Veto Switchgears And Cables Limited (VETO)

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Veto Switchgears And Cables Limited (VETO) · mywealthgrid

About

Veto Switchgears And Cables Limited manufactures switchgears and cables, a segment of Consumer Electronics within Consumer Discretionary. The company operates with a market cap of ₹229.6 Cr and has delivered profitability in each of the past eight quarters. It remains a small-cap player with minimal institutional presence.

Face value: ₹10

Market cap

₹261 Cr

P/E

9.7×

P/B

0.9×

Dividend yield

1.5%

ROE

8.8%

ROCE

12.4%

Debt / equity

0.07

OPM

9.8%

EPS (TTM)

₹14.1

Book value

₹151.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin of 9.75% with quarterly volatility (range 9.43–13.54%) suggests thin profitability and vulnerability to input cost shocks.
ROE of 8.84% indicates limited returns on deployed capital; verify if capital is being reinvested into growth or returned via dividends.
FII holding negligible at 0.41% and DII at 0%; stock down 2.4% over 1y; verify investor sentiment and liquidity constraints.
Verify exposure to discretionary spending cycles—if consumer durables demand falters, revenue and margins could compress.

Generated analysis · source review pending

Growth drivers

Consistent profitability across 8 quarters (₹5.69–₹8.8 Cr net profit) demonstrates a stable earnings base to fund growth.
D/E ratio of 0.07 provides substantial debt capacity if capital is deployed into capex or working capital to drive scale.
OPM range of 9.43–13.54% indicates operational consistency; verify if scaling or improving product mix toward higher-margin offerings could lift absolute returns.
Regular dividend payments since 2021 confirm cash generation; verify whether earnings are being reinvested into capacity growth.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹136.8-6.5%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 16.4% over the last 5 years
+Almost debt-free (debt/equity 0.1)
+Comfortable interest coverage of 17.9×

Cons

−Low return on equity of 8.3% (3-yr avg)

Research score

Structured signal from quality, growth, valuation and momentum.

71/100

Business quality: 50
Growth: 65
Valuation: 98

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Pg Electroplast LimitedPGELPGEL	₹13,740 Cr	₹14,337 Cr	₹5,818 Cr	₹414 Cr	7.3%	₹206 Cr	3.7%	10.9%	6.7%	69
Ikio Technologies LimitedIKIOIKIO	₹1,476 Cr	₹1,517 Cr	₹644 Cr	₹88 Cr	13%	₹47 Cr	7%	10%	6.5%	242
Onida Electronics LimitedONIDAONIDA	₹1,158 Cr	₹1,260 Cr	₹766 Cr	₹13 Cr	1.8%	₹2 Cr	0.3%	3.7%	0.8%	250
CWD LtdCWDCWD	₹651 Cr	—	₹142 Cr	₹22 Cr	15.4%	₹11 Cr	7.8%	—	—	—
Universus Photo Imagings LimitedUNIVPHOTOUNIVPHOTO	₹534 Cr	₹534 Cr	₹19 Cr	₹1 Cr	-1.5%	₹-18 Cr	-425.7%	2.4%	-9.5%	51
Sharp India LtdSMAARTSMAART	₹334 Cr	₹475 Cr	₹0 Cr	₹-8 Cr	—	₹-24 Cr	—	—	—	—
Veto Switchgears And Cables LimitedVETOVETO	₹261 Cr	₹283 Cr	₹411 Cr	₹41 Cr	9.8%	₹27 Cr	6.4%	12.4%	8.8%	242
BPL LimitedBPLBPL	₹222 Cr	₹327 Cr	₹80 Cr	₹3 Cr	6%	₹-15 Cr	-10.9%	0.9%	-3.4%	-2
Nanta Tech LtdNANTANANTA	₹170 Cr	—	₹51 Cr	₹7 Cr	12.7%	₹5 Cr	9.2%	—	—	—
Calcom Vision LtdCALCOMCALCOM	₹90 Cr	₹154 Cr	₹58 Cr	₹4 Cr	6.2%	₹1 Cr	1.1%	9.6%	2.9%	86
Khaitan (India) LimitedKHAITANLTDKHAITANLTD	₹71 Cr	₹76 Cr	₹118 Cr	₹8 Cr	6.6%	₹6 Cr	5.4%	20.2%	19.9%	-48
Samtel India LtdSAMTELINSAMTELIN	₹40 Cr	₹40 Cr	₹0 Cr	₹-0 Cr	-825%	₹-0 Cr	75%	-20.7%	3.2%	-59

