Veto Switchgears & Cables Ltd. (IN:VETO)
:VETO
Top Page
Veto Switchgears & Cables Ltd.
(VETO)
Select Model
Select Model
Rating:70Outperform
Price Target:
₹106.00
▼(-5.61% Downside)
Action:ReiteratedDate:10/21/25
Veto Switchgears & Cables Ltd. has a solid financial foundation with consistent revenue growth and a strong equity position. However, challenges in operational margins and cash flow need addressing. The stock's valuation is attractive, providing a potential opportunity for investors. Technical indicators suggest stability but lack a strong trend.
Positive Factors
Diversified product and channel mix
Veto's manufacture of wires, cables, switchgears, lighting and accessories across wholesale, retail, OEM and export channels creates multiple, durable revenue streams. This diversification reduces single-market dependence, supports steady demand across cycles and aids predictable revenue over months.
Negative Factors
Negative free cash flow and weaker operating cash conversion
Free cash flow turning negative and declining OCF-to-net-income ratio reduce internal funding for capex, dividends or debt reduction. Over the medium term this constrains strategic flexibility, forces reliance on external financing and raises execution risk for growth investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified product and channel mix
Veto's manufacture of wires, cables, switchgears, lighting and accessories across wholesale, retail, OEM and export channels creates multiple, durable revenue streams. This diversification reduces single-market dependence, supports steady demand across cycles and aids predictable revenue over months.
Read all positive factors
Veto Switchgears & Cables Ltd. (VETO) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.83B
Dividend Yield0.86%
Average Volume (3M)4.48K
Price to Earnings (P/E)8.3
Beta (1Y)0.94
Revenue Growth7.26%
EPS Growth19.13%
CountryIN
Employees331
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)3.45
Shares Outstanding19,114,956
10 Day Avg. Volume2,610
30 Day Avg. Volume4,480
Financial Highlights & Ratios
PEG Ratio0.43
Price to Book (P/B)0.84
Price to Sales (P/S)0.74
P/FCF Ratio-35.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Veto Switchgears & Cables Ltd. Business Overview & Revenue Model
Company Description
Veto Switchgears and Cables Limited, together with its subsidiaries, manufactures and sells wires and cables, and electrical accessories in India and internationally. The company operates through Wire and Cables, Lighting & Fittings, and Accessori...
How the Company Makes Money
Veto Switchgears & Cables Ltd. generates revenue primarily through the production and sale of electrical products such as wires, cables, and switchgears. Its income also comes from related electrical accessories and lighting solutions. The company...
Veto Switchgears & Cables Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.19B | 3.00B | 3.00B | 2.91B | 2.68B | 1.82B |
| Gross Profit | 796.14M | 593.77M | 752.96M | 765.38M | 697.76M | 341.50M |
| EBITDA | 338.69M | 342.37M | 353.75M | 377.59M | 368.07M | 248.24M |
| Net Income | 210.38M | 221.32M | 179.52M | 202.47M | 200.17M | 147.94M |
Balance Sheet | ||||||
| Total Assets | 3.52B | 3.32B | 3.06B | 3.21B | 3.09B | 2.74B |
| Cash, Cash Equivalents and Short-Term Investments | 75.47M | 14.47M | 79.37M | 152.49M | 94.50M | 125.89M |
| Total Debt | 161.09M | 229.48M | 225.60M | 433.88M | 469.33M | 356.23M |
| Total Liabilities | 747.50M | 648.05M | 589.37M | 874.93M | 953.01M | 794.67M |
| Stockholders Equity | 2.76B | 2.66B | 2.46B | 2.33B | 2.13B | 1.94B |
Cash Flow | ||||||
| Free Cash Flow | 75.75M | -62.14M | 206.48M | 128.89M | -97.01M | 42.28M |
| Operating Cash Flow | 103.07M | 135.38M | 269.47M | 179.72M | -84.31M | 74.03M |
| Investing Cash Flow | -19.35M | -184.88M | -56.73M | -41.50M | -1.89M | -73.85M |
| Financing Cash Flow | -78.31M | -15.48M | -273.13M | -98.86M | 43.15M | -16.19M |
Veto Switchgears & Cables Ltd. Technical Analysis
Neutral
112.30
Price Trends
99.66
Negative
105.85
Negative
113.06
Negative
Market Momentum
-2.80
Positive
49.09
Neutral
55.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VETO, the sentiment is Neutral. The current price of 112.3 is above the 20-day moving average (MA) of 95.77, above the 50-day MA of 99.66, and below the 200-day MA of 113.06, indicating a neutral trend. The MACD of -2.80 indicates Positive momentum. The RSI at 49.09 is Neutral, neither overbought nor oversold. The STOCH value of 55.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:VETO.
Veto Switchgears & Cables Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹1.83B | 8.32 | ― | 0.86% | 7.26% | 19.13% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | ₹19.15B | 33.68 | ― | 0.24% | 6.08% | 49.44% | |
58 Neutral | ₹23.89B | 49.83 | ― | 0.13% | 35.05% | 99.65% | |
58 Neutral | ₹9.43B | 24.44 | ― | 0.36% | 21.51% | -17.75% | |
56 Neutral | ₹1.94B | -54.31 | ― | 0.22% | 4.26% | -121.56% | |
49 Neutral | ₹5.79B | 41.93 | ― | ― | -11.25% | -48.96% |
* Industrials Sector Average
IN:VETO
Veto Switchgears & Cables Ltd.
95.95
-10.16
-9.57%
IN:HIRECT
Hind Rectifiers Limited
695.00
234.02
50.76%
IN:HPL
HPL Electric & Power Limited
297.75
-129.97
-30.39%
IN:KECL
Kirloskar Electric Co. Ltd.
87.17
-43.43
-33.25%
IN:SALZERELEC
Salzer Electronics Limited
533.30
-517.78
-49.26%
IN:SUNDRMBRAK
Sundaram Brake Linings Limited
492.00
-308.16
-38.51%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.