Veto Switchgear Cable Ltd
NSE: VETO · Consumer Electronics · sector
₹120.91NSE close 2026-10-26
Key numbers
Market cap₹231 cr
Price₹120.91
52w high / low₹156 / ₹82
P/E8.4xSector median 14.6x
P/B0.8xSector median 2.4x
Book value₹151.6
Dividend yield0.83%Sector median 0.17%
ROE9.8%Sector median 13.9%
ROCE12.5%Sector median 12.0%
OPM9.9%Sector median 6.8%
Debt / equity0.07xSector median 0.13x
EV/EBITDA6.1xSector median 12.2x
Interest cover18.6x
Current ratio3.19x
Sales growth 3y+9.9%Sector median +16.4%
Profit growth 3y+6.7%Sector median +36.4%
PEG1.19x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 14 companies in Consumer Electronics (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹2 cr vs borrowings ₹21 cr (FY26): borrowings are higher by ₹19 cr.
- Operating profit covered interest 18.6x in the last 12 months.
- Operating cash flow was below net profit in 4 of the last 5 years (FY26, FY25, FY23, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 8% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹120.91 on 2026-10-26: -22.4% from the 52-week high, +46.9% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹154.64 · low ₹90.60
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 74 | 76 | 89 | 65 | 89 | 94 | 139 | 89 |
| EBITDA | 9 | 5 | 11 | 6 | 8 | 10 | 13 | 9 |
| OPM % | 11.5% | 6.9% | 12.2% | 9.7% | 9.4% | 10.4% | 9.5% | 10.6% |
| Other income | 0 | 1 | 1 | 0 | 1 | 1 | 0 | 1 |
| Net profit | 6 | 4 | 7 | 3 | 6 | 7 | 9 | 6 |
| EPS (₹) | 3.12 | 1.90 | 3.84 | 1.80 | 3.18 | 3.45 | 4.59 | 3.10 |
| Revenue YoY | +19.5% | +24.4% | +55.7% | +37.8% | ||||
| Profit YoY | +2.7% | +76.2% | +19.9% | +72.6% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 268 | 291 | 300 | 300 | 387 | 411 |
| EBITDA | 34 | 34 | 31 | 32 | 38 | 41 |
| Net profit | 20 | 20 | 18 | 22 | 25 | 27 |
| EPS (₹) | 10.56 | 10.70 | 9.45 | 11.41 | 13.15 | 14.32 |
| Revenue growth | +8.7% | +3.1% | +0.1% | +28.7% | +35.2% | |
| Profit growth | +0.3% | -11.4% | +21.4% | +12.8% | +34.1% | |
| Dividend / share (₹) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +9.9% | +16.4% | +35.2% |
| Net profit | +6.7% | +10.7% | +34.1% |
| EPS | +7.1% | +11.1% | – |
| Share price | – | -0.8% (2y) | +9.5% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 233 | 246 | 266 | 290 |
| Borrowings | – | 43 | 22 | 23 | 21 |
| Cash & equivalents | – | 15 | 8 | 1 | 2 |
| Total assets | – | 321 | 306 | 332 | 398 |
| Fixed assets | – | 27 | 27 | 38 | 36 |
| Capital work in progress | – | 7 | 9 | 11 | 13 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 139 | 133 | 147 | 164 |
| Inventory | – | 105 | 94 | 95 | 103 |
| Payables | – | 26 | 24 | 28 | 35 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -8 | 18 | 27 | 15 | 10 |
| Cash from investing | -0 | -4 | 4 | -18 | -4 |
| Cash from financing | 5 | -10 | -23 | -3 | -5 |
| Capex | 1 | 5 | 7 | 20 | 5 |
| Free cash flow | -10 | 13 | 20 | -5 | 5 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 8.7% | 7.3% | 8.2% | 8.5% |
| ROCE % | – | 12.8% | 12.3% | 10.8% | 11.4% |
| Debtor days | – | 174 | 162 | 179 | 155 |
| Inventory days | – | 178 | 154 | 158 | 132 |
| Payable days | – | 44 | 40 | 47 | 45 |
