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Veto Switchgears and Cables Limited VETO NSEINFRA

Industrials · Electrical Equipment & Parts · India
https://www.vetoswitchgears.com
Company Profile ↓
₹130.50
+5.11% 1Y
Mkt Cap₹249.45 Cr
P/E9.93
P/B0.81
Div. Yield0.81%
52W High₹148.45
52W Low₹84.40
Book Value₹151.55
EPS (TTM)₹13.15

Company Overview

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.

Why Investors Should Care

Steady Revenue Expansion

Revenue has grown at a 10.1% CAGR over the past five years.

Reasonable Valuation

Trades at a P/E of 9.9, below the sector median of 29.6.

Conservative Balance Sheet

Carries low leverage with a debt-to-equity ratio of 0.07.

Positive Free Cash Flow

Generates positive free cash flow, funding growth and shareholder returns internally.

Recent Developments

  • Mar 2026 Revenue of ₹386.71 Cr (+28.7% YoY); net profit ₹25.13 Cr.
  • Trailing 12 Months Year-on-year growth — revenue +28.7%, earnings +13.5%.
  • 5-Year Trend Long-term compounding — revenue CAGR 10.1%, profit CAGR 7.5%.

Growth & Price Performance

Compounded Sales Growth

5 Years:10.06%
1 Year:28.74%

Compounded Profit Growth

5 Years:7.46%
1 Year:13.53%

Stock Price Performance

1 Year:+5.11%
6 Months:+22.02%
3 Months:+24.71%
1 Month:-9.28%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

Technical Snapshot Bullish
52-Week Range 72% of range
₹84.40 ₹148.45
Trend Signals
  • Price vs 50-DMAAbove
  • Price vs 200-DMAAbove
  • RSI (14)55.81 · Neutral
Price Performance
1M-9.28%
3M+24.71%
6M+22.02%
1Y+5.11%
Valuation vs Sector

P/E of 9.93 is below the sector median of 29.60 — relatively cheaper than peers.

Auto-generated from price history and fundamentals; not investment advice.

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Price Chart

NSE TradingView

Fundamental Growth Charts

Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.

PROS

  • Compounding revenue at 10.1% over 5 years.
  • Generates positive free cash flow.
  • In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

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

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Valuation

Stock P/E
9.93
Industry PE
29.60
Forward P/E
7.47
PEG Ratio
-
Book Value
₹151.55
Price to Book
0.81
P/S
0.61
EV/EBITDA
6.41
Dividend Yield
0.81%

Growth (CAGR)

Revenue 5Y
10.06%
Profit 5Y
7.46%
Revenue (YoY)
28.74%
Earnings (YoY)
13.53%

Profitability & Returns

ROCE
11.91%
ROE
8.67%
ROA
6.32%
Profit Margin
6.50%
Op Margin
8.63%
Gross Margin
26.72%
EPS (Latest Qtr)
₹4.59
EPS (TTM)
₹13.15

Balance Sheet & Liquidity

Debt/Equity
0.07
Quick Ratio
2.18
Current Ratio
3.19
Debt
₹21.43 Cr
Total Assets
₹397.85 Cr
Current Assets
₹323.02 Cr
Working Capital
₹221.83 Cr

Ownership

Promoter Holding
47.67%
Chg in Prom Hold
2.61%
FII / Inst Holding
0.00%
Chg in FII Hold
-0.01%

Financial Snapshot

Enterprise Value
₹249.45 Cr
Total Revenue (TTM)
₹386.71 Cr
EBITDA
₹39.67 Cr
Free Cash Flow
₹5.16 Cr
Operating Cash Flow
₹10.38 Cr
Shares Outstanding
₹1.91 Cr
Gross Margin
26.72%
Payout Ratio
7.61%

Peer comparison

Peer companies in the same sector (Industrials).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 VETO Veto Switchgears and Cables Limited NSEINFRA 130.50 9.93 ₹249.45 Cr 0.81% 11.91% 8.67% 10.06% 7.46%
2 LT Larsen & Toubro Limited NIFTY50NSEAIINFRA 3,849.40 32.93 ₹5.30 L Cr 0.96% 14.55% 14.72% 16.09% 15.38%
3 ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA 1,834.20 31.50 ₹4.23 L Cr 0.42% 10.97% 13.32% 22.93% 34.11%
4 BEL Bharat Electronics Limited NIFTY50NSEAIDEFENCEINFRAPSU 410.75 56.42 ₹3.00 L Cr 1.05% 31.88% 25.27% 16.63% 26.64%
5 HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU 4,463.30 32.75 ₹2.98 L Cr 0.44% 13.80% 22.21% 7.87% 16.08%
6 INDIGO InterGlobe Aviation Limited NSEINFRA 5,202.50 -84.07 ₹2.01 L Cr 0.24% 4.02% -34.31% 16.59% -227.40%
7 CUMMINSIND Cummins India Limited NSEINFRA 5,535.50 64.97 ₹1.53 L Cr 1.17% 34.95% 27.87% 16.07% 24.35%
8 ABB ABB India Limited NSEAIINFRA 6,951.50 88.30 ₹1.47 L Cr 0.58% 28.45% 21.29% 15.41% 17.97%
9 POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA 33,005.00 148.92 ₹1.47 L Cr 0.02% 24.92% 19.09% 22.24% 119.12%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in INR.

