IPO Plus

₹125.81

▼ -1.34 -1.05%

11 Sept 2026

NSE Listed

ESM · ESM 1
What does ESM · ESM 1 mean?
BSE · Enhanced Surveillance Measure (ESM 1)ESM is the micro/small-cap ramp brake: it fires when a sub-₹1000cr stock's price variation is extreme versus its peer universe, or it's loss-making with a stretched valuation. Practical meaning: intraday speculation is shut off (Trade-for-Trade — every purchase must be taken to delivery), margins go to 100%, and at Stage II price discovery moves to periodic call auctions inside a 2% band.Criteria: Micro / small-cap companies (main-board market-cap below ₹500 cr) shortlisted on objective price parameters — high-low price variation, close-to-close price variation and standard deviation. Stage I = 100% margin + a ≤5% price band + Trade-for-Trade; Stage II = a 2% price band + periodic call auction.Exchange notice · 2026-06-18
NSE · Enhanced Surveillance Measure (ESM 1)ESM is the micro/small-cap ramp brake: it fires when a sub-₹1000cr stock's price variation is extreme versus its peer universe, or it's loss-making with a stretched valuation. Practical meaning: intraday speculation is shut off (Trade-for-Trade — every purchase must be taken to delivery), margins go to 100%, and at Stage II price discovery moves to periodic call auctions inside a 2% band.Criteria: Micro / small-cap companies (main-board market-cap below ₹500 cr) shortlisted on objective price parameters — high-low price variation, close-to-close price variation and standard deviation. Stage I = 100% margin + a ≤5% price band + Trade-for-Trade; Stage II = a 2% price band + periodic call auction.Exchange notice · 2026-07-14

Veto Switchgears & Cables Ltd. (VETO)

Volume: 17,098Avg Vol 1W: 23,989.6Avg Vol 1M: 30,829.952W Range:₹82.32₹153.95
NSE BSE www.vetoswitchgears.com AI Report
Key Ratios
Checked just now
Market Cap₹240 Cr
Current Price₹125.81
Previous Close₹127.15
High / Low (52w)₹153.95 / ₹82.32
Volume17,098
Avg Vol (1W)23,989.6
Avg Vol (1M)30,829.9
Stock P/E8.98
Book Value₹135.39
Dividend Yield—
ROE8.6%
ROA—
Revenue (TTM)₹303 Cr
Revenue Growth—
Profit Margin—
Total Debt₹3 Cr
Shares Outstanding—
Face Value₹10
EPS (TTM)₹11.26
P/B0.75
Debt / Equity0.06
50 DMA₹124.46
200 DMA₹114.17
Day change-1.05%
SurveillanceESM · ESM 1
Price Chart
₹125.81▲ 12.98% · 1Y
₹148₹8411.4L
2025-09-11
2026-09-11

20-day avg volume: 31K shares

Pros
  • Company is almost debt-free.
  • Stock trades below its book value.
Cons
  • Revenue fell 17% YoY.
Quarterly Results
MetricSept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Revenue₹74 Cr₹76 Cr₹89 Cr₹65 Cr₹89 Cr₹94 Cr₹139 Cr₹89 Cr
EBITDA₹8 Cr₹6 Cr₹11 Cr₹6 Cr₹8 Cr₹9 Cr₹12 Cr₹9 Cr
Net Profit₹6 Cr₹4 Cr₹8 Cr₹4 Cr₹6 Cr₹7 Cr₹9 Cr₹6 Cr
EPS————————
Profit & Loss (Annual)
MetricDec 2024Mar 2025Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Revenue₹54 Cr₹67 Cr₹303 Cr₹43 Cr₹58 Cr₹70 Cr₹75 Cr₹58 Cr
EBITDA₹5 Cr₹10 Cr₹31 Cr₹5 Cr₹8 Cr₹9 Cr₹11 Cr₹9 Cr
Net Profit₹4 Cr₹8 Cr₹22 Cr₹4 Cr₹6 Cr₹6 Cr₹8 Cr₹6 Cr
EPS——11.42—————
Balance Sheet
MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Total Assets₹202 Cr₹220 Cr₹220 Cr₹274 Cr₹309 Cr₹321 Cr₹306 Cr₹332 Cr
Total Liabilities₹53 Cr₹53 Cr₹42 Cr₹79 Cr₹95 Cr₹87 Cr₹59 Cr₹65 Cr
Equity₹148 Cr₹167 Cr₹178 Cr₹194 Cr₹213 Cr₹234 Cr₹247 Cr₹267 Cr
Total Debt————————
Cash Flow
MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating₹-20 Cr₹21 Cr₹35 Cr₹13 Cr₹1 Cr₹30 Cr₹40 Cr₹24 Cr
Investing₹4 Cr₹-2 Cr₹-13 Cr₹-7 Cr₹0 Cr₹-4 Cr₹-7 Cr₹-18 Cr
Financing₹21 Cr₹3 Cr₹-19 Cr₹-3 Cr₹4 Cr₹-10 Cr₹-27 Cr₹-3 Cr
Free Cash Flow₹-20 Cr₹21 Cr₹35 Cr₹13 Cr₹1 Cr₹30 Cr₹40 Cr₹24 Cr
Shareholding
Promoter 45.06% Institutions 0.41% Public 54.53%
Efficiency & Working Capital
ROCE11.3%
Interest Coverage19
Dividend Payout—
Debtor Days179 d
Inventory Days115 d
Payable Days34 d
Cash Conversion Cycle260 d
Working Capital Days294 d
Shareholding Details

