Veto Switchgears & Cables Ltd. (VETO) AI Stock Analysis

2 Followers

Veto Switchgears & Cables Ltd.

(NSE:VETO)

Select Model

Rating:73Outperform

Price Target:INR 157.00▲(15.61% Upside)

Action:reiterated

Date:09/06/26

The overall score reflects solid revenue growth and a conservative balance sheet as key strengths, offset by weaker and more volatile cash flow, while an attractive valuation and a constructive but measured technical trend further support the stock.

Positive Factors

Strong Revenue and EPS GrowthStrong revenue and EPS growth indicate expanding business activity and improving earnings power. If sustained, this combination can support reinvestment, strengthen the company’s competitive position, and provide a durable foundation for profit growth over the next several quarters.

Negative Factors

Weak Cash ConversionWeak and volatile operating cash flow means reported earnings are not consistently translating into cash available for reinvestment, debt service, or distributions. Continued working-capital swings or reinvestment needs could constrain flexibility even while accounting profits remain positive.

Veto Switchgears & Cables Ltd. (VETO) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 2.62B
Dividend Yield: 0.73%
Average Volume (3M): 5,447
Price to Earnings (P/E): 8.8
Beta (1Y): 0.88
Revenue Growth: 38.32%
EPS Growth: 41.16%
Country: India
Employees: 351
Sector: General
Sector Strength: 55
Industry: Electrical Equipment & Parts

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 primary...

Veto Switchgears & Cables Ltd. Financial Statement Overview

Summary

Growth and profitability are solid and leverage is low, but volatile and weaker free cash flow drags down overall financial quality.

Income Statement

74Positive

Balance Sheet

78Positive

Cash Flow

49Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	4.41B	3.87B	3.00B	3.00B	2.91B	2.68B
Gross Profit	887.04M	747.59M	593.77M	752.96M	765.38M	697.76M
EBITDA	448.60M	396.73M	342.37M	356.22M	380.19M	368.76M
Net Income	296.97M	251.27M	221.32M	179.52M	202.47M	200.17M
Balance Sheet
Total Assets	4.30B	3.98B	3.32B	3.06B	3.21B	3.09B
Cash, Cash Equivalents and Short-Term Investments	39.17M	23.32M	14.47M	79.37M	152.49M	94.50M
Total Debt	206.58M	214.29M	229.48M	225.60M	433.88M	469.33M
Total Liabilities	1.26B	1.08B	648.05M	589.37M	874.93M	953.01M
Stockholders Equity	3.04B	2.90B	2.66B	2.46B	2.33B	2.13B
Cash Flow
Free Cash Flow	0	32.60M	-62.14M	206.48M	128.89M	-97.01M
Operating Cash Flow	0	84.77M	135.38M	269.47M	179.72M	-84.31M
Investing Cash Flow	0	-41.76M	-184.88M	-56.73M	-41.50M	-1.89M
Financing Cash Flow	0	-34.38M	-15.48M	-273.13M	-98.86M	43.15M

Veto Switchgears & Cables Ltd. Technical Analysis

Technical Analysis SentimentPositive

Last Price135.80

Price Trends

50DMA131.55Positive

100DMA127.78Positive

200DMA117.64Positive

Market Momentum

MACD0.23Negative

RSI57.28Neutral

STOCH84.80Negative

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 135.80 is above the 20-day moving average (MA) of 127.88, above the 50-day MA of 131.55, and above the 200-day MA of 117.64, indicating a bullish trend. The MACD of 0.23 indicates Negative momentum. The RSI at 57.28 is Neutral, neither overbought nor oversold. The STOCH value of 84.80 is Negative, 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:VETO against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:VETO	73Outperform	INR 2.61B	8.82	―	0.73%	38.32%	41.16%
IN:PLAZACABLE	63Neutral	INR 2.33B	21.48	―	―	45.13%	227.16%
IN:GEEKAYWIRE	58Neutral	INR 2.81B	3.66	―	1.31%	7.23%	-25.74%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:CORDSCABLE	55Neutral	INR 4.12B	13.23	―	0.38%	23.83%	85.04%
IN:S&SPOWER	53Neutral	INR 3.90B	48.14	―	―	32.06%	15313.88%

* General Sector Average

Performance Comparison

IN:VETO and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:VETO	Veto Switchgears & Cables Ltd.	135.80	22.13	19.47%
IN:CORDSCABLE	Cords Cable Industries Limited	314.50	144.11	84.58%
IN:GEEKAYWIRE	Geekay Wires Ltd.	26.67	-5.15	-16.19%
IN:GOLDSTAR	Goldstar Power Ltd.	11.35	3.25	40.12%
IN:PLAZACABLE	Plaza Wires Limited	52.97	8.36	18.74%
IN:S&SPOWER	S&S Power Switchgear Ltd.	312.65	-22.35	-6.67%

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.

Date of analysis: Sep 06, 2026

Veto Switchgears & Cables Ltd. AI Stock Analysis