Metric Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue 84.14 Cr66.96 Cr71.64 Cr82.05 Cr79.44 Cr61.21 Cr74.28 Cr75.71 Cr89.18 Cr64.87 Cr88.77 Cr94.22 Cr138.86 Cr
Cost of Revenue --------64.97 Cr45.65 Cr65.11 Cr67.21 Cr105.42 Cr
Gross Profit --------24.21 Cr19.23 Cr23.66 Cr27.01 Cr33.44 Cr
Operating Expenses 77.91 Cr59.13 Cr61.63 Cr73.33 Cr75.12 Cr54.11 Cr65.72 Cr70.52 Cr14.21 Cr14.03 Cr16.31 Cr18.33 Cr21.27 Cr
Operating Income 5.57 Cr7.07 Cr9.31 Cr7.93 Cr3.84 Cr6.47 Cr7.90 Cr4.26 Cr10.00 Cr5.20 Cr7.35 Cr8.68 Cr12.17 Cr
EBITDA 6.23 Cr7.83 Cr10.01 Cr8.72 Cr4.32 Cr7.10 Cr8.56 Cr5.19 Cr11.36 Cr6.64 Cr9.22 Cr10.36 Cr13.45 Cr
Interest Expense 1.41 Cr97.00 L1.57 Cr87.00 L73.00 L39.00 L4.00 L50.00 L71.29 L62.56 L36.66 L47.31 L50.81 L
Pretax Income 5.97 Cr6.51 Cr8.08 Cr7.45 Cr6.70 Cr6.50 Cr8.01 Cr5.21 Cr9.81 Cr4.93 Cr7.83 Cr8.76 Cr11.85 Cr
Tax Provision 3.77 Cr1.62 Cr2.03 Cr2.56 Cr4.48 Cr1.62 Cr2.04 Cr1.58 Cr2.47 Cr1.49 Cr1.76 Cr2.48 Cr3.05 Cr
Net Income 2.21 Cr4.90 Cr6.05 Cr4.89 Cr2.23 Cr4.88 Cr5.97 Cr3.63 Cr7.54 Cr3.69 Cr6.07 Cr6.59 Cr8.78 Cr
Diluted EPS 1.052.543.132.501.112.543.091.963.941.803.183.454.59

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue 97.00 Cr177.00 Cr239.00 Cr253.00 Cr218.00 Cr150.00 Cr181.00 Cr-290.07 Cr300.09 Cr300.38 Cr386.71 Cr
Cost of Revenue --------216.38 Cr227.01 Cr219.09 Cr283.39 Cr
Gross Profit --------73.69 Cr73.08 Cr81.29 Cr103.33 Cr
Operating Expenses 82.00 Cr151.00 Cr214.00 Cr212.00 Cr197.00 Cr131.00 Cr158.00 Cr-43.81 Cr71.87 Cr52.66 Cr69.94 Cr
Operating Income 13.00 Cr24.00 Cr23.00 Cr39.00 Cr20.00 Cr17.00 Cr22.00 Cr-29.88 Cr1.21 Cr28.63 Cr33.39 Cr
EBITDA 15.00 Cr26.00 Cr25.00 Cr41.00 Cr21.00 Cr19.00 Cr24.00 Cr-37.70 Cr35.08 Cr34.24 Cr39.67 Cr
Interest Expense 4.00 Cr5.00 Cr4.00 Cr3.00 Cr4.00 Cr4.00 Cr2.00 Cr-4.46 Cr3.60 Cr1.64 Cr1.97 Cr
Pretax Income 10.00 Cr15.00 Cr21.00 Cr39.00 Cr16.00 Cr14.00 Cr21.00 Cr-30.42 Cr28.75 Cr29.54 Cr33.37 Cr
Tax Provision 2.70 Cr2.25 Cr2.94 Cr10.14 Cr4.32 Cr4.62 Cr6.51 Cr-9.96 Cr10.69 Cr7.72 Cr8.78 Cr
Net Income 7.00 Cr13.00 Cr18.00 Cr29.00 Cr12.00 Cr9.00 Cr15.00 Cr-20.25 Cr17.95 Cr22.13 Cr25.13 Cr
Diluted EPS 3.907.1410.0015.816.054.857.74-10.599.3911.5813.15

