NSE: VENUSPIPES · BSE: 543528
VENUS PIPES & TUBES LTD
Manufactures stainless steel pipes and tubes, both welded and seamless, sold to industrial customers in India and overseas. In Q3 FY26, the company reported record revenue of INR 296.7 cr (+28.3% YoY) with exports at 31.5% of the mix, while FY26 full-year revenue reached INR 1,166.8 cr. The order book stood at INR 470 cr versus under INR 350 cr a year earlier, and the power-sector pipeline through BHEL, NTPC and Adani is sized at INR 6,000+ cr over four to five years. Capacity expansions for seamless pipes and fittings have been commissioned, and a new pipe-spooling business is being set up with INR 70 cr of capex, anchored by an INR 185 cr letter of intent from a data centre customer. Materials, mainly stainless steel, are the dominant cost at 66.7% of FY26 revenue, followed by other operating expenses at 13.3% and employee cost at 4.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Stainless steel welded and seamless pipes and tubes, Stainless steel pipe fittings, Pipe spooling solutions, Domestic sales, Export sales. Cyclical stainless steel pipe and tube manufacturer with a rising value-added product mix
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 387 | 552 | 802 | 959 | 1,167 |
| EBITDA (ex other income) | 49 | 69 | 146 | 168 | 190 |
| margin % | 12.7 | 12.5 | 18.2 | 17.5 | 16.3 |
| Owners' profit | 32 | 44 | 86 | 125 | 102 |
| EPS, as reported (₹) | 22.55 | 22.60 | 42.36 | 45.65 | 49.51 |
| ROE % · ROCE % | 24.6 · 34.7 | 13.7 · 19.9 | 21.2 · 30.7 | 23.6 · 27.8 | 15.3 · 22.8 |
| Debt / equity (x) | 0.53 | 0.28 | 0.37 | 0.36 | 0.43 |
| Cash from operations | (60) | 9 | 52 | 69 | 112 |
| Capex | (21) | (162) | (107) | (108) | (189) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 229 | 231 | 258 | 276 | 292 | 297 | 302 | 321 |
| Profit before tax | 32 | 24 | 32 | 34 | 34 | 34 | 35 | 36 |
| Net profit | 24 | 18 | 24 | 25 | 26 | 26 | 25 | 26 |
| EPS (₹) | 11.63 | 8.84 | 11.65 | 12.12 | 12.74 | 12.46 | 12.38 | 12.75 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 65,982 | 28.6 | 7.01 | 28.1 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 61,480 | 50.0 | 11.61 | 32.0 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 32,069 | 28.6 | 2.60 | 13.0 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,437 | 38.0 | 3.91 | 19.2 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,732 | 24.0 | 1.28 | 8.7 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,523 | 28.6 | 4.40 | 19.1 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,114 | 30.2 | 3.95 | 17.5 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,641 | 14.8 | 2.16 | 9.6 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.1 | 15.6 | 83 of 105 | 21% |
| P/B | 5.5 | 1.4 | 91 of 101 | 10% |
| ROCE | 17.6 | 9.1 | 14 of 115 | 89% |
| ROE | 15.3 | 8.6 | 16 of 103 | 85% |
| Debt / Equity | 0.4 | 0.2 | 76 of 101 | 25% |
| EBITDA margin | 16.9 | 11.0 | 33 of 100 | 68% |
| Revenue growth | 16.0 | 13.7 | 44 of 97 | 55% |
| Profit growth | 6.6 | 29.3 | 68 of 105 | 36% |
| Market cap | 3655 | 210 | 20 of 122 | 84% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Allotment of 22.28 lakh shares at Rs 1,670 under preferential issue | fund raising | high | — | — |
| 20 Oct 2026 · Pipe spooling starts early; Rs 185 crore order intent received | compliance | low | — | — |
| 20 Oct 2026 · Starts commercial production of pipe spooling manufacturing | business updates | high | — | — |
| 13 Oct 2026 · Reg 74(5) certificate from registrar for Q2 FY26 | compliance | minimal | — | — |
| 8 Oct 2026 · Venus Pipes EGM approves preferential share issuance | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Venus Pipes EGM: Preferential Equity Share Issuance Resolution | board shareholder meetings | medium | — | — |
| 1 Oct 2026 · Newspaper publication of corrigendum to EGM notice | compliance | minimal | — | — |
| 30 Sept 2026 · Corrigendum to EGM notice for Rs 372 crore preferential issue | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Trading window closure from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · EGM notice published in newspapers; remote e-voting details shared | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.