MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2023-24)
- Udyam number
- UDYAM-RJ-17-0032083
Veto Switchgears and Cables Limited - consumer electronics & durables in Vasai, Maharashtra, India. FY 2026 financials & compliance.
Active Listed - NSE: VETO · BSE: 539331 Public Limited Company consumer electronics and durables MSME · Medium
Market Cap
₹235 Cr
VETO · NSE
Share Price
₹120.91
-1.48% today
Revenue
₹387 Cr
FY 2025-26 · +28.7% YoY
EBITDA
₹37.72 Cr
Margin 9.8%
Net Profit
₹25.13 Cr
FY 2025-26 · +13.7% YoY
P/E (TTM)
8.6x
P/B 0.8x
Authorised capital
₹25 Cr
Registered with MCA
Paid-up capital
₹19.11 Cr
Issued & subscribed
About Veto Switchgears and Cables Limited
Data last updated:
Veto Switchgears and Cables Limited is a public limited company based in Vasai, Maharashtra, India. It operates in the electronics manufacturing segment of the consumer electronics and durables sector. It was incorporated on 20 June 2007 and has been in existence for over 19 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L31401MH2007PLC171844. Its GSTIN is 27AACCV4990K1ZR (Maharashtra). The company holds 13 GST registrations, of which 11 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 539331 and NSE: VETO.
The company has an authorised share capital of ₹25 Cr and a paid-up capital of ₹19.11 Cr. It was formerly known as Veto Switchgears and Cables Private Limited. It is led by directors including Akshay Kumar Gurnani (Managing Director) and Narain Das Gurnani (Whole-Time Director).
Its last annual general meeting (AGM) was held on 29 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Gala No. 2 Sanskruti, Sagar Signature Complex Vasai Palghar, Maharashtra, India – 401208.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹386.71 Cr, a growth of 28.7% compared to the previous year. For the same year it recorded a net profit of ₹25.13 Cr (net margin 6.5%) and EBITDA of ₹37.72 Cr (EBITDA margin 9.8%). The net worth stands at ₹289.69 Cr (up 8.7% YoY). Total assets are valued at ₹316.03 Cr (up 7.4% YoY).
The company has about 256 employees on its provident fund (EPFO) records. Its group structure includes 3 subsidiaries.
The company is associated with 1 brand: Veto Switchgears & Cables. As per MCA filings, the company has open charges of ₹57.86 Cr and satisfied charges of ₹59.59 Cr on record. Court records list 25 cases involving the company, including 22 filed by the company and 3 filed against it; 18 cases are pending. The company has 199 deals on record (197 market trades, 1 ipo, 1 secondary share transfer); the latest was in September 2025. Its 5 peer companies in the Manufacturing industry (Cables and Wires, Electronic Appliances Manufacturing), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment) are compared by revenue, 2 larger and 3 smaller; the largest is Kipra Electricals Private Limited with revenue of ₹303.76 Cr.
Veto Switchgears and Cables Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-RJ-17-0032083). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website vetoswitchgears.com.
Company details
CIN L31401MH2007PLC171844
Registration Number 171844
Incorporation Date 20 June 2007
ROC Mumbai
Listing Status Listed - Listed on NSE (VETO); Listed on BSE (539331)
Company Status Active
Date of Last AGM 29 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-RJ-17-0032083
CIN history
Veto Switchgears and Cables has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L31401MH2007PLC171844, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L31401MH2007PLC171844 | Current |
| U31401MH2007PLC171844 | Previous |
| U31401MH2007PTC171844 | Previous |
Key People
Akshay Kumar Gurnani Managing Director Narain Das Gurnani Whole-Time Director Jyoti Gurnani Director Recognitions & Rankings of Veto Switchgears and Cables
Contact details
Veto Switchgears and Cables Limited's registered office is in Vasai, Maharashtra. Its website is vetoswitchgears.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressGala No. 2 Sanskruti, Sagar Signature Complex Vasai Palghar, Maharashtra, India – 401208
- IndustryConsumer Electronics & Durables, Electronics Manufacturing
To see the full contact details of Veto Switchgears and Cables Limited, buy the company report.
Comprehensive company report
Veto Switchgears and Cables Limited - one report that includes everything
- 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
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Veto Switchgears and Cables operates one associated brand: Veto Switchgears & Cables. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| LED bulbs and electrical accessories are manufactured by the company. | vetoswitchgears.com |
Business activity
The main business activities of Veto Switchgears and Cables are manufacturing and trade. In detail, this covers electrical equipment, general purpose and special purpose machinery & equipment, transport equipment and wholesale trading. 2 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C10 | Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment | |
| G | Trade | G1 | Wholesale Trading |
To see the full business activity and turnover split of Veto Switchgears and Cables Limited, buy the company report.
