1. India Stocks

  2. •

    Producer manufacturing

  3. •

    Electrical products
Veto Switchgears & Cables Ltd.

Veto Switchgears & Cables Ltd.

122.10
INR
-6.10
(-4.76%)
14.14EPS
8.73P/E
2.39BMarket Cap
Veto Switchgears & Cables Ltd.
BSE:VETO
(Bombay Stock Exchange)

Recent

price

122.10

P/E

ratio

8.73

div

yld

- -

ROIC.AI

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
INR
55.87
45.03
51.55
53.09
96.44
130.43
137.99
114.56
78.81
94.58
139.64
151.75
156.99
157.13
201.99
215.28
Revenue per Share
5.88
3.57
3.32
3.9
7.14
10
15.81
6.09
4.88
7.74
10.47
10.59
9.39
11.58
13.15
14.33
Basic EPS, GAAP
1.44
-0.8
-6.85
-2.87
9.54
7.69
-15.88
4.84
9.36
2.01
-4.81
6.74
11.24
-2.49
2.7
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
0.5
2.99
1.2
- -
- -
- -
1
1
1
1
1
- -
Dividend per Share
14.78
32.43
35.75
39.64
46.19
55.36
81
87.53
93
101.38
111.24
121.83
128.83
139.39
151.55
- -
Book Value per Share
14.78
32.43
35.75
39.64
46.18
55.36
81
87.53
93
101.38
111.24
121.83
128.83
139.39
151.55
- -
Tangible Book Value per Share
12
16
18
18
18
18
18
19
19
19
19
19
19
19
19
19
Basic Weighted Avg Shares
686
741
945
973
1,767
2,390
2,529
2,177
1,498
1,808
2,669
2,901
3,001
3,003
3,861
4,112
Sales/Revenue/Turnover
14.6
13.63
10.33
13.57
13.62
5.24
15.63
8.67
11.02
11.83
11.48
10.3
0.4
-0.6
-2.07
8.91
Operating Margin (%)
11
11
12
20
20
17
16
15
17
20
33
28
27
31
43
43
Depreciation Expense
72
59
61
71
131
183
290
116
93
148
200
202
180
221
251
274
Net Income, GAAP
4.19
22.86
27.82
26.76
14.86
14.02
25.57
27.47
33.32
30.64
32.24
32.75
37.18
26.14
26.32
26.35
Effective Tax Rate (%)
10.52
7.92
6.44
7.34
7.41
7.67
11.46
5.32
6.2
8.18
7.5
6.98
5.98
7.37
6.51
6.65
Profit Margin (%)
144
462
341
382
474
708
1,169
1,332
1,316
1,511
1,740
1,977
1,976
2,005
2,218
- -
Working Capital
7
6
63
63
60
53
33
8
7
8
42
108
23
25
21
- -
LT Debt
271
594
655
727
846
1,015
1,484
1,673
1,778
1,943
2,133
2,338
2,473
2,674
2,901
- -
Total Equity
- -
10.66
7.39
6.86
11.16
14.08
17.97
6.61
5.42
6.92
8.47
7.52
0.28
-0.31
-1.89
- -
Return on Invested Capital (%)
- -
14.09
8.87
6.97
11.47
16.8
19.25
7.25
5.52
7.26
9.06
8.58
7.35
8.41
9
- -
Return on Capital (%)
- -
13.58
9.74
10.34
16.65
19.69
23.19
7.33
5.38
7.96
9.85
9.09
7.49
8.63
9.04
- -
Return on Common Equity (%)

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
194
- -
LT Borrowings
- -
21
- -
LT Finance Leases
- -
21
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
19
19
19
Market Capitalization
2,192
1,621
2,391

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
3,230
- -
Cash, Cash Equivalents & STI
- -
81
- -
Accounts Receivable, Net
- -
1,638
- -
Inventories
- -
1,028
- -
Total Current Liabilities
- -
1,012
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
194
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
13.62%
8.36%
8.49%
Free Cash Flow
-128.53%
-168.57%
-208.47%
Net Income, GAAP
13.95%
12.38%
13.53%
Sales/Revenue/Turnover
10.5%
17.68%
28.55%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
612
743
757
892
3,003
2026
649
888
942
1,389
3,861
2027
894
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
2.55
3.09
1.96
3.94
11.58
2026
1.93
3.18
3.45
4.59
13.15
2027
3.1
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
1
2026
- -
- -
- -
- -
1
2027
- -
- -
- -
- -
- -
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Business
Veto Switchgears and Cables Limited (NSE: VETO.NS) manufactures and sells a range of low, medium, and high voltage switchgears, cables, and related electrical products for power distribution and transmission applications. The company offers products including vacuum circuit breakers, load break switches, ring main units, current transformers, potential transformers, porcelain clad post insulators, polymeric clad post insulators, power cables, control cables, instrumentation cables, and house wires under the VETO brand; it also provides services such as design, engineering, installation, testing, and commissioning of electrical substations. Veto Switchgears and Cables Limited operates primarily in India, serving utilities, industrial customers, and infrastructure projects in the electrical equipment industry. Founded in 2009 and headquartered in Jaipur, India, the company focuses on the power sector with target markets including state electricity boards, private power producers, and commercial enterprises. Its business segments encompass manufacturing of switchgears and cables, along with value-added engineering services for substation solutions. The company maintains production facilities in Jaipur and has expanded its distribution network across multiple Indian states. In recent developments, Veto Switchgears and Cables Limited reported strong financial performance in FY2025, with revenue growth driven by increased demand for switchgears and cables amid India's infrastructure push; it secured new orders worth over INR 100 crore from key utility clients in the past year. The company launched enhanced high-voltage cable offerings compliant with updated BIS standards and formed strategic partnerships with regional manufacturers for component sourcing to support capacity expansion. No major acquisitions or name changes have occurred in the last 1-2 years, but operational enhancements include a new assembly line for ring main units commissioned in mid-2025.