Veto Switchgears & Cables Ltd. (IN:VETO)
:VETO
Want to see IN:VETO full AI Analyst Report?
Top Page
Veto Switchgears & Cables Ltd.
(VETO)
Select Model
Select Model
Rating:69Neutral
Price Target:
₹157.00
▲(39.80% Upside)
Action:Downgraded
Date:06/06/26
The score is driven primarily by solid financial fundamentals—strong growth and a low-leverage balance sheet—offset by weak and volatile cash-flow conversion. Technically, the trend is positive but appears overextended (high RSI/Stoch), while valuation is supportive due to the low P/E with only a modest dividend yield.
Positive Factors
Revenue Growth
Sustained double-digit top-line growth in FY2026 demonstrates strong end-market demand and effective distribution. Durable revenue expansion supports scale benefits, capacity to invest in product and network expansion, and provides a foundation for improving long-term profitability and market share.
Negative Factors
Weak Cash Conversion
Volatile operating cash flows and recurring negative free cash flow indicate working-capital swings or rising reinvestment needs. This undermines the company’s ability to self-fund capex, dividends, or acquisitions, increasing reliance on external financing and raising execution risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained double-digit top-line growth in FY2026 demonstrates strong end-market demand and effective distribution. Durable revenue expansion supports scale benefits, capacity to invest in product and network expansion, and provides a foundation for improving long-term profitability and market share.
Read all positive factors
Veto Switchgears & Cables Ltd. (VETO) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.53B
Dividend Yield0.86%
Average Volume (3M)4.48K
Price to Earnings (P/E)10.6
Beta (1Y)0.91
Revenue Growth28.74%
EPS Growth13.94%
CountryIN
Employees331
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)10.70
Shares Outstanding19,114,956
10 Day Avg. Volume2,610
30 Day Avg. Volume4,480
Financial Highlights & Ratios
PEG Ratio0.47
Price to Book (P/B)0.56
Price to Sales (P/S)0.42
P/FCF Ratio49.47
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, operating with its subsidiaries, manufactures and sells a diverse range of wires, cables, and electrical accessories to both Indian and international markets. The company organizes its business into three prima...
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
72
Positive
Balance Sheet
84
Very Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.19B | 3.87B | 3.00B | 3.00B | 2.91B | 2.68B |
| Gross Profit | 796.14M | 747.59M | 593.77M | 752.96M | 765.38M | 697.76M |
| EBITDA | 338.69M | 377.23M | 342.37M | 353.75M | 377.59M | 368.07M |
| Net Income | 210.38M | 251.27M | 221.32M | 179.52M | 202.47M | 200.17M |
Balance Sheet | ||||||
| Total Assets | 3.52B | 3.98B | 3.32B | 3.06B | 3.21B | 3.09B |
| Cash, Cash Equivalents and Short-Term Investments | 75.47M | 23.32M | 14.47M | 79.37M | 152.49M | 94.50M |
| Total Debt | 161.09M | 214.29M | 229.48M | 225.60M | 433.88M | 469.33M |
| Total Liabilities | 747.50M | 1.08B | 648.05M | 589.37M | 874.93M | 953.01M |
| Stockholders Equity | 2.76B | 2.90B | 2.66B | 2.46B | 2.33B | 2.13B |
Cash Flow | ||||||
| Free Cash Flow | 75.75M | 32.60M | -62.14M | 206.48M | 128.89M | -97.01M |
| Operating Cash Flow | 103.07M | 84.77M | 135.38M | 269.47M | 179.72M | -84.31M |
| Investing Cash Flow | -19.35M | -41.76M | -184.88M | -56.73M | -41.50M | -1.89M |
| Financing Cash Flow | -78.31M | -34.38M | -15.48M | -273.13M | -98.86M | 43.15M |
Veto Switchgears & Cables Ltd. Technical Analysis
Positive
112.30
Price Trends
118.39
Positive
108.95
Positive
111.41
Positive
Market Momentum
6.30
Positive
54.49
Neutral
13.02
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VETO, the sentiment is Positive. The current price of 112.3 is below the 20-day moving average (MA) of 133.24, below the 50-day MA of 118.39, and above the 200-day MA of 111.41, indicating a bullish trend. The MACD of 6.30 indicates Positive momentum. The RSI at 54.49 is Neutral, neither overbought nor oversold. The STOCH value of 13.02 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹2.53B | 10.56 | ― | 0.86% | 28.74% | 13.94% | |
67 Neutral | ₹2.83B | 13.97 | ― | 0.52% | 20.05% | 40.58% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | ₹2.70B | 8.92 | ― | 1.02% | -3.86% | -16.79% | |
55 Neutral | ₹2.08B | 28.69 | ― | ― | 45.78% | 152.95% | |
49 Neutral | ₹4.79B | 46.54 | ― | ― | 42.18% | ― |
* Industrials Sector Average
IN:VETO
Veto Switchgears & Cables Ltd.
133.45
11.17
9.13%
IN:CORDSCABLE
Cords Cable Industries Limited
216.60
20.76
10.60%
IN:GEEKAYWIRE
Geekay Wires Ltd.
25.73
-8.95
-25.81%
IN:GOLDSTAR
Goldstar Power Ltd.
7.80
-2.45
-23.90%
IN:PLAZACABLE
Plaza Wires Limited
48.06
-10.44
-17.85%
IN:S&SPOWER
S&S Power Switchgear Ltd.
381.15
14.50
3.95%
Veto Switchgears & Cables Ltd. Corporate Events
Veto Switchgears & Cables Posts Higher FY26 Profit, Recommends Final Dividend
May 28, 2026
Veto Switchgears Cables reported steady growth for the quarter and year ended 31 March 2026, with standalone total income rising to Rs. 25,399.05 lakh and net profit improving to Rs. 2,383.22 lakh, compared with the previous year. Consolidated re...
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.