78

Forward P/E

7.10

PEG Ratio

Book Value

₹144.77

Price to Book

0.86

P/S

0.61

EV/EBITDA

6.47

Dividend Yield

0.81%

Profitability & Returns

ROCE

11.35%

ROE

8.82%

ROA

6.05%

Profit Margin

6.46%

Op Margin

8.89%

EPS (Latest Qtr)

₹3.45

EPS (TTM)

₹12.49

Balance Sheet & Liquidity

Debt/Equity

0.07

Quick Ratio

1.64

Current Ratio

3.19

Debt

₹21.43 Cr

Total Assets

₹332.23 Cr

Current Assets

₹258.97 Cr

Working Capital

₹200.53 Cr

Ownership

Promoter Holding

47.67%

Chg in Prom Hold

FII / Inst Holding

0.00%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹256.79 Cr

Total Revenue (TTM)

₹388.66 Cr

EBITDA

₹39.67 Cr

Free Cash Flow

₹61.43 L

Operating Cash Flow

₹10.38 Cr

Shares Outstanding

₹1.91 Cr

Gross Margin

27.09%

Payout Ratio

8.01%

Growth (CAGR)

Revenue 5Y

4.01%

Profit 5Y

3.40%

Revenue (YoY)

55.90%

Earnings (YoY)

17.80%

PROS

Generates positive free cash flow.

CONS

In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Industrials).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	VETO Veto Switchgears and Cables Limited NSEINFRA	124.00	9.93	₹237.03 Cr	0.81%	11.35%	8.82%	4.01%	3.40%
2	LT Larsen & Toubro Limited NIFTY50NSEAIINFRA	4,076.50	34.84	₹5.61 L Cr	0.93%	14.55%	16.95%	16.09%	15.38%
3	ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA	1,804.60	30.96	₹4.16 L Cr	0.42%	11.02%	15.59%	22.93%	34.11%
4	HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU	4,303.80	31.55	₹2.88 L Cr	1.16%	13.80%	23.98%	7.87%	16.08%
5	POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA	38,445.00	172.41	₹1.71 L Cr	0.02%	24.92%	21.04%	22.24%	119.12%
6	INDIGO InterGlobe Aviation Limited NSEINFRA	4,405.00	-	₹1.70 L Cr	0.24%	15.53%	-	44.12%	72.60%
7	CUMMINSIND Cummins India Limited NSEINFRA	5,881.00	68.97	₹1.63 L Cr	1.12%	34.95%	29.45%	16.07%	24.35%
8	CGPOWER CG Power and Industrial Solutions Limited NSEINFRA	917.45	118.99	₹1.44 L Cr	0.14%	19.35%	19.56%	21.67%	7.81%
9	POLYCAB Polycab India Limited NIFTY_MIDNSEAIINFRA	9,477.50	53.48	₹1.43 L Cr	0.37%	30.44%	24.58%	26.57%	28.11%

Quarterly Results

Figures in INR.

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	-	75.71 Cr	89.15 Cr	64.87 Cr	88.77 Cr	94.22 Cr
Cost of Revenue	-	57.48 Cr	68.52 Cr	45.65 Cr	65.11 Cr	67.21 Cr
Gross Profit	-	18.23 Cr	20.63 Cr	19.23 Cr	23.66 Cr	27.01 Cr
Operating Expenses	-	13.96 Cr	41.07 Cr	14.03 Cr	16.31 Cr	18.33 Cr
Operating Income	-	4.27 Cr	-20.44 Cr	5.20 Cr	7.35 Cr	8.68 Cr
EBITDA	-	6.65 Cr	11.24 Cr	6.64 Cr	9.22 Cr	10.36 Cr
Interest Expense	-	50.37 L	59.35 L	62.56 L	36.66 L	47.31 L
Pretax Income	-	5.22 Cr	9.81 Cr	4.93 Cr	7.83 Cr	8.76 Cr
Tax Provision	-	1.58 Cr	2.47 Cr	1.49 Cr	1.76 Cr	2.48 Cr
Net Income	-	3.74 Cr	7.54 Cr	3.69 Cr	6.07 Cr	6.59 Cr
Diluted EPS	3.09	1.96	-	1.80	3.18	3.45

