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 37.3% of total revenue, driven by strong demand in Europe, USA, and Middle East.

• Domestic sales remained stable, with a healthy order book of INR 560 crore, 35% of which is export-oriented.

• Major order secured from a leading Indian power equipment manufacturer, with execution to begin soon.

• Unaudited financial results for the quarter ended June 30, 2025, were reviewed and approved by the Board on August 12, 2025.

Financial highlights

• Revenue from operations reached INR 276.4 crore (₹2,764.14 million), up from INR 240.1 crore (₹2,581.36 million) in Q1 FY 2025, a 15.1% increase.

• EBITDA stood at INR 44.9 crore with a margin of 16.2%, down from INR 47.9 crore; PAT was INR 24.8 crore with a 9% margin.

• Net profit after tax for the quarter was ₹247.64 million, compared to ₹237.05 million in the same quarter last year.

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

• Revenue mix: 55% stainless, 38% welded pipes, 7% others.

Outlook and guidance

• Upgraded FY 2026 volume growth guidance from 20% to 25%, with margin guidance maintained at 16–18%.

• Capacity expansion for fittings and seamless pipes, including a piercing line, on track for H2 FY26 commencement.

• Domestic demand expected to improve from Q2, driven by power sector orders and ongoing shift to organized market.

• FY 2027 topline growth expected at 20% as new capacities come online.

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