Veto Switchgears And Cables share price & results
- Jun 2026
- Sept 2026
Jaipur-based Gurnani Group manufacturer of wires & cables, electrical accessories and switchgear (MCB, modular switches), fans, pumps and CFL/LED lighting under the Veto and Vyoma brands.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 89.4 | +37.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 10.6 | +0.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 5.9 | +70.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 9.71 | +0.3 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 1.43 | +3.0 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 35.25 | +29.0 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance −3.4% 1Y
1Y: ₹125.77 on 24 Oct 2025 → ₹121.53. High ₹150.32 (25 Sept 2026), low ₹84.4 (30 Mar 2026).
- Previous close
- ₹120.91
- Market cap
- ₹235 Cr
- 52-week range
- ₹84.4 – ₹150.32
- One year
- −0.76%
- Price to earnings (TTM to Jun 2026)
- 8.70×
- Return on equity (TTM to Jun 2026)
- 9.71%
Overview
- Symbol
- NSE:VETO
- Sector
- Consumer Durables
- Industry
- Consumer Discretionary
- Exchange
- NSE
- Currency
- INR
What Veto Switchgears And Cables Limited does
Based on the company's own presentations, annual report and earnings calls.
Veto Switchgears and Cables Limited manufactures wires and cables, electrical accessories (modular switches, MCB, distribution boards), fans, pumps, immersion heaters and CFL/LED lighting, sold under the Veto and Vyoma brands through a dealer-distributor network. It is part of the Jaipur, Rajasthan-based Gurnani Group and runs manufacturing units at Vasai (Mumbai) and a large unit at SIDCUL, Haridwar, alongside a 100%-export unit operated by subsidiary Veto Electricals at Mahindra SEZ, Jaipur. Subsidiary Vankon Modular Private Limited extends the group's electrical-accessories and lighting business into Uttar Pradesh and North-East India.
Segments
- Wires & Cables
- Electrical Accessories & Switchgear
- Consumer Appliances & Lighting
- Manufacturing units
- 3 units at Vasai, Mumbai plus a large unit at SIDCUL, Haridwar
- Subsidiaries
- 5 (Veto Electricals, Veto LED Lightings, Vankon Modular, Veto Polytech, VNB Appliances)
- Dedicated export unit
- 100% Export Unit at Light Engineering Zone, Mahindra SEZ, Jaipur (commercial production since Jul 2017)
- Dealer network (Vankon Modular)
- 1,500+
- Product categories
- 10 (wires & cables, electrical accessories, switchgear/MCB, fans, CFL/LED lighting, pumps, immersion heaters)
- Brands
- Veto, Vankon, Vyoma (LED lighting)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +71% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 74 | 76 | 89 | 65 | 89 | 94 | 139 | 89 |
| Expenses | 66 | 71 | 78 | 59 | 80 | 84 | 126 | 80 |
| Operating profit | 9 | 5 | 11 | 6 | 8 | 10 | 13 | 9 |
| Operating margin | 11.5% | 6.9% | 12.2% | 9.7% | 9.4% | 10.4% | 9.6% | 10.6% |
| Other income | 0 | 1 | 1 | 0 | 1 | 1 | 0 | 1 |
| Interest | 0 | 1 | 1 | 1 | 0 | 0 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 8 | 5 | 10 | 5 | 8 | 9 | 12 | 8 |
| Tax rate | 25.5% | 30.3% | 25.2% | 30.2% | 22.5% | 28.4% | 25.7% | 28.8% |
| Net profit | 6 | 4 | 7 | 3 | 6 | 6 | 9 | 6 |
| EPS (₹ per share) | 3.09 | 1.96 | 3.94 | 1.93 | 3.18 | 3.45 | 4.59 | 3.10 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 291 | 300 | 300 | 387 |
| Expenses | 258 | 269 | 269 | 349 |
| Operating profit | 33 | 31 | 32 | 38 |
| Other income | 4 | 5 | 3 | 2 |
| Interest | 4 | 4 | 2 | 2 |
| Depreciation | 3 | 3 | 3 | 4 |
| Profit before tax | 30 | 29 | 30 | 33 |
