Veer Energy & Infrastructure Limited

Utilities — Utilities - Renewable · BSE

₹12.94−₹0.09 (−0.69%)

DalalBaazaar Score

52 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Veer Energy & Infrastructure Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Veer Energy & Infrastructure Limited develops, constructs, implements, and operates various projects in the renewable energy sector in India. The company offers off grid solar installations for power plants and rooftop solutions.

IndustryUtilities - Renewable

SectorUtilities

Employees16

Annual revenue₹5 Cr

How does it make money?

Turns over ₹5 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹21 left at the operating level before interest, tax and depreciation. Each of its 16 employees supports ₹28.4 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹28.4 lakh

Who are its competitors?

The closest listed comparisons in its industry are NTPC LTD, POWER GRID CORP. LTD., TATA POWER CO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 0.4% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE13.7%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -29% while net margin moved +417% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-29%

Margin effect+417%

DalalBaazaar Score

52/ 100

Moderate

Weighted across six categories. Every point is explained below.

✓ Beta of -0.10 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

51/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

57/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

47.9x

3Y Median

112.4x

40 monthly readings · mean 371.0x · range 79.0x–1536.5x

Sector Median

14.6x

median of 3 sector peers

🟢Current valuation is approximately 57% below its 3y median of 112.4x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 227% above the peer median of 14.6x.

vs. its own history

Cheap

112.4x median over 40 months · -57%

vs. sector peers

Expensive

14.6x median of 3 peers · +227%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

19.3x

PEG

0.89

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 2 high

🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 40.2 points, from 61.1% to 20.9%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 57% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 61.1% to 20.9%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
A premium to the sector to defend
It trades 227% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 19%✓ 20.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹2 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✗ 0.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
4Valuation vs its own median of 112.4x✓ 47.9x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

4 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 4 neutral · 4 weak

Market Cap

₹19 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

47.9x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.31x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.27

Profitable

Profitable on a per-share basis

ROE

0.3%

Weak

Weak capital efficiency

ROCE

0.4%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

168.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

5.9%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹2 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-1.7%

Weak

Thin margins leave little room for error

Net Margin

7.0%

Average

Average bottom-line conversion

Current Ratio

7.47

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.10

Defensive

Steadier than the market

52W Range Position

45%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

12.9 / 13.1

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

45.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹6 Cr	₹9 Cr	₹10 Cr	₹5 Cr	-10.9%
EBITDA	₹4 Cr	₹2 Cr	₹1 Cr	₹1 Cr	-37.6%
EBITDA Margin	61.1%	22.6%	10.8%	20.9%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+54.1%
EPS	₹0.02	₹0.21	₹0.12	₹0.13	+86.6%
ROE	0.1%	0.5%	0.3%	0.3%	—
ROCE	-0.0%	0.4%	0.4%	0.4%	—
Free Cash Flow	-₹2 Cr	-₹2 Cr	-₹5 Cr	-₹2 Cr	—

🔴 Revenue has shrunk at 10.9% a year over 3 years.

🔴 EBITDA has shrunk at 37.6% a year over 3 years.

🔴 EBITDA Margin has fallen from 61.1% to 20.9% over 3 years (-40.2 pts).

🟢 PAT (Net Profit) has grown at 54.1% a year over 3 years.

🟢 EPS has grown at 86.6% a year over 3 years.

🟡 ROE has held roughly flat at 0.3% over 3 years.

🟡 ROCE has held roughly flat at 0.4% over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹71 Cr

Total Liabilities

₹8 Cr

Total Debt

—

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹2 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

37.5%

Corporate Actions

Ex-Dividend Date

22 Sept 2016

Peer Comparison

Company	P/E	ROE
NTPC LTD	11.0x	13.7%
POWER GRID CORP. LTD.	14.6x	15.8%
TATA POWER CO LTD	29.3x	9.8%

Recent News

2 mixed4 general

33 Best Power Sector Stocks In India October 2026 | Best Energy Stocks To Invest

Samco, 14 Oct

Veer Energy 46th AGM voting results: all resolutions passed

scanx.trade, 23 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Veer Energy & Infrastructure Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Brent crude oil prices hit $110 for first time since May as Iran attacks continue, Ukraine eyes Russia ene

The Economic Times, 17 Oct

Veer Energy & Infrastructure Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

Q1 results: ABREL, Godrej, JSW Cement, FirstCry, and 693 more on Aug 13

Business Standard, 13 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

MiddlingBusiness Quality · Financial Health · Growth · Valuation

WeakProfitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 4 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