Venus Pipes and Tubes Limited (VENUSPIPES) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue from operations reached ₹3,610.54m, up 23.9% YoY; H1 revenue was ₹6,815.91m, up 20.0%.

• Domestic and export demand remained strong; the reported order book exceeded INR 670 crore, and spooling operations launched ahead of schedule with an initial data-center order.

• An interim dividend of ₹0.50 per share was declared, payable on or before Dec 4, 2026.

Financial highlights

• Q2 EBITDA rose 9.1% YoY to INR 51.7 crore; H1 EBITDA increased 11.8% to INR 103.2 crore.

• Q2 net profit was ₹260.24m versus ₹260.90m YoY; H1 net profit rose to ₹524.32m from ₹508.54m.

• Q2 gross profit was INR 127.7 crore, up 32.2%; EBIT was INR 48.4 crore, up 8.8%, and PBT was INR 34.6 crore, up 0.7%.

• H1 gross profit was INR 240.6 crore, up 28.3%; EBIT was INR 95.4 crore, up 8.4%, and PBT was INR 70.3 crore, up 3.2%.

Outlook and guidance

• FY volume growth target is ~15%; H1 volume growth was ~8%, with faster H2 growth expected across seamless and welded pipes, fittings and spooling.

• H2 targets include ~INR 70 crore revenue from data-center spooling at >30% EBITDA margin and INR 40–50 crore from fittings at 18%–20% margin.

• The remaining data-center LOI of INR 155 crore is expected to convert in phases, with completion targeted by Q2 FY28.

• Pipe margins could improve toward ~16% if freight rates return to earlier levels; value-added products and lower finance costs are expected to support H2 FY27.

• H2 utilization is expected at 60%–70% for welded pipes and above 90% for seamless pipes.