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Swing Capital

Veedol Corporation Ltd

NSE: VEEDOL BSE: 590005

Tide Water Oil Co. Ltd. is a leading manufacturer and marketer of lubricants in over 65 countries around the globe. In India, it has been catering to both automotive and industrial segments since 1928 under the brand “Veedol''. [1]

₹1,417
52W: ₹1238 — ₹2035
PE 18.8 · Book ₹432 · +228% vs book
Market Cap₹2,469 Cr
Stock P/E18.8Price to Earnings
ROCE19.2%Return on Capital
ROE17.6%Return on Equity
Div. Yield3.83%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Stock is providing a good dividend yield of 3.82%.
  • +Company has been maintaining a healthy dividend payout of 79.2%

Weaknesses

  • −The company has delivered a poor sales growth of 6.26% over past five years.
  • −Tax rate seems low
  • −Earnings include an other income of Rs.97.5 Cr.

Shareholding Pattern

Promoters64.58%
FIIs1.06%
DIIs1.17%
Public30.72%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters64.15%64.29%▲0.164.29%64.29%62.35%▼1.964.58%▲2.264.58%64.58%
FIIs1.98%1.71%▼0.31.46%▼0.31.26%▼0.21.14%▼0.11.37%▲0.21.17%▼0.21.06%▼0.1
DIIs1.23%1.24%▲0.01.28%▲0.01.17%▼0.11.17%1.17%1.17%1.17%
Public30.17%30.3%▲0.130.51%▲0.230.82%▲0.332.86%▲2.030.41%▼2.430.61%▲0.230.72%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales381404388378364386398373352395
Expenses363381359360345368363359341379
Operating Profit18232918191834131016
OPM %5%6%8%5%5%5%9%4%3%4%
Net Profit21263727203445162644
EPS ₹12.0315.0721.3315.3711.1919.325.819.3515.1525.05

AI Insights

Revenue Trend

TTM revenue at ₹1,517Cr, down 0.7% YoY. OPM at 5%.

Debt Position

Borrowings at ₹20Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹6Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.17% (-0.93pp change). FIIs: 1.06% (+0.23pp change). Promoters hold 64.58%.

Margin & Efficiency

ROCE declining from 30% (Mar 2014) to 19% (Mar 2025). Working capital days: 102.

Valuation

PE 18.8x with 19.2% ROCE. Price is 228% above book value of ₹432. Dividend yield: 3.83%.

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