VENUSPIPESANDTUBES Q3 FY26 earnings call.
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Revenue
₹296.7 Cr
verification pending
Revenue YoY
28.3%
reported change
EBITDA
₹48.8 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Venus Pipes delivered a strong Q3 FY26 with all-time high revenue of ₹296.7 cr (+28.3% YoY) and PAT of ₹25.6 cr (+42% YoY), driven by robust domestic performance (revenue +43% YoY to ₹203 cr) offsetting slower export growth (5% YoY to ₹93.5 cr). EBITDA margin expanded 30 bps to 16.4%, though management targets 18% as value-added products (currently 15-20% of portfolio) scale up with new fittings and seamless capacity coming onstream by March 2026. The order book stands at ₹470 cr (>30% export), with 6-7 months execution visibility. FY27 growth guidance of 20%+ is underpinned by capacity ramp-up and new approvals in nuclear, oil & gas, and power sectors. Key risks include export dependency on US market amid tariff uncertainty, condenser pipe utilization at only 25-30%, and rising competition in seamless segment. Net debt at ₹260 cr is expected to remain stable.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets >20% revenue growth in FY27, driven by commissioning of new fittings and seamless capacity by March 2026 and accelerated ramp-up of value-added products.
- Margin improvement from current 16.4% to ~18% expected as value-added mix doubles and new high-margin segments (fittings, condenser tubes) scale, with visible improvement in FY27 and full benefit in FY28.
- Export expected to contribute >30% of total revenue going forward, with US market (now 20-25% of exports) potentially reviving after Section 232 tariff clarity and new approvals in Europe and Middle East.
- Fittings facility (~₹60 cr capex) and remaining seamless pipe capacity expected onstream by end of FY26 (March 2026), targeting 50% utilization in FY27 and substantial utilization in FY28.
Risks flagged
- US exports declined from >20% to ~12% of total exports in Q3 due to tariff uncertainty under Section 232. While tariff clarity has improved, order inflow recovery may take quarters. Export geography diversification (Europe 60-65%, US 20-25%, Middle East 10-12%) provides some hedge.
- Condenser capacity running at only 25-30% utilization with pending approvals from power sector. Management awaiting NTPC and Adani power tenders (floating every 6 months) but timing uncertain. Some revenue leakage possible in near term.
- Analyst flagged new capacity coming up in seamless pipes. Management cited backward integration and value-added capabilities (hydraulics, instrumentation, heat exchangers) as differentiators, but competitive pressure on pricing and volumes not fully quantified.
- Net debt at ₹260 cr with working capital similar to prior quarter. Capex for fittings and seamless ongoing; working capital may increase with revenue growth. Management expects net debt to remain stable within ₹10-20 cr range.
Key quotes
- With our recent capacity expansion into value added products, we believe that company is entering a new phase of its growth journey. Growth will be driven by higher share of value added offerings and increased participation in critical end use sector.
- In FY28 definitely the target is to reach around 18% [EBITDA margin]. Currently it's 16.4% and we believe it can move from 16 to 18%. FY27 definitely improvement will be seen and FY28 should be the year where the entire improvement should come.
- On the front of order book, it's around more than 30% on the side of export and balance in domestic. So we see more than 30-35% should be export also going forward in going forward year.
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