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 EBITDA and PAT growth despite global disruptions.

• Successfully commissioned full CapEx program, expanding product range and integrating fittings and spooling solutions, including a dedicated facility and a major INR 185 crore order from a data center client.

• Major capacity expansions are now operational, supporting growth in both domestic and export markets.

• Audited financial results for the year ended March 31, 2026, were approved with an unmodified audit opinion from statutory auditors.

• Final dividend of Rs. 0.50 per equity share recommended, bringing total FY 2025-26 dividend to Rs. 1 per share, subject to AGM approval.

Financial highlights

• FY 2026 revenue: INR 1,168 crore, up 22% YoY; Q4 revenue: INR 302.2 crore, up 17% YoY.

• EBITDA for FY26 reached INR 190.6 crore (+14% YoY), margin at 16.3%; PAT stood at INR 101.9 crore (+10% YoY), net margin 8.7%.

• Export sales for Q4: INR 87.8 crore (over 30% share), with FY26 exports at INR 400 crore, up 18% YoY.

• Volume growth for FY 2026: 15% overall; seamless segment >15%, welded ~10%.

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

Outlook and guidance

• FY 2027 revenue growth guidance of over 20%, with margin improvement expected to reach 17-18% by FY 2028.

• Spooling business to commence by end of calendar year, expected to deliver higher margins.

• Strong order book at INR 450 crore plus INR 185 crore LOI, with execution window extended to 5-6 months.

• Company continues to monitor regulatory changes, especially regarding new Labour Codes.

• Confident of PAT growth as new capacities and value-added projects ramp up.