About Veritas (India) Limited
Data last updated:
Veritas (India) Limited is a public limited company based in Mumbai, Maharashtra, India, a subsidiary of Swan Energy Limited. It operates in the chemical distribution and retail segment of the chemicals and materials sector. It was incorporated on 21 March 1985 and has been in existence for over 41 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L23209MH1985PLC035702. Its GSTIN is 27AAACD1654J1ZQ (Maharashtra). The company holds 10 GST registrations, of which 7 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 512229.
The company has an authorised share capital of ₹10 Cr and a paid-up capital of ₹2.68 Cr. It was formerly known as Duroflex Engineering Limited. It is led by directors including Paresh Vasantlal Merchant (Managing Director) and Rohinton Eruch Shroff.
Its last annual general meeting (AGM) was held on 26 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Mumbai, Maharashtra.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹3,112.63 Cr, a decline of 24% compared to the previous year. For the same year it recorded a net profit of ₹19.71 Cr (net margin 0.6%) and EBITDA of ₹85.42 Cr (EBITDA margin 2.7%). The net worth stands at ₹2,864.22 Cr (up 7.5% YoY). Total assets are valued at ₹3,563.93 Cr (up 13.6% YoY).
The company has about 19 employees on its provident fund (EPFO) records. Its group structure includes 3 subsidiaries.
The company is associated with 1 brand: Veritas India. As per MCA filings, the company has satisfied charges of ₹147.57 Cr on record. Court records list 21 cases involving the company, including 13 filed by the company and 8 filed against it; 6 cases are pending. The company has 19 deals on record (17 market trades, 1 acquisition, 1 secondary share transfer); the latest was in December 2023. Its 8 peer companies in the Metals and Minerals industry (Chemical Retail and Distribution, Metal Retail and Distribution), with the same principal business activity (wholesale trading) are compared by revenue, 5 larger and 3 smaller; the largest is Reliance Ethane Pipeline Limited with revenue of ₹9,478.05 Cr.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website veritasindia.net.
Company details
CIN history
Veritas (India) has one previous CIN (Corporate Identification Number): U23209MH1985PLC035702. The current CIN is L23209MH1985PLC035702, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L23209MH1985PLC035702 | Current |
| U23209MH1985PLC035702 | Previous |
Contact details
Veritas (India) Limited's registered office is in Mumbai, Maharashtra. Its website is veritasindia.net. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressFloor – 1 Plot – 18 Vakil Building S Ram Gulam Marg, New Custom House Ballard Estate., Mumbai, Maharashtra, India – 400001
- IndustryChemicals and Materials, Chemical Distribution & Retail
To see the full contact details of Veritas (India) Limited, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Brands
