Intimation
VENUSPIPES · price
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Venus Pipes & Tubes reported its best-ever annual performance with FY26 revenue of INR 1,167 crore, up 22% YoY, driven by strong ramp-up of newly commissioned capacities. Q4 FY26 revenue stood at INR 302 crore, up 17% YoY. EBITDA for FY26 was INR 191 crore (16.3% margin), and PAT was INR 102 crore (8.7% margin). The company received an LOI worth INR 185 crore from a leading Data Centre player for SS Spool supply, marking its entry into forward-integrated pipe spooling solutions backed by a INR 70 crore capex. All major capacity expansions are now operational with total capacity at 27,600 MTPA (up 7x from FY19). Cash conversion improved significantly to 59% in FY26 from 13% in FY23. EBITDA margins have compressed ~120 bps YoY due to higher input costs and ramp-up expenses.
The INR 185 crore order LOI signals strong demand from new-age sectors like Data Centers and validates the company's forward integration strategy. While margin pressure exists due to ramp-up costs, the completed capacity build-out and improving cash conversion position the company well for stronger free cash flow generation in FY27.