Financials of Veto Switchgears and Cables Limited
FY 2025-26 filings availableVeto Switchgears and Cables Limited reported revenue of ₹386.71 Cr (up 28.7% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹387 Cr
+28.7% YoY
EBITDA
₹37.72 Cr
+19.0% YoY
Profit After Tax
₹25.13 Cr
+13.7% YoY
Net Worth
₹290 Cr
+8.7% YoY
Total Assets
₹316 Cr
+7.4% YoY
Total Debt
₹21.43 Cr
-6.6% YoY
Revenue 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 | 387 | 300 | 300 | 290 | 267 | 181 | 150 |
| Revenue growth | +28.7% | +0.1% | +3.4% | +8.6% | +47.5% | +20.6% | - |
| EBITDA | 37.72 | 31.69 | 30.88 | 32.70 | 33.93 | 23.62 | 18.86 |
| EBITDA margin | +9.8% | +10.6% | +10.3% | +11.3% | +12.7% | +13.0% | +12.6% |
| Profit before tax | 33.37 | 29.54 | 28.74 | 30.41 | 29.79 | 21.39 | 13.91 |
| Net profit | 25.13 | 22.11 | 17.93 | 20.24 | 19.94 | 14.79 | 9.27 |
| Net profit margin | +6.5% | +7.4% | +6.0% | +7.0% | +7.5% | +8.2% | +6.2% |
| EPS (₹) | 13.15 | 11.58 | 9.39 | 10.59 | 10.47 | 7.74 | 4.85 |
| Balance sheet | |||||||
| Total assets | 316 | 294 | 274 | 283 | 268 | 237 | 204 |
| Net worth | 290 | 266 | 246 | 233 | 213 | 194 | 178 |
| Total debt | 21.43 | 22.94 | 22.56 | 43.38 | 46.93 | 35.02 | 25.99 |
| Cash & bank | 2.33 | 1.45 | 7.94 | 15.25 | 9.45 | 12.59 | 15.70 |
| Net working capital | 241 | 221 | 218 | 230 | 217 | 186 | 157 |
| Cash flow | |||||||
| Cash from operations | 10.38 | 14.99 | 27.79 | 17.97 | (7.92) | 7.06 | 30.91 |
| Cash from investing | (4.18) | (18.49) | (8.11) | (2.35) | 0.47 | (7.40) | (11.41) |
| Cash from financing | (5.34) | (3.00) | (27.31) | (9.89) | 4.32 | (3.43) | (18.94) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 89.36 | 139 | 94.22 | 88.77 | 64.87 | 89.18 | 75.71 | 74.28 |
| Revenue growth (YoY) | +37.8% | +55.7% | +24.5% | +19.5% | +6.0% | - | - | - |
| Other income | 0.53 | 0.19 | 0.55 | 0.85 | 0.35 | 0.52 | 1.45 | 0.15 |
| EBITDA | 9.45 | 13.26 | 9.81 | 8.37 | 6.29 | 10.84 | 5.20 | 8.56 |
| EBITDA margin | +10.6% | +9.5% | +10.4% | +9.4% | +9.7% | +12.2% | +6.9% | +11.5% |
| Depreciation | 1.01 | 1.09 | 1.13 | 1.02 | 1.09 | 0.84 | 0.93 | 0.66 |
| Interest | 0.74 | 0.51 | 0.47 | 0.37 | 0.63 | 0.71 | 0.50 | 0.04 |
| Profit before tax | 8.23 | 11.85 | 8.76 | 7.83 | 4.92 | 9.81 | 5.22 | 8.01 |
| Tax | 2.37 | 3.05 | 2.49 | 1.76 | 1.49 | 2.47 | 1.58 | 2.04 |
| Net profit | 5.86 | 8.80 | 6.27 | 6.07 | 3.43 | 7.34 | 3.64 | 5.97 |
| EPS (₹) | 3.10 | 4.59 | 3.45 | 3.18 | 1.80 | 3.84 | 1.90 | 3.12 |
| 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 | 247 | 216 | 210 | 196 | 174 | 153 | 121 |
| Revenue growth | +14.1% | +3.1% | +6.9% | +12.9% | +13.8% | +26.5% | - |
| EBITDA | 28.98 | 24.87 | 24.34 | 24.33 | 26.27 | 23.24 | 15.53 |
| EBITDA margin | +11.8% | +11.5% | +11.6% | +12.4% | +15.1% | +15.2% | +12.9% |
| Profit before tax | 31.62 | 27.82 | 40.23 | 31.08 | 30.77 | 22.34 | 15.71 |
| Net profit | 23.83 | 21.50 | 30.47 | 22.84 | 22.55 | 16.10 | 11.06 |
| Net profit margin | +9.7% | +10.0% | +14.5% | +11.7% | +13.0% | +10.6% | +9.2% |