Veritas (India) operates one associated brand: Veritas India. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| International trader and distributor of chemicals, petrochemicals, polymers, and paper products | veritasindia.net |
Business activity
The main business activity of Veritas (India) is trade. In detail, this covers wholesale trading.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| G | Trade | G1 | Wholesale Trading |
To see the full business activity and turnover split of Veritas (India) Limited, buy the company report.
Financials of Veritas (India) Limited
FY 2025-26 filings availableVeritas (India) Limited reported revenue of ₹3,112.63 Cr (down 24% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 3,113 | 4,098 | 3,855 | 2,163 | 2,131 | 1,876 | 2,037 |
| Revenue growth | -24.1% | +6.3% | +78.2% | +1.5% | +13.6% | -7.9% | - |
| EBITDA | 85.42 | 188 | 204 | 142 | 157 | 163 | 138 |
| EBITDA margin | +2.7% | +4.6% | +5.3% | +6.6% | +7.3% | +8.7% | +6.8% |
| Profit before tax | 19.64 | 114 | 188 | 95.52 | 106 | 111 | 122 |
| Net profit | 19.71 | 114 | 187 | 94.81 | 105 | 109 | 123 |
| Net profit margin | +0.6% | +2.8% | +4.9% | +4.4% | +4.9% | +5.8% | +6.0% |
| EPS (₹) | 7.35 | 42.36 | 69.69 | 35.36 | 39.05 | 40.82 | 45.61 |
| Balance sheet | |||||||
| Total assets | 3,564 | 3,139 | 4,029 | 3,210 | 2,888 | 2,905 | 2,758 |
| Net worth | 2,864 | 2,665 | 2,510 | 2,304 | 2,111 | 1,974 | 1,889 |
| Total debt | 438 | 198 | 327 | 232 | 268 | 389 | 487 |
| Cash & bank | 28.03 | 50.79 | 28.66 | 17.04 | 16.99 | 46.09 | 42.04 |
| Net working capital | 1,059 | 716 | 1,584 | 804 | 560 | 583 | 380 |
| Cash flow | |||||||
| Cash from operations | (233) | 41.35 | 55.81 | 80.61 | 121 | 144 | 145 |
| Cash from investing | (0.89) | 19.06 | (31.75) | (3.37) | 27.01 | (9.75) | (70.53) |
| Cash from financing | 210 | (38.94) | (13.01) | (75.89) | (148) | (130) | (87.29) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 898 | 532 | 988 | 1,006 | 587 | 785 | 1,642 | 916 |
| Revenue growth (YoY) | +53.0% | -32.2% | -39.9% | +9.9% | -22.4% | - | - | - |
| Other income | 0.53 | (0.28) | 0.57 | (0.33) | 2.78 | (10.67) | 3.12 | 13.01 |
| EBITDA | 20.08 | 9.10 | 24.83 | 15.64 | 35.85 | 24.82 | 50.28 | 48.14 |
| EBITDA margin | +2.2% | +1.7% | +2.5% | +1.6% | +6.1% | +3.2% | +3.1% | +5.3% |
| Depreciation | 11.03 | 10.52 | 10.52 | 10.31 | 9.97 | 9.94 | 9.95 | 10.10 |
| Interest | 5.97 | 15.00 | 3.23 | 4.39 | 4.57 | 5.41 | 13.16 | 14.05 |
| Profit before tax | 3.61 | (16.70) | 11.65 | 0.61 | 24.09 | (1.20) | 30.29 | 37.00 |
| Tax | (0.05) | (0.78) | 0.76 | 0.00 | (0.05) | (0.11) | 0.37 | 0.34 |
| Net profit | 3.66 | (15.92) | 10.89 | 0.61 | 24.14 | (1.09) | 29.92 | 36.66 |
| EPS (₹) | 1.36 | (5.94) | 4.06 | 0.22 | 9.01 | (0.41) | 11.16 | 13.67 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 23.67 | 323 | 245 | 228 | 354 | 423 | 543 |
| Revenue growth | -92.7% | +31.7% | +7.6% | -35.6% | -16.3% | -22.1% | - |
| EBITDA | (2.87) | 4.46 | 4.33 | (1.72) | 5.34 | 0.40 | 2.51 |
| EBITDA margin | -12.1% | +1.4% | +1.8% | -0.8% | +1.5% | +0.1% | +0.5% |
| Profit before tax | (0.82) | 4.69 | 4.81 | 4.68 | 7.30 | 8.24 | 8.63 |