| Net profit | 20 | 18 | 22 | 25 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 19 | 19 | 19 | 19 | 19 | 19 |
| Reserves | 194 | 214 | 227 | 247 | 257 | 271 |
| Borrowings | 47 | 43 | 23 | 23 | 16 | 21 |
| Other liabilities | 49 | 45 | 37 | 69 | 59 | 87 |
| Total liabilities | 309 | 321 | 306 | 358 | 352 | 398 |
| Fixed assets | 43 | 40 | 41 | 51 | 50 | 49 |
| Capital work in progress | 3 | 7 | 9 | 11 | 12 | 13 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 263 | 274 | 256 | 296 | 289 | 336 |
| Total assets | 309 | 321 | 306 | 358 | 352 | 398 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 7 | -8 | 18 | 28 | 15 | 10 |
| Cash from investing | -7 | 0 | -2 | -8 | -18 | -4 |
| Cash from financing | -3 | 4 | -10 | -27 | -3 | -5 |
| Net cash flow | -4 | -3 | 6 | -8 | -6 | 1 |
| Free cash flow | 4 | -9 | 13 | 22 | -5 | 6 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 183 | 162 | 171 | 162 | 179 | 155 |
| Inventory days | 320 | 231 | 182 | 156 | 160 | 134 |
| Days payable | 92 | 65 | 52 | 40 | 48 | 46 |
| Cash conversion cycle | 411 | 328 | 300 | 278 | 291 | 243 |
| Working capital days | 279 | 225 | 229 | 231 | 242 | 207 |
| Return on capital employed | 11.0% | 14.0% | 13.0% | 12.0% | 11.0% | 12.0% |
| Dividend payout | 13.0% | 10.0% | 9.0% | 11.0% | 9.0% | 8.0% |
Where revenue comes from
The businesses behind the company’s reported revenue.
Accessories and Others contributes 40.9% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
- Accessories and Others 40.9%
₹36.57 crore
- Lightings, Fittings and Appliances 30.9%
₹27.59 crore
- Wire and Cables 28.2%
₹25.20 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Accessories and Others | 36.57 | 40.9% |
| Lightings, Fittings and Appliances | 27.59 | 30.9% |
| Wire and Cables | 25.20 | 28.2% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
How these numbers add up
- Total segment revenue
- ₹89.36 crore
- Intersegment adjustment
- ₹0.00 crore
- Net segment revenue
- ₹89.36 crore
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
How the mix has moved
Each segment’s share of reported revenue, quarter by quarter.
| Segment | Mar 2024 | Jun 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Accessories and Others | — | — | — | — | — | — | — | 41% | — |
| Lightings, Fittings and Appliances | — | — | — | — | — | — | — | 31% | — |
| Wire and Cables | — | — | — | — | 27% | — | — | 28% | — |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
What the price assumes
AttractiveTo justify its price of ₹122, this stock must grow earnings at -3% every year for 7 years. Our analysis caps realistic growth at ~13%. At that growth it is worth ₹292 — upside of 140%.
- Growth the price implies
- -2.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 11.8% a year
- net profit, FY23–FY26 · EPS 13.2%
- The gap
- -0.2 pp
- 140% downside if it only repeats history
Ownership
Who owns it
Public hold 54.28% as of Sept 2026; institutions added 0.25 pts since Jun 2026.
- Promoters 45.06%
- Foreign institutions 0.66%
- Domestic institutions 0.00%
- Public 54.28%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- +0.35 pp 3.02% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Veto Switchgears And Cables Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 32.28% | unchanged | |
| 3.84% | unchanged | |
| 3.60% | unchanged | |
| 3.02% | +0.35 pp | |
| 1.55% | unchanged | |
| 1.49% | unchanged | |
| 1.24% | unchanged | |
| 1.22% | unchanged | |
| 1.18% | unchanged | |
| 0.92% | unchanged | |
| 0.29% | unchanged | |
| 0.08% | unchanged |
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.
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