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
| ₹ crore · consolidated | 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 59,803 | 48.6 | 11.29 | 31.1 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Venus Pipes 12th AGM: FY26 dividend of Rs 1/share, board re-appointments | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Board meeting on Sep 16 to consider fund raising via preferential issue or private placement | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Board Meeting on Sept 16 to Consider Equity Fund Raising | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Venus Pipes publishes 12th AGM notice in newspapers | compliance | minimal | — | — |
| 20 Aug 2026 · 12th AGM on Sept 11, 2026; notice dispatched to members without registered email | compliance | minimal | — | — |
| 20 Aug 2026 · Venus Pipes & Tubes 12th AGM on 11 September 2026 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · 12th AGM on 11 Sep 2026; Record Date 4 Sep for Final Dividend | corporate actions | high | — | — |
| 20 Aug 2026 · Venus Pipes & Tubes AGM set for Sept 11, 2026; FY26 Annual Report filed | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Venus Pipes Q1 FY27: Record revenue INR 320.5 cr, EBITDA up 15%, guides 20% growth | investor communications | medium | — | — |
| 17 Aug 2026 · Venus Pipes commissions additional 6.1 MW solar power unit | compliance | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| RATNAMANI MET & TUB LTD. | 19,815 | 45.8 | 4.71 | 23.1 | 12.7 | 15.6 | 14.4 | 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 | 17.0 | 5.7 | 21.0 |
| USHA MARTIN LTD. | 15,069 | 29.7 | 4.56 | 19.8 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.2 | 16.2 | 99 of 118 | 16% |
| P/B | 6.3 | 1.7 | 90 of 99 | 9% |
| ROCE | 17.6 | 8.7 | 15 of 120 | 88% |
| ROE | 15.3 | 8.6 | 20 of 114 | 83% |
| Debt / Equity | 0.4 | 0.1 | 89 of 114 | 22% |
| 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 | 4195 | 247 | 20 of 120 | 84% |
| 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 |
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.