| EPS (₹) | 12.47 | 11.26 | 15.94 | 11.95 | 11.83 | 8.43 | 5.78 |
| Balance sheet | |||||||
| Total assets | 297 | 279 | 257 | 243 | 233 | 209 | 179 |
| Net worth | 281 | 259 | 239 | 211 | 190 | 169 | 153 |
| Total debt | 12.05 | 16.66 | 13.07 | 27.56 | 37.94 | 34.00 | 25.99 |
| Cash & bank | 0.75 | 0.70 | 7.46 | 3.82 | 2.28 | 3.11 | 7.17 |
| Net working capital | 155 | 159 | 163 | 147 | 136 | 120 | 105 |
| Cash flow | |||||||
| Cash from operations | 24.44 | 15.88 | 5.63 | 5.09 | 1.40 | 3.13 | 10.95 |
| Cash from investing | (16.50) | (23.27) | 17.15 | 12.22 | 0.33 | (13.90) | 2.41 |
| Cash from financing | (7.90) | 0.61 | (19.47) | (15.83) | (2.57) | 7.17 | (18.92) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 58.06 | 74.79 | 70.37 | 58.13 | 43.24 | 67.19 | 54.12 | 52.98 |
| Revenue growth (YoY) | +34.3% | +11.3% | +30.0% | +9.7% | +3.6% | - | - | - |
| Other income | 2.18 | 1.77 | 1.85 | 2.25 | 1.58 | 1.67 | 2.35 | 1.35 |
| Total expenses | 50.90 | 64.66 | 62.31 | 51.91 | 38.68 | 57.89 | 50.29 | 46.49 |
| EBITDA | 7.16 | 10.13 | 8.06 | 6.22 | 4.56 | 9.30 | 3.83 | 6.49 |
| EBITDA margin | +12.3% | +13.5% | +11.5% | +10.7% | +10.5% | +13.8% | +7.1% | +12.2% |
| Depreciation | 0.79 | 0.84 | 0.88 | 0.87 | 0.76 | 0.64 | 0.72 | 0.55 |
| Interest | 0.46 | 0.35 | 0.35 | 0.28 | 0.46 | 0.60 | 0.33 | 0.06 |
| Profit before tax | 8.09 | 10.71 | 8.68 | 7.32 | 4.92 | 9.73 | 5.13 | 7.23 |
| Tax | 2.12 | 2.72 | 2.26 | 1.63 | 1.19 | 1.80 | 1.30 | 1.82 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 26 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 89.36 | 139 | 94.22 | 88.77 | 64.87 | 89.18 | 75.71 | 74.28 |
| Revenue growth (YoY) | +37.8% | +55.7% | +24.5% | +19.5% | +6.0% | - | - | - |
| Other income | 0.53 | 0.19 | 0.55 | 0.85 | 0.35 | 0.52 | 1.45 | 0.15 |
| EBITDA | 9.45 | 13.26 | 9.81 | 8.37 | 6.29 | 10.84 | 5.20 | 8.56 |
| EBITDA margin | +10.6% | +9.5% | +10.4% | +9.4% | +9.7% | +12.2% | +6.9% | +11.5% |
| Depreciation | 1.01 | 1.09 | 1.13 | 1.02 | 1.09 | 0.84 | 0.93 | 0.66 |
| Interest | 0.74 | 0.51 | 0.47 | 0.37 | 0.63 | 0.71 | 0.50 | 0.04 |
| Profit before tax | 8.23 | 11.85 | 8.76 | 7.83 | 4.92 | 9.81 | 5.22 | 8.01 |
| Tax | 2.37 | 3.05 | 2.49 | 1.76 | 1.49 | 2.47 | 1.58 | 2.04 |
| Net profit | 5.86 | 8.80 | 6.27 | 6.07 | 3.43 | 7.34 | 3.64 | 5.97 |
| EPS (₹) | 3.10 | 4.59 | 3.45 | 3.18 | 1.80 | 3.84 | 1.90 | 3.12 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 387 | 300 | 300 | 290 | 267 | 181 | 150 |
| Revenue growth | +28.7% | +0.1% | +3.4% | +8.6% | +47.5% | +20.6% | - |
| Other income | 1.95 | 2.55 | 4.73 | 5.31 | 3.14 | 1.63 | 0.68 |
| Total expenses | 349 | 269 | 269 | 258 | 233 | 158 | 131 |
| Employee cost | 0.00 | 17.83 | 16.96 | 17.63 | 15.25 | 11.83 | 10.65 |
| EBITDA | 37.72 | 31.69 | 30.88 | 32.70 | 33.93 | 23.62 | 18.86 |
| EBITDA margin | +9.8% | +10.6% | +10.3% | +11.3% | +12.7% | +13.0% | +12.6% |
| Depreciation | 4.33 | 3.06 | 2.73 | 2.82 | 3.33 | 2.00 | 1.90 |
| Interest | 1.97 | 1.64 | 4.14 | 4.78 | 3.95 | 1.86 | 3.73 |
| Profit before tax | 33.37 | 29.54 | 28.74 | 30.41 | 29.79 | 21.39 | 13.91 |
