VETO share price, P/E, ROE & financials

On 6 Nov 2026, Veto Switchgears And Cables was priced at ₹126.67, or 8.8× trailing earnings, against an industry P/E of 30.0×, and the shares are 19% below their 52-week high. Its ROCE of 12% is the lowest among the 7 largest Electrical Equipment & Parts peers, and sales and net profit grew 10.0% and 7.5% a year over 3 years. It has almost no debt, and its dividend yield is 0.8%. It is a small-cap company with a market cap of ₹242 Cr, ranked 67th of 97 Electrical Equipment & Parts companies by market cap; the shares rose 8.9% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year

Open: ₹128.12
Day high: ₹129.49
Day low: ₹125.10
Prev. close: ₹128.12
Volume: 30.4K

Health check

2 good · 1 fair · 3 to check

ReturnsAhead
+8.9% over a year, better than 5 of 7 peers.
Price tagCheaper
P/E 8.8 vs industry 30.0.
GrowthSlow
Sales +10.0%, profit +7.5% a year over 3 years.
ProfitabilityWeak
ROCE 11.9% vs peer median 22.1%.
Balance sheetFair
Debt 0.07× equity, interest covered 18.4×, Piotroski 5 of 9.
Red flags1 to check
Interest coverage of only −1.9×.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Electrical Equipment & Parts

96 listed peers. Screen the industry

Small cap

₹242 Cr, #67 of 97 in its industry by size.

Defensive

Beta 0.44 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Jun 2026: sales ₹411 Cr · profit ₹27 Cr

Market cap: ₹242 Cr; Small cap
P/E: 8.8; Industry 30.0
Price to book: 0.84; Peers 7.24
Dividend yield: 0.79%
ROE: 9.0%; Peers 18.0%
ROCE: 11.9%; Peers 22.1%
Debt to equity: 0.07; Debt ₹21 Cr
EPS (TTM): ₹14.33; Face value ₹10
OPM (TTM): 9.9%; Net margin 6.7%
Sales growth: +37.7%; Latest quarter vs a year ago
Profit growth: +60.6%; Latest quarter vs a year ago
Price to sales: 0.59; EV/EBITDA 6.0

Strengths

Practically debt-free.
Quarterly profit up 60.6% on a year ago.
Quarterly sales up 37.7% on a year ago.
P/E of 8.8 against an industry P/E of 30.0.
Positive operating cash flow in each of the last 4 years.

Risks to check

Interest coverage of only −1.9×.

Derived automatically from reported figures. Not a recommendation.

About Veto Switchgears And Cables

Veto Switchgears and Cables Limited, together with its subsidiaries, engages in the manufacture and sale of wires and cables, and electrical accessories in India and internationally. It operates through Wire and Cables, Lighting & Fittings, and Accessories & Others segments. The company offers modular switches; LED lightning, including slim LED panel, concealed light, deep light, spotlight, flood light, streetlight, strip light, rope light, LED bulb, LED…

Headquarters: Jaipur
Employees: 351
Sector: Industrials
ISIN: INE918N01018
Website: vetoswitchgears.com

