Venus Pipes & Tubes Q2 FY27 results: net profit down 0.3% to ₹26.02 crore, revenue up 23.8%

How did Venus Pipes & Tubes perform in Q2 FY27?

Venus Pipes & Tubes reported standalone revenue of ₹361.05 crore in Q2 FY27, up ₹69.51 crore or 23.8% from ₹291.54 crore in Q2 FY26. EBITDA was ₹51.67 crore, up ₹4.16 crore or 8.8%, while the EBITDA margin fell 2.0 percentage points to 14.3%.

Against Q1 FY27, revenue rose ₹40.51 crore or 12.6% to ₹361.05 crore and EBITDA increased ₹0.16 crore or 0.3% to ₹51.67 crore. The margin declined 1.8 percentage points from 16.1%, while profit before tax fell 3.1% to ₹34.59 crore and net profit fell 1.5% to ₹26.02 crore.

Net profit was ₹26.02 crore in Q2 FY27, compared with ₹26.09 crore in Q2 FY26 and ₹26.41 crore in Q1 FY27. Basic EPS was ₹12.56, down from ₹12.74 and ₹12.75, respectively; the PAT margin was 7.2%, compared with 8.9% and 8.2%.

The results are on a standalone basis. Total income was ₹366.52 crore, up ₹72.01 crore or 24.5% from Q2 FY26 and ₹43.29 crore or 13.4% from the previous quarter.

What changed in Venus Pipes & Tubes' costs and profit?

Total expenses rose ₹71.85 crore or 27.6% year on year to ₹331.94 crore, outpacing the 23.8% increase in revenue. Cost of materials increased ₹77.62 crore or 38.7% to ₹278.43 crore, while other expenses rose ₹22.51 crore or 61.5% to ₹59.11 crore.

Employee cost was ₹16.94 crore, up ₹4.39 crore or 35.0%, finance costs were ₹13.79 crore, up ₹3.69 crore or 36.5%, and depreciation was ₹8.76 crore, up ₹2.80 crore or 47.0%. Other income increased ₹2.50 crore or 84.2% to ₹5.47 crore. There was no exceptional item.

Management said selling prices increased by more than 10% year on year and more than 5% sequentially, which optically moderated the reported EBITDA margin. Management also attributed the balance of the moderation to higher export freight and fuel costs, and said excluding these cost increases, EBITDA margins would have exceeded 16%.

Tax expense increased ₹0.23 crore or 2.8% to ₹8.56 crore. Profit before tax rose ₹0.17 crore or 0.5% to ₹34.59 crore, but net profit fell ₹0.07 crore or 0.3% to ₹26.02 crore.

How did the first half of FY27 go?

In H1 FY27, Venus Pipes & Tubes reported standalone revenue of ₹681.59 crore, up ₹113.64 crore or 20.0% from ₹567.95 crore in H1 FY26. Total income rose 20.0% to ₹689.75 crore from ₹574.84 crore.

Profit before tax increased ₹2.16 crore or 3.2% to ₹70.29 crore, while net profit rose ₹1.58 crore or 3.1% to ₹52.43 crore. Basic EPS increased 1.9% to ₹25.31 from ₹24.83.

What do the balance sheet and cash flow show?

Total assets rose to ₹1,492.52 crore on 30 September 2026 from ₹1,299.55 crore on 31 March 2026, while total equity increased to ₹720.44 crore from ₹668.48 crore. Borrowings were ₹382.16 crore, compared with ₹285.53 crore, and cash declined to ₹0.77 crore from ₹6.18 crore.

Inventories increased to ₹446.26 crore from ₹386.89 crore, trade receivables rose to ₹295.69 crore from ₹259.86 crore, and trade payables increased to ₹340.17 crore from ₹297.33 crore. Management said H1 changes in working capital were a cash drag of ₹42.5 crore.

H1 FY27 operating cash flow was ₹44.32 crore, compared with ₹34.53 crore in H1 FY26. Investing cash flow was negative ₹122.66 crore against negative ₹97.58 crore, financing cash flow was ₹72.92 crore against ₹77.78 crore, and capital expenditure was ₹105.16 crore against ₹87.75 crore.

How has Venus Pipes & Tubes done over the last 8 quarters?

Revenue rose in each of the last eight quarters on a year-on-year basis. It increased from ₹231.3 crore in Q3 FY25 to a period high of ₹361.05 crore in Q2 FY27, although the sequential increase slowed from ₹40.51 crore in Q1 FY27 to a lower pace in the latest quarter.

Net profit bottomed at ₹17.97 crore in Q3 FY25 and reached a period high of ₹26.41 crore in Q1 FY27 before easing to ₹26.02 crore in Q2 FY27. EBITDA margin peaked at 16.5% in Q3 FY26 and fell to 14.3% in the latest quarter, the lowest level in the eight-quarter series.

Management reported broad-based domestic and export growth. It said domestic revenue grew 22%, exports reached ₹147 crore and grew 27% year on year, and both seamless and welded pipes and tubes recorded 20% year-on-year growth.

What else did the company announce?

The board approved the unaudited standalone financial results for the quarter and half-year ended 30 September 2026, accompanied by the statutory auditors’ limited review report. It also declared an interim dividend of Rs. 0.50/- per equity share, representing 5% of Rs. 10/- each fully paid up for FY27.

The dividend payment is due on or before 4 December 2026, with 20 November 2026 fixed as the record date. The company also filed its Q2 and H1 FY27 investor presentation on 5 November 2026; the same-day filings did not report a fund raise or appointment.

What did Venus Pipes & Tubes' management say?

Management said the company aims to become an end-to-end integrated piping solutions provider, enter new sectors with high growth potential, expand its geographic footprint across domestic and international markets, and enhance its portfolio towards value-added products. It plans approximately ₹70 crore of capex towards forward integration into pipe spooling and the transition from stainless-steel pipes to engineered piping solutions.

Management said the spooling plant and fabrication facility were commissioned early, with operations commencing in October. Conversion of the ₹185 crore data-centre LOI has begun with a ₹29 crore order for stainless-steel cooling spools, and no completion date was specified.

How did other Iron & Steel Products companies do?

Venus Pipes & Tubes was compared with 40 other Iron & Steel Products companies that had filed for the quarter. The peers’ median revenue growth was 13.4%, below Venus Pipes & Tubes’ 23.8% growth in Q2 FY27.

Of the other companies, 22 grew more slowly than Venus Pipes & Tubes and 18 grew faster. Among the 43 companies assessed for profit, 26 reported higher profit, compared with Venus Pipes & Tubes’ 0.3% year-on-year decline in net profit.