| Tax | 8.78 | 7.72 | 10.69 | 9.96 | 9.61 | 6.55 | 4.64 |
| Net profit | 25.13 | 22.11 | 17.93 | 20.24 | 19.94 | 14.79 | 9.27 |
| Net profit margin | +6.5% | +7.4% | +6.0% | +7.0% | +7.5% | +8.2% | +6.2% |
| EPS (₹) | 13.15 | 11.58 | 9.39 | 10.59 | 10.47 | 7.74 | 4.85 |
| 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 | 19.12 | 19.12 | 19.12 | 19.12 | 19.12 | 19.12 | 19.11 |
| Reserves & surplus | 271 | 247 | 227 | 214 | 194 | 175 | 159 |
| Shareholders' funds (net worth) | 290 | 266 | 246 | 233 | 213 | 194 | 178 |
| Minority interest | 0.44 | 0.98 | 1.00 | 0.89 | 0.68 | 0.51 | 0.00 |
| Secured loans | 19.92 | 21.26 | 20.57 | 41.40 | 44.18 | 34.27 | 23.92 |
| Unsecured loans | 1.51 | 1.68 | 1.99 | 1.98 | 2.75 | 0.75 | 2.07 |
| Total debt | 21.43 | 22.94 | 22.56 | 43.38 | 46.93 | 35.02 | 25.99 |
| Total liabilities | 316 | 294 | 274 | 283 | 268 | 237 | 204 |
| Assets | |||||||
| Gross block | 71.90 | 77.87 | 65.31 | 63.98 | 63.73 | 62.81 | 56.05 |
| Net block | 48.87 | 50.67 | 41.04 | 40.50 | 42.52 | 43.99 | 39.67 |
| Capital work in progress | 13.09 | 11.46 | 9.44 | 6.52 | 2.60 | 2.12 | 3.04 |
| Investments | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Inventories | 103 | 94.85 | 94.37 | 105 | 122 | 112 | 90.11 |
| Sundry debtors | 164 | 147 | 133 | 136 | 119 | 90.62 | 59.48 |
| Cash & bank balances | 2.33 | 1.45 | 7.94 | 15.25 | 9.45 | 12.59 | 15.70 |
| Loans & advances | 54.07 | 41.25 | 14.29 | 12.02 | 7.10 | 7.28 | 7.61 |
| Total current assets | 323 | 285 | 250 | 268 | 258 | 223 | 173 |
| Total current liabilities | 81.81 | 63.82 | 31.79 | 37.84 | 40.93 | 36.86 | 16.00 |
| Net working capital | 241 | 221 | 218 | 230 | 217 | 186 | 157 |
| Total assets | 316 | 294 | 274 | 283 | 268 | 237 | 204 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 1.05 | 7.54 | 15.18 | 9.45 | 12.59 | 16.36 | 14.55 |
| Net cash from operating activities | 10.38 | 14.99 | 27.79 | 17.97 | (7.92) | 7.06 | 30.91 |
| Net cash from investing activities | (4.18) | (18.49) | (8.11) | (2.35) | 0.47 | (7.40) | (11.41) |
| Net cash from financing activities | (5.34) | (3.00) | (27.31) | (9.89) | 4.32 | (3.43) | (18.94) |
| Net change in cash | 0.86 | (6.50) | (7.64) | 5.73 | (3.14) | (3.77) | 0.56 |
| Closing cash | 2.33 | 1.45 | 7.94 | 15.25 | 9.45 | 12.59 | 15.70 |
| 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 | +28.7% | +0.1% | +3.4% | +8.6% | +47.5% | +20.6% | - |
| EBITDA growth | +19.0% | +2.6% | -5.6% | -3.6% | +43.7% | +25.2% | - |
| PBT growth | +13.0% | +2.8% | -5.5% | +2.1% | +39.3% | +53.8% | -13.0% |
| Net income growth | +13.7% | +23.3% | -11.4% | +1.5% | +34.8% | +59.6% | - |
| Revenue CAGR (3Y) | +10.0% | +4.0% | +18.3% | +24.5% | +7.0% | -10.5% | -14.4% |
| EBITDA CAGR (3Y) | +4.9% | -2.3% | +9.4% | +20.1% | +17.4% | -17.0% | -9.5% |
| Profitability & leverage | |||||||
| Net income margin | +6.4% | +7.3% | +6.0% | +7.1% | +7.6% | +8.2% | +6.2% |
| Return on capital employed | - | +11.0% | +11.8% | +12.8% | +13.4% | +10.6% | +8.6% |
