VETO

Veto Switchgears And Cables Limited

Electrical wires, cables, lighting and fittings under ALL ELECTRICAL SEGMENT brand

Consumer Discretionary›Consumer Durables›Consumer Durables›Consumer Electronics

vetoswitchgears.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹133.27
Market cap
255 Cr
Stock P/E
9.3
P/B
0.88
Dividend yield
0.8%
ROE (FY26)
8.5%
ROCE (FY26)
11.3%
Operating margin (FY26)
8.6%
Debt / equity (FY26)
0.07
OCF / EBITDA (FY26)
27.5%
OCF / EBITDA (3Y)
48.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Veto Switchgears and Cables makes electrical products under the Veto brand: wires and cables, lighting and fittings, and electrical accessories.

Company snapshot

9thBy market cap

Ranked among 11 companies in Consumer Electronics.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 51.6% of revenue

SegmentRevenue shareRevenuePBTAssets
Accessories & Others
23.6%
18 Cr8 Cr41 Cr
Lighting & Fittings
51.6%
39 Cr18 Cr92 Cr
Wire & Cables
24.9%
19 Cr6 Cr26 Cr

What we see

Positives
  • ✓Debt-to-equity of 0.07x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Only 48% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
1 more signal from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales72 Cr82 Cr79 Cr61 Cr74 Cr76 Cr89 Cr65 Cr89 Cr94 Cr139 Cr89 Cr
Operating expenses (approx.)62 Cr73 Cr75 Cr54 Cr66 Cr71 Cr78 Cr59 Cr80 Cr84 Cr126 Cr80 Cr
EBITDA10 Cr9 Cr4 Cr7 Cr9 Cr5 Cr11 Cr6 Cr8 Cr10 Cr13 Cr9 Cr
OPM %14.0%10.6%5.4%11.6%11.5%6.9%12.2%9.7%9.4%10.4%9.5%10.6%
Other income0.34 Cr0.39 Cr4 Cr0.42 Cr0.15 Cr1 Cr0.52 Cr0.35 Cr0.85 Cr0.55 Cr0.19 Cr0.53 Cr
Interest2 Cr0.87 Cr0.73 Cr0.39 Cr0.04 Cr0.50 Cr0.71 Cr0.63 Cr0.37 Cr0.47 Cr0.51 Cr0.74 Cr
Depreciation0.70 Cr0.79 Cr0.48 Cr0.63 Cr0.66 Cr0.93 Cr0.84 Cr1 Cr1 Cr1 Cr1 Cr1 Cr
Profit before tax8 Cr7 Cr7 Cr7 Cr8 Cr5 Cr10 Cr5 Cr8 Cr9 Cr12 Cr8 Cr
Tax %25.2%34.4%66.8%24.9%29.2%30.4%25.2%30.3%22.4%28.4%25.7%28.8%
Net profit6 Cr5 Cr2 Cr5 Cr6 Cr4 Cr7 Cr3 Cr6 Cr6 Cr9 Cr6 Cr
EPS (₹)₹3.16₹2.56₹1.17₹2.55₹3.12₹1.90₹3.84₹1.80₹3.18₹3.45₹4.59₹3.10

