1. At a Glance – Blink and You’ll Miss the Plot
Veritas (India) Ltd is that one stock which looks criminally cheap on valuation screens and criminally confusing once you open the annual report. Market cap of ₹491 crore, sales of ₹3,366 crore, trading at 0.18x book value, promoter holding at 55%, and yet ROE politely refuses to cross 5%.
In the last 3 months, the stock is down 33%, in 6 months down 52%, and over 1 year a brutal 72% drawdown. Meanwhile, the company is doing ₹1,000 crore+ quarterly revenue, running global trading ops, tank terminals in UAE, wind power, warehousing, agri, software, drones, GIS, LiDAR… basically everything except clarity.
Latest Q3 FY26 (Dec 2025) numbers:
- Revenue: ₹988 crore (YoY -39.9%)
- PAT: ₹10.9 crore (YoY -63.6%)
- EPS: ₹4.06
And yet, book value sits at ₹1,027 while the stock trades at ₹183. Either the market is blind, or the balance sheet is playing 4D chess. Curious already? Good. Keep reading.
2. Introduction – From Duroflex to “Do-Everything Ltd”
Veritas (India) Ltd was incorporated in 1985, earlier known as Duroflex Engineering Ltd. Over decades, it has morphed into a diversified trading and infrastructure platform with international reach. In FY23, the story took a sharp turn when Swan Energy Ltd acquired 55% equity, making Veritas its subsidiary.
Since then, Veritas has behaved like a corporate buffet. You name the sector, it probably has an MoA clause for it. Trading polymers? Yes. Heavy distillates? Sure. Warehousing? Obviously. Wind power? Why not. Software development? Recently added. Drones, GIS, LiDAR, remote sensing? Absolutely.
This isn’t a startup pivoting. This is a 40-year-old company rewriting its CV every year.
The result? Massive topline scale, wafer-thin margins, capital-heavy assets, and returns that barely beat a fixed deposit. The market clearly doesn’t know whether to treat Veritas as a trading company, an infra play,
or a Swan Energy proxy. So it has chosen the safest option: ignore it brutally.
Is that fair? Let’s open the hood.
3. Business Model – WTF Do They Even Do?
Explaining Veritas’ business is like explaining Indian weddings to foreigners. Everything is happening. Simultaneously.
Core Operations
- Global trading & distribution of polymers, paper, rubber, chemicals, heavy distillates
- Warehousing & logistics
- Wind power generation
- Manufacturing & infra development
In FY24, revenue breakup was brutally simple:
- Traded & developed goods: ~94%
- Warehousing income: ~5%
- Interest income: ~1%
Translation: Veritas is primarily a low-margin trading house with infra aspirations.
Subsidiary Maze
- Veritas International FZE (UAE): Global trading arm
- Verasco FZE (UAE): Bulk liquid tank terminal (~1.75 lakh KL capacity)
- Veritas Polychem Pvt Ltd: Developing integrated industrial complex at Dighi Port (PVC/PMB plant, gas terminal, LPG bottling, captive power)
- Veritas Infra & Logistics: Infrastructure & logistics
- Veritas Agro Ventures: Agriculture
- USA & Singapore entities: Either non-operational or being wound up
If you’re wondering “why so many businesses?”, the honest answer is: because Swan Energy exists.
4. Financials Overview – The Numbers That Refuse to Cooperate
EPS Annualisation
- Q3 EPS: ₹4.06
- Annualised EPS (average method as per rule):
Average of Q1, Q2, Q3 EPS × 4
≈ ₹12.9 (matches reported TTM EPS)
Performance Comparison Table (₹