| Return on net worth | - | +8.5% | +7.5% | +9.2% | +9.9% | +8.0% | +5.4% |
| Debt / equity | - | 0.09 | 0.14 | 0.20 | 0.20 | 0.16 | 0.19 |
| Long-term debt / equity | - | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | 5.90 | 5.73 | 14.71 | 16.00 | 12.91 | 8.60 | 21.99 |
| Efficiency & per share | |||||||
| Fixed asset turnover | - | 4.20 | 4.64 | 4.54 | 4.22 | 3.05 | 2.98 |
| Inventory turnover | - | 3.17 | 3.01 | 2.56 | 2.28 | 1.79 | 1.60 |
| Debtors turnover | - | 2.14 | 2.23 | 2.28 | 2.55 | 2.41 | 2.49 |
| EPS (₹) | 13.15 | 11.58 | 9.39 | 10.59 | 10.47 | 7.74 | 4.85 |
| Dividend per share (₹) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 |
| Book value per share (₹) | 0.00 | 139.39 | 128.83 | 121.83 | 111.24 | 101.38 | 93.00 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 58.06 | 74.79 | 70.37 | 58.13 | 43.24 | 67.19 | 54.12 | 52.98 |
| Revenue growth (YoY) | +34.3% | +11.3% | +30.0% | +9.7% | +3.6% | - | - | - |
| Other income | 2.18 | 1.77 | 1.85 | 2.25 | 1.58 | 1.67 | 2.35 | 1.35 |
| Total expenses | 50.90 | 64.66 | 62.31 | 51.91 | 38.68 | 57.89 | 50.29 | 46.49 |
| EBITDA | 7.16 | 10.13 | 8.06 | 6.22 | 4.56 | 9.30 | 3.83 | 6.49 |
| EBITDA margin | +12.3% | +13.5% | +11.5% | +10.7% | +10.5% | +13.8% | +7.1% | +12.2% |
| Depreciation | 0.79 | 0.84 | 0.88 | 0.87 | 0.76 | 0.64 | 0.72 | 0.55 |
| Interest | 0.46 | 0.35 | 0.35 | 0.28 | 0.46 | 0.60 | 0.33 | 0.06 |
| Profit before tax | 8.09 | 10.71 | 8.68 | 7.32 | 4.92 | 9.73 | 5.13 | 7.23 |
| Tax | 2.12 | 2.72 | 2.26 | 1.63 | 1.19 | 1.80 | 1.30 | 1.82 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 247 | 216 | 210 | 196 | 174 | 153 | 121 |
| Revenue growth | +14.1% | +3.1% | +6.9% | +12.9% | +13.8% | +26.5% | - |
| Other income | 7.45 | 6.62 | 20.61 | 12.89 | 10.31 | 2.71 | 5.65 |
| Total expenses | 218 | 191 | 185 | 172 | 147 | 129 | 105 |
| Employee cost | 0.00 | 10.50 | 10.32 | 10.58 | 10.35 | 10.50 | 9.94 |
| EBITDA | 28.98 | 24.87 | 24.34 | 24.33 | 26.27 | 23.24 | 15.53 |
| EBITDA margin | +11.8% | +11.5% | +11.6% | +12.4% | +15.1% | +15.2% | +12.9% |
| Depreciation | 3.36 | 2.43 | 2.13 | 2.33 | 2.58 | 1.86 | 1.75 |
| Interest | 1.45 | 1.24 | 2.59 | 3.81 | 3.23 | 1.75 | 3.72 |
| Profit before tax | 31.62 | 27.82 | 40.23 | 31.08 | 30.77 | 22.34 | 15.71 |
| Tax | 7.79 | 6.31 | 9.75 | 8.24 | 8.14 | 6.23 | 4.65 |
| Net profit | 23.83 | 21.50 | 30.47 | 22.84 | 22.55 | 16.10 | 11.06 |
| Net profit margin | +9.7% | +10.0% | +14.5% | +11.7% | +13.0% | +10.6% | +9.2% |
| EPS (₹) | 12.47 | 11.26 | 15.94 | 11.95 | 11.83 | 8.43 | 5.78 |
| 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 | 19.12 | 19.12 | 19.12 | 19.12 | 19.12 | 19.12 | 19.11 |
| Reserves & surplus | 262 | 240 | 220 | 191 | 170 | 150 | 133 |
| Shareholders' funds (net worth) | 281 | 259 | 239 | 211 | 190 | 169 | 153 |
| Secured loans | 12.05 | 16.48 | 12.63 | 27.27 | 37.03 | 34.00 | 25.14 |
| Unsecured loans | 0.00 | 0.18 | 0.44 | 0.29 | 0.91 | 0.00 | 0.85 |
| Total debt | 12.05 | 16.66 | 13.07 | 27.56 | 37.94 | 34.00 | 25.99 |
