Venus Pipes and Tubes Limited (VENUSPIPES) Q3 25/26 earnings summary

Executive summary

• Achieved all-time high quarterly revenue of INR 296.7 crores in Q3 FY26, up 28.3% year-over-year, and nine-month revenue of INR 864.7 crores, already 90% of FY25 revenue.

• Domestic revenue grew 43% YoY in Q3 FY26, with exports contributing 31.5–32% of total revenue and growing 5% YoY.

• EBITDA for Q3 FY26 rose 31% YoY to INR 48.8 crores with a margin of 16.4%; PAT increased 42% YoY to INR 25.6 crores with an 8.6% margin.

• Capacity expansion for seamless pipes/tubes and fittings is underway and expected to be operational in the coming months.

• Unaudited standalone financial results for the quarter and nine months ended December 31, 2025, were approved and reviewed by the Board and statutory auditors.

Financial highlights

• Q3 FY26 revenue: INR 296.7 crores (up 28.3% YoY); nine-month revenue: INR 864.7 crores (up 23.5% YoY).

• Q3 FY26 EBITDA: INR 48.8 crores (up 31% YoY), margin 16.4%; nine-month EBITDA: INR 141.1 crores, margin 16.3%.

• Q3 FY26 PAT: INR 25.6 crores (up 42% YoY), margin 8.6%; nine-month PAT: INR 76.4 crores (up 10% YoY), margin 8.8%.

• Gross profit for Q3 FY26: INR 101.5 crores (up 33.6% YoY); nine-month: INR 289.0 crores (up 24.1% YoY).

• One-time impact of INR 64.55 lakhs due to changes in labor code affecting gratuity and leave liability.

Outlook and guidance

• Expecting more than 20% revenue growth in FY27 compared to FY26, driven by new capacities and value-added products.

• EBITDA margin targeted to improve from 16.4% to around 18% by FY28 as value-added product mix increases.

• Export share to remain above 30% of total revenue, with higher margins anticipated in established export markets.

• Fittings and seamless pipes/tubes capacity expansion to be operational in the coming months; fittings capacity to commence in H2 FY26.

• The company continues to monitor regulatory changes, especially regarding new labor codes, and will assess further impacts as needed.