BSE: 512229
VERITAS (INDIA) LTD.
Operates a distribution and trading business. Consolidated revenue in FY26 was Rs 3,112.63 crore, down from Rs 4,098.11 crore in FY25. The principal disclosed segment brought in Rs 3,046.08 crore of segment revenue with Rs 50.21 crore of EBIT for FY26, representing 100% of reported segment revenue. A small Warehousing operation also contributes revenue, and a Manufacturing segment currently records zero revenue while an integrated manufacturing complex is being built at Dighi Fort, Maharashtra through subsidiary Veritas Polychem Pvt Ltd. Consolidated EBITDA margin was 2.83% in FY26, indicating that the cost of goods traded absorbs the bulk of revenue. Net profit fell to Rs 19.70 crore in FY26 from Rs 113.56 crore in FY25, and operating cash flow was deeply negative at Rs 232.68 crore for the year. The Board has recommended a Rs 0.05 per share dividend for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Distribution & Development (100%), Warehousing, Manufacturing. Thin-margin trading and distribution with a warehousing side business and a manufacturing project under construction
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,131 | 2,163 | 3,855 | 4,099 | 3,113 |
| EBITDA (ex other income) | 157 | 142 | 205 | 189 | 85 |
| margin % | 7.3 | 6.6 | 5.3 | 4.6 | 2.7 |
| Owners' profit | 0 | 95 | 0 | 114 | 0 |
| EPS, as reported (₹) | 39.05 | 35.36 | 69.69 | 42.36 | 7.35 |
| ROE % · ROCE % | 5.0 · 4.7 | 4.1 · 3.7 | 7.4 · 5.8 | 4.3 · 5.3 | 0.7 · 1.5 |
| Debt / equity (x) | 0.06 | 0.02 | 0.02 | 0.02 | 0.15 |
| Cash from operations | 121 | 81 | 56 | 29 | (233) |
| Capex | (0) | (3) | (26) | (4) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 916 | 1,642 | 786 | 587 | 1,006 | 988 | 532 | 898 |
| Profit before tax | 37 | 30 | (1) | 24 | 1 | 12 | (17) | 4 |
| Net profit | 37 | 30 | (1) | 24 | 1 | 11 | (16) | 4 |
| EPS (₹) | 13.67 | 11.16 | (0.41) | 9.01 | 0.22 | 4.06 | 5.94 | 1.36 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Distribution & Development | 2,478 | 79.6 |
| Warehousing | 48 | 1.5 |
| Segment A - Distribution and Development | 568 | 18.2 |
| Segment D - Warehousing | 19 | 0.6 |
| Total, before eliminations | 3,113 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 27,525 | 16.2 | 2.64 | 12.8 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,740 | 17.3 | 3.65 | 16.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,896 | 16.6 | 4.31 | 11.3 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,653 | 25.4 | 4.27 | 19.0 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,104 | — | 12.27 | — | (0.0) | (0.0) | — | 45.0 |
| SHIV AUM STEELS LIMITED | 736 | 64.8 | 6.09 | 47.0 | 6.0 | 6.9 | — | 4.9 |
| The Yamuna Syndicate Ltd | 736 | 8.1 | 0.57 | 185.3 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 602 | 0.9 | — | 51.0 | — | — | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.9 | 13.9 | 62 of 130 | 53% |
| P/B | 0.1 | 0.9 | 9 of 150 | 95% |
| ROCE | 0.6 | 2.1 | 114 of 177 | 36% |
| ROE | 0.7 | 2.3 | 101 of 158 | 36% |
| Debt / Equity | 0.1 | 0.1 | 91 of 154 | 41% |
| EBITDA margin | 2.3 | 4.5 | 89 of 137 | 35% |
| Revenue growth | 53.0 | (8.6) | 30 of 135 | 78% |
| Profit growth | (84.9) | 0.6 | 115 of 157 | 27% |
| Market cap | 402 | 21 | 12 of 179 | 94% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting set for September 2026 results | results | low | — | — |
| 7 Oct 2026 · Routine compliance certificate for dematerialisation filed with BSE | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from October 01, 2026 | compliance | minimal | — | — |
| 3 Sept 2026 · Shareholders approve re-appointment of Mr. Paresh V. Merchant as MD for 3 years | management changes | medium | — | — |
| 3 Sept 2026 · Veritas India 41st AGM: All 5 resolutions passed, Re.0.05 dividend declared | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Veritas India 41st AGM: All 5 resolutions passed, dividend of Rs 0.05 per share declared | board shareholder meetings | low | — | — |
| 3 Sept 2026 · 41st AGM held on Sep 3, 2026; all 5 resolutions passed, small dividend approved | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 13 Aug 2026 · Newspaper notice for 41st AGM on September 3, 2026 | compliance | minimal | — | — |
| 13 Aug 2026 · Physical letter sent to shareholders with link to Annual Report 2025-26 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.