Veto Switchgears and Cables Limited (VETO) Fair Value & Analysis
Industrials · IN · Market cap ₹2.5B
Strengths
Risks
Fair value as of: Aug 24, 2026
From 24 valuation models · updated today
Share price +8.6% over the past month.
A solid business, trading 25% below our fair value.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (₹121.38 to ₹297.94) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 24, 2026.
How to read this chart
60‑month range ₹70.48 – ₹190.01 · fair‑value band ₹121.38 – ₹297.94 · the ₹131.00 price screens below the ₹175.20 fair value. Dashed = 300-day average. As of Aug 24, 2026.
Analysis
Veto Switchgears and Cables Limited (VETO) currently trades at ₹131.00, while our model-based Fair Value estimate is ₹175.20, implying the stock looks roughly 33.7% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, Veto Switchgears and Cables Limited generated revenue of ₹4.1B at a net margin of 6.7%. Revenue grew 37.7% year over year. It earns a return on equity of 8.8%. Net debt stands at ₹195M. Fundamentals as of Aug 24, 2026
Our scenario range runs from ₹121.38 (bear case) to ₹297.94 (bull case); at ₹131.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 58% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -44% fair-value upside, at 34%, VETO screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 24 models by family
Widest divergence: Growth Earnings (₹230.18) versus Growth DCF (₹52.06). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 24, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 58 · Market factors (momentum, volatility) 64
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Veto Switchgears and Cables Limited, together with its subsidiaries, engages in the manufacture and sale of wires and cables, and electrical accessories in India and internationally. It operates through Wire and Cables, Accessories & Others, and Lighting and Fittings, and segments.
Full company description
Veto Switchgears and Cables Limited, together with its subsidiaries, engages in the manufacture and sale of wires and cables, and electrical accessories in India and internationally. It operates through Wire and Cables, Accessories & Others, and Lighting and Fittings, and segments. The company offers electrical accessories, including vyoma and power modular switches; and MCBs, circuit breakers, distribution panel, isolator, AC box, and bells and extension cords. It also provides wires and cables, such as multi strand and flexible wires; ceiling, wall, pedesital and table fans; and slim LED panels, concealed light, deep light, spot light, flood light, street light, strip light, rope light, LED bulb and tube light, wall and track light, and surface panels. In addition, the company offers other electrical accessories, such as switch socket, MCB, bell, and all other electrical accessories. The company markets its products under the VETO and VIMAL POWER brand names through a network of dealers and distributors. Veto Switchgears and Cables Limited was founded in 1967 and is based in Jaipur, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Veto Switchgears and Cables Limited reported revenue of ₹3.9B in FY2025 versus ₹2.7B in FY2021, a compound +9.6%/yr. Reported net income was ₹251M in FY2025, compounding +5.8%/yr from FY2021.
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Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate (as of Aug 24, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Contemporary Amperex Technology Co 3750 | HK$652.50 | HK$394.19 | -40% |
| ABB Ltd ABBN | CHF 80.38 | CHF 28.31 | -65% |
| Delta Electronics (Thailand) Public Company TDED | 10.40 SGD | 1.47 SGD | -86% |
| Vertiv Holdings VRT | $288.36 | $63.13 | -78% |
| LG Energy Solution, Ltd 373220 | 365,500 KRW | 201,455 KRW | -45% |
| Prysmian S.p.A PRY | €131.40 | €84.15 | -36% |
| Legrand SA LR | €134.65 | €78.82 | -41% |
| Sungrow Power Supply Co 300274 | ¥117.53 | ¥123.83 | +5% |
| Hubbell Incorporated HUBB | $512.90 | $285.77 | -44% |
| Shenzhen Inovance Technology Co 300124 | ¥61.07 | ¥33.04 | -46% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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