| Net profit | (0.58) | 4.70 | 4.18 | 3.97 | 6.21 | 6.78 | 8.96 |
| Net profit margin | -2.5% | +1.5% | +1.7% | +1.7% | +1.8% | +1.6% | +1.7% |
| EPS (₹) | (0.28) | 1.62 | 1.41 | 1.48 | 2.31 | 2.53 | 3.16 |
| Balance sheet | |||||||
| Total assets | 411 | 409 | 464 | 415 | 309 | 392 | 179 |
| Net worth | 196 | 197 | 192 | 189 | 185 | 179 | 173 |
| Total debt | 30.22 | 13.80 | 12.41 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash & bank | 0.84 | 0.53 | 1.32 | 0.85 | 0.60 | 0.80 | 0.88 |
| Net working capital | (12.27) | (11.21) | 39.83 | 24.72 | (68.87) | 59.74 | (128) |
| Cash flow | |||||||
| Cash from operations | (12.44) | (10.54) | (10.14) | 11.45 | 43.10 | 21.72 | 130 |
| Cash from investing | (3.49) | 9.06 | 1.32 | (11.01) | (42.90) | (21.43) | (129) |
| Cash from financing | 16.23 | 0.68 | 9.26 | (0.19) | (0.42) | (0.39) | (0.48) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.00 | 4.50 | 12.30 | 6.88 | 0.00 | 10.20 | 109 | 142 |
| Revenue growth (YoY) | - | -55.9% | -88.7% | -95.2% | -100.0% | - | - | - |
| Other income | 0.91 | 0.22 | 0.65 | 0.20 | 1.15 | 0.55 | 0.36 | 0.36 |
| Total expenses | 1.61 | 9.80 | 8.03 | 7.01 | 1.71 | 9.34 | 107 | 141 |
| EBITDA | (1.61) | (5.30) | 4.27 | (0.13) | (1.71) | 0.86 | 1.55 | 1.49 |
| EBITDA margin | - | -117.8% | +34.7% | -1.9% | - | +8.4% | +1.4% | +1.0% |
| Depreciation | 0.03 | 0.02 | 0.03 | 0.03 | 0.03 | 0.04 | 0.06 | 0.04 |
| Interest | 0.00 | 0.01 | 0.03 | 0.00 | 0.00 | 0.80 | 0.07 | 0.30 |
| Profit before tax | (0.73) | (5.11) | 4.86 | 0.04 | (0.59) | 0.57 | 1.78 | 1.51 |
| Tax | (0.05) | (0.78) | 0.76 | 0.00 | (0.05) | (0.11) | 0.37 | 0.34 |
Financial Statements
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 898 | 532 | 988 | 1,006 | 587 | 785 | 1,642 | 916 |
| Revenue growth (YoY) | +53.0% | -32.2% | -39.9% | +9.9% | -22.4% | - | - | - |
| Other income | 0.53 | (0.28) | 0.57 | (0.33) | 2.78 | (10.67) | 3.12 | 13.01 |
| EBITDA | 20.08 | 9.10 | 24.83 | 15.64 | 35.85 | 24.82 | 50.28 | 48.14 |
| EBITDA margin | +2.2% | +1.7% | +2.5% | +1.6% | +6.1% | +3.2% | +3.1% | +5.3% |
| Depreciation | 11.03 | 10.52 | 10.52 | 10.31 | 9.97 | 9.94 | 9.95 | 10.10 |
| Interest | 5.97 | 15.00 | 3.23 | 4.39 | 4.57 | 5.41 | 13.16 | 14.05 |
| Profit before tax | 3.61 | (16.70) | 11.65 | 0.61 | 24.09 | (1.20) | 30.29 | 37.00 |
| Tax | (0.05) | (0.78) | 0.76 | 0.00 | (0.05) | (0.11) | 0.37 | 0.34 |
| Net profit | 3.66 | (15.92) | 10.89 | 0.61 | 24.14 | (1.09) | 29.92 | 36.66 |
| EPS (₹) | 1.36 | (5.94) | 4.06 | 0.22 | 9.01 | (0.41) | 11.16 | 13.67 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 3,113 | 4,098 | 3,855 | 2,163 | 2,131 | 1,876 | 2,037 |
| Revenue growth | -24.1% | +6.3% | +78.2% | +1.5% | +13.6% | -7.9% | - |
| Other income | 2.74 | 6.00 | 57.82 | 4.74 | 0.39 | 4.26 | 49.71 |
| Total expenses | 3,027 | 3,911 | 3,651 | 2,021 | 1,975 | 1,714 | 1,899 |
| Employee cost | 18.67 | 20.82 | 16.11 | 9.62 | 6.19 | 7.08 | 11.66 |
| EBITDA | 85.42 | 188 | 204 | 142 | 157 | 163 | 138 |
| EBITDA margin | +2.7% | +4.6% | +5.3% | +6.6% | +7.3% | +8.7% | +6.8% |
