NSE: VETO · BSE: 539331
VETO SWITCHGEAR CABLE LTD
Manufactures and sells electrical products across three segments — lighting and fittings, wires and cables, and electrical accessories — in the consumer durables space. For FY26 (year ended 31 March 2026), consolidated revenue was Rs 386.71 crore, with lighting and fittings the largest segment at Rs 165.45 crore (42.8% share of segment revenue) and the most profitable at Rs 40.44 crore of EBIT. Wires and cables contributed Rs 92.93 crore (24.0%) with EBIT of Rs 21.81 crore, while accessories and others added Rs 128.33 crore (33.2%) with EBIT of Rs 21.31 crore. Materials are the largest cost at 35% of revenue, followed by other operating expenses at 10.7% and employee costs at 6.3%. The corporate office is in Jaipur. Consolidated net profit for FY26 was Rs 24.58 crore on total assets of Rs 397.85 crore, with depreciation running at 1.1% of revenue and capex at 1.3% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Lighting and fittings (43%), Accessories and others (33%), Wires and cables (24%). Asset-light consumer durables manufacturer with three product segments and modest capex (1.3% of revenue).
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 268 | 291 | 300 | 300 | 387 |
| EBITDA (ex other income) | 34 | 34 | 31 | 32 | 38 |
| margin % | 12.7 | 11.5 | 10.3 | 10.5 | 9.8 |
| Owners' profit | 20 | 20 | 18 | 0 | 0 |
| EPS, as reported (₹) | 10.56 | 10.70 | 9.45 | 11.41 | 13.15 |
| ROE % · ROCE % | 9.5 · 15.0 | 8.7 · 14.0 | 7.3 · 12.8 | 8.2 · 11.4 | 8.5 · 11.9 |
| Debt / equity (x) | 0.21 | 0.18 | 0.09 | 0.09 | 0.07 |
| Cash from operations | (8) | 18 | 27 | 11 | 10 |
| Capex | (1) | (5) | (6) | (20) | (5) |
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 | 74 | 76 | 89 | 65 | 89 | 94 | 139 | 89 |
| Profit before tax | 8 | 5 | 10 | 5 | 8 | 9 | 12 | 8 |
| Net profit | 6 | 4 | 7 | 3 | 6 | 6 | 9 | 6 |
| EPS (₹) | 3.12 | 1.90 | 3.84 | 1.80 | 3.18 | 3.45 | 4.59 | 3.10 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Wires and cables | 26 | 6.7 |
| Lighting and fittings | 58 | 15.1 |
| Accessories and others | 80 | 20.7 |
| Wire & Cables | 43 | 11.1 |
| Lightings & Fittings | 37 | 9.5 |
| Accessories & Others | 48 | 12.5 |
| Wire and Cables | 24 | 6.2 |
| Lightings and fittings | 39 | 10.1 |
| Lighting & Fittings | 31 | 8.0 |
| Total, before eliminations | 387 | 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. % |
|---|---|---|---|---|---|---|---|---|
| DIXON TECHNO (INDIA) LTD | 77,292 | 36.8 | 14.35 | 29.9 | 30.5 | 31.7 | 49.9 | 6.4 |
| HAVELLS INDIA LIMITED | 64,247 | 39.3 | 6.79 | 23.9 | 17.8 | 21.5 | 16.6 | 8.0 |
| PG ELECTROPLAST LTD | 14,582 | 70.8 | 4.78 | 34.3 | 6.4 | 7.5 | 49.7 | 7.7 |
| IKIO TECHNOLOGIES LIMITED | 1,396 | 28.6 | 2.29 | 15.4 | 6.8 | 8.3 | — | 15.5 |
| CWD Limited | 635 | 14.9 | — | — | — | 13.8 | — | — |
| FOCUS LIGHTG & FIXTRS LTD | 369 | 63.7 | 2.52 | 20.2 | 3.5 | 4.8 | — | 14.9 |
| SONAM LIMITED | 280 | 31.1 | 3.92 | — | 10.2 | 12.9 | — | 8.1 |
| VETO SWITCHGEAR CABLE LTD ◆ | 256 | 9.4 | 0.88 | 7.0 | 8.5 | 11.2 | 16.4 | 11.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.4 | 31.1 | 2 of 11 | 90% |
| P/B | 0.9 | 2.5 | 2 of 11 | 90% |
| ROCE | 11.3 | 8.3 | 6 of 13 | 58% |
| ROE | 8.5 | 6.5 | 4 of 11 | 70% |
| Debt / Equity | 0.1 | 0.1 | 4 of 11 | 70% |
| EBITDA margin | 11.2 | 8.0 | 4 of 11 | 70% |
| Revenue growth | 37.7 | 33.3 | 5 of 13 | 67% |
| Profit growth | 70.5 | 32.9 | 5 of 11 | 60% |
| Market cap | 256 | 268 | 8 of 14 | 46% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · 19th AGM: All 7 resolutions passed, Rs 1/share dividend declared | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · 19th AGM held; Re 1 per share final dividend declared for FY26 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Veto Switchgears: 19th AGM Notice Published in Newspapers | compliance | minimal | — | — |
| 6 Sept 2026 · 19th AGM notice published in newspapers, e-voting details enclosed | compliance | minimal | — | — |
| 4 Sept 2026 · E-voting facility announced for 19th AGM on 28 September 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Record date fixed for FY26 final dividend - Veto Switchgear Cable | corporate actions | high | — | — |
| 4 Sept 2026 · Book closure Sep 22-28, 2026 for AGM and FY26 dividend | corporate actions | low | — | — |
| 4 Sept 2026 · 19th Annual Report and AGM Notice filed for FY2025-26 | investor communications | medium | — | — |
| 4 Sept 2026 · Veto Switchgears 19th AGM Notice set for Sept 28, 2026 via VC | board shareholder meetings | low | — | — |
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.