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.

• EBITDA for Q3 FY26 was INR 48.8 crores (up 31% YoY), with a margin of 16.4%; PAT grew 42% YoY to INR 25.6 crores with an 8.6% margin.

• Domestic revenue grew 43% YoY in Q3 FY26, while exports contributed 32% of quarterly revenue, growing 5% YoY.

• Capacity expansion for seamless pipes/tubes and fittings remains on track, 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 (28.3% YoY growth); nine-month revenue: INR 864.7 crores (23.5% YoY growth).

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

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

• Export sales for Q3: INR 93.5 crores (5% YoY growth); Europe accounted for 60-65% of exports, US 20-25%, Middle East 10-12%.

• Net debt at quarter-end: INR 260 crores, expected to remain stable.

Outlook and guidance

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

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

• Export share of revenue expected to remain above 30%, with potential for higher margins 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.