- Veto Switchgears & Cables is a 55-year-old Indian manufacturer that started by making the country’s first ISI-marked electrical switches and has since expanded into wires, lighting, and fans - a family-run business that turned a first-mover advantage in accessories into a diversified electrical-goods house. The company was founded as a partnership in 1967, incorporated in 2007, and listed on the NSE SME platform in 2012, migrating to the NSE Main Board and BSE in 2015, operating from its corporate base in Jaipur and a registered office in Palghar, Maharashtra. Its recurring approach is to build distribution muscle in a core category - first accessories, then wires - and then use that network to push newer products like LED lights and fans into the same dealer shelves.
Business segments
Three engines built on a shared distribution backbone - a legacy accessories business that still commands a major market share, a wires-and-cables operation that established the brand across industries, and a younger lighting-and-fittings push that is turning the company into a broader electrical solutions provider.
1. Electrical accessories and switchgears: the original franchise
The business was built on modular switches, sockets, and MCBs (miniature circuit breakers) - a category where Veto claims a major share of the Indian market and still carries the first-mover tag of being India’s first ISI-marked accessories maker.
- First to market with a quality stamp - Veto was the first company in India to produce ISI-marked electrical accessories, a credential it has held since 1967 and still uses to signal reliability to electricians and contractors.
- A wide shelf of household fittings - the portfolio covers general and modular switches, switch sockets, MCBs, bells, immersion heaters, distribution boards, and iron presses, so a retailer can source most wall-mounted electrical fittings from one brand.
- Capacity built for scale - the installed capacity is 600 lac pieces per year, though actual production in FY25 was about 183 lac pieces, or roughly 30% utilisation, leaving headroom to grow without fresh capital expenditure.
- Priced by complexity - selling prices are set based on design intricacy, materials used, production process, quantity, and supply period, which lets the company charge more for premium switch series like Vyoma and Carino while competing on simpler items.
2. Wires and cables: the industrial backbone
A five-decade-old wires business that supplies everything from household flexible wire to aluminium armoured cable, making Veto one of India’s most diversified cable manufacturers by product range.
- Fifty years of cable-making - the company describes itself as one of the largest and most diversified manufacturers of electrical and telecommunication cables in India, with leadership in industrial wires and cables sustained over half a century.
- From 0.75 mm to armoured cable - the range starts at thin 0.75 mm wire and runs through multi-strand, submersible, aluminium armoured and unarmoured, twin, flexible, coaxial, and telephone cables, covering both household and industrial buyers.
- Copper and PVC, formulated in-house - every cable uses bright annealed electrolytic copper and high-grade PVC (the plastic used in pipes and construction) compounded from the company’s own research, giving it control over insulation quality.
- Two brands for different markets - products sell under the main VETO label and the western-India-focused VIMAL POWER brand, the latter a recognised name in housing wires that meet Indian Standards.
- A low-entry-barrier market with many rivals - the wires and cables segment makes up nearly 40% of India’s electrical industry and has about 40 to 50 brands, most of them pure-play wire companies, so Veto competes partly by bundling wires with its accessories range for dealers.
3. Lighting and fittings: the newer growth leg
A deliberate shift beyond switches and wires into LED lights, ceiling fans, and pumps - turning the company from a wiring supplier into a full electrical solutions provider for homes and small businesses.
- LEDs added to the catalogue - the company entered the LED segment around 2016 with panel lights, flood lights, and slim panels under the Vyoma brand, and now lists over a dozen LED types including street lights, downlights, track lights, and bulbs.
- Fans with energy-efficient motors - the fan line includes ceiling, rechargeable, table, pedestal, wall, and ventilation fans, with a recent launch of an OCEAN ceiling fan variant using a double-ball-bearing motor and an induction motor designed to save energy.
- A dedicated subsidiary for lighting - Veto LED Lightings Private Limited was incorporated in 2019 and bought land with a factory in Vasai, Mumbai, to expand LED manufacturing separately from the main plants.
- Energy-saving in its own factories - the manufacturing process itself uses LED lighting, servo machines for plastic moulding that cut power use by 15%, and a UV-based packaging method that is biodegradable and fully recyclable, so the lighting division walks its own efficiency talk.
Distribution and go-to-market
A network of more than 3,000 dealers across over 20 Indian states, plus a decade-long export presence in the Gulf, turns three manufacturing engines into one commercial machine.
- Dealers in every major state - the company reaches customers through a dealer network that exceeds 3,000 outlets, covering states from Gujarat and Rajasthan in the west to Assam and the northeastern states, with the heaviest revenue coming from Rajasthan, Karnataka, Madhya Pradesh, and Uttar Pradesh.
- An acquisition that doubled the network - the purchase of Vankon Modular in 2021 added roughly 1,500 dealers, taking the combined count from over 2,500 to about 4,000 and strengthening Veto’s presence in Uttar Pradesh, Assam, and West Bengal.
- Gulf exports for over a decade - the group has been a leading supplier of electrical goods in Gulf countries for more than ten years, distributing products in UAE cities, though the overseas subsidiary in Ajman was closed in 2024.
- Government schemes as demand fuel - infrastructure spending, the Pradhan Mantri Awas Yojana housing programme, and electrification drives like Saubhagya and UJALA all pull demand for switches, wires, and LED lights, especially in rural and semi-urban areas where new connections are being added.
Group structure and partners
A parent company with five Indian subsidiaries - two that extend manufacturing capacity, one that brought a dealer network, and two newly formed ventures into plastics and appliances.
- Veto Electricals Private Limited is a wholly owned subsidiary running a 100% export-oriented unit at the Mahindra SEZ in Jaipur, making wires, cables, fans, and accessories since mid-2017.
- Veto LED Lightings Private Limited is a wholly owned subsidiary set up in 2019 to manufacture and trade LED fittings, PVC wires, and related products from a factory in Vasai, Mumbai.
- Vankon Modular Private Limited is a 90.80% subsidiary acquired in stages during 2020-21; it brought a brand with roughly 1,500 dealers, average dealer revenue of Rs 4 lacs, and a market concentrated in Delhi NCR, Uttar Pradesh, Rajasthan, and Maharashtra.
- Veto Polytech Private Limited is a 55% subsidiary incorporated in September 2024 to manufacture thermosetting and thermoplastic polymers and PVC profiles.
- VNB Appliances Private Limited is a 51% subsidiary incorporated in March 2025 to make domestic appliances, heating and cooking appliances, and mixers.