Veefin Solutions Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Veefin Solutions Ltd trades at ₹251, in a downtrend and 8 weeks into that stage. That is −17.7% against its own 200-day average. It sits at 15% of a 52-week range of ₹227 to ₹385. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (10 weeks and counting).

Today the stock is in a downtrend — week 8 of stage 4, confirmed. At ₹251 it trades −17.7% versus its 200-day average and sits at 15% of its 52-week range (₹227–₹385).

Against the market, two honest reads. Cumulative: over the last 3.2 years the stock moved +153% while the NIFTY 500 moved +37% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (10 weeks and counting; last ahead the week of 2026-07-03) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Veefin Solutions Ltd trades at 28.1× P/E, near the bottom of its own range — cheaper only 9% of the time. Its long-run median P/E is 68.8×, measured across 3.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 28.1× is near the bottom of its own range — cheaper only 9% of the time, against a long-run median of 68.8× measured over 3.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +59.9% against a −32.8% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the −3.0%/yr price move, ~−76.5%/yr came from earnings growth and ~+73.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Veefin Solutions Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Veefin Solutions Ltd reported ₹114 Cr of revenue in the Jun 26 quarter. Over 4 years it has compounded at 165.0% a year. The last full year, FY26, came in at ₹345 Cr.

FY26 revenue came in at ₹345 Cr (+336.7% on the year), capping 4 years at 165.0% compound. The latest quarter (Jun 26) printed ₹114 Cr, null year on year.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Veefin Solutions Ltd's operating margin is 19.7% in the Jun 26 quarter. Across 5 fiscal years the operating margin has ranged 17.0% to 44.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 19.7%, null pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 17.0%–44.0%.

🚨 Why the margin moved: operating margin went −11.6 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Veefin Solutions Ltd earned ₹9.5 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹32.0 Cr. The 4-year compound rate is 137.8%. That is 8.3% of the quarter's revenue.

Jun 26 profit was ₹9.5 Cr, null year on year. On the full year, FY26 printed ₹32.0 Cr (+100.0%), and the 4-year compound rate is 137.8%.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 156% of Veefin Solutions Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹77.0 Cr of operating cash against ₹32.0 Cr of profit. After ₹363 Cr of capital spending, ₹−286 Cr was left as free cash.

FY26: operating cash of ₹77.0 Cr against reported profit of ₹32.0 Cr, leaving free cash of ₹−286 Cr after ₹363 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 156% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 156%: the cash cycle stretched 95 days between FY22 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 30.3× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Veefin Solutions Ltd's cash conversion cycle runs 141 days in FY26, up from 46 days in FY22. Capital spending ran ₹726 Cr over the last 3 years. At FY26 sales of ₹345 Cr each day of that cycle holds about ₹0.9 Cr, so roughly ₹133 Cr sits inside the business at any moment.

FY26: debtors at 141 days (an asset-light business — no inventory to speak of) — for a full cycle of 141 days, looser than FY22's 46.

In money terms: at FY26 sales of ₹345 Cr, each day of the cycle holds about ₹0.9 Cr — so the 141-day loop keeps roughly ₹133 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹726 Cr over the last 3 fiscal years against ₹24.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Veefin Solutions Ltd earns a ROCE of 10% in FY26. That is up from a trough of 7% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 9.3% net margin on 0.34× asset turns.

FY26 ROCE is 10%, recovered from a FY25 trough of 7% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 9.3% net margin × 0.34× asset turns × 1.69× balance-sheet leverage ≈ 5.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Veefin Solutions Ltd carries ₹101 Cr of borrowings against ₹596 Cr of equity in FY26, a debt-to-equity of 0.17. Operating profit covers the interest bill 6×. Over 4 years borrowings went from ₹4.0 Cr to ₹101 Cr. Capital spending ran ₹726 Cr across the last 3 of those years.

FY26: borrowings of ₹101 Cr against equity of ₹596 Cr — a debt-to-equity of 0.17. Operating profit covers the interest bill 6×. Over 4 years borrowings went from ₹4.0 Cr to ₹101 Cr while capital spending ran ₹726 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 5.1 points of Veefin Solutions Ltd over 7 quarters, the biggest move on the register. That takes promoters to 34.7% of the company. Foreign institutions moved +2.8 points over the same window, to 2.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −5.1 points over 7 quarters to 34.7%; Foreign institutions: +2.8 points over 7 quarters to 2.8%; Domestic institutions: −1.1 points over 7 quarters to 0.0%.

🚨 Why the register moved: promoters drove it (−5.1 points), absorbed on the other side by foreign institutions (+2.8 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Veefin Solutions Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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