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Veto Switchgears and Cables Limited logo

Veto Switchgears and Cables Limited

VETO.NS
44
Electrical Equipment & Parts · Industrials
Price
₹122.70
-0.21 (-0.17%)
Market Cap
₹2.35B
Exchange
National Stock Exchange of India
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 9, 2026 · filings through Mar 31, 2026

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 segments: Wires and Cables, Lighting & Fittings, and Accessories & Others. Their extensive portfolio includes a variety of electrical accessories such as modular switches (marketed under names like vyoma, carino, and power), PUF and ZAC switches, Miniature Circuit Breakers (MCBs), isolators, distribution boxes, bells, and extension cords. In the wires and cables division, they provide multi-strand, low-tension industrial, and flexible copper cables, alongside specialized telephone and co-axial wires. The lighting segment offers a broad selection of products, encompassing LED panels, streetlights, floodlights, concealed lights, deep lights, bulbs, tubelights, surface and spot lights, wall and track lights, strip lights, and lighting chains. Compact fluorescent lamps and slim panel lights are also part of their lighting solutions. Additionally, Veto produces ceiling, ventilation, and fresh air fans, submersible pumps, and immersion heaters. The company markets its offerings through an established network of dealers and distributors, utilizing the VETO and VIMAL POWER brand names. Established in 1967, Veto Switchgears and Cables Limited is based in Jaipur, India.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+55.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+20.2% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Position

Cash flow positive

$168M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Veto Switchgears and Cables Limited grew revenue 56% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 19.1M (2022) → 19.1M (2026)

Score breakdown

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Quality

Gross Margin
18.2%
Thin — 18.2% gross margin
Operating Margin
8.8%
Modest — 8.8% operating margin
ROCE
3.9%
Weak — 3.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+28.7%
Fast-growing sales (+28.7% YoY)
EPS YoY
+14.3%
Earnings growing (+14.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion
41%
Weak — only 41% of profit becomes cash
FCF Margin
2.0%
Thin free cash flow (2.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.07
Conservative — low debt load (0.07)
Interest Cover
16.92x
Comfortably covers interest (16.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
9.4x
Attractive valuation — P/E 9.4

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend Yield
0.81%
Small dividend — 0.81% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
-20.0%
Dividend cut (-20.0% YoY) — warning sign

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