Veto accessories revenue nearly doubles as lighting declines

Veto Switchgears and Cables Limited reported Rs 207.51 crore in consolidated revenue for the half year ended September 30, 2026, as Accessories & Others revenue nearly doubled to Rs 84.56 crore from Rs 43.62 crore a year earlier, offsetting a decline in Lighting & Fittings revenue to Rs 60.31 crore.

What drove Veto's H1 consolidated revenue growth?

Veto's H1 consolidated revenue growth came principally from Accessories & Others and Wires & Cables. Consolidated revenue rose by Rs 53.87 crore to Rs 207.51 crore for the half year ended September 30, 2026, from Rs 153.64 crore in the corresponding half year ended September 30, 2025, an increase of about 35%.

Accessories & Others contributed Rs 40.94 crore of the year-on-year increase, while Wires & Cables added Rs 22.76 crore. These gains were partly offset by a Rs 9.83 crore decline in Lighting & Fittings. The figures show that the increase in Veto's total revenue was concentrated in two segments rather than spread across all three reported businesses.

The revenue mix changed materially during the six months to September 30, 2026. Accessories & Others accounted for about 41% of consolidated segment revenue, compared with about 28% in the corresponding prior-year half. Lighting & Fittings, which generated Rs 70.14 crore in H1 2025, was the largest segment a year earlier but ranked behind Accessories & Others in H1 2026.

The September quarter accounted for a larger part of the half-year revenue total. Consolidated revenue from operations was Rs 118.15 crore in the quarter ended September 30, 2026, compared with Rs 89.36 crore in the quarter ended June 30, 2026. Accessories & Others generated Rs 47.99 crore in the September quarter, ahead of the other disclosed segments.

How did Veto's business segments perform in H1?

Veto's Accessories & Others segment recorded the largest revenue expansion in H1 2026, while Wires & Cables also grew and Lighting & Fittings declined. Accessories & Others revenue rose about 94% to Rs 84.56 crore in the half year ended September 30, 2026, from Rs 43.62 crore in the corresponding 2025 period.

Wires & Cables revenue increased by about 57% to Rs 62.64 crore from Rs 39.88 crore. The segment became Veto's second-largest reported revenue contributor in H1 2026, narrowly exceeding Lighting & Fittings revenue of Rs 60.31 crore. In the comparable H1 2025 period, Wires & Cables had been the smallest of the three revenue segments.

Lighting & Fittings revenue fell about 14% to Rs 60.31 crore from Rs 70.14 crore. The decline contrasts with the Rs 53.87 crore increase in total consolidated revenue over the same periods. Veto's segment disclosure does not provide a reason for the reduction, but it identifies Lighting & Fittings as the only reported revenue segment to contract year on year.

Did Veto's segment results follow the revenue trend?

Veto's reported segment results rose in Accessories & Others and Wires & Cables but declined in Lighting & Fittings. Accessories & Others segment result increased to Rs 25.66 crore in H1 2026 from Rs 10.56 crore in H1 2025, alongside the segment's Rs 84.56 crore revenue contribution.

Wires & Cables segment result increased to Rs 12.40 crore from Rs 5.68 crore during the two half-year periods. Lighting & Fittings segment result fell to Rs 15.63 crore from Rs 17.26 crore, consistent with its revenue decline to Rs 60.31 crore. The filing presents these as segment results before unallocated corporate expenses, depreciation, finance costs and other income.

The consolidated reconciliation reported Rs 53.67 crore of total segment results in H1 2026. Veto then deducted Rs 32.07 crore of unallocated expenses and Rs 2.46 crore of depreciation and amortisation expense. Finance costs were Rs 1.11 crore and other income was Rs 1.15 crore, while consolidated profit before tax was Rs 19.39 crore for the half year.

The September-quarter comparison also placed Accessories & Others first by revenue. Its Rs 47.99 crore in the quarter ended September 30, 2026 exceeded Rs 37.45 crore from Wires & Cables and Rs 32.71 crore from Lighting & Fittings. This quarterly result supports the H1 pattern in which Accessories & Others delivered the largest revenue contribution.

What changed in Veto's balance sheet and cash flow?

Veto's consolidated total assets increased to Rs 430.42 crore at September 30, 2026, from Rs 397.84 crore at March 31, 2026. Current assets rose to Rs 353.91 crore from Rs 323.02 crore, while non-current assets increased to Rs 76.45 crore from Rs 74.83 crore over the same balance-sheet dates.

Inventory increased to Rs 117.87 crore at September 30, 2026, from Rs 102.84 crore at March 31, 2026. Consolidated trade receivables were almost unchanged at Rs 163.77 crore, compared with Rs 163.78 crore. Other current assets rose to Rs 62.41 crore from Rs 48.30 crore during the six-month period.

Consolidated cash and cash equivalents increased to Rs 3.48 crore at September 30, 2026, from Rs 1.91 crore at March 31, 2026. Net cash flow from operating activities was Rs 5.44 crore for the half year, after a Rs 15.03 crore increase in inventories and a Rs 14.12 crore increase in other current assets in the working-capital reconciliation.

Total consolidated equity stood at Rs 303.93 crore at September 30, 2026, compared with Rs 290.13 crore at March 31, 2026. Current liabilities increased to Rs 117.09 crore from Rs 101.19 crore, including trade payables due to others of Rs 27.37 crore, up from Rs 19.55 crore at the financial year-end.

Conclusion

Veto's H1 2026 revenue growth was led by Accessories & Others, which rose to Rs 84.56 crore, and Wires & Cables, which reached Rs 62.64 crore. Lighting & Fittings moved in the opposite direction, declining to Rs 60.31 crore, while its segment result fell to Rs 15.63 crore. The reported figures therefore show a distinct change in the group's segment mix.

The next reported segment disclosure will clarify whether Accessories & Others maintains its enlarged revenue share and whether Lighting & Fittings reverses its H1 decline. Working-capital movements also remain relevant: inventory stood at Rs 117.87 crore at September 30, 2026, while operating cash flow for the half year was Rs 5.44 crore.