### **Overview** Veto Switchgears & Cables Limited is a leading Indian manufacturer of electrical products with over **55 years of legacy**, tracing its origins back to 1967. Initially founded as a manufacturer of electrical accessories and wires & cables, the company was formally incorporated in 2007 and has since evolved into a diversified electrical solutions provider. It operates under the flagship brands **'VETO'** and **'VIMAL POWER'**, emphasizing quality, safety, innovation, and customer service. The company is part of the **Jaipur-based Gurnani Group**, a well-established name in the Indian electrical industry. Veto went public in 2012 via IPO on the NSE SME platform, migrated to the NSE mainboard in 2015, and is also listed on the BSE. --- ### **Product Portfolio** Veto manufactures a wide and diversified range of electrical and lighting products across the following key segments: - **Wires & Cables**: Including industrial cables (0.75 mm to 10 mm), telecom cables, housing wires (marketed under **VIMAL POWER**), and ISI-marked cables. - **Electrical Accessories**: Modular switches (Vyoma, Carino, Power Series), switch sockets, MCBs, distribution boards, flex boxes & bells. - **Lighting & Fittings**: LED bulbs, panel lights, flood lights, slim panels, strip lights, rope lights, tubelights, street lights, downlights, and decorative lighting. - **Fans**: Ceiling fans (Lugano Deluxe, Sleek, Ocean, Puffer), rechargeable fans, with new variants featuring **double ball bearing motors**. - **Other Products**: Immersion rods, water pumps, heaters, CFLs, and industrial electrical components. The company was the **first in India** to produce **ISI-marked electrical accessories**, underscoring its early commitment to quality and safety standards. --- ### **Recent Developments (2024–2025)** #### **Product Innovation & Expansion** - **September 2025**: Expanded the **Vyoma product series** with the launch of the **"Classic Black"** range, targeting premium and design-conscious consumers, marking a strategic push into the aesthetic and high-end segment. - **September 2025**: Launched a new variant of the **OCEAN fan** with a **double ball bearing motor**, enhancing durability and performance. - Ongoing development of **energy-efficient induction motors** for ceiling fans, focusing on product innovation and sustainability. - Expansion into **smart lighting, LED, and decorative lighting** segments, with product offerings designed for affordability and longevity. #### **Corporate & Strategic Moves** - Incorporated a new **wholly owned subsidiary**, **Veto Polytech Private Limited**, on **September 24, 2024**, in Rajasthan. The subsidiary focuses on manufacturing **thermosetting/thermoplastic polymers, rubber, additives**, and **polymeric-based agglomerated marble and granite products**, supporting vertical integration and material innovation. - **Closed VETO Overseas Private FZE** (Dubai), citing underperformance and strategic realignment. The closure aims to streamline operations, reduce costs, and redirect resources to core domestic and high-growth international markets. --- ### **Manufacturing & Operations** - Operates **four manufacturing units**: - Three in **Vasai (Mumbai)** - One in **SIDCUL, Haridwar (Uttarakhand)** - A **100% export-oriented unit** in **Mahindra SEZ, Jaipur**, operated by subsidiary **Veto Electricals Private Limited** (established 2017). - Subsidiary **Veto LED Lightings Private Limited** (established 2019) supports focused LED product development and manufacturing. - Invests in **advanced machinery, R&D, and product engineering** to drive innovation, improve cycle time, energy efficiency, and operational performance. --- ### **Market Presence & Distribution** - **Domestic Reach**: - National distribution network spanning **over 2,500 to 4,000 dealers** (post-acquisition of Vankon Modular), with expansion plans to reach **10,000 dealers** by 2025–2027. - Strong presence in **15–20 Indian states**, including **Rajasthan, Gujarat, Maharashtra, Uttar Pradesh, Madhya Pradesh, Karnataka, Tamil Nadu, Punjab, and Kerala**. - Key revenue-generating states: **Rajasthan, Uttar Pradesh, Madhya Pradesh, Karnataka, Gujarat**. - **International Markets**: - Notable success in **UAE**, with active distribution in major cities. - Earlier international subsidiary in Dubai closed; focus shifting toward organic market entry and partnerships. - Engaged in **import-export activities** and strategic collaborations to support global ambitions. --- ### **Financial & Segment Performance** - **Revenue Segments** (as of Aug–Sep 2025): - **Lighting & Fittings**: Emerged as the **largest revenue contributor**, reaching **₹2,262.40 million** in one reporting period (FY 2024–25: ₹7,141.60 lakhs, down from ₹8,472.28 lakhs in FY 2023–24). - **Wire & Cables**: Generated **₹7,267.63 lakhs** in FY 2023–24 (up from ₹6,319.16 lakhs in FY 2022–23). - Despite temporary declines in lighting revenues post-FY2023, the division remains a key growth driver with robust demand for LED and smart lighting. - The company achieved **₹650.52 crore in sales** as of FY 2020, with **₹194.16 crore EBIT** in FY 2019–20 amid macroeconomic and pandemic challenges. --- ### **Competitive Landscape** - **Key Competitors**: Havells India, Finolex Cables, KEI Industries, Polycab Wires, Apar Industries, LS Cable India, Shilpi Cable, Universal Cable. - The **wires and cables market is highly competitive**, with organized players facing pressure from **regional and unorganized vendors** offering lower-priced alternatives. - Veto differentiates through **product design (e.g., Vyoma, Ocean fan)**, **brand trust**, and **distribution strength**. - Strategic **acquisitions** like **Vankon Modular** (Feb 2021) have enhanced dealer reach by **1,500+ points**, especially in **UP, MP, and Karnataka**. --- ### **Leadership & Management** - **Managing Director & CEO**: **Mr. Akshay Kumar Gurnani** (Postgraduate in Commerce, MBA, Hotel Management). - Oversees strategy, marketing, production, and infrastructure. - A key driver behind the company’s **₹1,000 crore sales target**, targeted within 5–7 years from 2020.