VENUSPIPES

Venus Pipes share price & financials

Price
₹1,546.1
Market cap
₹3.3k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 10 Aug 2026

Venus Pipes Q1 FY27

Revenue from Operations ₹320.5 cr +16%EBITDA ₹51.5 cr +15%EBITDA Margin 16.1% PAT ₹26.4 cr +7%

What went well

  • Q1 FY27 Revenue from operations grew 16% YoY to INR320.5 crores, marking a record quarterly high.
  • EBITDA increased 14.7% YoY to INR51.5 crores, achieving a record quarterly high.
  • Domestic revenue registered a robust 31% year-on-year growth to INR227 crores.

What to watch

  • Export sales declined to INR94 crores in Q1 FY27 from INR103 crores in Q1 FY26, impacted by geopolitical situations.
  • EBITDA margin remained broadly stable at 16.1% compared to 16.2% in the corresponding quarter last year, with PAT growth at 6.5% YoY.
Read the full call →

What Venus Pipes does

Venus Pipes & Tubes manufactures stainless-steel welded and seamless pipes and tubes at its integrated facility in Dhaneti, Kutch (Gujarat), located near the Kandla and Mundra ports, and has backward-integrated into in-house mother hollow pipe production. Its products serve traditional sectors such as chemicals, engineering, fertilizers, power, pharmaceuticals, food processing, nuclear, oil & gas, paper, aerospace and automobiles, as well as newer sectors like solar manufacturing, semiconductors and data centers. It sells domestically to a clientele that includes 80+ Fortune 500 companies in India and exports to more than 30 countries. The company is extending into pipe fittings, flanges and pipe-spooling & fabrication to become a one-stop piping-solutions provider, with a dedicated spooling facility being set up on the back of a data-center customer order.

Segments

  • Welded Pipes & Tubes
  • Seamless Pipes & Tubes
  • Fittings, Flanges & Spooling (new)
Total installed manufacturing capacity
48,000 MTPA
Backward-integrated mother hollow pipe capacity
~20,400 MTPA
Manufacturing facility
Single integrated plant at Dhaneti, Kutch, Gujarat — 55 km from Kandla port and 75 km from Mundra port
Land bank at manufacturing site
2,66,282 sq. mt.
Export reach
30+ countries
Diversified end-user industries served
10
Founded 2015Headquarters Dhaneti, Bhuj, Kachchh, Gujarat, IndiaEmployees 825 (FY 2024-25 (as of 31 Mar) Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 3 delivered 0 missed 13 open
  • Export Mix at risk said Q4 FY25 Promised: >30% Q1 FY27: Actual export share for the quarter was ~29.3% (94cr/320.5cr), slightly below the >30% target, due to geopolitical issues. Management reiterates the intent and notes the order book has 40-45% export share.
  • FY27 Top-line Growth on track said Q4 FY25 Promised: >20% growth Q1 FY27: Q1 revenue grew 16% YoY, which is below the annual target. However, management reiterated the >20% growth guidance for FY27.
  • FY26 Top-line Growth delivered, diluted said Q4 FY25 Promised: >20% growth Q4 FY26: Achieved 22% YoY revenue growth for FY26 (INR 1166.8 cr). This met the original >20% target but fell short of the revised >25% guidance.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 16.3%, net profit up 4.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue229 231 258 276 292 +28%297 +29%302 +17%321 +16%
EBITDA41 37 42 45 48 +17%49 +32%49 +17%52 +16%
Net profit24 18 24 25 26 +8%26 +44%26 +8%26 +4%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +47.9% 1Y

₹1.0k₹1.5k₹2.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 5 Feb 2026Q4 FY26 — 26 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹1,365.6 on 10 Sept 2025 → ₹2,020.1. High ₹2,020.1 (11 Sept 2026), low ₹894 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+1.0%
10 Aug
Q4 FY26
+1.6%
26 May
Q3 FY26
+1.3%
5 Feb
Q2 FY26
+0.2%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 28.3% a year over 3 years, FY23 to FY26. Operating margin widened to 16.4%.