| Total liabilities | 297 | 279 | 257 | 243 | 233 | 209 | 179 |
| Assets | |||||||
| Gross block | 48.06 | 54.91 | 46.10 | 45.16 | 44.98 | 44.71 | 41.59 |
| Net block | 29.62 | 31.44 | 24.99 | 23.92 | 25.52 | 26.95 | 25.69 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.39 |
| Investments | 27.18 | 27.18 | 26.87 | 39.36 | 39.36 | 39.36 | 12.70 |
| Inventories | 69.34 | 70.23 | 69.85 | 67.47 | 69.68 | 65.11 | 59.39 |
| Sundry debtors | 103 | 99.12 | 92.67 | 85.56 | 74.11 | 62.26 | 48.92 |
| Cash & bank balances | 0.75 | 0.70 | 7.46 | 3.82 | 2.28 | 3.11 | 7.17 |
| Loans & advances | 46.19 | 36.05 | 9.52 | 8.71 | 7.08 | 5.03 | 4.26 |
| Total current assets | 219 | 206 | 180 | 166 | 153 | 136 | 120 |
| Total current liabilities | 63.96 | 47.53 | 16.70 | 18.49 | 17.17 | 15.76 | 14.86 |
| Net working capital | 155 | 159 | 163 | 147 | 136 | 120 | 105 |
| Total assets | 297 | 279 | 257 | 243 | 233 | 209 | 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 | 0.30 | 7.07 | 3.76 | 2.28 | 3.11 | 6.71 | 12.27 |
| Net cash from operating activities | 24.44 | 15.88 | 5.63 | 5.09 | 1.40 | 3.13 | 10.95 |
| Net cash from investing activities | (16.50) | (23.27) | 17.15 | 12.22 | 0.33 | (13.90) | 2.41 |
| Net cash from financing activities | (7.90) | 0.61 | (19.47) | (15.83) | (2.57) | 7.17 | (18.92) |
| Net change in cash | 0.03 | (6.78) | 3.32 | 1.48 | (0.84) | (3.59) | (5.57) |
| Closing cash | 0.75 | 0.70 | 7.46 | 3.82 | 2.28 | 3.11 | 7.17 |
| 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 | +14.1% | +3.1% | +6.9% | +12.9% | +13.8% | +26.5% | - |
| EBITDA growth | +16.5% | +2.2% | +0.0% | -7.4% | +13.0% | +49.7% | - |
| PBT growth | +13.7% | -30.9% | +29.4% | +1.0% | +37.7% | +42.2% | +15.7% |
| Net income growth | +10.8% | -29.4% | +33.4% | +1.3% | +40.1% | +45.6% | - |
| Revenue CAGR (3Y) | +7.9% | +7.6% | +11.1% | +17.6% | +16.8% | +7.4% | +0.1% |
| EBITDA CAGR (3Y) | +6.0% | -1.8% | +1.6% | +16.1% | +28.7% | -6.1% | -0.3% |
| Profitability & leverage | |||||||
| Net income margin | +9.7% | +10.0% | +14.5% | +11.7% | +13.0% | +10.6% | +9.2% |
| Return on capital employed | - | +10.8% | +17.2% | +14.7% | +15.4% | +12.4% | +10.8% |
| Return on net worth | - | +8.6% | +13.6% | +11.4% | +12.6% | +10.0% | +7.5% |
| Debt / equity | - | 0.06 | 0.09 | 0.16 | 0.20 | 0.19 | 0.23 |
| Long-term debt / equity | - | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 |
| Interest cover | 5.66 | 5.53 | 11.66 | 17.32 | 13.63 | 8.19 | 27.00 |
| Efficiency & per share | |||||||
| Fixed asset turnover | - | 4.28 | 4.59 | 4.35 | 3.87 | 3.54 | 2.99 |
| Inventory turnover | - | 3.08 | 3.05 | 2.86 | 2.58 | 2.45 | 2.04 |
| Debtors turnover | - | 2.25 | 2.35 | 2.46 | 2.55 | 2.75 | 2.54 |
| EPS (₹) | 12.47 | 11.26 | 15.94 | 11.95 | 11.83 | 8.43 | 5.78 |
| Dividend per share (₹) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 |
| Book value per share (₹) | 0.00 | 135.39 | 125.14 | 110.17 | 99.19 | 88.31 | 79.81 |
To see the full year-wise statements and ratios of Veto Switchgears and Cables Limited, buy the company report.
