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Veritas (India) Ltd

VERITAS

BSE

₹139.30+1.98%19 Oct 2026

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Trading

Veritas (India) Ltd

VERITAS

BSE

₹139.30

+1.98%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Veritas (India) Ltd is fundamentally a global trading house that connects chemical and petroleum producers with industrial buyers, operating on a model it calls “Enterprise Partnership”. Incorporated in 1985, the company evolved from general trading into a diversified international distributor, and in January 2023 it became a 55%-owned subsidiary of Swan Energy Limited, with new management taking operational control in November 2024. The recurring approach is a hub-and-spoke structure: independent industry verticals run from trading hubs in India and the UAE, balancing risk across products and geographies so the company is never over-dependent on any single industry or location.

Business segments

Three engines at different stages - a petroleum trading core, a legacy chemicals distribution network, and a small wind-energy operation - each built on the same cross-border hub model.

1. Petroleum and petroleum products trading: the core engine

The company earns its living by buying petroleum products from global suppliers and selling them to domestic and international buyers, capturing the price gap between markets.

Arbitrage is the business model - the company identifies price differences between global suppliers and buyers in domestic and international markets for petroleum products used as transport fuel, industrial feedstock and power-generation fuel, and trades on that spread.
India is the anchor market - the country is the world’s third-largest oil consumer, with domestic consumption of roughly 239 million tonnes in FY25 and a decade-long demand growth of 4% a year, driven by infrastructure, urbanisation and rising industrial activity.
A deliberate pullback on risk - in the current volatile market, the company has chosen to curtail its product portfolio to mitigate exposure, while simultaneously developing an export-market strategy to earn more foreign exchange.
A UAE hub hit by fire - the company operated a facility in the Hamriyah Free Zone in Sharjah, but on 31 May 2025 a fire at a neighbouring terminal spread and severely damaged its control systems and main office, halting operations; it has since received clearance to begin temporary manual operations.

2. International trade and distribution of chemicals: the legacy network

A hub-based distribution engine that moves chemicals, petrochemicals, polymers, paper, rubber and heavy distillates across borders, serving B2B manufacturers in India.

Two hubs, many verticals - the company runs international trade and distribution hubs in India and the UAE, each housing independent industry verticals, so that a downturn in one product or region does not sink the whole business.
Sells to factories, not consumers - its customers are paint and thinner manufacturers, resin producers, pharmaceutical-intermediate makers and specialty-chemical companies across India.
No plants, no exports from India - the company is a pure trader with zero manufacturing units and three offices nationally; exports as a percentage of turnover are nil, meaning the international trade flows through its overseas hubs rather than out of India.
Built on long-term partnerships - the company has several long-standing business associations with national and international partners, and it believes its commitment to ethics has been the key to consistent growth.

3. Wind power generation: the legacy energy asset

A small, standalone business that owns wind turbines and sells the electricity generated.

Owns and operates turbines - the company has invested in wind turbines and reports wind power generation as a separate segment, with the plant and machinery depreciated over a 22-year useful life.
Paid under a power-purchase agreement - income from electricity sales is recognised according to the terms of the agreement with the customer.

Group structure and partners

Veritas sits under Swan Energy Limited, which bought a 55% controlling stake from the original promoters in January 2023, and the group spans seven subsidiaries across India, the UAE and Singapore.

The controlling shareholder - Swan Energy Limited acquired 14.7 million equity shares from the promoter group at ₹117 per share, totalling ₹172.52 crores, and became the holding company on 20 January 2023.
Original promoters exited to public - the Didwania family and Groupe Veritas Limited were reclassified from promoters to the public category, with BSE approving the change in April 2023; they now hold about 8.4% of the company.
Seven subsidiaries, two material ones - the group includes domestic units Veritas Infra & Logistics, Veritas Agro Ventures and Veritas Polychem (the vehicle for the Dighi Port manufacturing project), plus international units in Dubai, Sharjah and Singapore; Veritas Agro Ventures and Veritas Polychem are classified as material subsidiaries because their income or net worth exceeds 20% of the consolidated figure.
A large asset sale in motion - in December 2025, the board approved the transfer of certain assets of material subsidiary Verasco FZE worth USD 130 million and liabilities of USD 80 million to Inergy FZE for a base consideration of USD 50 million, subject to shareholder and regulatory approvals.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Edit Ratios

