Overview

Detailed Summary

Veto Switchgears and Cables Limited is a leading manufacturer of electrical accessories, including switches, wires, and cables, based in India.
The company operates manufacturing units in Haridwar, Mumbai, and a SEZ in Jaipur, focusing on both domestic and export markets.
Veto has expanded its international presence with a Dubai-based subsidiary, enhancing its distribution footprint.
It has a diverse product portfolio under 'VETO', 'VIMAL POWER', and Vyoma brands, catering to various consumer and industrial segments.
The acquisition of a significant stake in Vankon Modular Private Limited demonstrates strategic intent in expanding its modular switch business.

Sector: Consumer Durables
Industry: Consumer Electronics
Market Cap: 212 Cr
Volatility: High Risk
P/E Ratio: 8.9
Industry P/E: 48.0
PEG Ratio: 0.4
P/B Ratio: 0.8
52W High: 141.90
52W Low: 83.00

Sales CAGR

1Y: 0.10%
3Y: 7.55%
5Y: 12.35%
10Y: 7.56%

Profit CAGR

1Y: 20.82%
3Y: -1.64%
5Y: 14.25%
10Y: 12.17%

ROE

TTM: 7.62%
3Y: 8.06%
5Y: 8.23%
10Y: 9.63%

ROCE

TTM: 10.16%
3Y: 12.75%
5Y: 12.96%
10Y: 14.79%

Technicals

‌

Forecasts

Peers

Consumer Discretionary Consumer Durables Consumer Durables Consumer Electronics

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ARHAM		146.30	305 Cr	28.96	3.60	0.00	28.41	21.77	12.27
BPL		54.49	267 Cr	-17.84	1.06	0.00	19.90	14.16	-2.09
KALYANISHP		90.28	253 Cr	-10.46	0.00	0.00	17.13	36100.00	-843.21
VETO		110.00	210 Cr	8.80	0.76	0.91	7.62	10.16	6.57
NANTA		375.25	193 Cr	23.56	3.85	0.00	16.35	20.48	10.20
KORE		132.90	173 Cr	20.64	2.36	0.00	11.81	10.08	4.55
PROFX		69.50	138 Cr	9.13	1.56	0.00	17.04	22.82	13.54
Median: 7 Co.	—	110.00	210 Cr	9.13	1.56	0.00	17.04	20.48	6.57

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	72	82	79	61	74	76	89	65	89	94
Expenses	62	73	75	54	66	71	78	59	80	84
Operating Profit	10	8.73	4.33	7.09	8.56	5.20	11	6.29	8.37	9.81
OPM %	13.97	10.64	5.45	11.58	11.52	6.87	12.16	9.70	9.43	10.41
Other Income	0.34	0.39	3.59	0.42	0.15	1.45	0.52	0.35	0.85	0.55
Interest	1.57	0.87	0.73	0.39	0.04	0.50	0.71	0.63	0.37	0.47
Depreciation	0.70	0.79	0.48	0.63	0.66	0.93	0.84	1.09	1.02	1.13
Profit Before Tax	8.08	7.45	6.71	6.50	8.01	5.22	9.81	4.93	7.83	8.76
Tax %	25.12	34.36	66.77	24.92	25.47	30.27	25.18	30.22	22.48	28.31
Net Profit	6.05	4.89	2.23	4.88	5.97	3.63	7.34	3.43	6.08	6.27
EPS in Rs	3.16	2.56	1.17	2.55	3.12	1.90	3.84	1.80	3.18	3.45

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	239	254	218	150	181	267	290	300	300	304
Expenses	214	212	197	131	158	233	257	269	269	273
Operating Profit	25	42	21	19	24	34	33	31	32	31
OPM %	10.65	16.49	9.59	12.56	13.03	12.70	11.27	10.29	10.55	10.16
Other Income	1.65	1.98	0.38	0.68	1.63	3.14	5.31	4.73	2.55	2.47
Interest	4.12	2.76	3.89	3.73	1.86	3.95	4.78	4.14	1.64	1.88
Depreciation	1.66	1.58	1.47	1.90	2.00	3.33	2.82	2.73	3.06	3.52
Profit Before Tax	21	39	16	14	21	30	30	29	30	28
Tax %	14.02	25.57	27.47	33.32	30.64	32.24	32.75	37.18	26.14	27.17
Net Profit	18	29	12	9.28	15	20	20	18	22	20
EPS in Rs	11.26	14.58	6.09	4.86	7.75	10.56	10.70	9.45	11.41	12.27
Dividend Payout %	20.47	13.07	0.00	0.00	12.89	9.47	9.35	10.58	8.76	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	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
Reserves	63	83	130	148	159	175	194	214	227	247
Borrowings	40	29	35	38	25	35	47	43	23	23
Other Liabilities	21	15	18	15	17	45	49	45	37	43
Total Liabilities	142	145	202	220	220	274	309	321	306	332
Fixed Assets	21	20	23	16	25	30	29	27	28	38
CWIP	2.86	7.77	7.32	0.26	3.04	2.12	2.60	6.52	9.44	11
Investments	0.31	0.01	0.01	15	14	14	14	13	13	13
Other Assets	118	118	171	190	177	227	263	274	256	270
Total Assets	142	145	202	220	220	274	309	321	306	332

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	21	20	-25	11	31	7.06	-7.92	18	27	15
Cash from Investing Activity	-7.80	-11	3.94	-1.82	-13	-7.34	-0.19	-4.21	-5.67	-18
Cash from Financing Activity	-0.05	-21	21	2.61	-19	-3.43	4.32	-9.89	-27	-3.00
Net Cash Flow	14	-12	-0.18	12	-0.56	-3.71	-3.80	3.87	-6.04	-6.50

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	50.08%	47.15%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%
FIIs	0.00%	0.00%	0.00%	0.01%	0.00%	0.09%	0.01%	0.42%	0.53%	0.01%	0.01%	0.01%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	49.92%	52.85%	54.94%	54.93%	54.94%	54.86%	54.93%	54.52%	54.42%	54.94%	54.94%	54.93%
Total Shareholders	20,508	26,131	25,804	29,603	28,572	26,872	26,144	25,578	26,567	26,299	25,776	25,172

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY21

Actions

Action Type

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Announcements

Last 7 days

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