Veeram Securities (VSL) | Financial Analysis & Statements
Veeram Securities Ltd. Small-cap Consumer Cyclical
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Sep 2025Income Metrics
Revenue
64.8M
Gross Profit
22.2M
34.25%
Operating Income
21.5M
33.15%
Net Income
16.0M
24.66%
EPS (Diluted)
₹0.21
Balance Sheet Metrics
Total Assets
324.5M
Total Liabilities
26.9M
Shareholders Equity
297.6M
Debt to Equity
0.09
Cash Flow Metrics
Operating Cash Flow
56.8M
Free Cash Flow
8.4M
Revenue & Profitability Trend
Quarter Income Flow
Sep 30, 2025
Annual Income Flow
2025
Veeram Securities Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 264.8M | 193.3M | 186.8M | 187.4M | 205.2M |
| Cost of Goods Sold | 211.0M | 152.0M | 160.4M | 157.6M | 182.5M |
| Gross Profit | 53.8M | 41.3M | 26.4M | 29.8M | 22.7M |
| Gross Margin % | 20.3% | 21.4% | 14.1% | 15.9% | 11.1% |
| Operating Expenses | |||||
| Research & Development | - | - | - | - | - |
| Selling, General & Administrative | 5.1M | 7.7M | 2.0M | 1.9M | 1.2M |
| Other Operating Expenses | 6.1M | - | 2.9M | 2.1M | 1.8M |
| Total Operating Expenses | 11.3M | 7.7M | 4.9M | 3.9M | 3.0M |
| Operating Income | 45.8M | 31.9M | 21.9M | 27.1M | 19.5M |
| Operating Margin % | 17.3% | 16.5% | 11.7% | 14.5% | 9.5% |
| Non-Operating Items | |||||
| Interest Income | - | 0 | 0 | 283.4K | 1.5M |
| Interest Expense | 1.0K | 5.5K | 276 | 1.5K | 341.0K |
| Other Non-Operating Income | - | - | - | - | - |
| Pre-tax Income | 45.1M | 33.0M | 23.2M | 44.9M | 36.2M |
| Income Tax | 11.0M | 8.3M | 5.3M | 5.0M | 6.9M |
| Effective Tax Rate % | 24.3% | 25.3% | 22.9% | 11.1% | 19.1% |
| Net Income | 34.1M | 24.6M | 17.9M | 39.9M | 29.3M |
| Net Margin % | 12.9% | 12.7% | 9.6% | 21.3% | 14.3% |
| Key Metrics | |||||
| EBITDA | 45.8M | 32.1M | 22.4M | 45.5M | 38.0M |
| EPS (Basic) | ₹2.20 | ₹1.63 | ₹1.18 | ₹3.95 | ₹0.39 |
| EPS (Diluted) | ₹2.20 | ₹1.63 | ₹1.18 | ₹3.95 | ₹0.39 |
| Basic Shares Outstanding | 77441824 | 75640852 | 75640852 | 75640852 | 75750005 |
| Diluted Shares Outstanding | 77441824 | 75640852 | 75640852 | 75640852 | 75750005 |
Income Statement Trend
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Veeram Securities Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 584.0K | 2.7M | 2.1M | 839.8K | 18.0M |
| Short-term Investments | 55.6M | - | 24.1K | 2.9M | 4.9M |
| Accounts Receivable | 5.0K | - | - | - | 0 |
| Inventory | 97.7M | 86.2M | 88.4M | 74.4M | 69.6M |
| Other Current Assets | 2.7M | 30.6M | 2.9M | 2.6M | 35.7M |
| Total Current Assets | 158.9M | 120.0M | 93.5M | 80.8M | 128.1M |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 113.5M | 111.0M | 111.0M | 104.5M | 3.0M |
| Goodwill | - | - | - | - | - |
| Intangible Assets | - | - | - | - | - |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - |
| Total Non-Current Assets | 112.1M | 110.0M | 110.0M | 104.0M | 22.8M |
| Total Assets | 271.0M | 230.0M | 203.5M | 184.8M | 150.9M |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 191.0K | 177.2K | 89.2K | 800.0K | 0 |
