Veto Switchgears H1 revenue rises 35%, net profit up 47%

Veto Switchgears and Cables Limited reported consolidated revenue from operations of Rs 207.51 crore for the half year ended September 30, 2026, up 35% from Rs 153.64 crore a year earlier, while profit after tax rose 47% to Rs 13.93 crore from Rs 9.51 crore.

How did Veto Switchgears perform in H1 2026?

Veto Switchgears increased consolidated revenue from operations by Rs 53.87 crore to Rs 207.51 crore in the half year ended September 30, 2026. Total income, including other income, rose to Rs 208.65 crore from Rs 154.84 crore in the half year ended September 30, 2025.

Consolidated profit before tax increased to Rs 19.39 crore from Rs 12.76 crore, while profit after tax rose by Rs 4.42 crore to Rs 13.93 crore. Total comprehensive income was also Rs 13.93 crore, compared with Rs 9.50 crore in the corresponding prior-year half.

Veto Switchgears reported total expenses of Rs 189.26 crore for H1 2026, compared with Rs 142.01 crore a year earlier. Current tax expense was Rs 5.46 crore, against Rs 3.73 crore, while the filing also records deferred-tax movements in the total tax charge.

Basic and diluted earnings per share were each Rs 7.49 for H1 2026, compared with Rs 5.10 in H1 2025. The company stated that these per-share figures were not annualised, and its equity share capital remained Rs 19.12 crore, with a face value of Rs 10 per share.

How did Veto Switchgears perform in the September quarter?

Veto Switchgears reported consolidated revenue from operations of Rs 118.15 crore and profit after tax of Rs 8.08 crore for the quarter ended September 30, 2026. Revenue was Rs 88.77 crore and profit after tax was Rs 6.08 crore in the quarter ended September 30, 2025.

The September 2026 quarter also exceeded the immediately preceding June 2026 quarter. Revenue from operations rose from Rs 89.36 crore in June to Rs 118.15 crore in September, while profit after tax increased from Rs 5.85 crore to Rs 8.08 crore.

Profit before tax for the September quarter was Rs 11.17 crore, compared with Rs 8.22 crore in the June quarter and Rs 7.83 crore a year earlier. Total income was Rs 118.67 crore in the September quarter, versus Rs 89.88 crore in the June quarter.

Quarterly basic and diluted EPS were each Rs 4.39 in September 2026, compared with Rs 3.10 in June 2026 and Rs 3.17 in September 2025. The audited full year ended March 31, 2026 provides a separate annual reference, with consolidated revenue from operations of Rs 386.71 crore and profit after tax of Rs 24.58 crore.

How do Veto Switchgears' standalone and consolidated results compare?

Veto Switchgears reported standalone revenue from operations of Rs 135.81 crore for H1 2026, compared with Rs 101.37 crore in H1 2025. Standalone profit after tax rose to Rs 13.76 crore from Rs 9.41 crore, while standalone profit before tax increased to Rs 18.66 crore from Rs 12.24 crore.

Consolidated revenue was Rs 71.70 crore above the standalone figure in H1 2026, at Rs 207.51 crore. Consolidated profit after tax was Rs 0.17 crore higher than standalone profit after tax, at Rs 13.93 crore compared with Rs 13.76 crore.

The consolidated results include Veto Electricals Private Limited, Veto Led Lighting Private Limited, Vankon Modular Private Limited, Veto Polytech Private Limited and VNB Appliances Private Limited. The auditor said these five subsidiaries together reported H1 revenue of Rs 75.66 crore, profit after tax of Rs 1.00 crore and total assets of Rs 146.94 crore at September 30, 2026.

SGCO & Co. LLP issued its limited review report on November 6, 2026. The auditor said nothing had come to its attention that indicated the consolidated statement lacked required disclosures or contained a material misstatement, while noting that a limited review does not provide an audit opinion.

What do Veto Switchgears' balance sheet and cash flow show?

Veto Switchgears reported consolidated total assets of Rs 430.42 crore at September 30, 2026, compared with Rs 397.84 crore at March 31, 2026. Inventories increased to Rs 117.87 crore from Rs 102.84 crore, while trade receivables were broadly unchanged at Rs 163.77 crore from Rs 163.78 crore.

Total consolidated equity rose to Rs 303.93 crore from Rs 290.13 crore over the same period. Current borrowings declined to Rs 17.27 crore from Rs 19.38 crore, while non-current borrowings increased to Rs 3.01 crore from Rs 2.05 crore.

Consolidated operating cash flow was an inflow of Rs 5.44 crore in H1 2026. Inventory absorbed Rs 15.03 crore and other current assets absorbed Rs 14.12 crore, while an increase in trade payables contributed Rs 10.08 crore to cash generation.

Investing activities used Rs 0.17 crore in H1 2026, compared with an outflow of Rs 4.18 crore in the year ended March 31, 2026. Financing activities used Rs 3.70 crore, including Rs 1.45 crore of lease-liability repayment and Rs 1.09 crore of interest paid, leaving cash and cash equivalents at Rs 3.48 crore, up from Rs 1.91 crore at March 31, 2026.

Conclusion

Veto Switchgears delivered higher consolidated revenue and profit in the first half ended September 30, 2026, with revenue rising 35% to Rs 207.51 crore and profit after tax increasing 47% to Rs 13.93 crore. The September quarter was also higher than both the year-earlier quarter and the June 2026 quarter on revenue and profit after tax.

The filing does not provide management guidance or a future target. The next results will show whether the higher inventory balance of Rs 117.87 crore, stable receivables of Rs 163.77 crore and H1 operating cash inflow of Rs 5.44 crore develop alongside sales and profit growth.