As of 2026-06-30

Promoter45.1%
FII0.4%
DII0%
Institutions0.4%
Public54.5%
Promoter Pledge0%
No. of Shareholders23,721
Shareholding Pattern

Quarterly — figures in %. Latest 12 quarters.

PeriodSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Promoters47.1%45.1%45.1%45.1%45.1%45.1%45.1%45.1%45.1%45.1%45.1%45.1%
FIIs0%0%0%0%0.1%0%0.4%0.5%0%0%0%0.4%
DIIs0%0%0%0%0%0%0%0%0%0%0%0%
Public52.9%54.9%54.9%54.9%54.9%54.9%54.5%54.4%54.9%54.9%54.9%54.5%
Promoter Pledge0%0%0%0%0%0%0%0%0%0%0%0%
No. of Shareholders26,13125,80429,60328,57226,87226,14425,57826,56726,29925,77625,17223,721
Returns History (ROE / ROCE / ROA)
PeriodROEROCEROAP/E
202503————
Major Shareholders (>1%)
NameCategoryStakeShares
Veto Electropowers (india) Private LimitedShareholding of Promoter and Promoter Group32.3%61,70,704
Harish Kumar GurnaniShareholding of Promoter and Promoter Group3.8%7,33,333
Akshay Kumar GurnaniShareholding of Promoter and Promoter Group3.6%6,88,722
Rishabh PantPublic Shareholding2.7%5,11,301
Dheeraj Kumar LohiaPublic Shareholding1.6%2,97,007
Pushpa Devi GurnaniShareholding of Promoter and Promoter Group1.5%2,84,744
Kanishk Kishore GurnaniShareholding of Promoter and Promoter Group1.2%2,36,985
Rohit GurnaniShareholding of Promoter and Promoter Group1.2%2,32,985
Mahendra Girdharilal WadhwaniPublic Shareholding1.2%2,26,434
Priyanka Kishore GurnaniShareholding of Promoter and Promoter Group0.9%1,75,000
Kishore Kumar GurnaniShareholding of Promoter and Promoter Group0.3%55,000
Sitadevi GurnaniShareholding of Promoter and Promoter Group0.1%15,000
Narain Das GurnaniShareholding of Promoter and Promoter Group0.1%13,200
Mukesh GurnaniShareholding of Promoter and Promoter Group0%6,600
Board of Directors
NameDesignationYear
Akshay Kumar GurnaniED / MD / CEO / Promoter2025
Narain Das GurnaniED / WTD / CFO / Promoter2025
Jyoti GurnaniNon-Exec & Non-Independent Dir2025
Kanwarjeet SinghIndependent Non Exe. Director2025
Hari Krishan MotwaniIndependent Non Exe. Director2025
Sanjeev Kumar DassIndependent Non Exe. Director2025
Kritika TodwalCompany Sec. & Compli. Officer2025
Segments — Product
SegmentRevenueShare
Wire & Cables₹74 Cr34.5%
Lighting & Fittings₹72 Cr33.2%
Accessories & Others₹70 Cr32.3%
Capital Structure (₹ Cr)
YearFace ValueAuthorisedIssuedPaid-up
2025₹10251919
Corporate Actions
TypeDateValueRemark
forthcoming2026-09-21Dividend—
forthcoming2026-08-12Board Meetings—
dividend2025-09-22₹1 (10%)Final
Related-Party Transactions (₹ Cr)
YearSubsidiariesAssociatesJVKMPOthersTotal
202552001255
202547000047
2025000101
Insider / Designated-Person Trades

4 recent disclosure(s)

KANISHK KISHORE GURNANIDisposal · 1,75,000
PRIYANKA KISHORE GURNANIAcquisition · 1,75,000
PRIYANKA KISHORE GURNANIAcquisition · 1,75,000
KANISHK KISHORE GURNANIDisposal · 1,75,000
Substantial Acquisitions (SAST)

2 disclosure(s)

Market01/12/2023 · 3,00,000
Market28/11/2023 · 1,00,000
Company Information
Incorporated2007
AuditorSGCO & Co LLP
Investor Email[email protected];[email protected];ve
🌐 www.vetoswitchgears.com ↗

📍 506 5 Flr Plot B-9 New Link Rd, Landmark Building Andheri (W), Mumbai, Maharashtra, 400058

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