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Veto Switchgears & Cables Ltd.
(VETO)
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Rating:74Outperform
Price Target:
₹143.00
▲(17.50% Upside)
Action:Upgraded
Date:09/06/26
The score is driven primarily by an attractive valuation (low P/E) and a solid financial foundation with low leverage and strong revenue growth. This is tempered by weak and volatile cash-flow conversion, while technicals remain supportive with a steady uptrend and moderate momentum.
Positive Factors
Strong Revenue Growth
Strong revenue expansion indicates continued demand for the company’s electrical equipment and cables. If maintained, this growth can broaden its market presence, support operating scale, and provide a durable base for earnings expansion over the next several quarters.
Negative Factors
Weak Cash Conversion
Volatile operating cash flow and sharply weaker free cash flow indicate that reported earnings are not converting consistently into cash. Persistent working-capital swings or reinvestment demands could constrain self-funded growth and reduce flexibility over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Strong revenue expansion indicates continued demand for the company’s electrical equipment and cables. If maintained, this growth can broaden its market presence, support operating scale, and provide a durable base for earnings expansion over the next several quarters.
Read all positive factors
Veto Switchgears & Cables Ltd. (VETO) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.45B
Dividend Yield0.8%
Average Volume (3M)2.60K
Price to Earnings (P/E)8.8
Beta (1Y)0.86
Revenue Growth35.25%
EPS Growth30.99%
CountryIN
Employees331
SectorGeneral
Sector StrengthN/A
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)10.70
Shares Outstanding19,114,956
10 Day Avg. Volume2,730
30 Day Avg. Volume2,595
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 primarily makes money by selling its electrical products (e.g., switchgear and cables) to customers involved in power distribution, electrical infrastructure, and related industrial/commercial applications, generating revenue from product sal...
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 | 396.73M | 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
Neutral
121.70
Price Trends
124.64
Positive
122.51
Positive
113.63
Positive
Market Momentum
0.70
Negative
48.54
Neutral
42.99
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 121.7 is below the 20-day moving average (MA) of 125.30, below the 50-day MA of 124.64, and above the 200-day MA of 113.63, indicating a neutral trend. The MACD of 0.70 indicates Negative momentum. The RSI at 48.54 is Neutral, neither overbought nor oversold. The STOCH value of 42.99 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹2.45B | 8.82 | ― | 0.80% | 35.25% | 30.99% | |
69 Neutral | ₹3.09B | 3.85 | ― | 1.16% | -2.00% | -14.07% | |
63 Neutral | ₹2.70B | 25.09 | ― | ― | 45.13% | 226.82% | |
62 Neutral | ₹4.11B | 16.67 | ― | 0.32% | 15.12% | 56.93% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹3.91B | 50.05 | ― | ― | 32.06% | 15310.12% |
* General Sector Average
IN:VETO
Veto Switchgears & Cables Ltd.
124.80
13.48
12.11%
IN:CORDSCABLE
Cords Cable Industries Limited
312.50
139.53
80.67%
IN:GEEKAYWIRE
Geekay Wires Ltd.
30.14
-7.14
-19.16%
IN:GOLDSTAR
Goldstar Power Ltd.
7.90
-1.10
-12.22%
IN:PLAZACABLE
Plaza Wires Limited
58.93
2.67
4.75%
IN:S&SPOWER
S&S Power Switchgear Ltd.
332.85
-78.05
-18.99%
Veto Switchgears & Cables Ltd. Corporate Events
Veto Switchgears & Cables to Close Trading Window Ahead of Q1 Results
Jun 29, 2026
Veto Switchgears Cables Ltd. has announced that its trading window for dealing in the company’s securities will be closed for all designated persons, their immediate relatives and connected persons from July 1, 2026. The closure is being im...
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.