| Depreciation | 41.33 | 39.43 | 42.54 | 34.43 | 31.96 | 31.80 | 30.12 |
| Interest | 27.19 | 40.21 | 31.12 | 17.27 | 19.15 | 24.28 | 34.75 |
| Profit before tax | 19.64 | 114 | 188 | 95.52 | 106 | 111 | 122 |
| Tax | (0.07) | 0.35 | 1.04 | 0.71 | 1.09 | 1.46 | 0.14 |
| Net profit | 19.71 | 114 | 187 | 94.81 | 105 | 109 | 123 |
| Net profit margin | +0.6% | +2.8% | +4.9% | +4.4% | +4.9% | +5.8% | +6.0% |
| EPS (₹) | 7.35 | 42.36 | 69.69 | 35.36 | 39.05 | 40.82 | 45.61 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 2.68 | 2.68 | 2.68 | 2.68 | 2.68 | 2.68 | 2.68 |
| Reserves & surplus | 2,862 | 2,663 | 2,507 | 2,301 | 2,108 | 1,971 | 1,886 |
| Shareholders' funds (net worth) | 2,864 | 2,665 | 2,510 | 2,304 | 2,111 | 1,974 | 1,889 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | 113 | 143 | 0.00 | 36.30 | 131 | 272 | 487 |
| Unsecured loans | 326 | 55.73 | 327 | 196 | 137 | 117 | 0.00 |
| Total debt | 438 | 198 | 327 | 232 | 268 | 389 | 487 |
| Total liabilities | 3,564 | 3,139 | 4,029 | 3,210 | 2,888 | 2,905 | 2,758 |
| Assets | |||||||
| Gross block | 2,444 | 2,292 | 2,265 | 2,223 | 2,110 | 2,072 | 2,099 |
| Net block | 2,114 | 2,033 | 2,052 | 2,053 | 1,984 | 1,982 | 2,038 |
| Capital work in progress | 349 | 349 | 349 | 344 | 342 | 339 | 334 |
| Investments | 1.33 | 1.50 | 10.19 | 9.27 | 1.38 | 0.53 | 0.55 |
| Inventories | 41.73 | 41.65 | 42.08 | 44.12 | 78.86 | 0.37 | 0.16 |
| Sundry debtors | 2,096 | 1,285 | 1,659 | 1,649 | 1,574 | 914 | 865 |
| Cash & bank balances | 28.03 | 50.79 | 28.66 | 17.04 | 16.99 | 46.09 | 42.04 |
| Loans & advances | 45.40 | 36.80 | 8.30 | 4.57 | 3.86 | 3.00 | 10.58 |
| Total current assets | 2,211 | 1,414 | 1,738 | 1,715 | 1,673 | 963 | 918 |
| Total current liabilities | 1,152 | 698 | 154 | 911 | 1,114 | 380 | 537 |
| Net working capital | 1,059 | 716 | 1,584 | 804 | 560 | 583 | 380 |
| Total assets | 3,564 | 3,139 | 4,029 | 3,210 | 2,888 | 2,905 | 2,758 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 40.20 | 18.73 | 7.68 | 6.33 | 6.37 | 2.00 | 14.47 |
| Net cash from operating activities | (233) | 41.35 | 55.81 | 80.61 | 121 | 144 | 145 |
| Net cash from investing activities | (0.89) | 19.06 | (31.75) | (3.37) | 27.01 | (9.75) | (70.53) |
| Net cash from financing activities | 210 | (38.94) | (13.01) | (75.89) | (148) | (130) | (87.29) |
| Net change in cash | (23.40) | 21.46 | 11.04 | 1.35 | (0.03) | 4.36 | (12.47) |
| Closing cash | 28.03 | 50.79 | 28.66 | 17.04 | 16.99 | 46.09 | 42.04 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -24.1% | +6.3% | +78.2% | +1.5% | +13.6% | -7.9% | - |
| EBITDA growth | -54.5% | -7.9% | +43.0% | -9.0% | -3.8% | +18.3% | - |
| PBT growth | -82.8% | -39.4% | +96.7% | -9.7% | -4.6% | -9.4% | +163.5% |
| Net income growth | -82.6% | -39.2% | +97.1% | -9.5% | -4.3% | -10.9% | - |
| Revenue CAGR (3Y) | +12.9% | +24.4% | +27.1% | +2.0% | +4.4% | +3.8% | +7.3% |
| EBITDA CAGR (3Y) | -15.7% | +6.2% | +7.8% | +1.2% | +12.6% | +27.8% | +19.3% |
| Profitability & leverage | |||||||
| Net income margin | +0.6% | +2.8% | +4.9% | +4.4% | +4.9% | +5.8% | +6.0% |