Mkt Cap

Market Capitalization

₹373Cr

Close Price

₹139.30

Industry

Trading

Price To Earnings

—

Price To Sales

0.11

Revenue

₹3,423Cr

Rev Gr TTM

Revenue Growth TTM

-12.87%

PAT Gr TTM

PAT Growth TTM

-100.88%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	941	1,324	1,095	756	916	1,642	785	587	1,006	988	532	898
Growth YoY Revenue Growth YoY%	74.3	131.4	66.1	52.6	-2.7	24.1	-28.3	-22.4	9.9	-39.9	-32.2	53.0
Expenses ExpensesCr	884	1,269	1,044	691	867	1,592	760	551	991	963	523	877
Operating Profit Operating ProfitCr	57	55	51	64	48	50	25	36	16	25	9	20
OPM OPM%	6.0	4.2	4.6	8.5	5.3	3.1	3.2	6.1	1.6	2.5	1.7	2.2
Other Income Other IncomeCr	0	56	0	1	13	3	-11	3	0	1	0	1
Interest Expense Interest ExpenseCr	6	6	11	8	14	13	5	5	4	3	15	6
Depreciation DepreciationCr	9	9	16	9	10	10	10	10	10	11	11	11
PBT PBTCr	42	96	24	48	37	30	-1	24	1	12	-17	4
Tax TaxCr	0	1	0	0	0	0	0	0	0	1	-1	0
PAT PATCr	42	96	24	48	37	30	-1	24	1	11	-16	4
Growth YoY PAT Growth YoY%	74.8	282.9	-16.4	91.2	-11.9	-68.8	-104.5	-49.8	-98.4	-63.6	-1,348.2	-84.8
NPM NPM%	4.4	7.2	2.2	6.4	4.0	1.8	-0.1	4.1	0.1	1.1	-3.0	0.4
EPS EPS₹	15.5	35.7	9.1	17.9	13.7	11.2	-0.4	9.0	0.2	4.1	-5.9	1.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	941	1,324	1,095	756	916	1,642	785	587	1,006	988	532	898
Growth YoY Revenue Growth YoY%	74.3	131.4	66.1	52.6	-2.7	24.1	-28.3	-22.4	9.9	-39.9	-32.2	53.0
Expenses ExpensesCr	884	1,269	1,044	691	867	1,592	760	551	991	963	523	877
Operating Profit Operating ProfitCr	57	55	51	64	48	50	25	36	16	25	9	20
OPM OPM%	6.0	4.2	4.6	8.5	5.3	3.1	3.2	6.1	1.6	2.5	1.7	2.2
Other Income Other IncomeCr	0	56	0	1	13	3	-11	3	0	1	0	1
Interest Expense Interest ExpenseCr	6	6	11	8	14	13	5	5	4	3	15	6
Depreciation DepreciationCr	9	9	16	9	10	10	10	10	10	11	11	11
PBT PBTCr	42	96	24	48	37	30	-1	24	1	12	-17	4
Tax TaxCr	0	1	0	0	0	0	0	0	0	1	-1	0
PAT PATCr	42	96	24	48	37	30	-1	24	1	11	-16	4
Growth YoY PAT Growth YoY%	74.8	282.9	-16.4	91.2	-11.9	-68.8	-104.5	-49.8	-98.4	-63.6	-1,348.2	-84.8
NPM NPM%	4.4	7.2	2.2	6.4	4.0	1.8	-0.1	4.1	0.1	1.1	-3.0	0.4
EPS EPS₹	15.5	35.7	9.1	17.9	13.7	11.2	-0.4	9.0	0.2	4.1	-5.9	1.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,456	1,648	1,679	1,876	2,037	1,876	2,131	2,163	3,855	4,098	3,113	3,423
Growth Revenue Growth%	-3.1	13.2	1.9	11.7	8.6	-7.9	13.6	1.5	78.2	6.3	-24.1	-12.9
Expenses ExpensesCr	1,388	1,567	1,601	1,766	1,899	1,714	1,975	2,021	3,651	3,911	3,027	3,354