Board of directors of Veto Switchgears and Cables Limited
Veto Switchgears and Cables has 6 current directors and 17 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Jyoti Gurnani | Director | 27 Aug 2014 | 12 Years 1 Months | Current |
| Akshay Kumar Gurnani Also directs: VNB Appliances Private Limited, Veto Led Lightings Private Limited, Veto Electropowers (India) Private Limited and 5 more | Managing Director | 27 Aug 2014 | 12 Years 1 Months | Current |
| Hari Krishan Motwani | Director | 28 Sep 2019 | 7 Years 0 Months | Current |
| Kanwar Jeet Singh | Director | 06 May 2017 | 9 Years 5 Months | Current |
| Narain Das Gurnani Also directs: VNB Appliances Private Limited, Veto Led Lightings Private Limited, Veto Electropowers (India) Private Limited and 3 more | Whole-Time Director | 24 May 2016 | 10 Years 5 Months | Current |
| Sanjeev Kumar Dass | Director | 01 Sep 2022 | 4 Years 1 Months | Current |
Peer comparison
Veto Switchgears and Cables Limited is compared with the 5 companies closest to it by revenue in the Manufacturing industry (Cables and Wires, Electronic Appliances Manufacturing), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Veto Switchgears and Cables Limitedthis company | ₹386.71 Cr (FY 2026) | ₹25.13 Cr | 6.5% | 28.7% | 256 | Vasai, Maharashtra, India |
| Kipra Electricals Private Limited | ₹303.76 Cr (FY 2024) | -12.0% | Valsad, Gujarat, India | |||
| Trontek Electronics Limited | ₹303.5 Cr (FY 2024) | -51.0% | New Delhi, Delhi, India | |||
| Kolors India Private Limited | ₹302.93 Cr (FY 2025) | 12.0% | Mumbai, Maharashtra, India | |||
| Elin Appliances Private Limited | ₹297.03 Cr (FY 2025) | 24.0% | New Delhi, Delhi, India | |||
| Geep Industries (India) Private Limited | ₹296.62 Cr (FY 2025) | 5.0% | Maharashtra, India |
To see the full peer comparison of Veto Switchgears and Cables Limited, buy the company report.
Auditor
Veto Switchgears and Cables Limited is audited by CAS & Co. for the financial year 2022.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| CAS & Co. | FY 2022 | 111075W |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 45.10%, foreign institutional investors hold 0.40%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 54.50%.
Sep 2026
QUARTER
45.10% Promoters
0.40% FII (Foreign Institutional)
54.50% Retail & Others
Promoter holding - history
Now 45.10% · Sep 2026High 45.10% · Dec 2025Low 45.10% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 45.10% | 45.10% | 45.10% | 45.10% |
| Public | 54.90% | 54.90% | 54.90% | 54.90% |
Charges & borrowings
Open charges
₹57.86 Cr
Satisfied charges
₹59.59 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 15 Jul 2026 | 101339292 | Hdfc Bank Limited | ₹20 Lakh | Open | |
| 30 May 2026 | 101307596 | Hdfc Bank Limited | ₹1.25 Cr | Open | |
| 20 Jun 2025 | 101111857 | Hdfc Bank Limited | ₹14.4 Lakh | Open | |
| 20 Jun 2025 | 101122720 | Hdfc Bank Limited | ₹9.95 Lakh | Open | |
| 22 Apr 2025 | 101110507 | Hdfc Bank Limited | ₹1.09 Cr | Open |
To see the full charge records of Veto Switchgears and Cables Limited, buy the company report.
Total charge records: 20 View all charges
Deals & funding
Veto Switchgears and Cables Limited has 199 deals on record (197 market trades, 1 ipo, 1 secondary share transfer); the latest was in September 2025.
Total deals
199
Market trades
197
IPO
1
Secondary share transfer
1
Deals on record (5 of 199)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Feb 2025 | Market trade | ₹1.67 Cr | Buyer: L7 Hitech Private Limited |
| Aug 2024 | Market trade | ₹2.76 Cr | Buyer: Skyveil Trade Solutions LLP Seller: Skyveil Trade Solutions LLP |
| Aug 2024 | Market trade | ₹2.02 Cr | Buyer: Skyveil Trade Solutions LLP Seller: Skyveil Trade Solutions LLP |
| Aug 2024 | Market trade | ₹2.45 Cr | Buyer: Hrti Private Limited Seller: Hrti Private Limited |
| Aug 2024 | Market trade | ₹12.3 Cr | Buyer: Hrti Private Limited , Qe Securities LLP , Graviton Research Capital LLP Seller: Hrti Private Limited , Qe Securities LLP , Graviton Research Capital LLP |
To see the full deal history of Veto Switchgears and Cables 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
Veto Switchgears and Cables Limited has 25 court cases on record: 22 filed by Veto Switchgears and Cables, 3 filed against it. 18 cases are pending and 7 are disposed.
Total cases
25
Filed by the company
22
Filed against the company
3
Pending
18
Disposed
7
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 21 | 3 | 18 |
| High courts | 4 | 0 | 0 |
Cases on record (5 of 25)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Kamrup Metro, Assam | Court case (N I Act) | Filed by the company against M/S Maa Tara Distribution | Pending |
| District court, Kamrup Metro, Assam | Court case (N I Act) | Filed by the company against M/S. Tilok Electronics | Pending |
| District court, Kamrup Metro, Assam | Court case (N I Act) | Filed by the company against M/S. Citi Electrical and Electronics | Pending |
| District court, Kamrup Metro, Assam | Court case (N I Act) | Filed by the company against M/S Joy Guru Verities | Pending |
| District court, Kamrup Metro, Assam | Court case (N I Act) | Filed by the company against M/S Hussain Electronics | Pending |
To see the full case history of Veto Switchgears and Cables 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
Veto Switchgears and Cables Limited was last rated by Icra on 28 Mar 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 28 Mar 2022 |
To see the full credit ratings and regulatory alerts of Veto Switchgears and Cables Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Veto Switchgears and Cables Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Group structure & subsidiaries
Veto Switchgears and Cables has 3 subsidiary companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
3
Subsidiary companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Veto Led Lightings Private Limited | U31100MH2019PTC332744 | |
| Veto Electricals Private Limited | U31300RJ2008PTC026189 | |
| Vankon Modular Private Limited | U31900MH2015PTC264579 |
To see the full group structure of Veto Switchgears and Cables Limited, buy the company report.