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets 121.00 Cr142.00 Cr145.00 Cr202.00 Cr220.00 Cr220.00 Cr274.00 Cr-321.27 Cr306.19 Cr332.23 Cr397.85 Cr
Current Assets --------268.08 Cr249.59 Cr258.97 Cr323.02 Cr
Cash & Equivalents --------15.18 Cr7.54 Cr1.05 Cr1.91 Cr
Inventory --------104.88 Cr94.37 Cr94.85 Cr102.84 Cr
Receivables --------135.93 Cr132.99 Cr147.24 Cr163.78 Cr
Total Liabilities --------87.49 Cr58.94 Cr64.81 Cr107.72 Cr
Current Liabilities --------70.41 Cr52.04 Cr58.44 Cr101.19 Cr
Long Term Debt --------10.00 Cr02.52 Cr2.05 Cr
Total Debt 35.00 Cr42.00 Cr31.00 Cr38.00 Cr40.00 Cr26.00 Cr35.00 Cr-43.39 Cr22.56 Cr22.95 Cr21.43 Cr
Total Equity 72.00 Cr81.00 Cr101.00 Cr148.00 Cr167.00 Cr178.00 Cr194.00 Cr-232.88 Cr246.25 Cr266.45 Cr289.69 Cr
Shares Outstanding --------1.91 Cr1.91 Cr1.91 Cr1.91 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow -2.00 Cr21.00 Cr20.00 Cr-25.00 Cr11.00 Cr31.00 Cr7.00 Cr-17.97 Cr27.79 Cr14.99 Cr10.38 Cr
Investing Cash Flow 3.00 Cr-8.00 Cr-12.00 Cr4.00 Cr-2.00 Cr-11.00 Cr-7.00 Cr--4.21 Cr-6.51 Cr-18.49 Cr-4.18 Cr
Financing Cash Flow -5.00 Cr-0-21.00 Cr21.00 Cr3.00 Cr-19.00 Cr-3.00 Cr--9.89 Cr-27.31 Cr-3.00 Cr-5.34 Cr
Capital Expenditure -2.00 Cr-3.00 Cr-6.00 Cr-4.00 Cr-2.00 Cr-13.00 Cr-3.00 Cr--5.08 Cr-6.30 Cr-19.75 Cr-5.22 Cr
Free Cash Flow -4.00 Cr18.00 Cr14.00 Cr-29.00 Cr9.00 Cr18.00 Cr4.00 Cr-12.89 Cr21.49 Cr-4.76 Cr5.16 Cr
Net Change in Cash -4.00 Cr14.00 Cr-13.00 Cr012.00 Cr1.00 Cr-4.00 Cr-3.87 Cr-6.04 Cr-6.50 Cr86.33 L

Ratios (Annual)

Figures in %.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % --------25.4%24.4%27.1%26.7%
Operating Margin % 13.4%13.6%9.6%15.4%9.2%11.3%12.2%-10.3%0.4%9.5%8.6%
Net Margin % 7.2%7.3%7.5%11.5%5.5%6.0%8.3%-7.0%6.0%7.4%6.5%
ROE % 9.7%16.0%17.8%19.6%7.2%5.1%7.7%-8.7%7.3%8.3%8.7%
ROCE % --------11.9%0.5%10.5%11.3%

Shareholding Pattern

Insiders
47.67%
Institutions
0.00%
Public Float
0.00%

Analyst View

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VETO — Frequently Asked Questions

What is the current share price of Veto Switchgears and Cables Limited (VETO)?

As of 2026-07-15 09:52 IST, Veto Switchgears and Cables Limited (VETO) trades at ₹130.50 on NSE. Its 52-week range is ₹84.40 to ₹148.45.

What is the market capitalisation of VETO?

Veto Switchgears and Cables Limited (VETO) has a market capitalisation of ₹249.45 Cr on NSE.

What is the P/E ratio of VETO?

VETO trades at a trailing price-to-earnings (P/E) ratio of 9.93. The industry average P/E is 29.60. Its price-to-book (P/B) ratio is 0.81.

Does VETO pay a dividend?

Veto Switchgears and Cables Limited (VETO) currently offers a dividend yield of 0.81%.

What is the return on equity (ROE) of VETO?

VETO has a return on equity (ROE) of 8.67%. Its return on capital employed (ROCE) is 11.91%.

Is VETO a good stock to buy?

This page provides a data-driven analysis of Veto Switchgears and Cables Limited (VETO), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.

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