Price range

52 weeks

₹82.32₹155.90

Today

₹125.10₹129.49

Avg volume (3M): 60.3K
1-year return: plus 8.9%
From 52-week high: minus 18.7%

Peers · Electrical Equipment & Parts

Capital-heavy industry columns

Compare with peers Screen the whole industry

Company
POWERINDIAHitachi Energy India	27,800.00	minus 1.42%	1,23,911	107.7	95.3	24.9%	16.1%	0.02	22.2%	plus 37.9%
CGPOWERCG Power and Industrial Solutions	773.00	minus 4.43%	1,21,785	88.6	72.5	19.3%	13.1%	0.02	21.2%	plus 8.2%
POLYCABPolycab India	7,871.00	plus 0.28%	1,18,613	37.5	29.0	30.4%	13.6%	0.02	26.6%	plus 3.8%
HAVELLSHavells India	1,128.00	plus 5.61%	70,789	42.6	30.0	22.1%	9.1%	0.02	9.9%	minus 28.1%
APARINDSApar Industries	14,106.00	minus 9.65%	59,065	41.6	30.7	26.7%	9.5%	0.12	17.0%	plus 87.2%
KEIKEI Industries	3,988.00	minus 1.80%	38,143	36.1	29.9	18.7%	11.0%	0.04	19.1%	plus 1.8%
HONAUTHoneywell Automation India	30,080.00	minus 0.79%	26,613	47.0	35.7	15.7%	13.8%	0.02	10.9%	minus 17.5%
VETOVeto Switchgears And Cables	126.67	minus 1.13%	242	8.8	–	11.9%	9.9%	0.07	10.0%	plus 8.9%
Median of 7 peers	–	−1.42%	70,789	42.6	30.7	22.1%	13.1%	0.02	19.1%	3.8%

Quarterly results

Consolidated, ₹ crore

SalesSelect a row below to chart it

Jun 25	Sep 25	Dec 25	Mar 26	Jun 26
64.9	88.8	94.2	139	89.4
58.6	80.4	84.4	126	79.9
6.3	8.4	9.8	13.3	9.4
9.7%	9.4%	10.4%	9.5%	10.6%
0.4	0.9	0.5	0.2	0.5
0.6	0.4	0.5	0.5	0.7
1.1	1	1.1	1.1	1
4.9	7.8	8.8	11.9	8.2
30.3%	22.4%	28.4%	25.7%	28.8%
3.7	6.1	6.6	8.8	5.9
1.93	3.18	3.45	4.59	3.10

Profit & loss

Yearly, ₹ crore

Sales CAGR 3Y: +10.0%
Profit CAGR 3Y: +7.5%
EPS CAGR 3Y: +7.5%
ROE: 9.0%

Net profitSelect a row below to chart it

Mar 2023	Mar 2024	Mar 2025	Mar 2026
290	300	300	386
–	+3.5%	+0.1%	+28.5%
257	296	299	390
32.7	3.9	1.2	−3.6
11.3%	1.3%	0.4%	−0.9%
5	31.1	32.2	42.8
4.5	3.6	1.5	1.9
2.8	2.7	3.1	4.3
0	0	0.7	0.4
30.4	28.8	29.5	33.4
32.8%	37.2%	26.1%	26.3%
20.2	18	22.1	25.1
–	minus 11.3%	+23.3%	+13.5%
10.59	9.39	11.59	13.15

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore

Total assetsSelect a row below to chart it

Mar 2023	Mar 2024	Mar 2025	Mar 2026
19.1	19.1	19.1	19.1
214	227	247	271
43.4	22.6	22.9	21.4
45	37.4	42.8	86.7
321	306	332	398
33.7	37.5	54.3	54.6
6.6	9.6	16.6	18.4
0	0	0	0
15.2	11.7	6	1.9
266	247	255	323
321	306	332	398

Cash flow

Yearly, ₹ crore

Cash from operationsSelect a row below to chart it

Mar 2023	Mar 2024	Mar 2025	Mar 2026
18	27.8	15	10.4
−4.2	−6.5	−18.5	−4.2
−9.9	−27.3	−3	−5.3
3.9	−6	−6.5	0.9
−5.1	−6.3	−19.8	−5.2
12.9	21.5	−4.8	5.2
−1.9	−1.9	−1.9	−1.9

Shareholding pattern

Source: NSE filings

45.1%

promoters

Promoters45.06%
Public54.94%
As of 30 Sep 2026

Quarter	Promoters	Public	Promoter change
30 Sep 2026	45.06%	54.94%	0.00
30 Jun 2026	45.06%	54.94%	0.00
31 Mar 2026	45.06%	54.94%	0.00
31 Dec 2025	45.06%	54.94%	0.00
30 Sep 2025	45.06%	54.94%	–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you