| Return on capital employed | +1.4% | +4.3% | +6.1% | +3.7% | +4.3% | +4.8% | +6.0% |
| Return on net worth | +0.7% | +4.4% | +7.8% | +4.3% | +5.1% | +5.7% | +6.8% |
| Debt / equity | 0.12 | 0.10 | 0.12 | 0.11 | 0.16 | 0.23 | 0.27 |
| Long-term debt / equity | 0.01 | 0.01 | 0.02 | 0.04 | 0.10 | 0.17 | 0.21 |
| Interest cover | 61.67 | 27.15 | 19.31 | 15.98 | 15.37 | 18.54 | 32.33 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 1.31 | 1.80 | 1.72 | 1.00 | 1.02 | 0.90 | 1.01 |
| Inventory turnover | 74.66 | 97.89 | 89.43 | 35.18 | 53.80 | 7,080.26 | 33.70 |
| Debtors turnover | 1.84 | 2.78 | 2.33 | 1.34 | 1.71 | 2.11 | 2.90 |
| EPS (₹) | 7.35 | 42.36 | 69.69 | 35.36 | 39.05 | 40.82 | 45.61 |
| Dividend per share (₹) | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Book value per share (₹) | 1,068.34 | 994.20 | 936.27 | 859.26 | 787.45 | 736.16 | 704.64 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.00 | 4.50 | 12.30 | 6.88 | 0.00 | 10.20 | 109 | 142 |
| Revenue growth (YoY) | - | -55.9% | -88.7% | -95.2% | -100.0% | - | - | - |
| Other income | 0.91 | 0.22 | 0.65 | 0.20 | 1.15 | 0.55 | 0.36 | 0.36 |
| Total expenses | 1.61 | 9.80 | 8.03 | 7.01 | 1.71 | 9.34 | 107 | 141 |
| EBITDA | (1.61) | (5.30) | 4.27 | (0.13) | (1.71) | 0.86 | 1.55 | 1.49 |
| EBITDA margin | - | -117.8% | +34.7% | -1.9% | - | +8.4% | +1.4% | +1.0% |
| Depreciation | 0.03 | 0.02 | 0.03 | 0.03 | 0.03 | 0.04 | 0.06 | 0.04 |
| Interest | 0.00 | 0.01 | 0.03 | 0.00 | 0.00 | 0.80 | 0.07 | 0.30 |
| Profit before tax | (0.73) | (5.11) | 4.86 | 0.04 | (0.59) | 0.57 | 1.78 | 1.51 |
| Tax | (0.05) | (0.78) | 0.76 | 0.00 | (0.05) | (0.11) | 0.37 | 0.34 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 23.67 | 323 | 245 | 228 | 354 | 423 | 543 |
| Revenue growth | -92.7% | +31.7% | +7.6% | -35.6% | -16.3% | -22.1% | - |
| Other income | 2.23 | 1.63 | 3.19 | 6.75 | 2.56 | 8.41 | 6.93 |
| Total expenses | 26.54 | 319 | 241 | 230 | 349 | 422 | 540 |
| Employee cost | 1.78 | 2.71 | 2.89 | 3.79 | 2.31 | 1.67 | 1.92 |
| EBITDA | (2.87) | 4.46 | 4.33 | (1.72) | 5.34 | 0.40 | 2.51 |
| EBITDA margin | -12.1% | +1.4% | +1.8% | -0.8% | +1.5% | +0.1% | +0.5% |
| Depreciation | 0.13 | 0.20 | 0.33 | 0.30 | 0.32 | 0.32 | 0.47 |
| Interest | 0.05 | 1.20 | 2.38 | 0.05 | 0.28 | 0.25 | 0.34 |
| Profit before tax | (0.82) | 4.69 | 4.81 | 4.68 | 7.30 | 8.24 | 8.63 |
| Tax | (0.07) | 0.35 | 1.04 | 0.71 | 1.09 | 1.46 | 0.14 |
| Net profit | (0.58) | 4.70 | 4.18 | 3.97 | 6.21 | 6.78 | 8.96 |
| Net profit margin | -2.5% | +1.5% | +1.7% | +1.7% | +1.8% | +1.6% | +1.7% |
| EPS (₹) | (0.28) | 1.62 | 1.41 | 1.48 | 2.31 | 2.53 | 3.16 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 2.68 | 2.68 | 2.68 | 2.68 | 2.68 | 2.68 | 2.68 |
| Reserves & surplus | 193 | 194 | 190 | 186 | 182 | 176 | 170 |
| Shareholders' funds (net worth) | 196 | 197 | 192 | 189 | 185 | 179 | 173 |
| Secured loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unsecured loans | 30.22 | 13.80 | 12.41 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total debt | 30.22 | 13.80 | 12.41 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total liabilities | 411 | 409 | 464 | 415 | 309 | 392 | 179 |
