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VE COMMERCIAL VEHICLES LIMITED

www.vecv.in
Active
Updated: 24 Nov 2025

VE Commercial Vehicles Limited is a leading manufacturer in the automotive industry specializing in commercial vehicles in India. It produces a wide range of products, including trucks, buses, and construction vehicles, addressing the needs of various sectors such as logistics, public transport, and infrastructure development through innovative engineering and robust design.

Ve Commercial Vehicles Limited, is an unlisted public company incorporated on 07 March, 2008. It is classified as a public limited company and is located in , Delhi. It's authorized share capital is INR 10.00 cr and the total paid-up capital is INR 10.00 cr.

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Subscription Plans
Industry and products
Business Services
  • Truck and Bus
Company size
Auth Capital
₹ 10.0 Cr
Paidup Capital
₹ 10.0 Cr
Revenue
₹ >5000 cr
# Key metrics of Ve Commercial Vehicles Limited - All rupee values in INR crores. Based on March 2024 numbers. | Metric | Value | Change | |---|---|---| | Auth Capital | ₹ 10.0 Cr | | | Paidup Capital | ₹ 10.0 Cr | | | Revenue | ₹ >5000 cr | | | Total Revenue | ₹22,099.8 | 15.77% | | EBITDA | ₹1,705.4 | 24.47% | | Net Profit | ₹822.6 | 42.8% | | Networth | ₹4,742.8 | 15.71% | | Borrowings | ₹261.9 | -15.53% | | Assets | ₹12,848.2 | 12.34% | | Gross Margin | 22.4% | 0.82 | | Operating Margin | 7.8% | 0.57 | | Net Profit Margin | 3.7% | 0.7 | | Return on Equity | 17.4% | 3.3 | | ROCE | 24.9% | 4.46 | | Debt to Equity | 0.1 | -0.02 |
Key Metrics

** All rupee values in INR crores. Based on March 2024 numbers.

Total Revenue
15.77%
₹ 22,099.8
EBITDA
24.47%
₹ 1,705.4
Net Profit
42.8%
₹ 822.6
Networth
15.71%
₹ 4,742.8
Borrowings
-15.53%
₹ 261.9
Assets
12.34%
₹ 12,848.2
Gross Margin
0.82
22.4 %
Operating Margin
0.57
7.8 %
Net Profit Margin
0.7
3.7 %
Return on Equity
3.3
17.4 %
ROCE
4.46
24.9 %
Debt to Equity
-0.02
0.1
Sales
Mar 2024
Net worth
Mar 2024

Locations

indian flag India (222)
State Type Address

location icon Locations on Map

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People

Designation Name DIN/PAN Tenure
Director Siddhartha Vikram Lal
Shareholder
00037645 18 years
Managing Director Vinod Kumar Aggarwal
Shareholder
00038906 9 years
Director Raul Rai 02202542 18 years
Director Inder Mohan Singh 07114750 7 years
Director Lila Firoz Poonawalla 00074392 11 years
Director Jan Peter Hjelmgren 10499711 2 years
Director Sofia Helena Frandberg 06516556 3 years

Financial Highlights

** All numbers in INR crores
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Sales 8,493.8 8,652.7 12,712.7 18,968.2 21,894.9
Operating profit 398.0 585.7 712.3 1,370.1 1,705.4
Net profit 59.3 54.5 107.2 576.1 822.6
Gross margin 24.6 25.1 21.5 21.6 22.4
Operating margin 4.7 6.8 5.6 7.2 7.8
Net margin 0.7 0.6 0.8 3.0 3.7
Networth 3,487.6 3,548.3 3,603.8 4,098.9 4,742.8
Borrowings - 362.5 112.5 310.0 261.9
Assets 6,957.6 8,446.2 8,989.8 11,437.2 12,848.2
Debt to equity 0.0 0.1 0.0 0.1 0.1
Current ratio 1.0 1.1 1.1 1.1 1.1
ROE 1.7 1.5 3.0 14.1 17.4
Days payable 149.0 201.0 154.0 133.0 121.0
WC days 4.0 18.0 9.0 9.0 9.0
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Margins

