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Veto Switchgears and Cables Limited

Veto Switchgears and Cables Limited

VETO.NS
Veto Switchgears and Cables LimitedIN flagNational Stock Exchange of India
123.51
INR
+2.25
- -
2.36BMarket Cap
Veto Switchgears and Cables Limited
VETO.NS
(National Stock Exchange of India)

Recent

price

123.51

P/E

ratio

- -

div

yld

- -

ROIC.AI

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
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
157.14
202.31
198.86
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
12.92
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
21.53
25.4
27.05
30.94
37.73
44.27
58.86
63.27
68.15
75.48
84.95
94.54
105.26
115.84
10
9.83
Book Value per Share
22.07
36.1
35.76
39.64
46.18
55.36
81
88.05
93.55
101.65
111.6
122.3
129.35
139.9
151.78
149.19
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
3,004
3,867
3,867
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
9.53
8.63
8.64
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
251
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
26.32
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
6.5
6.5
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
2,218
Working Capital
7
6
63
63
60
53
33
8
7
8
42
108
23
25
21
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
2,901
Total Equity
- -
14.15
8.56
9.28
17.46
8.26
17.96
6.85
5.42
6.91
8.53
7.52
0.28
7.69
8.26
8.26
Return on Invested Capital (%)
- -
16.89
11.13
8.23
13.25
19.49
23.8
9.33
7.19
9.38
11.38
10.59
8.94
10.06
18.95
18.94
Return on Capital (%)
- -
17.21
13.32
13.44
20.81
24.39
30.66
10.15
7.43
10.81
13.05
11.8
9.4
10.47
20.89
20.89
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
133
- -
194
LT Borrowings
28
- -
21
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
19
- -
19
Market Capitalization
2,284
2,231
1,641

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
2,773
- -
3,230
Cash, Cash Equivalents & STI
75
- -
81
Accounts Receivable, Net
1,461
- -
1,638
Inventories
1,102
- -
1,028
Total Current Liabilities
682
- -
1,012
Payables & Accruals
- -
- -
- -
ST Debt
133
- -
194
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

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
10.52%
17.72%
28.74%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
670
716
820
794
3,001
2025
612
743
757
892
3,004
2026
649
888
942
1,389
3,867

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2.56
3.16
2.56
- -
9.39
2025
2.55
3.09
1.96
3.94
11.58
2026
1.8
3.18
3.45
4.59
13.15

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1
2025
- -
- -
- -
- -
1
2026
- -
- -
- -
- -
1
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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.