| Assets | |||||||
| Gross block | 2.66 | 2.81 | 3.63 | 6.56 | 6.35 | 6.38 | 6.36 |
| Net block | 1.15 | 1.25 | 1.82 | 2.90 | 2.99 | 3.30 | 3.60 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 383 | 379 | 388 | 387 | 374 | 328 | 303 |
| Inventories | 41.17 | 41.17 | 40.94 | 43.87 | 78.83 | 0.37 | 0.16 |
| Sundry debtors | 6.27 | 1.05 | 13.24 | 43.28 | 77.35 | 193 | 182 |
| Cash & bank balances | 0.84 | 0.53 | 1.32 | 0.85 | 0.60 | 0.80 | 0.88 |
| Loans & advances | 31.00 | 29.34 | 23.36 | 16.65 | 14.53 | 27.59 | 36.51 |
| Total current assets | 79.28 | 72.09 | 78.86 | 105 | 171 | 222 | 220 |
| Total current liabilities | 91.55 | 83.30 | 39.03 | 79.93 | 240 | 162 | 348 |
| Net working capital | (12.27) | (11.21) | 39.83 | 24.72 | (68.87) | 59.74 | (128) |
| Total assets | 411 | 409 | 464 | 415 | 309 | 392 | 179 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.23 | 1.03 | 0.59 | 0.34 | 0.55 | 0.66 | 0.44 |
| Net cash from operating activities | (12.44) | (10.54) | (10.14) | 11.45 | 43.10 | 21.72 | 130 |
| Net cash from investing activities | (3.49) | 9.06 | 1.32 | (11.01) | (42.90) | (21.43) | (129) |
| Net cash from financing activities | 16.23 | 0.68 | 9.26 | (0.19) | (0.42) | (0.39) | (0.48) |
| Net change in cash | 0.31 | (0.80) | 0.44 | 0.25 | (0.21) | (0.10) | 0.21 |
| Closing cash | 0.84 | 0.53 | 1.32 | 0.85 | 0.60 | 0.80 | 0.88 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -92.7% | +31.7% | +7.6% | -35.6% | -16.3% | -22.1% | - |
| EBITDA growth | -164.4% | +3.0% | +351.7% | -132.2% | +1235.0% | -84.1% | - |
| PBT growth | - | -2.5% | +2.8% | -35.9% | -11.4% | -4.5% | -31.5% |
| Net income growth | -112.3% | +12.4% | +5.3% | -36.1% | -8.4% | -24.3% | - |
| Revenue CAGR (3Y) | -53.0% | -3.0% | -16.6% | -25.1% | -16.7% | -7.0% | +0.5% |
| EBITDA CAGR (3Y) | +18.6% | -5.8% | +121.2% | - | +18.0% | -61.7% | -30.5% |
| Profitability & leverage | |||||||
| Net income margin | -3.2% | +1.3% | +1.5% | +1.7% | +1.8% | +1.6% | +1.6% |
| Return on capital employed | -0.2% | +1.5% | +1.8% | +1.3% | +2.2% | +3.0% | +5.1% |
| Return on net worth | -0.3% | +2.4% | +2.2% | +2.1% | +3.4% | +3.9% | +5.0% |
| Debt / equity | 0.11 | 0.07 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long-term debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | -1.67 | 28.17 | 59.50 | -2.48 | 5.58 | 312.50 | 16.67 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 8.65 | 100.35 | 48.15 | 35.31 | 55.60 | 66.38 | 73.64 |
| Inventory turnover | 0.57 | 7.87 | 5.79 | 3.72 | 8.94 | 1,595.66 | 8.98 |
| Debtors turnover | 6.47 | 45.23 | 8.68 | 3.78 | 2.62 | 2.25 | 4.50 |
| EPS (₹) | (0.28) | 1.62 | 1.41 | 1.48 | 2.31 | 2.53 | 3.16 |
| Dividend per share (₹) | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Book value per share (₹) | 73.01 | 73.39 | 71.76 | 70.41 | 68.97 | 66.75 | 64.53 |
To see the full year-wise statements and ratios of Veritas (India) Limited, buy the company report.