Operating Profit Operating ProfitCr	68	81	78	110	138	163	157	142	204	188	85	70
OPM OPM%	4.7	4.9	4.7	5.8	6.8	8.7	7.3	6.6	5.3	4.6	2.7	2.0
Other Income Other IncomeCr	0	2	1	12	50	4	0	5	58	6	3	0
Interest Expense Interest ExpenseCr	6	9	7	51	35	24	19	17	31	40	27	29
Depreciation DepreciationCr	1	1	1	25	30	32	32	34	43	39	41	42
PBT PBTCr	61	73	71	46	122	111	106	96	188	114	20	-1
Tax TaxCr	1	2	3	3	0	1	1	1	1	0	0	0
PAT PATCr	60	71	68	44	122	109	105	95	187	114	20	-1
Growth PAT Growth%	25.4	18.7	-5.2	-35.8	181.0	-10.5	-4.3	-9.4	97.1	-39.2	-82.7	-100.9
NPM NPM%	4.1	4.3	4.0	2.3	6.0	5.8	4.9	4.4	4.8	2.8	0.6	0.0
EPS EPS₹	22.5	25.7	25.3	16.2	45.6	40.8	39.0	35.4	69.7	42.4	7.3	-0.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,456	1,648	1,679	1,876	2,037	1,876	2,131	2,163	3,855	4,098	3,113	3,423
Growth Revenue Growth%	-3.1	13.2	1.9	11.7	8.6	-7.9	13.6	1.5	78.2	6.3	-24.1	-12.9
Expenses ExpensesCr	1,388	1,567	1,601	1,766	1,899	1,714	1,975	2,021	3,651	3,911	3,027	3,354
Operating Profit Operating ProfitCr	68	81	78	110	138	163	157	142	204	188	85	70
OPM OPM%	4.7	4.9	4.7	5.8	6.8	8.7	7.3	6.6	5.3	4.6	2.7	2.0
Other Income Other IncomeCr	0	2	1	12	50	4	0	5	58	6	3	0
Interest Expense Interest ExpenseCr	6	9	7	51	35	24	19	17	31	40	27	29
Depreciation DepreciationCr	1	1	1	25	30	32	32	34	43	39	41	42
PBT PBTCr	61	73	71	46	122	111	106	96	188	114	20	-1
Tax TaxCr	1	2	3	3	0	1	1	1	1	0	0	0
PAT PATCr	60	71	68	44	122	109	105	95	187	114	20	-1
Growth PAT Growth%	25.4	18.7	-5.2	-35.8	181.0	-10.5	-4.3	-9.4	97.1	-39.2	-82.7	-100.9
NPM NPM%	4.1	4.3	4.0	2.3	6.0	5.8	4.9	4.4	4.8	2.8	0.6	0.0
EPS EPS₹	22.5	25.7	25.3	16.2	45.6	40.8	39.0	35.4	69.7	42.4	7.3	-0.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	3	3	3	3	3	3	3	3	3	3
Reserves ReservesCr	1,113	1,177	1,244	1,694	1,886	1,971	2,108	2,301	2,507	2,663	2,862
Current Liabilities Current LiabilitiesCr	256	291	818	583	657	497	1,251	1,106	409	897	1,522
Non Current Liabilities Non Current LiabilitiesCr	422	736	871	698	749	815	640	711	1,264	275	329
Total Liabilities Total LiabilitiesCr	1,794	2,207	2,936	2,978	3,295	3,286	4,001	4,121	4,183	3,837	4,716
Current Assets Current AssetsCr	549	616	755	745	918	963	1,673	1,715	1,738	1,414	2,211
Non Current Assets Non Current AssetsCr	1,245	1,591	2,181	2,234	2,377	2,322	2,328	2,406	2,446	2,423	2,505
Total Assets Total AssetsCr	1,794	2,207	2,936	2,978	3,295	3,286	4,001	4,121	4,183	3,837	4,716

