Venus Pipes and Tubes Limited (VENUSPIPES) Q4 25/26 earnings summary

Executive summary

• Achieved record annual revenue of INR 1,168 crore in FY 2026, up 22% year-over-year, with Q4 revenue at INR 302.2 crore, and strong profit growth despite global disruptions.

• Major capacity expansions and CapEx projects commissioned, expanding product range and integrating fittings and spooling solutions, including a dedicated facility and INR 185 crore order from a data center.

• Audited financial results for FY 2025-26 were approved with an unmodified audit opinion; final dividend of Rs. 0.50 per share recommended, totaling Rs. 1 per share for the year.

• All outstanding convertible warrants converted into equity shares during the year.

Financial highlights

• FY 2026 revenue: INR 1,168 crore (Rs. 11,668.48 million), up 22% YoY; Q4 revenue: INR 302.2 crore, up 17% YoY.

• FY 2026 EBITDA: INR 190.6 crore, margin at 16.3%; PAT: INR 101.9 crore, margin at 8.7%.

• Export sales for FY 2026: INR 400 crore, up 18% YoY; export share above 30%.

• Cash conversion ratio improved to 59% for FY 2026.

• Basic EPS for FY 2025-26 was Rs. 49.51, up from Rs. 45.65 YoY.

Outlook and guidance

• FY 2027 revenue growth guidance of over 20%, with EBITDA margin expected to rise above 16.3% and move toward 18% by FY 2028.

• Spooling business to commence by end of calendar year, with higher margin potential.

• Order book at INR 450 crore plus INR 185 crore LOI, with execution of new orders expected over 15 months.

• Company monitoring regulatory changes, especially new Labour Codes, for future financial impact.