Board of directors of Veritas (India) Limited
Veritas (India) has 6 current directors and 24 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Rohinton Eruch Shroff Also directs: Swan Corp Limited, Cardinal Energy and Infrastructure Private Limited, Swan LNG Private Limited and 3 more | Director | 23 Feb 2023 | 3 Years 8 Months | Current |
| Sunil Sudarshan Sehgal | Additional Director | 13 Nov 2025 | 0 Years 11 Months | Current |
| Bhagyashri Parag Dixit | Director | 13 Aug 2025 | 1 Years 2 Months | Current |
| Arun Satyanarain Agarwal Also directs: Veritas Polychem Private Limited, Intlxpos Enterprises Private Limited, S N Agarwal Share Brokers Private Limited and 1 more | Director | 30 Aug 2024 | 2 Years 1 Months | Current |
| Paresh Vasantlal Merchant Also directs: Swan Corp Limited, Cardinal Energy and Infrastructure Private Limited, Adityaraj Housing LLP and 5 more | Managing Director | 28 Dec 2023 | 2 Years 9 Months | Current |
| Jayaramakrishnan Kannan Also directs: Swan Corp Limited, Swan Defence and Heavy Industries Limited, Adhigam Business Solutions LLP and 5 more | Director | 05 Feb 2026 | 0 Years 8 Months | Current |
Peer comparison
Veritas (India) Limited is compared with the 8 companies closest to it by revenue in the Metals and Minerals industry (Chemical Retail and Distribution, Metal Retail and Distribution), with the same principal business activity (wholesale trading), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Reliance Ethane Pipeline Limited | ₹9,478.05 Cr (FY 2025) | 5.0% | Ahmedabad, Gujarat, India | |||
| Hazel Mercantile Limited | ₹9,173.09 Cr (FY 2024) | 2.0% | Mumbai, Maharashtra, India | |||
| Sun International Limited | ₹5,122.19 Cr (FY 2024) | 11.0% | Kolkata, West Bengal, India | |||
| Worlds Window Impex India Private Limited | ₹4,419.39 Cr (FY 2019) | -17.0% | New Delhi, Delhi, India | |||
| Sharda Cropchem Limited | ₹4,379.39 Cr (FY 2025) | 36.0% | Mumbai, Maharashtra, India | |||
| Tegral India Private Limited | ₹3,591.82 Cr (FY 2025) | -4.0% | Mumbai, Maharashtra, India | |||
| Jupiter Dye Chem Private Limited | ₹3,363.54 Cr (FY 2025) | -2.0% | Mumbai, Maharashtra, India | |||
| Abhay Ispat (India) Private Limited | ₹3,279.28 Cr (FY 2024) | 9.0% | Mumbai, Maharashtra, India | |||
| Veritas (India) Limitedthis company | ₹3,112.63 Cr (FY 2026) | ₹19.71 Cr | 0.6% | -24.0% | 19 | Mumbai, Maharashtra, India |
To see the full peer comparison of Veritas (India) Limited, buy the company report.
Auditor
Veritas (India) Limited is audited by SHABBIR & RITA ASSOCIATES LLP for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| SHABBIR & RITA ASSOCIATES LLP | FY 2024 | 109420W |
Shareholding
Shareholding for the quarter ended Mar 2026: promoters hold 55.00%, foreign institutional investors hold 9.70%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 35.30%.
| Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | |
|---|---|---|---|---|
| Promoters | 55.00% | 55.00% | 55.00% | 55.00% |
| Public | 45.00% | 45.00% | 45.00% | 45.00% |
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 28 Jul 2010 | 10235087 | Axis Bank Limited | ₹130.25 Cr | Satisfied | |
| 19 Mar 2010 | 10211900 | Punjab National Bank | ₹4.23 Cr | Satisfied | |
| 19 Mar 2010 | 10218208 | Punjab National Bank | ₹4.23 Cr | Satisfied | |
| 22 Aug 2009 | 10175240 | Punjab National Bank | ₹4.43 Cr | Satisfied | |
| 21 Aug 2009 | 10175241 | Punjab National Bank | ₹4.43 Cr | Satisfied |
To see the full charge records of Veritas (India) Limited, buy the company report.
Total charge records: 5 View all charges
Deals & funding
Veritas (India) Limited has 19 deals on record (17 market trades, 1 acquisition, 1 secondary share transfer); the latest was in December 2023.