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	3	3	3	3	3	3	3	3	3	3
Reserves ReservesCr	1,113	1,177	1,244	1,694	1,886	1,971	2,108	2,301	2,507	2,663	2,862
Current Liabilities Current LiabilitiesCr	256	291	818	583	657	497	1,251	1,106	409	897	1,522
Non Current Liabilities Non Current LiabilitiesCr	422	736	871	698	749	815	640	711	1,264	275	329
Total Liabilities Total LiabilitiesCr	1,794	2,207	2,936	2,978	3,295	3,286	4,001	4,121	4,183	3,837	4,716
Current Assets Current AssetsCr	549	616	755	745	918	963	1,673	1,715	1,738	1,414	2,211
Non Current Assets Non Current AssetsCr	1,245	1,591	2,181	2,234	2,377	2,322	2,328	2,406	2,446	2,423	2,505
Total Assets Total AssetsCr	1,794	2,207	2,936	2,978	3,295	3,286	4,001	4,121	4,183	3,837	4,716

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	156	80	279	225	145	144	121	81	56	41	-233
Investing Cash Flow Investing Cash FlowCr	-303	-346	-587	-77	-71	-10	27	-3	-32	19	-1
Financing Cash Flow Financing Cash FlowCr	219	228	317	-133	-87	-130	-148	-76	-13	-39	210
Net Cash Flow Net Cash FlowCr	72	-38	9	15	-12	4	0	1	11	21	-23
Free Cash Flow Free Cash FlowCr	155	78	278	-837	60	140	121	86	30	53	-233
CFO To PAT CFO To PAT%	258.8	112.0	411.1	518.1	118.8	131.5	115.4	85.0	29.9	36.4	-1,181.0
CFO To EBITDA CFO To EBITDA%	228.7	98.8	356.9	205.6	105.6	88.4	77.2	56.6	27.4	22.1	-272.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	156	80	279	225	145	144	121	81	56	41	-233
Investing Cash Flow Investing Cash FlowCr	-303	-346	-587	-77	-71	-10	27	-3	-32	19	-1
Financing Cash Flow Financing Cash FlowCr	219	228	317	-133	-87	-130	-148	-76	-13	-39	210
Net Cash Flow Net Cash FlowCr	72	-38	9	15	-12	4	0	1	11	21	-23
Free Cash Flow Free Cash FlowCr	155	78	278	-837	60	140	121	86	30	53	-233
CFO To PAT CFO To PAT%	258.8	112.0	411.1	518.1	118.8	131.5	115.4	85.0	29.9	36.4	-1,181.0
CFO To EBITDA CFO To EBITDA%	228.7	98.8	356.9	205.6	105.6	88.4	77.2	56.6	27.4	22.1	-272.4

