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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹2480 Cr.
Stock P/E
14.7
P/B
2.4
Current Price
₹1423.4
Book Value
₹ 594.4
Face Value
2
52W High
₹2026.1
52W Low
₹ 1239
Dividend Yield
4.07%

Veedol Corporation Overview

Business

Veedol Corporation Ltd. operates within the lubricants sector in India. Its core business involves the manufacturing, marketing, and distribution of a range of lubricating oils and greases. The company serves various end-user segments, including automotive (passenger cars, commercial vehicles, two-wheelers) and industrial applications (manufacturing, power generation, construction). Veedol generates revenue by selling these lubricant products through its distribution channels to retail customers, workshops, and industrial clients.

Revenue Mix

Specific breakdown of major business segments and their contribution to Veedol Corporation Ltd.'s revenue is not available from the provided information. Generally, lubricant companies derive revenue from two primary categories: Automotive Lubricants (engine oils, gear oils, transmission fluids for various vehicles) and Industrial Lubricants (hydraulic oils, compressor oils, specialty greases for machinery and equipment).

Industry

The Indian lubricants market is large, diverse, and highly competitive. It is characterized by the presence of large multinational corporations (e.g., Shell, Castrol), major domestic public sector oil marketing companies (e.g., IOCL, HPCL, BPCL), and numerous independent lubricant manufacturers like Veedol. The market serves a wide range of applications and is influenced by vehicle parc growth, industrial output, and infrastructure development. Without specific market share data, Veedol's precise positioning relative to its major peers cannot be definitively stated; it operates as an Indian player within this competitive landscape, likely competing on factors such as brand recognition, distribution reach, product quality, and pricing in its target segments.

MOAT

Specific competitive advantages for Veedol Corporation Ltd. are not ascertainable from the provided data. In the lubricants industry, potential durable advantages (moats) often include:

Brand Recognition: A trusted and long-standing brand name, especially in the automotive aftermarket.

Extensive Distribution Network: A wide and efficient network reaching diverse geographies and customer types.

Formulation Expertise & R&D: Ability to develop high-performance, specialized, or custom lubricants.

Scale: Cost efficiencies in raw material procurement, manufacturing, and marketing.

Switching Costs: In some industrial applications, customers may face costs or risks in switching lubricant suppliers once approved.

Growth Drivers

Key growth drivers for Veedol, as a participant in the Indian lubricants market, are generally tied to broader economic and industrial trends in India:

Economic Growth: Sustained GDP growth in India fuels overall consumption and industrial activity, driving demand for lubricants.

Automotive Sector Expansion: Increase in new vehicle sales, a growing vehicle parc (total number of vehicles on road), and longer vehicle lifespans contribute to consistent demand for automotive lubricants.

Industrialization & Infrastructure Development: Growth in manufacturing, construction, mining, and power generation sectors increases the demand for industrial lubricants.

Premiumization Trend: A gradual shift towards higher-grade, synthetic, and specialty lubricants as consumers and industries seek better performance and efficiency.

Rural Market Penetration: Expanding reach into semi-urban and rural areas of India.

Risks

Raw Material Price Volatility: Lubricants are derived from base oils and additives, which are sensitive to crude oil price fluctuations. Volatility in these input costs can significantly impact profit margins.

Intense Competition: The presence of large multinational and domestic players leads to significant pricing pressure and necessitates continuous investment in brand building and distribution.

Technological Shifts (EVs): The long-term global shift towards Electric Vehicles (EVs) poses a structural challenge to the demand for conventional engine oils, although this transition is gradual in India.

Economic Slowdown: A slowdown in the Indian economy could lead to reduced vehicle usage, industrial activity, and thus, lower lubricant demand.

Regulatory Changes: Evolving environmental norms, emission standards, and taxation policies can impact product formulations, costs, and market dynamics.

Management & Ownership

Specific details regarding the promoters, management quality, and ownership structure for Veedol Corporation Ltd. are not provided in the input. In the Indian context, the vision and operational efficiency of the promoter group and management team are often crucial determinants of a company's long-term success.

Outlook

Veedol operates in the Indian lubricants market, which offers a mix of opportunities and challenges. The bull case for Veedol is supported by India's robust economic growth, increasing industrial activity, and a continually expanding vehicle population, all of which drive sustained demand for lubricants. A company with a well-established brand, efficient distribution, and a product portfolio adaptable to market trends (like premiumization) can capitalize on this growth. However, the bear case highlights significant headwinds: intense competition from well-capitalized rivals can exert pressure on pricing and margins. Furthermore, the long-term, gradual transition towards electric vehicles presents a structural challenge for conventional automotive lubricant demand, necessitating strategic adaptation, investment in new product categories (e.g., EV fluids), or diversification. Overall, Veedol's future performance will depend on its ability to effectively manage raw material price volatility, innovate its product offerings, maintain and expand its distribution network, and strategically adapt to evolving automotive and industrial technologies within a highly competitive market environment.