Gross margin
Operating margin
Net margin

Balance Sheet

Standalone
Consolidated
%
** All numbers in INR crores
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 10.0 10.0 10.0 10.0 10.0
Reserves 3,477.6 3,538.3 3,593.8 4,088.9 4,732.8
Borrowings + - 362.5 112.5 310.0 261.9
Long term borrowings - 362.5 77.9 - -
Short term borrowings - - 34.6 310.0 261.9
Trade payables + 2,610.6 3,568.3 4,221.0 5,400.4 5,632.4
Days payable 149.0 201.0 154.0 133.0 121.0
Other liabilities + 3,469.9 4,535.5 5,273.4 7,028.2 7,843.6
Other non-current liabilities 209.3 217.8 280.6 538.8 826.4
Other current liabilities 650.0 749.4 771.8 1,089.1 1,384.8
Total liabilities 6,957.6 8,446.2 8,989.8 11,437.2 12,848.2
Fixed Assets + 3,434.0 3,423.9 3,297.9 3,417.7 3,900.6
Tangible assets 2,046.7 2,416.8 2,321.1 2,383.0 2,776.3
CWIP 491.2 194.5 285.0 283.5 394.0
Intangible assets 896.2 812.6 691.9 751.2 730.2
LT loans and advances 1.6 2.0 2.6 2.8 3.7
Other non-current assets 178.2 267.3 351.8 742.7 1,126.0
Current assets + 3,343.7 4,753.0 5,337.4 7,274.0 7,817.9
Inventories 945.2 1,359.1 1,438.0 1,687.2 2,245.2
Trade receivables 820.6 1,532.4 2,048.6 2,351.0 2,695.4
Cash and cash equivalents 241.2 366.4 415.9 178.7 197.7
ST loans and advances 2.5 3.6 4.0 3.4 2.9
Other current assets 1,334.2 1,491.6 1,430.9 3,053.8 2,676.7
Total assets 6,957.6 8,446.2 8,989.8 11,437.2 12,848.2
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Total assets

Profit & Loss

Standalone
Consolidated
%
** All numbers in INR crores
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Sales + 8,493.8 8,652.7 12,712.7 18,968.2 21,894.9
Sales growth % -26.69 1.87 46.92 49.21 15.43
Expenses + 8,529.1 8,615.1 12,597.5 18,203.1 20,831.8
Cost of goods 6,407.4 6,478.3 9,976.3 14,865.6 16,978.7
Employee cost 780.9 774.8 916.6 1,131.6 1,344.8
Other costs 907.5 813.8 1,107.5 1,600.8 1,865.9
Operating profit + 398.0 585.7 712.3 1,370.1 1,705.4
Operating margin % 4.7 6.8 5.6 7.2 7.8
Other income 86.9 45.6 56.1 121.7 204.9
Interest 23.7 38.1 36.0 32.4 44.7
Depreciation 409.5 510.0 561.1 572.7 597.6
Exceptional items - - - - -
Profit before tax 51.6 83.2 171.3 886.8 1,268.0
Tax -7.7 28.7 64.1 310.7 445.4
Profit - disc. ops - - - - -
Net profit 59.3 54.5 107.2 576.1 822.6
Net margin % 0.7 0.6 0.8 3.0 3.7
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Revenue from operations

Ratios

Standalone
Consolidated
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Solvency +
Total Debt/Equity 0.0 0.1 0.0 0.1 0.1
Net Debt/Equity 0.0 0.0 0.0 0.0 0.0
Total Debt/Assets 0.0 0.0 0.0 0.0 0.0
Total Assets/Equity 2.0 2.4 2.5 2.8 2.7
Liquidity +
Current Ratio 1.0 1.1 1.1 1.1 1.1
Quick Ratio 0.7 0.8 0.8 0.8 0.8
Interest Coverage 16.8 15.3 19.8 42.3 38.1
Performance
Gross Margin 24.6 25.1 21.5 21.6 22.4
Operating Margin 4.7 6.8 5.6 7.2 7.8
Net Margin 0.7 0.6 0.8 3.0 3.7
Return +
Return on Equity 1.7 1.5 3.0 14.1 17.4
Pre-tax ROCE -0.3 2.0 4.2 20.5 24.9
Return on Assets 0.8 0.7 1.2 5.0 6.4
Pre-tax ROIC -0.3 2.1 4.2 18.9 23.1
Efficiency +
Days Payable 149.0 201.0 154.0 133.0 121.0
Days Inventory 54.0 77.0 53.0 41.0 48.0
Days Receivable 35.0 65.0 59.0 45.0 45.0
Fixed Asset Turnover 2.5 2.5 3.9 5.5 5.6
Total Asset Turnover 1.2 1.0 1.4 1.7 1.7
Working Capital
Cash Conversion Cycle -60.0 -59.0 -42.0 -47.0 -28.0
Working Capital Days 4.0 18.0 9.0 9.0 9.0
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Ratios

Current ratio
Debt/equity ratio

Charges on assets

Bank wise
Charges
1

ICICI Bank Limited

No. of Loans: 2

Total Amount : 375.0 cr

2

State Bank of India

No. of Loans: 1

Total Amount : 250.0 cr

3

Kotak Mahindra Bank Limited

No. of Loans: 1

Total Amount : 80.0 cr

4

HDFC Bank Limited

No. of Loans: 1

Total Amount : 50.0 cr

5

Standard Chartered Bank

No. of Loans: 1

Total Amount : 40.0 cr

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Charges

ICICI Bank Limited
State Bank of India
Kotak Mahindra Bank Limited
HDFC Bank Limited
Others

