Veto Switchgears and Cables Limited (VETO.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-139.0%

-₹47.64

vs ₹122.14 price

Levered DCF

₹75.18

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	6.42×	9.75×	13.67×	7.1×	8.69×	14.99×	5.9×	11.45×
P/B	0.56×	0.84×	1×	0.62×	0.82×	1.14×	0.31×	0.79×
P/S	0.42×	0.74×	0.82×	0.49×	0.65×	1.22×	0.37×	0.61×
EV / EBITDA	4.55×	7.13×	7.3×	4.52×	5.73×	9.79×	3.47×	7.42×
Gross margin	19.3%	19.8%	25.1%	26.3%	26.1%	18.8%	27.0%	18.2%
Operating margin	8.6%	9.5%	17.7%	10.5%	11.6%	20.7%	11.7%	9.0%
Net margin	6.5%	7.4%	6.0%	7.0%	7.5%	8.1%	6.2%	5.3%
Current ratio	3.19×	4.43×	4.99×	3.81×	3.08×	3.13×	4.19×	3.55×
Debt / equity	0.07×	0.09×	0.09×	0.19×	0.22×	0.18×	0.15×	0.24×
Interest coverage	16.92×	17.45×	12.84×	6.37×	7.88×	20.19×	4.7×	5.02×
Dividend yield	1.2%	0.9%	0.8%	1.3%	1.1%	0.0%	0.0%	2.9%
Payout ratio	7.6%	8.6%	10.6%	9.4%	9.5%	0.0%	0.0%	32.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.7%	8.3%	7.3%	8.7%	9.4%	7.6%	5.2%	6.9%
Return on invested capital	7.8%	7.2%	12.1%	7.2%	7.9%	11.0%	5.7%	6.8%
Return on assets	6.3%	6.7%	5.9%	6.3%	6.5%	5.4%	4.2%	5.3%
Free cash flow yield	2.0%	-2.8%	8.4%	9.0%	-5.6%	1.9%	34.3%	4.5%
Earnings yield	15.6%	9.9%	7.3%	14.1%	11.5%	6.7%	17.0%	8.7%
Enterprise value	₹1.8B	₹2.4B	₹2.6B	₹1.7B	₹2.1B	₹2.4B	₹656.2M	₹1.6B
Net debt / EBITDA	0.48×	0.63×	0.41×	0.74×	1.02×	0.92×	0.58×	1.2×
Cash conversion cycle (days)	234	280	280	308	325	402	414	297