VETO

Veto Switchgears And Cables financials

Market cap
₹240 Cr
Sector
Consumer Durables

What Veto Switchgears And Cables Limited does

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)
Founded 2007Headquarters Jaipur, Rajasthan, India Company website

Quarterly results

Q1 FY27: revenue up 37.8%, net profit up 70.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue74 76 89 65 89 +20%94 +24%139 +56%89 +38%
EBITDA9 5 11 6 8 −2%10 +89%13 +22%9 +50%
Net profit6 4 7 3 6 +2%6 +73%9 +20%6 +71%
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 +11.3% 1Y

₹80₹100₹120₹140Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹113.08 on 10 Sept 2025 → ₹125.81. High ₹148.45 (9 Jun 2026), low ₹84.4 (30 Mar 2026).

Financials, as filed

Revenue grew 9.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 9.8%.

Year endingFY23FY24FY25FY26
Revenue₹291 Cr₹300 Cr₹300 Cr₹387 Cr
Operating profit₹33 Cr₹31 Cr₹32 Cr₹38 Cr
Operating margin11.4%10.3%10.5%9.8%
Interest₹4 Cr₹4 Cr₹2 Cr₹2 Cr
Depreciation₹3 Cr₹3 Cr₹3 Cr₹4 Cr
Net profit₹20 Cr₹18 Cr₹22 Cr₹25 Cr
Net margin7.0%6.0%7.3%6.4%
Cash from operations₹18 Cr₹28 Cr₹15 Cr₹10 Cr
Free cash flow₹13 Cr₹22 Cr₹-5 Cr₹6 Cr
ROCE13.0%12.0%11.0%12.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹19 Cr₹19 Cr₹19 Cr₹19 Cr₹19 Cr₹19 Cr
Reserves₹175 Cr₹194 Cr₹214 Cr₹227 Cr₹257 Cr₹271 Cr
Borrowings₹35 Cr₹47 Cr₹43 Cr₹23 Cr₹16 Cr₹21 Cr
Other liabilities₹45 Cr₹49 Cr₹45 Cr₹37 Cr₹59 Cr₹87 Cr
Total liabilities₹274 Cr₹309 Cr₹321 Cr₹306 Cr₹352 Cr₹398 Cr
Fixed assets₹44 Cr₹43 Cr₹40 Cr₹41 Cr₹50 Cr₹49 Cr
Capital work in progress₹2 Cr₹3 Cr₹7 Cr₹9 Cr₹12 Cr₹13 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹227 Cr₹263 Cr₹274 Cr₹256 Cr₹289 Cr₹336 Cr
Total assets₹274 Cr₹309 Cr₹321 Cr₹306 Cr₹352 Cr₹398 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, FIIs trimmed −0.12 pp while the public added +0.11 pp. The shareholder count shrank 11% to 23,721.

Promoters
45.1%
FIIs
0.4%
Public
54.5%

Since Jun 2025

  • FIIs −0.12 pp
  • Public +0.11 pp
  • Promoters 0.00 pp

How it drifted, 12 quarters

Over this window promoters fell from 47.1% to 45.1% — −2.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 47.1%, Public 52.9%.Dec '23: Promoters 45.1%, Public 54.9%.Mar '24: Promoters 45.1%, FIIs 0.0%, Public 54.9%.Jun '24: Promoters 45.1%, Public 54.9%.Sep '24: Promoters 45.1%, FIIs 0.1%, Public 54.9%.Dec '24: Promoters 45.1%, FIIs 0.0%, Public 54.9%.Mar '25: Promoters 45.1%, FIIs 0.4%, Public 54.5%.Jun '25: Promoters 45.1%, FIIs 0.5%, Public 54.4%.Sep '25: Promoters 45.1%, Public 55.0%.Dec '25: Promoters 45.1%, FIIs 0.0%, Public 54.9%.Mar '26: Promoters 45.1%, FIIs 0.0%, Public 54.9%.Jun '26: Promoters 45.1%, FIIs 0.4%, Public 54.5%.

Who was buying across the market this quarter →

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.

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Veto Switchgears And Cables Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Veto Electropowers (India) Private Limited 32.28%unchanged
Harish Kumar Gurnani 3.84%unchanged
Akshay Kumar Gurnani 3.60%unchanged
Rishabh Pant 2.67%newly disclosed
Dheeraj Kumar Lohia 1.55%+0.12 pp
Pushpa Devi Gurnani 1.49%unchanged
Kanishk Kishore Gurnani 1.24%−0.92 pp
Rohit Gurnani 1.22%unchanged
Mahendra Girdharilal Wadhwani 1.18%unchanged
Priyanka Kishore Gurnani 0.92%+0.92 pp
Kishore Kumar Gurnani 0.29%unchanged
Sitadevi Gurnani 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.

What the price assumes

Attractive

To justify its price of ₹126, this stock must grow earnings at -2% every year for 7 years. Our analysis caps realistic growth at ~13%. At that growth it is worth ₹292 — upside of 132%.

Growth the price implies
-2.3% 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
132% downside if it only repeats history
Price today ₹125.81 Value at the reference growth ₹291.71

Change the assumptions yourself →

Learn to analyse Veto Switchgears And Cables Limited

Guides on how to read this kind of business and the numbers that matter.