Veedol Corporation Share Price

Live · BSE / NSE · Inception: 1921
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Veedol Corporation Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 496 487 479 476 482 532 514 509 538 607
Other Income 4 8 8 3 5 3 6 4 5 4
Total Income 500 495 487 480 487 535 519 513 543 611
Total Expenditure 455 439 437 430 444 464 455 456 486 544
Operating Profit 46 55 49 50 43 71 65 57 57 66
Interest 1 0 1 1 1 1 1 1 0 1
Depreciation 4 4 5 8 7 8 8 8 9 10
Exceptional Income / Expenses 0 0 0 0 -7 0 0 0 0 0
Profit Before Tax 41 51 43 40 28 62 56 48 48 56
Provision for Tax 11 13 13 11 -0 9 14 14 12 6
Profit After Tax 30 39 31 29 29 53 42 34 36 50
Adjustments 4 4 6 6 9 6 8 7 8 8
Profit After Adjustments 34 43 37 35 37 60 50 41 44 57
Adjusted Earnings Per Share 19.8 25.2 21.8 20.4 22 35.1 29.2 24.1 25.6 33.8

Veedol Corporation Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1037 974 1130 1275 1379 1317 1258 1536 1854 1933 1970 2168
Other Income 13 24 30 23 21 23 22 20 15 20 22 19
Total Income 1051 998 1159 1298 1401 1339 1281 1555 1869 1953 1992 2186
Total Expenditure 957 860 994 1136 1249 1179 1094 1388 1712 1762 1779 1941
Operating Profit 93 137 165 162 152 161 186 167 157 191 213 245
Interest 1 1 3 3 2 2 2 2 1 2 4 3
Depreciation 11 7 9 9 10 12 14 15 15 15 29 35
Exceptional Income / Expenses 150 0 0 0 0 0 0 0 0 0 -7 0
Profit Before Tax 232 129 153 150 139 146 170 160 147 187 202 208
Provision for Tax 74 50 51 53 52 39 44 37 33 44 33 46
Profit After Tax 159 79 103 98 86 106 126 123 115 143 169 162
Adjustments 0 8 5 9 11 16 16 0 0 0 0 31
Profit After Adjustments 159 86 108 107 97 122 141 123 115 143 169 192
Adjusted Earnings Per Share 93.3 49.7 63.7 62.8 57 71.8 83.1 72.3 67.4 84.1 99.3 112.7

Veedol Corporation Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 499 586 613 650 640 681 737 720 764 827 914
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 1 0 0 0 0 0 0
Other Non-Current Liabilities 45 40 46 44 46 54 53 53 53 56 69
Total Current Liabilities 194 220 286 680 718 748 688 742 770 811 659
Total Liabilities 738 846 945 1374 1405 1482 1478 1516 1588 1695 1649
Fixed Assets 194 148 231 242 247 262 277 269 270 290 336
Other Non-Current Assets 4 93 78 84 80 94 83 79 86 95 104
Total Current Assets 540 605 637 1049 1078 1127 1119 1168 1231 1308 1208
Total Assets 738 846 945 1374 1405 1482 1478 1516 1588 1695 1649

Veedol Corporation Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 65 161 112 114 65 34 38 43 32 60 39
Cash Flow from Operating Activities 80 127 35 94 79 133 69 93 103 156 30
Cash Flow from Investing Activities 45 -7 24 -86 -1 -49 38 37 6 -92 72
Cash Flow from Financing Activities -20 -36 -56 -58 -110 -80 -102 -142 -81 -86 -99
Net Cash Inflow / Outflow 105 83 2 -50 -31 3 5 -12 28 -22 3
Closing Cash & Cash Equivalent 169 244 114 65 34 38 43 32 60 39 43