Deals on record (5 of 19)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Dec 2023 | Market trade | ₹10.34 Cr | Seller: Suryakanchan Vinimay Private Limited |
| Jan 2023 | Market trade | ₹39.72 Cr | Buyer: Swan Corp Limited Seller: an individual |
| Dec 2022 | Market trade | ₹39.86 Cr | Buyer: Swan Corp Limited Seller: an individual |
| Dec 2022 | Market trade | ₹20.08 Cr | Buyer: Swan Corp Limited Seller: an individual |
| Dec 2022 | Market trade | ₹20.11 Cr | Buyer: Swan Corp Limited Seller: an individual |
To see the full deal history of Veritas (India) Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Veritas (India) Limited has 21 court cases on record: 13 filed by Veritas (India), 8 filed against it. 6 cases are pending and 15 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 15 | 7 | 4 |
| District courts | 4 | 0 | 2 |
| Supreme Court | 1 | 1 | 0 |
| NCLT | 1 | 0 | 0 |
Cases on record (5 of 21)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Mumbai CMM Courts, Maharashtra | Civil suit | Filed by the company against Ms. Vittrag Mines and Minerals Pvt Ltd and Ors and 3 others | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Commercial matter | Filed by the company against GRL Tires Pvt. Ltd. and 1 other | Disposed |
| High Court of Karnataka | Court case (COP) | Filed by the company against M/S Falcon Tyres Limited | Disposed |
| High Court of Karnataka | Appeal | Filed by the company against Falcon Tyres Limited | Disposed |
| High Court | Court case (MVXA) | Filed against the company by The Joint Commissioner of State Tax Legal M S Mumbai Government Pleader Original Side | Pending |
To see the full case history of Veritas (India) Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Veritas (India) Limited was last rated by Crisil on 28 Oct 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Crisil | 28 Oct 2021 |
To see the full credit ratings and regulatory alerts of Veritas (India) Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Veritas (India) Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Group structure & subsidiaries
Veritas (India) has 3 subsidiary companies. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Veritas Agro Ventures Private Limited | U01403TN2011PTC103236 | |
| Veritas Polychem Private Limited | U24239MH2021PTC359869 | |
| Veritas Infra & Logistics Private Limited | U74110MH2011PTC215010 |
To see the full group structure of Veritas (India) Limited, buy the company report.
Employees & EPFO
Veritas (India) Limited has a workforce of 19 employees on its EPFO records as of Apr 02, 2025, across 2 active EPFO establishments.
GST
Veritas (India) has 10 GST registrations: 7 active and 3 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACD1654J1ZQ | Maharashtra | Active | 01 Jul 2017 |
| 16AAACD1654J1ZT | Tripura | Active | 01 Jul 2017 |
| 24AAACD1654J1ZW | Gujarat | Active | 01 Jul 2017 |
| 24AAACD1654J2ZV | Gujarat | Active | 11 Jul 2017 |
To see the full GST registrations and return filing status of Veritas (India) Limited, buy the company report.
Recent activity
Veritas (India) Limited has 51 board changes on record since 1990: 29 appointments and 22 cessations. The latest: Jayaramakrishnan Kannan was appointed as Director on 05 Feb 2026.
53 earlier events are in the company report.
News
Frequently asked questions
Veritas (India) is an active public limited company based in Mumbai, Maharashtra, India. The company works in chemical distribution and retail, within the chemicals and materials industry. It was incorporated on 21 March 1985 (41+ years old) and is registered under CIN L23209MH1985PLC035702. Listed on BSE: 512229.
Veritas (India) reported revenue of ₹3,112.63 Cr for FY 2025-26 (down 24% YoY) based on consolidated financials.
Veritas (India) has 6 current directors:
- Paresh Vasantlal Merchant - Managing Director
- Rohinton Eruch Shroff - Director
- Sunil Sudarshan Sehgal - Additional Director
- Bhagyashri Parag Dixit - Director
- Arun Satyanarain Agarwal - Director
- Jayaramakrishnan Kannan - Director
The latest financial statements of Veritas (India) on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 26 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Veritas (India) is 27AAACD1654J1ZQ, registered in Maharashtra. The company has 10 GST registrations in all, of which 7 are active and 3 are cancelled or inactive. Other active GSTINs include 16AAACD1654J1ZT (Tripura), 24AAACD1654J1ZW (Gujarat), 24AAACD1654J2ZV (Gujarat).
The CIN (Corporate Identification Number) of Veritas (India) is L23209MH1985PLC035702. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Veritas (India) is a listed company as per MCA records. Its shares are listed on BSE (code: 512229).
Veritas (India) has 21 court cases on record: 13 filed by the company and 8 filed against it. 6 are pending. Most are in the high courts.
Veritas (India) was incorporated on 21 March 1985, making it 41+ years old. It is registered with the Registrar of Companies, Mumbai.
Veritas (India) has 19 deals on record (17 market trades, 1 acquisition, 1 secondary share transfer); the latest was in December 2023.
The peers of Veritas (India) by revenue are Reliance Ethane Pipeline Limited, Hazel Mercantile Limited, Sun International Limited, Worlds Window Impex India Private Limited, Sharda Cropchem Limited and 3 more, all in the Metals and Minerals industry (Chemical Retail and Distribution, Metal Retail and Distribution), with the same principal business activity (wholesale trading).