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Swing Capital

Veto Switchgears & Cables Ltd

NSE: VETO BSE: 539331

Incorporated in 2007, Veto Switchgears & Cables Ltd manufactures wires & cables, electrical accessories & also deals in LED lighting, CFL & Fans[1]

₹109
52W: ₹82.3 — ₹142
PE 8.79 · Book ₹140 · -22% vs book
Market Cap₹209 Cr
Stock P/E8.79Price to Earnings
ROCE11%Return on Capital
ROE8.64%Return on Equity
Div. Yield0.93%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Stock is trading at 0.78 times its book value

Weaknesses

  • −Company has a low return on equity of 11.1% over last 3 years.
  • −Dividend payout has been low at 7.84% of profits over last 3 years
  • −Company has high debtors of 167 days.
  • −Promoter holding has decreased over last 3 years: -5.02%

Shareholding Pattern

Promoters45.06%
FIIs0.01%
DIIs0%
Public54.94%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters45.06%45.06%45.06%45.06%45.06%45.06%45.06%45.06%
FIIs0%0.09%▲0.10.01%▼0.10.42%▲0.40.53%▲0.10%▼0.50.01%▲0.00.01%
DIIs0%0%0%0%0%0%0%0%
Public54.94%54.86%▼0.154.94%▲0.154.53%▼0.454.42%▼0.154.95%▲0.554.93%▼0.054.94%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales51.3154.9661.6641.7452.9854.1267.1943.2458.1370.37
Expenses43.7948.2756.8336.4946.4850.2857.8838.6951.962.31
Operating Profit7.526.694.835.256.53.849.314.556.238.06
OPM %14.66%12.17%7.83%12.58%12.27%7.1%13.86%10.52%10.72%11.45%
Net Profit5.294.217.324.315.423.847.953.725.696.42
EPS ₹2.772.29.062.252.842.014.161.952.983.36

AI Insights

Revenue Trend

TTM revenue at ₹239Cr, up 10.6% YoY. OPM at 12%.

Debt Position

Borrowings at ₹14Cr. Debt-to-equity ratio: 0.06x. Healthy balance sheet.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0.01% (+0.01pp change). Promoters hold 45.06%.

Margin & Efficiency

ROCE declining from 13% (Mar 2014) to 11% (Mar 2025). Working capital days: 242.

Valuation

PE 8.79x with 11% ROCE. Price is -22% above book value of ₹140. Dividend yield: 0.93%.

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