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales239 Cr254 Cr218 Cr150 Cr181 Cr268 Cr291 Cr300 Cr300 Cr387 CrSign in free for the trailing twelve months
Operating expenses (approx.)214 Cr212 Cr197 Cr131 Cr158 Cr234 Cr257 Cr269 Cr269 Cr349 CrSign in free for the trailing twelve months
EBITDA25 Cr41 Cr21 Cr19 Cr24 Cr34 Cr34 Cr31 Cr32 Cr38 CrSign in free for the trailing twelve months
OPM %10.6%16.3%9.6%12.6%13.0%12.7%11.5%10.3%10.5%9.8%Sign in free for the trailing twelve months
Other income2 Cr2 Cr0.38 Cr0.68 Cr1 Cr3 Cr4 Cr5 Cr3 Cr2 CrSign in free for the trailing twelve months
Interest4 Cr3 Cr4 Cr4 Cr2 Cr4 Cr5 Cr4 Cr2 Cr2 CrSign in free for the trailing twelve months
Depreciation2 Cr2 Cr1 Cr2 Cr2 Cr3 Cr3 Cr3 Cr3 Cr4 CrSign in free for the trailing twelve months
Profit before tax21 Cr39 Cr16 Cr14 Cr21 Cr30 Cr30 Cr29 Cr30 Cr33 CrSign in free for the trailing twelve months
Tax %14.0%25.6%27.5%33.3%30.6%32.2%32.8%37.2%26.1%26.3%Sign in free for the trailing twelve months
Net profit18 Cr29 Cr12 Cr9 Cr15 Cr20 Cr20 Cr18 Cr22 Cr25 CrSign in free for the trailing twelve months
EPS (₹)₹10.00₹15.81₹6.09₹4.88₹7.76₹10.56₹10.70₹9.45₹11.41₹13.15Sign in free for the trailing twelve months
Dividend payout %————0.0%9.5%9.3%-10.6%8.8%7.8%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital18 Cr18 Cr19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr
Reserves83 Cr130 Cr148 Cr159 Cr175 Cr194 Cr214 Cr227 Cr247 Cr271 Cr
Borrowings29 Cr35 Cr38 Cr24 Cr35 Cr46 Cr43 Cr22 Cr23 Cr21 Cr
Other liabilities15 Cr18 Cr15 Cr18 Cr45 Cr50 Cr45 Cr37 Cr42 Cr86 Cr
Total liabilities145 Cr202 Cr220 Cr220 Cr274 Cr309 Cr321 Cr306 Cr332 Cr398 Cr
Fixed assets (net)20 Cr23 Cr16 Cr24 Cr29 Cr27 Cr27 Cr27 Cr38 Cr36 Cr
CWIP8 Cr7 Cr0.26 Cr3 Cr2 Cr3 Cr7 Cr9 Cr11 Cr13 Cr
Investments0.01 Cr0.01 Cr15 Cr14 Cr14 Cr14 Cr13 Cr13 Cr13 Cr13 Cr
Inventories39 Cr45 Cr98 Cr90 Cr112 Cr122 Cr105 Cr94 Cr95 Cr103 Cr
Trade receivables56 Cr107 Cr61 Cr59 Cr91 Cr119 Cr139 Cr133 Cr147 Cr164 Cr
Cash & bank3 Cr3 Cr15 Cr15 Cr13 Cr9 Cr15 Cr8 Cr1 Cr2 Cr
Other assets20 Cr17 Cr16 Cr14 Cr14 Cr14 Cr16 Cr21 Cr27 Cr67 Cr
Total assets145 Cr202 Cr220 Cr220 Cr274 Cr309 Cr321 Cr306 Cr332 Cr398 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity20 Cr-25 Cr11 Cr32 Cr7 Cr-8 Cr18 Cr27 Cr11 Cr10 Cr
Cash from investing-11 Cr4 Cr-2 Cr-13 Cr-7 Cr-0.19 Cr-4 Cr4 Cr-18 Cr-4 Cr
Cash from financing-21 Cr21 Cr3 Cr-19 Cr-4 Cr5 Cr-10 Cr-23 Cr-3 Cr-5 Cr
Net cash flow-12 Cr-0.18 Cr12 Cr0.56 Cr-4 Cr-3 Cr6 Cr7 Cr-11 Cr0.86 Cr
Free cash flow (OCF − Capex)14 Cr-29 Cr9 Cr19 Cr4 Cr-10 Cr13 Cr26 Cr-9 Cr5 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %19.5%22.7%9.7%8.8%10.1%13.0%12.7%12.2%10.7%11.3%
ROE %18.1%19.5%6.9%5.2%7.6%9.5%8.7%7.3%8.2%8.5%
Debtor days85153102145182162173162178154
Inventory days320317614654542395338301305276
Days payable7154517015511184779195
Cash conversion cycle335415664729569446428385392336
OCF / EBITDA %77.0%-60.7%52.3%168.9%31.3%-24.8%53.5%87.2%34.4%27.5%
OCF / EBITDA % (3 years)——6.3%21.9%79.2%40.3%18.6%37.1%58.0%48.1%
Debt / equity0.280.240.230.130.180.210.180.090.090.07
Current ratio2.833.343.554.192.903.083.814.994.433.19
Net debt / EBITDA1.02—1.120.470.951.070.820.470.690.52