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

Executive summary

• Achieved record FY25 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 MTPA value-added welded tubes, marking entry into the value-added segment.

• Export revenue grew over 3x to INR 338 crore, now 35% of total revenue, with expansion into over 30 countries.

• Maintained a strong order book of approximately INR 575 crore, split 40% export and 60% domestic.

• Strengthened leadership team, received NABL accreditation for testing lab, and expanded business scope to include fittings, accessories, and renewable energy.

Financial highlights

• FY25 revenue: INR 958.5 crore (+19.5% YoY); EBITDA: INR 167.6 crore (+14.6% YoY); PAT: INR 92.9 crore (+8.1% YoY); Q4 revenue: INR 258.1 crore (+15% YoY); Q4 PAT: INR 23.7 crore.

• Export revenue increased from INR 98.7 crore in FY24 to INR 338 crore in FY25.

• Gross profit margin for FY25 improved to 33.3%; EBITDA margin at 17.5%; PAT margin at 9.7%.

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

• Basic EPS for FY25 was Rs. 45.65, up from Rs. 42.36 in the previous year.

Outlook and guidance

• FY26 and FY27 revenue expected to grow over 20% annually, with EBITDA margins guided at 16%-18%.

• Blended capacity utilization targeted at 80% for FY26, with seamless segment above 85%.

• Commercial production of new value-added products and fittings to commence in FY26; fittings capacity to be completed in H2FY26.

• Export share to remain above 30% of revenue, with continued focus on global market expansion.

• The company is expanding its business scope to include fittings, accessories, and renewable energy.