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    Veto Switchgears And Cables Limited

    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.

    Consumer Durables
    Consumer Discretionary

    Overview

    Price

    Market Cap

    ₹233 Cr

    Sector

    Consumer Durables

    Consumer Discretionary

    Rank

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY20FY21FY22FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital1919191919191919
    Reserves159175194214227247257271
    Borrowings2635474323231621
    Other Liabilities1645494537435987
    Total Liabilities220274309321306332352398
    AssetsFixed Assets4044434041515049
    CWIP32379111213
    Investments00000000
    Other Assets177227263274256270289336
    Total Assets220274309321306332352398

    Cash Flow

    Cash Flow

    ₹ Cr · Annual
    Line itemFY19FY20FY21FY22FY23FY24FY25FY26
    ActivitiesCash from Operating11317-818281510
    Cash from Investing-2-11-70-2-8-18-4
    Cash from Financing3-19-34-10-27-3-5
    SummaryCapital Expenditure
    Free Cash Flow9184-91322-56
    FCF Margin

    Valuation

    Assumptions

    Current — VETO
    Price
    ₹130
    EPS (TTM)
    ₹13.15
    PE (TTM)
    9.9
    Profit growth
    11.9%

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (12.6×) and current (9.9×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹130
    vs
    Fair value · 15% return
    ₹100
    23%Overvalued

    At 11.9% growth and a 10× exit, ₹130 only delivers your return if you pay ₹100. The price is currently baking in 17% growth.

    EPS grows 11.9%/yr for 5 years, then fades to 6% over 2, exits at 10×.

    YearGrowthEPS (₹)
    FY2711.9%14.71
    FY2811.9%16.47
    FY2911.9%18.43
    FY3011.9%20.62
    FY3111.9%23.07
    FY328.9% ·fade25.14
    FY336.0% ·fade26.64

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

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