Lubricants · Founded 1921 · www.veedolindia.com · BSE 590005 · NSE VEEDOL · ISIN INE484C01030
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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.
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| #(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 |
| #(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 |
| # | 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% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -16% | 18% | 6% | 2% |
| ROE Average | 19% | 18% | 17% | 18% |
| ROCE Average | 24% | 22% | 22% | 25% |
| #(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 |
| #(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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 62.27 | 62.27 | 64.15 | 64.29 | 64.29 | 64.29 | 62.35 | 64.58 | 64.58 | 64.58 |
| FII | 1.38 | 1.51 | 1.97 | 1.71 | 1.46 | 1.26 | 1.14 | 1.37 | 1.17 | 1.06 |
| DII | 1.27 | 1.23 | 1.23 | 1.24 | 1.28 | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 |
| Public | 35.07 | 34.99 | 32.64 | 32.77 | 32.98 | 33.28 | 35.33 | 32.87 | 33.07 | 33.19 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.09 | 1.09 | 1.12 | 1.12 | 1.12 | 1.12 | 1.09 | 1.13 | 1.13 | 1.13 |
| FII | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| DII | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Public | 0.61 | 0.61 | 0.57 | 0.57 | 0.57 | 0.58 | 0.62 | 0.57 | 0.58 | 0.58 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 |
| # | 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% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 62.27 | 62.27 | 64.15 | 64.29 | 64.29 | 64.29 | 62.35 | 64.58 | 64.58 | 64.58 |
| FII | 1.38 | 1.51 | 1.97 | 1.71 | 1.46 | 1.26 | 1.14 | 1.37 | 1.17 | 1.06 |
| DII | 1.27 | 1.23 | 1.23 | 1.24 | 1.28 | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 |
| Public | 37.73 | 37.73 | 35.85 | 35.71 | 35.71 | 35.71 | 37.65 | 35.42 | 35.42 | 35.42 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.09 | 1.09 | 1.12 | 1.12 | 1.12 | 1.12 | 1.09 | 1.13 | 1.13 | 1.13 |
| FII | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| DII | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Public | 0.66 | 0.66 | 0.62 | 0.62 | 0.62 | 0.62 | 0.66 | 0.62 | 0.62 | 0.62 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 |
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