| Short-term Debt | - | - | - | - | - |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | - | -1 | - | - | - |
| Total Current Liabilities | 17.8M | 9.3M | 7.5M | 954.5K | 7.2M |
| Non-Current Liabilities | |||||
| Long-term Debt | - | - | - | - | - |
| Deferred Tax Liabilities | 202.0K | 0 | 0 | - | - |
| Other Non-Current Liabilities | 1.0K | -2 | -1 | - | - |
| Total Non-Current Liabilities | 203.0K | -2 | -1 | 0 | 0 |
| Total Liabilities | 18.0M | 9.3M | 7.5M | 954.5K | 7.2M |
| Equity | |||||
| Common Stock | 151.3M | 151.3M | 151.3M | 100.9M | 100.9M |
| Retained Earnings | 101.8M | 69.3M | 44.7M | 82.9M | 42.9M |
| Treasury Stock | - | - | - | - | - |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 253.1M | 220.6M | 196.0M | 183.8M | 143.7M |
| Key Metrics | |||||
| Total Debt | 0 | 0 | 0 | 0 | 0 |
| Working Capital | 141.1M | 110.6M | 86.0M | 79.8M | 120.9M |
Balance Sheet Composition
Veeram Securities Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 45.1M | 33.0M | 23.2M | 44.9M | 36.2M |
| Depreciation & Amortization | - | - | - | - | - |
| Stock-Based Compensation | - | - | - | - | - |
| Working Capital Changes | -19.8M | -25.4M | -14.2M | 28.4M | -7.1M |
| Operating Cash Flow | 53.7M | 5.7M | 10.7M | 50.0M | -4.1M |
| Investing Activities | |||||
| Capital Expenditures | -2.5M | -3.0K | -6.0M | -81.5M | 29.1M |
| Acquisitions | - | - | - | - | - |
| Investment Purchases | - | - | - | - | 0 |
| Investment Sales | - | 0 | 0 | 5.4M | 45.6M |
| Investing Cash Flow | -30.9M | 1.9M | -10.7M | -53.1M | 106.7M |
| Financing Activities | |||||
| Share Repurchases | - | - | - | - | -46.4M |
| Dividends Paid | - | - | - | - | - |
| Debt Issuance | - | - | - | - | - |
| Debt Repayment | - | - | - | - | - |
| Financing Cash Flow | -1.6M | 0 | -5.0M | -5.0M | -530.9K |
| Free Cash Flow | 49.6M | -1.2M | 5.9M | -42.3M | -96.8M |
| Net Change in Cash | 21.2M | 7.6M | -5.0M | -8.1M | 102.0M |
Cash Flow Trend
Veeram Securities Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
4.55
Price to Book
3.13
Price to Sales
4.84
PEG Ratio
0.01
Profitability Ratios
Profit Margin
24.95%
Operating Margin
47.60%
Return on Equity
13.47%
Return on Assets
12.58%
Financial Health
Current Ratio
7.95
Debt to Equity
0.00
Beta
-0.37
Per Share Data
EPS (TTM)
₹2.69
Book Value per Share
₹3.91
Revenue per Share
₹3.82
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| VSL | 1.4B | 4.55 | 3.13 | 13.47% | 24.95% | 0.00 |
| Titan Company | 3.9T | 82.68 | 30.87 | 28.71% | 6.31% | 223.02 |
| Kalyan Jewellers | 426.4B | 37.74 | 7.99 | 14.88% | 3.57% | 99.88 |
| Goldiam | 44.7B | 28.87 | 4.46 | 15.71% | 16.61% | 2.36 |
| Rajesh Exports | 38.0B | 21.54 | 0.22 | 0.60% | 0.02% | 5.25 |
| Vaibhav Global | 35.9B | 17.36 | 2.48 | 11.36% | 5.80% | 15.73 |
Financial data is updated regularly. All figures are in the company's reporting currency.




