VERITAS
Veritas (India) financials
- Market cap
- ₹442 Cr
Quarterly results
Q1 FY27: revenue up 53.0%, net profit down 84.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 916 | 1,642 | 785 | 587 | 1,006 +10% | 988 −40% | 532 −32% | 898 +53% |
| EBITDA | 48 | 50 | 25 | 36 | 16 −68% | 25 −51% | 9 −63% | 20 −44% |
| Net profit | 37 | 30 | -1 | 24 | 1 −98% | 11 −64% | -16 −1348% | 4 −85% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −55.4% 1Y
1Y: ₹368.95 on 10 Sept 2025 → ₹164.5. High ₹369.75 (11 Sept 2025), low ₹134.85 (30 Mar 2026).
Financials, as filed
Revenue fell 10.1% a year over 2 years, FY24 to FY26. Operating margin narrowed to 2.7%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹3.9k Cr | ₹4.1k Cr | ₹3.1k Cr |
| Operating profit | ₹205 Cr | ₹188 Cr | ₹85 Cr |
| Operating margin | 5.3% | 4.6% | 2.7% |
| Interest | ₹31 Cr | ₹40 Cr | ₹27 Cr |
| Depreciation | ₹43 Cr | ₹39 Cr | ₹41 Cr |
| Net profit | ₹187 Cr | ₹114 Cr | ₹20 Cr |
| Net margin | 4.8% | 2.8% | 0.6% |
| Cash from operations | ₹56 Cr | ₹41 Cr | ₹-233 Cr |
| Free cash flow | ₹25 Cr | ₹53 Cr | ₹-233 Cr |
| ROCE | 8.0% | 5.0% | 2.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr |
| Reserves | ₹2.0k Cr | ₹2.1k Cr | ₹2.3k Cr | ₹2.5k Cr | ₹2.8k Cr | ₹2.9k Cr |
| Borrowings | ₹389 Cr | ₹268 Cr | ₹232 Cr | ₹327 Cr | ₹254 Cr | ₹438 Cr |
| Other liabilities | ₹923 Cr | ₹1.6k Cr | ₹1.6k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.4k Cr |
| Total liabilities | ₹3.3k Cr | ₹4.0k Cr | ₹4.1k Cr | ₹4.2k Cr | ₹4.3k Cr | ₹4.7k Cr |
| Fixed assets | ₹2.0k Cr | ₹2.0k Cr | ₹2.1k Cr | ₹2.1k Cr | ₹2.1k Cr | ₹2.1k Cr |
| Capital work in progress | ₹339 Cr | ₹342 Cr | ₹344 Cr | ₹349 Cr | ₹349 Cr | ₹349 Cr |
| Investments | ₹1 Cr | ₹1 Cr | ₹9 Cr | ₹10 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹964 Cr | ₹1.7k Cr | ₹1.7k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹2.3k Cr |
| Total assets | ₹3.3k Cr | ₹4.0k Cr | ₹4.1k Cr | ₹4.2k Cr | ₹4.3k Cr | ₹4.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.15 pp while DIIs trimmed −0.14 pp. The shareholder count shrank 3% to 6,631.
- Promoters
- 55.0%
- FIIs
- 9.7%
- Public
- 35.3%
Since Jun 2025
- Public +0.15 pp
- DIIs −0.14 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 55.0%, FIIs 9.9%, Public 35.1%.Dec '23: Promoters 55.0%, FIIs 9.7%, Public 35.3%.Mar '24: Promoters 55.0%, FIIs 9.7%, Public 35.3%.Jun '24: Promoters 55.0%, FIIs 9.7%, Public 35.3%.Sep '24: Promoters 55.0%, FIIs 9.7%, Public 35.3%.Dec '24: Promoters 55.0%, FIIs 9.7%, DIIs 0.1%, Public 35.1%.Mar '25: Promoters 55.0%, FIIs 9.7%, DIIs 0.1%, Public 35.1%.Jun '25: Promoters 55.0%, FIIs 9.7%, DIIs 0.1%, Public 35.1%.Sep '25: Promoters 55.0%, FIIs 9.7%, DIIs 0.1%, Public 35.1%.Dec '25: Promoters 55.0%, FIIs 9.7%, DIIs 0.1%, Public 35.2%.Mar '26: Promoters 55.0%, FIIs 9.7%, Public 35.3%.Jun '26: Promoters 55.0%, FIIs 9.7%, Public 35.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Swan Energy Limited newly disclosed 55.01% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Veritas (India) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Swan Energy Limited | 55.01% | newly disclosed |
| Onix Assets Limited | 11.19% | unchanged |
| Latitude Consultants Limited Corporate | 9.70% | unchanged |
| Niti Nitinkumar Didwania | 5.77% | unchanged |
| Aventia Global Limited | 3.73% | unchanged |
| Groupe Veritas Limited | 2.59% | unchanged |
| Gunjan Jain | 1.64% | unchanged |
| SWAN ENERGY LTD (now known as Swan Corp Limited) | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Veritas (India) Limited
Guides on how to read this kind of business and the numbers that matter.