| Cash conversion cycle (days) | – | 308 | 276 | 290 | 242 |
| Working capital days | – | 248 | 243 | 244 | 209 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 45.06% |
| FIIs | 0.66% |
| Public (non-institutions) | 54.28% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 45.06% | 0.45% | 45.06% | 45.06% | 45.06% | 45.06% | 45.06% | 45.06% |
| Promoter group | % |
|---|---|
| Veto Electropowers (India) Private Limited | 32.28% |
| Harish Kumar Gurnani | 3.84% |
| Akshay Kumar Gurnani | 3.60% |
| Pushpa Devi Gurnani | 1.49% |
| Kanishk Kishore Gurnani | 1.24% |
| Rohit Gurnani | 1.22% |
| Priyanka Kishore Gurnani | 0.92% |
| Kishore Kumar Gurnani | 0.29% |
| Sitadevi Gurnani | 0.08% |
| Narain DAS Gurnani | 0.07% |
| Mukesh Gurnani | 0.03% |
| Public holders above 1% | % |
|---|---|
| Rishabh Pant | 3.02% |
| Dheeraj Kumar Lohia | 1.55% |
| Mahendra Girdharilal Wadhwani | 1.18% |
22,871 shareholders. Pledged: – of promoter shares.
Peers in Consumer Electronics
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| DIXON | ₹68,194 cr | 32.5x | 14.6x | 48.8% | 52.1% | 3.6% | +58.9% | 0.17% |
| HAVELLS | ₹63,381 cr | 38.1x | 6.5x | 18.0% | 22.5% | 8.9% | +10.0% | 0.99% |
| PGEL | ₹13,565 cr | 65.9x | 4.5x | 7.0% | 10.0% | 7.1% | +34.8% | 0.05% |
| IKIO | ₹1,266 cr | 25.9x | 2.1x | 8.0% | 11.4% | 13.7% | +18.4% | 0.00% |
| ONIDA | ₹930 cr | – | 3.9x | -42.0% | -19.3% | -9.4% | -15.9% | – |
| SMAART | ₹348 cr | 14.1x | – | – | – | – | – | – |
| VETO | ₹231 cr | 8.4x | 0.8x | 9.8% | 12.5% | 9.9% | +9.9% | 0.83% |
| BPL | ₹190 cr | – | 0.8x | -6.0% | -3.4% | -13.7% | +14.4% | – |
| NANTA | ₹119 cr | 14.6x | 2.7x | 18.2% | 24.8% | 16.4% | – | – |
| CWD | ₹115 cr | 51.5x | 1.4x | 19.8% | 29.2% | 15.4% | +84.1% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Lighting and fittings | ₹165 cr | 42.8% | ₹40 cr | 24.4% |
| Accessories and others | ₹128 cr | 33.2% | ₹21 cr | 16.6% |
| Wires and cables | ₹93 cr | 24.0% | ₹22 cr | 23.5% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-21 | Dividend | Dividend - Re 1 Per Share |
| 2025-09-22 | Dividend | Dividend - Re 1 Per Share |
| 2024-09-20 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2023-09-22 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2022-09-20 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2021-09-21 | Dividend | Annual General Meeting/Dividend - Rs 1 Per Sh |
| 2020-09-21 | Other | Annual General Meeting |
| 2019-09-19 | Other | Annual General Meeting |
| 2018-09-25 | Dividend | Annual General Meeting/Dividend- Rs 2 Per Share |
| 2017-09-25 | Dividend | Annual General Meeting/Dividend - Re 1/- Per Share |
| 2017-05-25 | Other | Extra-Ordinary General Meeting |
| 2017-02-22 | Dividend | Interim Dividend Re 1/- Per Share |
| 2016-09-22 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share |
| 2016-01-28 | Dividend | Interim Dividend - Re 0.50/- Per Share |
| 2015-08-20 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Consumer Discretionary |
| Industry | Consumer Electronics |
| Sub-industry | Consumer Electronics |
| Symbol | VETO |
| BSE code | 539331 |
| ISIN | INE918N01018 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.