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	254	218	150	181	268	291	300	300	387
COGS	190	173	105	128	193	215	224	219	283
Gross profit	64	46	45	54	75	77	76	81	103
	22	25	27	30	41	43	45	50	66
	41	21	19	24	34	34	31	32	38
OPM %	16.3%	9.6%	12.6%	13.1%	12.7%	11.6%	10.3%	10.6%	9.8%
Depreciation	2	1	2	2	3	3	3	3	4
Interest	3	4	4	2	4	5	4	2	2
	2	0	1	1	3	4	5	3	2
Profit before tax	39	16	14	21	30	30	29	30	33
Tax	10	4	5	7	10	10	11	8	9
Tax %	25.6%	27.4%	33.3%	30.6%	32.3%	32.7%	37.2%	26.2%	26.3%
	29	12	9	15	20	20	18	22	25
PAT margin %	11.4%	5.3%	6.2%	8.2%	7.5%	7%	6%	7.3%	6.4%
EPS (₹)	15.8	6.1	4.9	7.8	10.6	10.7	9.5	11.4	13.2
EPS adjusted (₹)	—	—	4.9	7.7	10.6	10.6	9.4	11.4	12.9
	12.7%	0%	0%	12.9%	9.5%	9.3%	10.6%	8.8%	7.6%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	19	19	19	19	19	19	19
Reserves	—	175	194	214	227	247	271
Minority interest	—	1	1	1	1	1	0
	—	35	46	43	22	23	21
	—	45	50	45	37	42	86
Total equity & liabilities	—	274	309	321	306	332	398
	25	30	29	27	28	38	36
CWIP	—	2	3	7	9	11	13
Investments	—	14	14	13	13	13	13
	—	228	264	274	256	270	336
Total assets	—	274	309	321	306	332	398

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Lighting and fittings	165.45	40.44	91.48	18.05	73.43	55.07
Accessories and others	128.33	21.31

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	20.9%	30.2%	29.5%	27.8%	26.3%	25.3%	27.1%	26.7%
EBITDA margin %	9.6%	12.6%	13%	12.7%	11.6%	10.3%	10.6%	9.8%
EBIT margin %	8.9%	11.3%	11.9%	11.4%	10.6%	9.4%	9.5%	8.6%
PAT margin %	5.3%	6.2%	8.2%	7.5%	7%	6%	7.3%	6.4%
Working capital
Receivable days	—	—	183	162	174	162	179	155
Inventory days	—	—	320	231	178	154	158	132
Payable days	—	—	92	65	44	40	47	45
NWC days	—	—	411	328	308	276	290	242
Leverage
Current ratio	—	—	2.9	3.08	3.81	4.99	4.43	3.19
Debt to EBITDA	—	—	1.48	1.35	1.28	0.72	0.72	0.57
Debt to equity	—	—	0.18	0.21	0.18	0.09	0.09	0.07
Interest coverage	5.1	4.7	12.4	8.5	7.4	7.9	19	17.9
Asset turnover	—	—	0.66	0.87	0.91	0.98	0.9	0.97
Return ratios
Return on assets %	—	—	5.4%	6.5%	6.4%	5.9%	6.6%	6.2%
Return on capital employed %	—	—	11.8%	16%	14.8%	13%	11.8%	12.4%
Return on equity %	—	—	7.7%	9.5%	8.8%	7.3%	8.2%	8.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	47.15%	45.06%	45.06%	50.08%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%	45.06%
	0%	0%	0.01%	0%	0.09%	0.01%	0.42%	0.53%	0.01%	0.01%	0.01%	0.41%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	52.85%	54.94%	54.93%	49.92%	54.85%	54.93%	54.52%	54.41%	54.93%	54.93%	54.93%	54.53%
No. of shareholders	—	—	—	—	—	—	—	—	26,299	25,776	25,172	23,721

Promoter holding down 2.09 percentage points since Sep 2023.