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Revenue	266.93 Cr	290.07 Cr	300.09 Cr	300.35 Cr
Cost of Revenue	197.74 Cr	216.38 Cr	227.01 Cr	222.64 Cr
Gross Profit	69.18 Cr	73.69 Cr	73.08 Cr	77.71 Cr
Operating Expenses	38.55 Cr	43.81 Cr	71.87 Cr	79.51 Cr
Operating Income	30.64 Cr	29.88 Cr	1.21 Cr	-1.81 Cr
EBITDA	36.63 Cr	37.70 Cr	35.08 Cr	34.12 Cr
Interest Expense	3.50 Cr	4.46 Cr	3.60 Cr	1.52 Cr
Pretax Income	29.80 Cr	30.42 Cr	28.75 Cr	29.54 Cr
Tax Provision	9.61 Cr	9.96 Cr	10.69 Cr	7.72 Cr
Net Income	20.02 Cr	20.25 Cr	17.95 Cr	22.13 Cr
Diluted EPS	10.47	10.59	9.39	11.58

Compounded Sales Growth

5 Years:	4.01%
1 Year:	55.90%

Compounded Profit Growth

5 Years:	3.40%
1 Year:	17.80%

Stock Price Performance

1 Year:	-5.01%
6 Months:	+9.61%
3 Months:	+18.71%
1 Month:	+12.57%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Assets	308.62 Cr	321.27 Cr	306.19 Cr	332.23 Cr
Current Assets	257.71 Cr	268.08 Cr	249.59 Cr	258.97 Cr
Cash & Equivalents	9.45 Cr	15.18 Cr	7.54 Cr	1.05 Cr
Inventory	122.22 Cr	104.88 Cr	94.37 Cr	94.85 Cr
Receivables	118.93 Cr	135.93 Cr	132.99 Cr	147.24 Cr
Total Liabilities	95.30 Cr	87.49 Cr	58.94 Cr	64.81 Cr
Current Liabilities	83.67 Cr	70.41 Cr	52.04 Cr	58.44 Cr
Long Term Debt	3.12 Cr	10.00 Cr	0	2.52 Cr
Total Debt	46.93 Cr	43.39 Cr	22.56 Cr	22.95 Cr
Total Equity	212.63 Cr	232.88 Cr	246.25 Cr	266.45 Cr
Shares Outstanding	1.91 Cr	1.91 Cr	1.91 Cr	1.91 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Operating Cash Flow	-7.92 Cr	17.97 Cr	27.79 Cr	14.99 Cr
Investing Cash Flow	-18.86 L	-4.21 Cr	-6.51 Cr	-18.49 Cr
Financing Cash Flow	4.32 Cr	-9.89 Cr	-27.31 Cr	-3.00 Cr
Capital Expenditure	-1.27 Cr	-5.08 Cr	-6.30 Cr	-19.75 Cr
Free Cash Flow	-9.19 Cr	12.89 Cr	21.49 Cr	-4.76 Cr
Net Change in Cash	-3.80 Cr	3.87 Cr	-6.04 Cr	-6.50 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Gross Margin %	25.9%	25.4%	24.4%	25.9%
Operating Margin %	11.5%	10.3%	0.4%	-0.6%
Net Margin %	7.5%	7.0%	6.0%	7.4%
ROE %	9.4%	8.7%	7.3%	8.3%
ROCE %	13.6%	11.9%	0.5%	-0.7%

Shareholding Pattern

Insiders

47.67%

Institutions

0.00%

Public Float

0.00%

Analyst View

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VETO · Industrials