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	316	316	462	144	72	184	311	379	2,869	1,029	362	373
Price To Earnings Price To Earnings	5.3	4.4	6.8	3.3	0.6	1.7	3.0	4.0	15.4	9.1	18.4
Price To Sales Price To Sales	0.2	0.2	0.3	0.1	0.0	0.1	0.1	0.2	0.7	0.3	0.1	0.1
Price To Book Price To Book	0.3	0.3	0.4	0.1	0.0	0.1	0.1	0.2	1.1	0.4	0.1	0.1
EV To EBITDA EV To EBITDA	9.3	11.3	17.6	4.2	2.9	2.5	2.7	2.8	14.6	6.2	8.9	11.2
Profitability Ratios Profitability Ratios
GPM GPM%	5.2	5.3	5.1	6.8	8.2	10.0	8.1	7.5	6.2	5.7	4.3	4.3
OPM OPM%	4.7	4.9	4.7	5.8	6.8	8.7	7.3	6.6	5.3	4.6	2.7	2.0
NPM NPM%	4.1	4.3	4.0	2.3	6.0	5.8	4.9	4.4	4.8	2.8	0.6	0.0
ROCE ROCE%	4.4	4.5	3.5	4.7	7.0	6.0	5.6	4.8	8.3	5.4	1.4	1.4
ROE ROE%	5.4	6.1	5.4	2.6	6.5	5.5	5.0	4.1	7.4	4.3	0.7	0.7
ROA ROA%	3.4	3.2	2.3	1.5	3.7	3.3	2.6	2.3	4.5	3.0	0.4	0.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	316	316	462	144	72	184	311	379	2,869	1,029	362	373
Price To Earnings Price To Earnings	5.3	4.4	6.8	3.3	0.6	1.7	3.0	4.0	15.4	9.1	18.4
Price To Sales Price To Sales	0.2	0.2	0.3	0.1	0.0	0.1	0.1	0.2	0.7	0.3	0.1	0.1
Price To Book Price To Book	0.3	0.3	0.4	0.1	0.0	0.1	0.1	0.2	1.1	0.4	0.1	0.1
EV To EBITDA EV To EBITDA	9.3	11.3	17.6	4.2	2.9	2.5	2.7	2.8	14.6	6.2	8.9	11.2
Profitability Ratios Profitability Ratios
GPM GPM%	5.2	5.3	5.1	6.8	8.2	10.0	8.1	7.5	6.2	5.7	4.3	4.3
OPM OPM%	4.7	4.9	4.7	5.8	6.8	8.7	7.3	6.6	5.3	4.6	2.7	2.0
NPM NPM%	4.1	4.3	4.0	2.3	6.0	5.8	4.9	4.4	4.8	2.8	0.6	0.0
ROCE ROCE%	4.4	4.5	3.5	4.7	7.0	6.0	5.6	4.8	8.3	5.4	1.4	1.4
ROE ROE%	5.4	6.1	5.4	2.6	6.5	5.5	5.0	4.1	7.4	4.3	0.7	0.7
ROA ROA%	3.4	3.2	2.3	1.5	3.7	3.3	2.6	2.3	4.5	3.0	0.4	0.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	MSCTC	ESCONET	BALGOPAL	VERITAS	MANAKSIA	ATVOENT	AAREYDRUGS
Market CapitalizationMkt CapCr	419	404	393	373	373	367	363
Close PriceClose₹	52.73	306.00	168.95	139.30	56.85	34.27	113.87
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	24.30	67.11			5.93	3,427.00	77.46
Price To SalesPS	4.24	1.14	19,638.75	0.11	0.45	56.93	0.88
RevenueRevenueCr	99	354	0	3,423	833	6	415
Revenue Growth TTMRev Gr TTM%			-96.1%	-12.9%	4.3%	49.4%	-7.7%
PAT Growth TTMPAT Gr TTM%	299.4%		-231.6%	-100.9%	16.9%	42.9%	0.2%

	MSCTC	ESCONET	BALGOPAL	VERITAS	MANAKSIA	ATVOENT	AAREYDRUGS
Market CapitalizationMkt CapCr	419	404	393	373	373	367	363
Close PriceClose₹	52.73	306.00	168.95	139.30	56.85	34.27	113.87
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	24.30	67.11			5.93	3,427.00	77.46
Price To SalesPS	4.24	1.14	19,638.75	0.11	0.45	56.93	0.88
RevenueRevenueCr	99	354	0	3,423	833	6	415
Revenue Growth TTMRev Gr TTM%			-96.1%	-12.9%	4.3%	49.4%	-7.7%
PAT Growth TTMPAT Gr TTM%	299.4%		-231.6%	-100.9%	16.9%	42.9%	0.2%

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