Veto Switchgears & Cables Ltd

VETO

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Market Cap

₹ 210 Cr

P/E

9.97

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

UNDERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

LOW RISK

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Price

PE Ratio

Price

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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

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Medium / Small

Market Cap

210 Cr

Volatility

Low Risk

P/E Ratio

10.0

Industry P/E

27.4

PEG Ratio

0.5

P/B Ratio

0.8

52W High

148.00

52W Low

92.50

Sales CAGR

0.10%

7.55%

12.35%

10Y

7.56%

Profit CAGR

20.82%

-1.64%

14.25%

10Y

12.17%

ROE

TTM

7.62%

8.06%

8.23%

10Y

9.63%

ROCE

TTM

10.16%

12.75%

12.96%

10Y

14.79%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PIGL	134.00	242 Cr	18.23	1.68	0.14	9.34	12.27	5.82
AEL	170.50	215 Cr	28.54	4.72	0.44	16.54	20.00	6.36
JYOTI	92.64	214 Cr	8.70	0.00	0.00	-90.67	12.85	7.98
VETO	109.55	210 Cr	9.97	0.76	0.91	7.62	10.16	5.82
SPCL	79.05	191 Cr	15.35	1.71	0.00	9.42	13.58	7.57
LAKSELECON	766.10	189 Cr	48.50	0.69	0.52	1.42	1.92	1.10
COSPOWER	924.00	155 Cr	102.78	8.51	0.00	18.93	19.36	6.24

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	67	72	82	79	61	74	76	89	65	89
Expenses	59	62	73	75	54	66	71	78	59	80
Operating Profit	7.82	10	8.73	4.33	7.09	8.56	5.20	11	6.29	8.37
OPM %	11.68	13.97	10.64	5.45	11.58	11.52	6.87	12.16	9.70	9.43
Other Income	0.41	0.34	0.39	3.59	0.42	0.15	1.45	0.52	0.35	0.85
Interest	0.97	1.57	0.87	0.73	0.39	0.04	0.50	0.71	0.63	0.37
Depreciation	0.76	0.70	0.79	0.48	0.63	0.66	0.93	0.84	1.09	1.02
Profit Before Tax	6.51	8.08	7.45	6.71	6.50	8.01	5.22	9.81	4.93	7.83
Tax %	24.73	25.12	34.36	66.77	24.92	25.47	30.27	25.18	30.22	22.48
Net Profit	4.90	6.05	4.89	2.23	4.88	5.97	3.63	7.34	3.43	6.08
EPS in Rs	2.56	3.16	2.56	1.17	2.55	3.12	1.90	3.84	1.80	3.18

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	10.72
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

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	50.08%	50.08%	50.08%	47.15%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.09%	0.01%	0.42%	0.53%	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%	49.92%	49.92%	52.85%	54.94%	54.93%	54.94%	54.86%	54.93%	54.52%	54.42%	54.94%
Total Shareholders	19,970	19,724	20,508	26,131	25,804	29,603	28,572	26,872	26,144	25,578	26,567	26,299

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 17, 2025	Pratik m sheth	Bulk	Buy	122.66	1.21 Cr	98,653	0.51
Feb 04, 2025	L7 hitech private limited	Bulk	Buy	121.50	1.67 Cr	1,37,730	0.72
Aug 29, 2024	Skyveil trade solutions llp	Bulk	Sell	187.21	2.65 Cr	1,41,401	0.73
Aug 29, 2024	Skyveil trade solutions llp	Bulk	Buy	186.48	2.76 Cr	1,47,989	0.77
Aug 27, 2024	Skyveil trade solutions llp	Bulk	Buy	190.25	1.90 Cr	99,670	0.52
Aug 27, 2024	Hrti private limited	Bulk	Sell	191.19	2.45 Cr	1,28,063	0.66
Aug 27, 2024	Hrti private limited	Bulk	Buy	190.93	2.23 Cr	1,16,860	0.61
Aug 27, 2024	Skyveil trade solutions llp	Bulk	Sell	190.42	2.02 Cr	1,06,015	0.55
Aug 26, 2024	Hrti private limited	Bulk	Sell	190.15	3.34 Cr	1,75,525	0.91
Aug 26, 2024	Qe securities llp	Bulk	Sell	189.37	2.62 Cr	1,38,573	0.72

Projection

Actions

Action Type

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Announcements

Last 7 days

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY21

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	67	72	82	79	61	74	76	89	65	89
Expenses	59	62	73	75	54	66	71	78	59	80
Operating Profit	7.82	10	8.73	4.33	7.09	8.56	5.20	11	6.29	8.37
OPM %	11.68	13.97	10.64	5.45	11.58	11.52	6.87	12.16	9.70	9.43
Other Income	0.41	0.34	0.39	3.59	0.42	0.15	1.45	0.52	0.35	0.85
Interest	0.97	1.57	0.87	0.73	0.39	0.04	0.50	0.71	0.63	0.37
Depreciation	0.76	0.70	0.79	0.48	0.63	0.66	0.93	0.84	1.09	1.02
Profit Before Tax	6.51	8.08	7.45	6.71	6.50	8.01	5.22	9.81	4.93	7.83
Tax %	24.73	25.12	34.36	66.77	24.92	25.47	30.27	25.18	30.22	22.48
Net Profit	4.90	6.05	4.89	2.23	4.88	5.97	3.63	7.34	3.43	6.08
EPS in Rs	2.56	3.16	2.56	1.17	2.55	3.12	1.90	3.84	1.80	3.18

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	10.72
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)

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
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

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PIGL	134.00	242 Cr	18.23	1.68	0.14	9.34	12.27	5.82
AEL	170.50	215 Cr	28.54	4.72	0.44	16.54	20.00	6.36
JYOTI	92.64	214 Cr	8.70	0.00	0.00	-90.67	12.85	7.98
VETO	109.55	210 Cr	9.97	0.76	0.91	7.62	10.16	5.82
SPCL	79.05	191 Cr	15.35	1.71	0.00	9.42	13.58	7.57
LAKSELECON	766.10	189 Cr	48.50	0.69	0.52	1.42	1.92	1.10
COSPOWER	924.00	155 Cr	102.78	8.51	0.00	18.93	19.36	6.24

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

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Medium / Small

Market Cap

210 Cr

Volatility

Low Risk

P/E Ratio

10.0

Industry P/E

27.4

PEG Ratio

0.5

P/B Ratio

0.8

52W High

148.00

52W Low

92.50

Sales CAGR

0.10%

7.55%

12.35%

10Y

7.56%

Profit CAGR

20.82%

-1.64%

14.25%

10Y

12.17%

ROE

TTM

7.62%

8.06%

8.23%

10Y

9.63%

ROCE

TTM

10.16%

12.75%

12.96%

10Y

14.79%