Venus Pipes & Tubes LimitedMetals & MiningVENUSPIPES
Q1 FY27 concall · earnings callVenus Pipes & Tubes Limited
The company delivered record quarterly revenue and EBITDA, backed by strong order inflows and strategic expansion into value-added products like fittings and spooling solutions.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹320.5 Cr | 16% | |
| EBITDA | ₹51.5 Cr | 14.7% | |
| EBITDA Margin | 16.1% | — | |
| PAT | ₹26.4 Cr | 6.5% | |
| Order Book | ₹600 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹231.30 Cr+11.7% YoY+1% QoQ | ₹17.97 Cr-22.8% YoY-24% QoQ | ₹8.84-22.9% YoY-24% QoQ |
| Q2 FY25 | ₹228.95 Cr+19.6% YoY-4.7% QoQ | ₹23.66 Cr+16.8% YoY-14.2% QoQ | ₹11.63+16.5% YoY-14.4% QoQ |
| Q1 FY25 | ₹240.14 Cr+33.7% YoY+7.2% QoQ | ₹27.56 Cr+58.3% YoY+10.1% QoQ | ₹13.58+58.3% YoY+10% QoQ |
| Q4 FY24 | ₹224.10 Cr+27.1% YoY+8.2% QoQ | ₹25.04 Cr+86.4% YoY+7.6% QoQ | ₹12.34+79.6% YoY+7.6% QoQ |
| Q3 FY24 | ₹207.13 Cr+52.2% YoY+8.2% QoQ | ₹23.27 Cr+106.3% YoY+14.9% QoQ | ₹11.47+98.8% YoY+14.9% QoQ |
TL;DR
- Record Q1 revenue of INR320.5 crores and EBITDA of INR51.5 crores.
- Order book stands strong at over INR600 crores (plus INR185 crores LOI).
- New capacities for fittings and value-added pipes commenced in May; spooling facility on track for Q3.
- Targets 20% revenue growth and aims to improve EBITDA margin to 18% over two years.
Said on the call
“We are building our next phase of growth... Our objective is to establish Venus as the first reference and preference for stainless steel engineering solution.”
From the Q&A
| Topic | What management said |
|---|---|
| Utilization and Guidance | Management stated welded utilization is around 60% and seamless around 85%/90%, and they are maintaining a 20% revenue growth guidance for the year. |
| Order Book Growth | The order book increased to INR600 crores (plus INR185 crores LOI) from ~INR450 crores last quarter, driven by power, engineering, chemical, and oil & gas sectors. |
| Fittings and Margin Trajectory | Fittings business is seeing encouraging response; approvals are underway, with volume expected from Q2. Margin improvement is expected post-Q2, targeting 18% over two years, with FY27 margin expected to be less than 17%. |
| Export Mix and Outlook | Export contribution is around 30% of revenue, but the order book has more than 40%/45% from export. Growth was impacted by geopolitical issues, but recovery is expected from Q3. |
| Capex and Debt | Planned capex for the year is around INR100 crores (INR70 crores for spooling). Net debt as of June 30 is INR325 crores. |
| Spooling Business Expectations | The spooling facility is on track for end of Q3. It is expected to contribute ~5% to FY27 revenue and 10%-15% in FY28, with margins better than the pipes business. |
Guidance
- Revenue growth target of around 20% for FY27.
- EBITDA margin intent is to reach 18% in the coming two years.
- Export contribution intent is to keep it more than 30%.
- Fittings expected to contribute 5%-7% of total revenue in FY27 and 8%-10% in the coming year.
- Spooling business expected to contribute ~5% to FY27 revenue and 10%-15% in FY28.
- Target to double the business (from ~INR1,250 crores) by FY29/FY30.
Source
Summary written from the transcript filed by Venus Pipes & Tubes Limited for the call held on 10 Aug 2026; published 19 Aug 2026, 10:00 IST.
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