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, up 21% YoY, driven by robust demand and effective execution in both domestic and export markets.

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

• Domestic revenue grew 15% YoY, supported by strong demand in power, engineering, and railways.

• Commissioned 18,000 MT seamless pipes capacity in November, raising total seamless capacity to 216,200 MT per annum.

• 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.

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 at 16.3%.

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

• Maintains FY26 revenue growth guidance of 25%.

• Margin guidance for FY27 is 16%-18% as new value-added capacities ramp up.

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

• Fittings plant to contribute meaningfully from FY27; minimal impact in FY26.

• The company is awaiting the effective date and rules for the new Code on Social Security, 2020, and will reflect any impact in future results.