Venus Pipes and Tubes Limited (VENUSPIPES) Q2 25/26 earnings summary

Executive summary

• Achieved all-time high quarterly revenue of INR 291.5 crores in Q2 FY26, up 27% year-over-year, with H1 FY26 revenue at INR 568 crores, driven by robust demand and strong execution in both domestic and export markets.

• Export revenue reached INR 115.6 crores in Q2 FY26, a 53% year-over-year increase, now contributing 40% of total revenue.

• EBITDA for Q2 FY26 was INR 47.4 crores (up 16% YoY) with a margin of 16.3%; PAT for Q2 FY26 stood at INR 26.1 crores (up 10% YoY), both with an 8.9% PAT margin.

• Unaudited financial results for the quarter and half-year ended September 30, 2025, were approved and reviewed by the Board and auditors, confirming compliance with SEBI regulations.

• Interim dividend of Rs. 0.50 per equity share (5% of face value) declared for FY 2025-26, with a record date of November 18, 2025.

Financial highlights

• Q2 FY26 revenue: INR 291.5 crores (up 27.3% YoY); H1 FY26 revenue: INR 568 crores (up 21.1% YoY).

• Q2 FY26 EBITDA: INR 47.4 crores (up 16% YoY); EBITDA margin: 16.3%.

• Q2 FY26 PAT: INR 26.1 crores (up 10% YoY); net margin: 8.9%.

• Gross profit for H1 FY26: INR 187.5 crores (up 19.5% YoY).

• Basic EPS for H1 FY26 was Rs. 24.83, compared to Rs. 24.76 in H1 FY25.

Outlook and guidance

• Revenue growth guidance of 25% for FY26 is maintained.

• EBITDA margin expected to improve to 16%-18% in FY27 as new value-added capacities ramp up.

• Export mix expected to remain above 25%-30% of revenue going forward.

• Fittings plant to contribute meaningfully from FY27; minimal impact in FY26 as commissioning is in Q4.

• Additional capacity expansion for fittings and seamless pipes/tubes on track for completion in H2 FY26.