Venus Pipes and Tubes Limited (VENUSPIPES) Q1 25/26 earnings summary

Executive summary

• Achieved all-time high quarterly revenue of INR 276.4 crore in Q1 FY 2026, up 15.1% year-over-year despite global headwinds and uncertainties.

• Export revenue surged 69% year-over-year to INR 103.1 crore, now comprising up to 37.3% of total revenue, with strong demand from Europe, USA, and Middle East.

• Domestic sales remained stable, with a large new order from a leading power equipment manufacturer and ongoing capacity expansions for fittings and seamless pipes.

• Order book stands at INR 560 crore, with 35% from exports and significant contribution from the power sector.

• Unaudited financial results for the quarter ended June 30, 2025, were reviewed and approved by the Board, with no material misstatements found by auditors.

Financial highlights

• Revenue from operations reached INR 276.4 crore in Q1 FY 2026, up from INR 240.1 crore in Q1 FY 2025 (15.1% growth).

• EBITDA was INR 44.9 crore (down from INR 47.9 crore), with an EBITDA margin of 16.2%.

• Profit after tax stood at INR 24.8 crore (down from INR 27.5 crore), with a PAT margin of 9%.

• Basic EPS for the quarter stood at ₹12.12, up from ₹11.65 year-over-year.

• Revenue growth driven primarily by volume, not price increases.

Outlook and guidance

• Upgraded FY 2026 top-line growth guidance from 20% to at least 25%.

• Margin guidance maintained at 16–18% for the year.

• Capacity expansion for fittings and seamless pipes, including a piercing line, on track for H2 FY 2026 commencement.

• Expect domestic growth to recover from Q2 onwards, driven by power sector orders and new capacity.

• The company is monitoring the implementation of the new Code on Social Security, 2020, and will reflect any impact in future results once effective.