Employees & EPFO
Veto Switchgears and Cables Limited has a workforce of 256 employees on its EPFO records as of Apr 06, 2024, across 2 active EPFO establishments.
Employee count
256
Active EPFO establishments
2
Employee growth
-6.91%
GST
Veto Switchgears and Cables has 13 GST registrations: 11 active and 2 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
13
Active
11
Cancelled / inactive
2
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AACCV4990K1ZR | Maharashtra | Active | 01 Jul 2017 |
| 05AACCV4990K1ZX | Uttarakhand | Active | 01 Jul 2017 |
| 08AACCV4990K1ZR | Rajasthan | Active | 01 Jul 2017 |
| 24AACCV4990K1ZX | Gujarat | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Veto Switchgears and Cables Limited, buy the company report.
Recent activity
Veto Switchgears and Cables Limited has 17 board changes on record since 2008: 6 appointments and 11 cessations. The latest: Govind Ram Thawani ceased to be Director on 28 Sep 2022.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 0.20 Cr with Charge ID 101339292 was registered on 15 Jul 2026.
Charges
A charge registered on 27 Oct 2023 via Charge ID 100805667 with Hdfc Bank Limited was fully satisfied on 11 Jul 2026.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 1.25 Cr with Charge ID 101307596 was registered on 30 May 2026.
Filing
Veto Switchgears And Cables Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai Ii.
Charges
A charge registered on 02 Jan 2024 via Charge ID 100841869 with Hdfc Bank Limited was fully satisfied on 12 Feb 2026.
AGM
Veto Switchgears And Cables Limited last Annual general meeting of members was held on 29 Sep 2025 as per latest MCA records.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 0.14 Cr with Charge ID 101111857 was registered on 20 Jun 2025.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 0.10 Cr with Charge ID 101122720 was registered on 20 Jun 2025.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 1.09 Cr with Charge ID 101110507 was registered on 22 Apr 2025.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 0.22 Cr with Charge ID 101042752 was registered on 29 Jan 2025.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 0.29 Cr with Charge ID 101009154 was registered on 28 Nov 2024.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 0.27 Cr with Charge ID 100841869 was registered on 02 Jan 2024.
38 earlier events are in the company report.
News
Frequently asked questions
Veto Switchgears and Cables is an active public limited company based in Vasai, Maharashtra, India. The company works in electronics manufacturing, within the consumer electronics and durables industry. It was incorporated on 20 June 2007 (19+ years old) and is registered under CIN L31401MH2007PLC171844. Listed on BSE: 539331 and NSE: VETO.
Veto Switchgears and Cables reported revenue of ₹386.71 Cr for FY 2025-26 (up 28.7% YoY) based on consolidated financials.
Veto Switchgears and Cables has 6 current directors:
- Akshay Kumar Gurnani - Managing Director
- Narain Das Gurnani - Whole-Time Director
- Jyoti Gurnani - Director
- Hari Krishan Motwani - Director
- Kanwar Jeet Singh - Director
- Sanjeev Kumar Dass - Director
The latest financial statements of Veto Switchgears and Cables on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 29 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Veto Switchgears and Cables is 27AACCV4990K1ZR, registered in Maharashtra. The company has 13 GST registrations in all, of which 11 are active and 2 are cancelled or inactive. Other active GSTINs include 05AACCV4990K1ZX (Uttarakhand), 08AACCV4990K1ZR (Rajasthan), 24AACCV4990K1ZX (Gujarat).
The CIN (Corporate Identification Number) of Veto Switchgears and Cables is L31401MH2007PLC171844. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Veto Switchgears and Cables is a listed company as per MCA records. Its shares are listed on both BSE (code: 539331) and NSE (symbol: VETO).
Veto Switchgears and Cables has 25 court cases on record: 22 filed by the company and 3 filed against it. 18 are pending. Most are in the district courts.
Veto Switchgears and Cables was incorporated on 20 June 2007, making it 19+ years old. It is registered with the Registrar of Companies, Mumbai.
Veto Switchgears and Cables has 199 deals on record (197 market trades, 1 ipo, 1 secondary share transfer); the latest was in September 2025.
The peers of Veto Switchgears and Cables by revenue are Kipra Electricals Private Limited, Trontek Electronics Limited, Kolors India Private Limited, Elin Appliances Private Limited, Geep Industries (India) Private Limited, all in the Manufacturing industry (Cables and Wires, Electronic Appliances Manufacturing), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment).