VENUSPIPESANDTUBES Q4 FY26 earnings call.
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Revenue
₹1,168 Cr
verification pending
Revenue YoY
22%
reported change
EBITDA
₹190.6 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 record Q4 and FY26 performance with revenue of Rs 302.22 crore in Q4 (17% YoY) and Rs 1,168 crore for full year (22% YoY). EBITDA grew 19% to Rs 49.4 crore in Q4 with margin expansion of 20bps to 16.3%. PAT grew 7% to Rs 25.4 crore. The company navigated global disruptions including Middle East conflict and tariff uncertainties through backward integration and diversified geography presence. Export grew 18% despite Q4 softness. Major capex of Rs 200+ crore is now fully commissioned, adding fittings capacity, seamless capacity expansion to 20,400 TPA, and welded capacity to 27,600 TPA. The company secured a Rs 185 crore LOI for data center spooling solutions with 3x asset turn potential, entering a high-growth new segment. FY27 guidance: 20%+ revenue growth and margins moving toward 17-18% by FY28. Risks include Middle East geopolitical impact on exports and raw material price inflation.
Colored figures show movement against the previous available record.
Guidance to track
- Company expects to achieve over 20% volume-driven growth in FY27, supported by new fittings business, data center spooling commercialization, and robust domestic demand from power, oil & gas, and engineering sectors.
- Management targets EBITDA margins above current 16.3% run-rate, with trajectory toward 17% and eventually 18% by FY28, driven by higher-margin spooling solutions and improved product mix.
- New Rs 70 crore spooling facility expected to commence commercial production in mid-Q3 FY27, backed by Rs 185 crore LOI from data center customer. Trial runs to complete in Q2.
- Maintenance capex of Rs 20-25 crore planned for FY27, primarily for base business upkeep, following the completion of major Rs 200+ crore expansion program.
Risks flagged
- Middle East conflict caused Q4 export decline from Rs 112.5 crore to Rs 87.8 crore. Management flagged pending repair orders but recovery timeline remains uncertain pending geopolitical resolution.
- Order book of Rs 450 crore is ~20% lower than previous March's Rs 575 crore (which included large BHL order). Current guidance for 20%+ growth relies on tender conversions and new data center revenue.
- Analyst raised concern that PAT has remained in Rs 25-26 crore range for ~9 quarters despite significant capex. Management attributed this to ongoing ramp-up of value-added products and expects improvement each quarter going forward.
- Company entering new business segment without existing spooling infrastructure. Management targets trial runs completion by Q2 and commercial start in Q3 FY27, but delays in facility commissioning could impact Rs 185 crore LOI execution timeline.
Key quotes
- The 20% growth is keeping the current scenario in mind, many things are being considered, and it's always an intent of the company to achieve a higher number than what has been said.
- We believe each quarter should keep on improving and I think it should come also to the PAT number also. Many of the projects which have been started are value added, so same should show the result at the PAT level also.
- We are the first in the pipe segment who has [received this] award in this contract. Other players are simply fabricators who are engaged in this business without pipe or fitting capacity.
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