Veljan Denison
Veljan Denison
Consumer DiscretionaryKey Fundamentals
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Key Insights
Strengths
4- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 26.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 17.0%
Weaknesses
2- Stock is trading at 3.54 times its book value
- Company has a low return on equity of 10.8% over last 3 years.
Growth Rate
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 28.27 | 31.05 | 31.51 | 33.43 | 33.67 | 33.96 | 36.42 | 37.54 | 38.53 | 35.72 | 32.91 | 40.83 | 39.07 |
| Expenses | 20.55 | 24.23 | 23.69 | 25.45 | 26.26 | 25.74 | 27.31 | 28.85 | 28.19 | 25.96 | 25.29 | 31.28 | 28.46 |
| Operating Profit | 7.72 | 6.82 | 7.82 | 7.98 | 7.41 | 8.22 | 9.11 | 8.69 | 10.34 | 9.76 | 7.62 | 9.55 | 10.61 |
| OPM % | 27.31% | 21.96% | 24.82% | 23.87% | 22.01% | 24.2% | 25.01% | 23.15% | 26.84% | 27.32% | 23.15% | 23.39% | 27.16% |
| Other Income | 0.59 | 0.63 | 0.78 | 0.72 | 0.64 | 0.63 | 0.63 | 0.88 | 0.67 | 0.71 | 0.73 | 0.94 | 1.07 |
| Interest | 0.2 | 0.48 | 0.18 | 0.15 | 0.08 | 0.1 | 0.13 | 0.13 | 0.06 | 0.09 | 0.14 | 0.09 | 0.09 |
| Depreciation | 1.12 | 1.13 | 1.26 | 1.24 | 1.22 | 1.25 | 1.28 | 1.29 | 1.32 | 1.37 | 1.37 | 1.37 | 1.42 |
| PBT | 6.99 | 5.84 | 7.16 | 7.31 | 6.75 | 7.5 | 8.33 | 8.15 | 9.63 | 9.01 | 6.84 | 9.03 | 10.17 |
| Tax % | 25.89% | 26.03% | 25.84% | 24.21% | 25.93% | 25.87% | 26.65% | 28.96% | 26.17% | 26.3% | 32.16% | 27.13% | 26.65% |
| Net Profit | 5.18 | 4.32 | 5.31 | 5.55 | 5.01 | 5.56 | 6.11 | 5.79 | 7.11 | 6.64 | 4.64 | 6.57 | 7.46 |
| EPS in Rs | 11.51 | 9.6 | 11.8 | 12.33 | 11.13 | 12.36 | 13.58 | 12.87 | 15.8 | 14.76 | 10.31 | 14.6 | 16.58 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 78 | 78 | 79 | 96 | 88 | 83 | 74 | 98 | 111 | 124 | 142 | 148 | 149 |
| Expenses | 56 | 57 | 56 | 68 | 61 | 61 | 60 | 72 | 87 | 94 | 108 | 111 | 111 |
| Operating Profit | 22 | 21 | 23 | 28 | 26 | 22 | 13 | 26 | 23 | 30 | 33 | 37 | 38 |
| OPM % | 28% | 27% | 29% | 29% | 30% | 26% | 18% | 26% | 21% | 24% | 24% | 25% | 25% |
| Other Income | 3 | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 3 | 3 | 3 |
| Interest | 2 | 2 | 2 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
| Depreciation | 3 | 2 | 3 | 3 | 3 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 6 |
| PBT | 20 | 18 | 19 | 25 | 23 | 18 | 9 | 23 | 20 | 27 | 31 | 35 | 35 |
| Tax % | 34% | 30% | 25% | 34% | 28% | 26% | 24% | 27% | 26% | 25% | 27% | 28% | — |
| Net Profit | 13 | 13 | 15 | 16 | 16 | 13 | 7 | 17 | 15 | 20 | 22 | 25 | 25 |
| EPS in Rs | 28.98 | 27.87 | 32.24 | 36.18 | 36.29 | 29.87 | 15.24 | 37.51 | 32.4 | 45.27 | 49.96 | 55.47 | 56.25 |
| Div. Payout % | 17% | 18% | 16% | 14% | 14% | 17% | 33% | 17% | 20% | 19% | 17% | 15% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 4 | 4 |
| Reserves | 88 | 98 | 113 | 126 | 140 | 148 | 155 | 169 | 181 | 198 | 215 | 236 |
| Borrowings | 27 | 26 | 34 | 22 | 19 | 6 | 10 | 7 | 9 | 7 | 8 | 1 |
| Other Liabilities | 20 | 12 | 12 | 15 | 23 | 22 | 21 | 24 | 26 | 24 | 29 | 26 |
| Total Liabilities | 137 | 138 | 161 | 165 | 184 | 178 | 188 | 202 | 219 | 231 | 257 | 268 |
| Fixed Assets | 23 | 27 | 24 | 26 | 43 | 56 | 62 | 58 | 59 | 78 | 82 | 82 |
| CWIP | 4 | 3 | 3 | 3 | 6 | 7 | 3 | 7 | 15 | 3 | 2 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14 | 14 | 14 | 14 |
| Other Assets | 110 | 109 | 134 | 135 | 136 | 115 | 123 | 137 | 131 | 137 | 159 | 169 |
| Total Assets | 137 | 138 | 161 | 165 | 184 | 178 | 188 | 202 | 219 | 231 | 257 | 268 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 0 | 13 | 18 | 17 | 29 | 18 | 26 | 13 | 16 | 11 | 16 | 28 |
| Investing | -1 | -1 | -1 | -6 | -25 | -10 | -6 | -15 | -16 | -6 | -7 | -12 |
| Financing | 3 | -6 | 6 | -15 | -7 | -18 | 3 | -5 | 0 | -5 | -4 | -11 |
| Net Cash Flow | 2 | 6 | 23 | -4 | -2 | -11 | 23 | -8 | 0 | 0 | 6 | 5 |
| Free Cash Flow | -4 | 12 | 17 | 10 | 3 | 7 | 18 | 4 | 4 | 2 | 8 | 23 |
| CFO/OP | 37 | 61 | 110 | 90 | 146 | 112 | 191 | 75 | 90 | 56 | 73 | 99 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 297 | 316 | 274 | 246 | 216 | 161 | 142 | 123 | 93 | 84 | 84 | 83 |
| Inventory Days | 259 | 207 | 298 | 181 | 354 | 536 | 489 | 491 | 465 | 492 | 496 | 434 |
| Days Payable | 68 | 31 | 30 | 21 | 136 | 146 | 125 | 118 | 89 | 73 | 86 | 60 |
| Cash Conversion Cycle | 489 | 492 | 542 | 407 | 434 | 551 | 506 | 496 | 468 | 503 | 495 | 458 |
| Working Capital Days | 269 | 290 | 250 | 256 | 261 | 296 | 242 | 237 | 197 | 206 | 205 | 217 |
| ROCE % | 20% | 16% | 15% | 17% | 15% | 12% | 7% | 14% | 11% | 14% | 14% | 15% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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29 extracted metrics + investor summaries across FY15–FY26.
Documents
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Company Information
Incorporated in 1973, Veljan Denison Ltd manufactures Hydraulic Pumps, Motors, Valves and Custom Built Power Packs[1]
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