166 deals · 4 Aug 2021 – 17 Sept 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 Sept 2025	PRATIK M SHETH	Bulk	NSE	Buy	98,653	₹122.66	₹1.21 Cr
4 Feb 2025	L7 HITECH PRIVATE LIMITED	Bulk	NSE	Buy	1,37,730	₹121.50	₹1.67 Cr
29 Aug 2024	SKYVEIL TRADE SOLUTIONS LLP	Bulk	BSE	Buy	1,47,989	₹186.48	₹2.76 Cr
29 Aug 2024	SKYVEIL TRADE SOLUTIONS LLP	Bulk	BSE	Sell	1,41,401	₹187.21	₹2.65 Cr
27 Aug 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	1,28,063	₹191.19	₹2.45 Cr
27 Aug 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	1,16,860	₹190.93	₹2.23 Cr
27 Aug 2024	SKYVEIL TRADE SOLUTIONS LLP	Bulk	BSE	Sell	1,06,015	₹190.42	₹2.02 Cr
27 Aug 2024	SKYVEIL TRADE SOLUTIONS LLP	Bulk	BSE	Buy	99,670	₹190.25	₹1.90 Cr
26 Aug 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	1,75,525	₹190.15	₹3.34 Cr
26 Aug 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	1,71,562	₹190.32	₹3.27 Cr

1–10 of 166

1 / 17

Mr. Akshay Kumar GurnaniExecutive Director-Chairperson-CEO-MD
Mr. Narain Das GurnaniExecutive Director
Mrs. Jyoti GurnaniNon-Executive - Non Independent Director
Mr. Kanwarjeet SinghNon-Executive - Independent Director
Mr. Harikrishan MotwaniNon-Executive - Independent Director
Mr. Sanjeev Kumar DassNon-Executive - Independent Director
Mrs. Kritika TodwalCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Veto Switchgears And Cables Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

11

Final dividend21 Sept 2026 · ex-date₹1
Final dividend22 Sept 2025 · ex-date₹1
Final dividend20 Sept 2024 · ex-date₹1
Final dividend22 Sept 2023 · ex-date₹1
Final dividend20 Sept 2022 · ex-date₹1
Final dividend21 Sept 2021 · ex-date₹1
Final dividend25 Sept 2018 · ex-date₹2
Final dividend25 Sept 2017 · ex-date₹1
Interim dividend22 Feb 2017 · ex-date₹1
Final dividend22 Sept 2016 · ex-date₹1.5
Interim dividend28 Jan 2016 · ex-date₹0.5

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

15 announcementsExport CSV

30 Sept 2026, 4:46 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	20.9%	30.2%	29.5%	27.8%	26.3%	25.3%	27.1%	26.7%
EBITDA margin %	9.6%	12.6%	13%	12.7%	11.6%	10.3%	10.6%	9.8%
EBIT margin %	8.9%	11.3%	11.9%	11.4%	10.6%	9.4%	9.5%	8.6%
PAT margin %	5.3%	6.2%	8.2%	7.5%	7%	6%	7.3%	6.4%
Working capital
Receivable days	—	—	183	162	174	162	179	155
Inventory days	—	—	320	231	178	154	158	132
Payable days	—	—	92	65	44	40	47	45
NWC days	—	—	411	328	308	276	290	242
Leverage
Current ratio	—	—	2.9	3.08	3.81	4.99	4.43	3.19
Debt to EBITDA	—	—	1.48	1.35	1.28	0.72	0.72	0.57
Debt to equity	—	—	0.18	0.21	0.18	0.09	0.09	0.07
Interest coverage	5.1	4.7	12.4	8.5	7.4	7.9	19	17.9
Asset turnover	—	—	0.66	0.87	0.91	0.98	0.9	0.97
Return ratios
Return on assets %	—	—	5.4%	6.5%	6.4%	5.9%	6.6%	6.2%
Return on capital employed %	—	—	11.8%	16%	14.8%	13%	11.8%	12.4%
Return on equity %	—	—	7.7%	9.5%	8.8%	7.3%	8.2%	8.5%

Date	Category	Subject	Filing
30 Sept 2026, 4:46 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
29 Sept 2026, 5:14 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 5:31 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
7 Sept 2026, 2:12 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
6 Sept 2026, 1:01 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
4 Sept 2026, 3:49 pm	Company Update General	Intimation Regarding E-Voting Facility For 19Th AGM	PDF
4 Sept 2026, 3:42 pm	Corp. Action Record Date	Intimation Of Record Date	PDF
4 Sept 2026, 3:39 pm	Corp. Action Book Closure	Intimation Of Book Closure	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7	-8	18	27	15	10
	-7	-0	-4	4	-18	-4
	-4	5	-10	-23	-3	-5
Net cash flow	-4	-4	4	7	-7	1
Free cash flow	4	-10	13	21	-5	5
CFO / Operating profit %	31.3%	-24.9%	53.5%	87.3%	47.3%	27.5%

Veto Switchgears And Cables Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

11

1

Announcements

11

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Accessories & Others · revenue

Veto Switchgears And Cables Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends11

Board meetings1

Announcements

Dividends11

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Accessories & Others · revenue

11

1

11

1