Venus Pipes and Tubes Limited (VENUSPIPES) Q4 24/25 earnings summary

Executive summary

• Achieved record FY 2025 revenue of INR 958.5 crore, up 19.5% year-over-year, with EBITDA of INR 167.6 crore (+14.6%) and PAT of INR 92.9 crore (+8.1%).

• Secured a landmark INR 190 crore order for stainless steel seamless boiler tubes and commenced operations for 3,600 MT/year of value-added welded tubes.

• Export revenue tripled to INR 338 crore, now 35% of total revenue, driven by global market penetration.

• Expanded product portfolio with new value-added welded tubes and upcoming fittings capacity; received NABL accreditation for testing lab.

• Strengthened leadership team and focused on talent acquisition, product diversification, and market expansion for long-term growth.

Financial highlights

• FY 2025 revenue grew 19.5% year-over-year to INR 958.5 crore, with EBITDA at INR 167.6 crore (margin 17.5%) and PAT at INR 92.9 crore (margin 9.7%).

• Q4 FY 2025 revenue was INR 258.1 crore, up 15% year-over-year; Q4 EBITDA at INR 41.6 crore (margin 16.1%).

• Export revenue tripled to INR 338 crore, now 35% of total revenue; INR 125 crore in Q4 alone.

• Gross profit margin for FY 2025 improved to 33.3%; cash generated from operations was INR 87 crore.

• Total production volume reached 26,000 tons, with seamless up 25% and welded up 10%.

Outlook and guidance

• Top-line growth of over 20% expected for FY 2026 and FY 2027, with EBITDA margins guided at 16–18%.

• Commercial production of new value-added products and fittings to commence in FY 2026; fittings capacity to be completed in H2FY26.

• Blended capacity utilization expected to reach 80% in FY 2026, with seamless segment at 85–90%.

• Continued focus on expanding exports and maintaining export share above 30%.

• Optimistic about further export growth and domestic market share gains, supported by new product launches.