Company Network

Companies connected through Directors

Name Status Paid up Capital Common Directors Address
EICHER LIMITED
Amalgamated
11.1 Cr 2 Delhi
EICHER INVESTMENTS PRIVATE LIMITED
Amalgamated
1.1 L 1 Delhi
EICHER GOODEARTH HOLDINGS PRIVATE LIMITE D
Amalgamated
1.1 L 1 Delhi
EICHER HOLDING PRIVATE LIMITED
Amalgamated
1.1 L 1 Delhi
ROYAL ENFIELD MOTORCYCLES LIMITED
Strike Off
5.0 L 1 Delhi
EICHER GOODEARTH PRIVATE LIMITED.
Active
1.3 Cr 1 Delhi
SST HOLIDAY HOMES PRIVATE LIMITED
Active
1.0 L 2 Delhi
EICHER GOODEARTH INDIA PRIVATE LIMITED
Active
1.0 L 1 Delhi
EICHER POLARIS PRIVATE LIMITED
Under Liquidation
649.0 Cr 1 Delhi
EICHER MOTORS LIMITED
Active
27.4 Cr 3 Delhi
EICHER MOTORS FINANCE LIMITED
Strike Off
5.0 L 1 Delhi
VE ELECTRO-MOBILITY LIMITED
Active
35.0 Cr 1 Delhi
ROYAL ENFIELD SALES LIMITED
Strike Off
5.0 L 1 Tamil Nadu
EICHER GROUP FOUNDATION
Active
5.0 L 1 Delhi
KHEMANI DISTILLERIES PRIVATE LIMITED
Active
1.1 Cr 1 Dadra and Nagar Haveli and Daman and Diu
NICOBAR DESIGN STUDIO PRIVATE LIMITED
Active
1.0 L 1 Delhi
NICOBAR DESIGN PRIVATE LIMITED
Active
26.0 Cr 1 Delhi
VOLVO GROUP INDIA PRIVATE LIMITED
Active
10.5 Cr 2 Karnataka

Subsidiary Companies

Name State / Country Incorporation Year Paidup Capital
Eicher Engineering Solutions Inc., U.S.A. United States - -
Eicher Engineering Solutions (Sanghai) Co. Ltd. China - -
Eicher Engineering Solutions (Beijing) Co. Ltd. China - -
V EC V Lanka (Private) Limited Sri Lanka - -
VECV South Africa (Pty) Ltd. South Africa - -

Tofler Score

Very Good
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Poor
Fair
Good
Very Good
Excellent

Risk

Severe Risk
  • No risks identified
Moderate Risk
  • LOW CASH BALANCE
  • CASH DETERIORATING
Low Risk
  • No risks identified
About Tofler Score
Tofler Score measures the quality of performance and integrity of a company. It is dependent on three key factors - Sustainability, Governance, and Growth.

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Peers / Similar Companies

Tata Motors Limited Maharashtra
Ashok Leyland Limited Tamil Nadu
Force Motors Limited Maharashtra
Sml Isuzu Limited Punjab

Peers

Registered Details

CIN

U74900DL2008PLC175032

PAN

AABCE9378F

Incorporation

2008, 17.7 years

Company Email

info[at]vecv[dot]in

Paid up Capital

₹ 10.0 Cr

Authorised Capital

₹ 10.0 Cr

AGM

Jun 2025

Type

Public
Others

FAQ - VE COMMERCIAL VEHICLES LIMITED

What is the incorporation date of VE COMMERCIAL VEHICLES LIMITED?

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The incorporation date of VE COMMERCIAL VEHICLES LIMITED is 07 March, 2008

What is the authorized share capital of VE COMMERCIAL VEHICLES LIMITED?

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The authorized share capital of VE COMMERCIAL VEHICLES LIMITED is INR ₹ 10.0 Cr.

What is the paid-up capital of VE COMMERCIAL VEHICLES LIMITED?

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The paid-up capital of VE COMMERCIAL VEHICLES LIMITED is INR ₹ 10.0 Cr.

What is the registered address of VE COMMERCIAL VEHICLES LIMITED?

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The registered address of VE COMMERCIAL VEHICLES LIMITED is 3rd Floor-Select Citywalk A-3 District Centre, Saket, South Delhi, New Delhi, Delhi, India, 110017 - 110017

What is the CIN number of VE COMMERCIAL VEHICLES LIMITED?

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The CIN number of VE COMMERCIAL VEHICLES LIMITED is U74900DL2008PLC175032.

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