Veedol Corporation Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 93.26 49.68 63.69 62.85 57.04 71.8 83.14 72.3 67.4 84.08 99.26
CEPS(Rs) 99.8 49.44 65.73 62.85 56.93 69.93 82.31 81.4 76.49 93.04 116.04
DPS(Rs) 70 50 60 70 94 100 120 55 42 52 54
Book NAV/Share(Rs) 293.81 336.99 360.69 382.55 376.45 400.36 433.27 423.43 449.65 486.76 537.68
Core EBITDA Margin(%) 6.71 9.96 10.44 10.58 9.46 10.47 12.45 9.26 7.31 8.35 8.95
EBIT Margin(%) 19.48 11.43 12.03 11.63 10.23 11.25 13.07 10.17 7.65 9.25 9.6
Pre Tax Margin(%) 19.43 11.33 11.8 11.43 10.05 11.07 12.89 10.07 7.57 9.17 9.43
PAT Margin (%) 13.27 6.92 7.91 7.43 6.26 8.08 9.54 7.73 5.89 7 7.9
Cash Profit Margin (%) 14.2 7.57 8.59 8.14 7.02 9.03 10.61 8.7 6.69 7.75 9.23
ROA(%) 23.63 9.93 11.48 8.41 6.21 7.37 8.5 8.21 7.38 8.71 10.09
ROE(%) 36.04 14.48 17.15 15.43 13.38 16.11 17.76 16.88 15.44 17.96 19.38
ROCE(%) 51.1 22.88 24.9 22.88 20.58 21.24 23.47 21.76 19.79 23.67 23.56
Receivable days 54.1 55.14 51.33 54.12 50.94 48.24 43.65 43.13 42.21 41.22 43.91
Inventory Days 54.03 51.03 50.99 54.36 50.11 54.07 67.39 66.09 55.73 52.07 52.28
Payable days 65.13 80.86 87.16 85.9 81.04 89.18 98.69 78.02 62.94 55.53 50.01
PER(x) 7.24 26.39 18.92 19.47 17.97 8.92 10.41 15.37 12.39 16.62 13.76
Price/Book(x) 2.3 3.89 3.34 3.2 2.72 1.6 2 2.62 1.86 2.87 2.54
Dividend Yield(%) 2.59 1.91 2.49 2.86 4.58 7.81 6.93 4.95 5.03 3.72 3.95
EV/Net Sales(x) 0.96 2.12 1.71 1.52 1.18 0.7 1.04 1.14 0.68 1.21 1.16
EV/Core EBITDA(x) 10.7 15.04 11.66 11.99 10.7 5.72 6.99 10.5 8.02 12.23 10.7
Net Sales Growth(%) 6.65 -6.13 16.04 12.83 8.22 -4.56 -4.41 22.03 20.71 4.25 1.96
EBIT Growth(%) 131.54 -44.17 20.45 -2.45 -7.52 4.9 16.38 -6.16 -8.08 27.12 8.57
PAT Growth(%) 144.68 -50.4 30.76 -5.17 -11.48 23.25 18.25 -2.31 -6.78 24.74 18.06
EPS Growth(%) 144.68 -46.73 28.2 -1.32 -9.24 25.87 15.79 -13.03 -6.78 24.74 18.06
Debt/Equity(x) 0.04 0.05 0.05 0.06 0.06 0.05 0.02 0.02 0.01 0 0
Current Ratio(x) 2.79 2.76 2.23 1.54 1.5 1.51 1.63 1.57 1.6 1.61 1.83
Quick Ratio(x) 1.98 2.02 1.52 1.26 1.24 1.24 1.21 1.18 1.2 1.27 1.33
Interest Cover(x) 423.04 121.4 52.51 58.48 57.61 62.74 71.5 101.07 99.77 105.56 57.79
Total Debt/Mcap(x) 0.02 0.01 0.01 0.02 0.02 0.03 0.01 0.01 0 0 0

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +2% +9% +8% +7%
Operating Profit CAGR +12% +8% +6% +9%
PAT CAGR +18% +11% +10% +1%
Share Price CAGR -16% +18% +6% +2%
ROE Average +19% +18% +17% +18%
ROCE Average +24% +22% +22% +25%

Veedol Corporation Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 64.58 %
FII 1.06 %
DII (MF + Insurance) 1.17 %
Public (retail) 35.42 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 62.2762.2764.1564.2964.2964.2962.3564.5864.5864.58
FII 1.381.511.971.711.461.261.141.371.171.06
DII 1.271.231.231.241.281.171.171.171.171.17
Public 37.7337.7335.8535.7135.7135.7137.6535.4235.4235.42
Others 0000000000
Total 100100100100100100100100100100

Veedol Corporation Peer Comparison

Lubricants Edit Columns

Veedol Corporation Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Veedol Corporation Pros & Cons

Pros

  • Debtor days have improved from 55.53 to 50.01days.
  • Company is almost debt free.

Cons

  • The company has delivered a poor profit growth of 9% over past five years.
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