Year endingFY23FY24FY25FY26
Revenue₹552 Cr₹802 Cr₹958 Cr₹1.2k Cr
Operating profit₹70 Cr₹147 Cr₹168 Cr₹191 Cr
Operating margin12.7%18.3%17.5%16.4%
Interest₹10 Cr₹22 Cr₹34 Cr₹40 Cr
Depreciation₹2 Cr₹12 Cr₹19 Cr₹23 Cr
Net profit₹43 Cr₹85 Cr₹94 Cr₹103 Cr
Net margin7.8%10.6%9.8%8.8%
Cash from operations₹9 Cr₹52 Cr₹69 Cr₹112 Cr
Free cash flow₹-153 Cr₹-55 Cr₹-40 Cr₹-76 Cr
ROCE23.0%28.0%25.0%21.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹9 Cr₹15 Cr₹20 Cr₹20 Cr₹20 Cr₹21 Cr
Reserves₹31 Cr₹113 Cr₹302 Cr₹386 Cr₹511 Cr₹648 Cr
Borrowings₹38 Cr₹64 Cr₹90 Cr₹149 Cr₹192 Cr₹287 Cr
Other liabilities₹60 Cr₹55 Cr₹95 Cr₹202 Cr₹285 Cr₹344 Cr
Total liabilities₹138 Cr₹248 Cr₹507 Cr₹758 Cr₹1.0k Cr₹1.3k Cr
Fixed assets₹20 Cr₹21 Cr₹60 Cr₹282 Cr₹310 Cr₹399 Cr
Capital work in progress₹0 Cr₹7 Cr₹122 Cr₹12 Cr₹67 Cr₹124 Cr
Investments₹0 Cr₹1 Cr₹3 Cr₹3 Cr₹3 Cr₹1 Cr
Other assets₹118 Cr₹218 Cr₹323 Cr₹461 Cr₹629 Cr₹776 Cr
Total assets₹138 Cr₹248 Cr₹507 Cr₹758 Cr₹1.0k Cr₹1.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +2.85 pp while FIIs trimmed −2.30 pp. The shareholder count shrank 8% to 53,604.

Promoters
48.4%
FIIs
2.6%
DIIs
17.8%
Public
31.1%

Since Jun 2025

  • DIIs +2.85 pp
  • FIIs −2.30 pp
  • Public −0.85 pp

How it drifted, 12 quarters

Over this window DIIs went from 7.3% to 17.8% — +10.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 48.6%, FIIs 6.6%, DIIs 7.3%, Public 37.5%.Dec '23: Promoters 48.7%, FIIs 4.8%, DIIs 8.3%, Public 38.3%.Mar '24: Promoters 48.7%, FIIs 4.3%, DIIs 13.0%, Public 34.0%.Jun '24: Promoters 48.7%, FIIs 5.1%, DIIs 13.2%, Public 33.0%.Sep '24: Promoters 47.9%, FIIs 5.3%, DIIs 14.2%, Public 32.7%.Dec '24: Promoters 48.1%, FIIs 4.3%, DIIs 14.1%, Public 33.5%.Mar '25: Promoters 48.1%, FIIs 5.8%, DIIs 14.5%, Public 31.6%.Jun '25: Promoters 48.1%, FIIs 4.9%, DIIs 15.0%, Public 32.0%.Sep '25: Promoters 48.4%, FIIs 4.3%, DIIs 15.1%, Public 32.2%.Dec '25: Promoters 48.4%, FIIs 4.0%, DIIs 17.4%, Public 30.3%.Mar '26: Promoters 48.4%, FIIs 2.7%, DIIs 17.5%, Public 31.4%.Jun '26: Promoters 48.4%, FIIs 2.6%, DIIs 17.8%, Public 31.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Venus Pipes above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Megharam S Choudhary 17.35%unchanged
Dhruv Mahendrakumar Patel 12.80%unchanged
Arun Axaykumar Kothari 6.75%unchanged
Jayantiram Motiram Choudhary 5.85%unchanged
Payal Arun Bhai Kothari 5.66%unchanged
Kotak Mahindra Life Insurance Company Ltd. Insurer4.58%unchanged
Pioneer Investment Fund Scheme Ii AIF3.93%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Sma Mutual fund2.90%unchanged
Sundaram Mutual Fund A/C Sundaram Small Cap Fund Mutual fund1.65%unchanged
Ambit India Ascension Fund Global fund house1.48%−0.07 pp
Alchemy Emerging Leaders Of Tomorrow AIF1.21%unchanged
Vishwa Jeet Jhanwar 0.01%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in VENUSPIPES

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹99 Cr
1 schemes
Biggest holder
Nippon India Small Cap Fund
₹99 Cr · 0.1% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹99 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+361%
vs est. average cost
Held by funds
₹99 Cr
1 schemes · ≈ 2.8% of the company

Shares held by these funds −30%

Aug '23 6.00 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹2020, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~30%. At that growth it is worth ₹2376 — upside of 18%.

Growth the price implies
26.8% a year
for 7 years, fading to 4%
It has actually compounded at
32.5% a year
net profit, FY23–FY26 · EPS 30.1%
The gap
-0.0 pp
18% downside if it only repeats history
Price today ₹2,020.1 Value at the reference growth ₹2,375.74

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Venus Pipes

Guides on how to read this kind of business and the numbers that matter.