Veto Switchgears Share Price ₹139 | P/E 8.8

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Veto Switchgears

Quarter-by-quarter operating performance

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	71.67	84.14	66.96	71.64	82.05	79.44	61.21	74.28	75.71	89.18	64.87	88.77	94.22
Expenses +	64.95	77.91	59.13	61.63	73.33	75.12	54.11	65.72	70.52	78.34	58.57	80.40	84.41
Operating Profit	6.72	6.23	7.83	10.01	8.72	4.32	7.10	8.56	5.19	10.84	6.30	8.37	9.81
OPM %	9.38%	7.40%	11.69%	13.97%	10.63%	5.44%	11.60%	11.52%	6.86%	12.16%	9.71%	9.43%	10.41%
Other Income +	1.93	1.81	0.41	0.34	0.39	3.59	0.42	0.15	1.45	0.52	0.35	0.85	0.55
Interest	1.17	1.41	0.97	1.57	0.87	0.73	0.39	0.04	0.50	0.71	0.63	0.37	0.47
Depreciation	0.70	0.66	0.76	0.70	0.79	0.48	0.63	0.66	0.93	0.84	1.09	1.02	1.13
Profit before tax	6.78	5.97	6.51	8.08	7.45	6.70	6.50	8.01	5.21	9.81	4.93	7.83	8.76
Tax %	30.53%	63.15%	24.88%	25.12%	34.36%	66.87%	24.92%	25.47%	30.33%	25.18%	30.22%	22.48%	28.42%
Net Profit +	4.71	2.21	4.90	6.05	4.89	2.23	4.88	5.97	3.63	7.34	3.43	6.08	6.27
EPS in Rs	2.45	1.05	2.54	3.13	2.50	1.11	2.54	3.09	1.96	3.94	1.93	3.18	3.45

Financials of Veto Switchgears

Annual income statement trend

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	94	97	177	239	253	218	150	181	267	290	300	300	337
Expenses +	84	82	151	214	212	197	131	158	233	257	269	269	302
Operating Profit	11	15	26	25	41	21	19	24	34	33	31	32	35
OPM %	11%	16%	15%	11%	16%	10%	13%	13%	13%	11%	10%	11%	10%
Other Income +	1	1	-4	2	2	0	1	2	3	5	5	3	2
Interest	2	4	5	4	3	4	4	2	4	5	4	2	2
Depreciation	1	2	2	2	2	1	2	2	3	3	3	3	4
Profit before tax	8	10	15	21	39	16	14	21	30	30	29	30	31
Tax %	28%	27%	15%	14%	26%	27%	33%	31%	32%	33%	37%	26%
Net Profit +	6	7	13	18	29	12	9	15	20	20	18	22	23
EPS in Rs	3.32	3.90	7.14	10.00	15.81	6.05	4.85	7.74	10.47	10.59	9.39	11.58	12.50
Dividend Payout %	0%	0%	28%	20%	13%	0%	0%	13%	10%	9%	11%	9%

Financials of Veto Switchgears

Capital structure and asset base

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	18	18	18	18	18	19	19	19	19	19	19	19	19
Reserves	47	54	63	83	130	148	159	175	194	214	227	247	257
Borrowings +	36	35	42	31	38	40	26	35	47	43	23	23	16
Other Liabilities +	11	14	19	13	16	13	16	45	49	45	37	43	59
Total Liabilities	112	121	142	145	202	220	220	274	309	321	306	332	352
Fixed Assets +	21	22	21	20	23	30	40	44	43	40	41	51	50
CWIP	0	0	3	8	7	0	3	2	3	7	9	11	12
Investments	1	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets +	90	99	118	118	171	190	177	227	263	274	256	270	289
Total Assets	112	121	142	145	202	220	220	274	309	321	306	332	352

Financials of Veto Switchgears

Operating, investing and financing cash movement

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	0	-2	21	20	-25	11	31	7	-8	18	28	15
Cash from Investing Activity +	-26	3	-8	-12	4	-2	-11	-7	0	-2	-8	-18
Cash from Financing Activity +	29	-5	-0	-21	21	3	-19	-3	4	-10	-27	-3
Net Cash Flow	4	-4	14	-13	0	12	1	-4	-3	6	-8	-6
Free Cash Flow	-13	-4	18	14	-29	9	18	4	-9	13	22	-5
CFO/OP	20%	-1%	93%	88%	-49%	98%	188%	56%	2%	91%	130%	76%

Financials of Veto Switchgears

Working capital efficiency and return ratios

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	117	125	86	86	154	102	145	183	162	171	162	179
Inventory Days	138	141	100	70	86	207	314	320	231	182	156	160
Days Payable	38	58	30	15	15	17	34	92	65	52	40	48
Cash Conversion Cycle	216	208	156	140	225	292	425	411	328	300	278	291
Working Capital Days	79	133	58	93	164	198	282	279	225	229	231	242
ROCE %	13%	13%	21%	20%	26%	10%	9%	11%	14%	13%	12%	11%

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Veto Switchgears Share Price & Earnings Call Analysis