Venus Pipes & Tubes Ltd(VENUSPIPES)

NSE: VENUSPIPESBSE: 543528

₹ 1,710.25-4.39%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 3,543 crWebsite: www.venuspipes.comUpdated: 24 Oct 2026

About

Venus Pipes & Tubes Ltd, based in Gujarat, makes stainless steel seamless and welded pipes and tubes for oil & gas, power, chemicals, engineering and export markets. FY26 revenue was INR 1,166.85 Cr. Its installed capacity is 20,400 MTPA seamless and 27,600 MTPA welded, and it is now moving forward into pipe spooling and fittings.^[1][2]

Business segments

Seamless pipes and tubes made up 55% of revenue in Q1 FY27, the same as 55% in Q1 FY26, and grew 15% YoY in Q1 FY27.^[3]
Welded pipes and tubes made up the rest of revenue; welded grew 21% YoY in Q1 FY27.^[3]
Fittings production started in May 2026; customer approvals were under way, and management expects fittings to bring in 5 - 7% of FY27 revenue.^[3][4]

Products and technology

Per the FY26 annual report, the company is developing duplex and super-duplex stainless grades and ultra-clean tubing for semiconductor, pharmaceutical, nuclear and hydrogen uses.^[4]
All testing is done in the company's own NABL-accredited laboratory (FY26 annual report).^[4]
The company says it is one of the few Indian stainless steel pipe makers running an Acid Regeneration Plant (FY26 annual report).^[4]

Manufacturing capacity

Installed capacity at end-May 2026 was 20,400 MTPA for seamless pipes and 27,600 MTPA for welded pipes, after the full capex programme was completed.^[2]
A ~20,400 MTPA piercing line makes mother hollow pipes in-house, which completes backward integration for seamless pipes (FY26 annual report).^[4]
The seamless expansion added 1,800 MTPA in November 2025 and 4,200 MTPA in May 2026, with matching backward integration.^[2]
A 6.1 MW DC solar power unit started operating at the Dhaneti facility on 17 August 2026.^[5]
An extra 15 acres next to the Dhaneti facility was acquired, taking the total land bank to 2,66,282 sq. mt.^[2]

Key operating numbers

Seamless utilisation was ~85 - 90% in Q1 FY27 vs >90% in FY26; welded utilisation was ~60% in Q1 FY27 vs 60 - 65% in FY26.^[3]
Blended volume grew >7% YoY in Q1 FY27 and ~15% YoY in FY26.^[3]
Blended EBITDA was ~INR 65/kg in FY26.^[2]
The order book for pipes and fittings was >INR 600 Cr in Q1 FY27, up from ~INR 450 Cr at Q4 FY26; with the INR 185 Cr spooling LOI, total visibility is ~INR 800 Cr.^[3]

Customers and distribution

Customers include over 80 of India's Fortune 500 companies (FY26 annual report).^[4]
In FY26 the company served 24 states in India and 35 countries abroad.^[4]
End markets include chemicals, engineering, power, oil & gas, food processing, nuclear (overseas) and data centres, as well as newer fields such as semiconductors and solar manufacturing.^[4][6]
Export revenue was INR 94 Cr (~29% of revenue) in Q1 FY27, down from INR 103 Cr (37%) in Q1 FY26; exports make up >40 - 45% of the order book.^[3]
Export revenue grew 18% YoY to INR 400 Cr in FY26, keeping the export share above 30%.^[2]
The company estimates it holds a 15 - 20% share of power-sector condenser tube tenders floated as of Q3 FY26.^[6]

Expansion and capex

Spooling and fabrication facility: INR 70 Cr capex, targeted to start by end of Q3 FY27 (December 2026), backed by the INR 185 Cr data-centre LOI.^[3]
FY27 capex is guided at INR 100 - 110 Cr: INR 70 Cr for spooling, with the rest for fittings machinery, maintenance and solar.^[3]
The 6.1 MW solar installation cost INR 22 Cr and is expected to save INR 6 Cr a year on power.^[2]

Recent developments

The company entered pipe spooling in Q4 FY26 with an INR 185 Cr LOI from a leading data-centre player to supply stainless steel spools for cooling.^[2]
Q1 FY27 revenue of INR 320.5 Cr was its highest quarter, driven by domestic revenue of INR 227 Cr (+31% YoY); export revenue fell 9% YoY.^[3]
The final tranche of warrants was converted to equity in Q2 FY26, raising INR 71.4 Cr from promoter and non-promoter group entities.^[7]

Market Cap

₹3,543 Cr

High / Low

₹2,348 / 888

Stock P/E

34.1

Price / Book

5.3

Book Value

₹323

EPS

₹49.2

No. of Shares

2.07 Cr

ROCE

21.3%

ROE

17.0%

OPM

15.2%

Debt / Equity

0.43

Sales

₹1,167 Cr

Net Profit

₹102 Cr

Promoter holding

48.4%

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