Venus Pipes & Tubes
Venus Pipes & Tubes (VENUSPIPES) share price was ₹1,774.80 at the 28 Oct 2026 close; market capitalisation ₹3,677 Cr; P/E (TTM) 35.43; sector Industrial Products. The share price rose 38.4% over the year to 28 Oct 2026 (adjusted for splits and bonuses). In the Jun 2026 quarter, revenue rose 16.0% year on year to ₹320.5 Cr and net profit rose 6.5% year on year to ₹26.4 Cr (compared with Jun 2025). Promoters held 48.41% of Venus Pipes & Tubes in Sep 2026, unchanged from Jun 2026. Its Tapetide Score is 52/100 (Average) as of 28 Oct 2026.
Key Fundamentals
MicrocapIndustrial ProductsCapital GoodsPrice-based figures as of 28 Oct 2026, 15:31 IST · EPS basis: Standalone · TTM
Peer Comparison
Industrials › Industrial Products › Iron & Steel Products
| ₹2,564.30 | 29.29 | 67,644 Cr | 7.39 | 0.20% | 17.23% | 19.52% | 18,378 Cr | 2,319 Cr | |
| ₹2,165.30 | 48.91 | 60,121 Cr | 10.47 | 0.38% | 22.71% | 28.21% | 24,268 Cr | 1,229 Cr | |
| ₹1,144.70 | 28.45 | 31,952 Cr | 2.77 | 0.16% | 8.58% | 12.95% | 19,781 Cr | 1,121 Cr | |
| ₹2,310.00 | 37.41 | 16,191 Cr | 3.94 | 0.43% | 12.70% | 16.32% | 4,431 Cr | 514 Cr | |
| ₹241.05 | 28.09 | 15,415 Cr | 1.22 | 0.82% | 7.53% | 10.94% | 18,622 Cr | 498 Cr | |
| ₹464.10 | 27.89 | 14,143 Cr | 4.28 | 0.78% | 14.88% | 18.75% | 3,918 Cr | 508 Cr | |
| ₹537.20 | 29.73 | 12,962 Cr | 3.72 | 0.37% | 14.60% | 17.99% | 4,646 Cr | 436 Cr | |
| Venus Pipes & Tubes (this company) | ₹1,774.80 | 35.43 | 3,677 Cr | 5.50 | 0.06% | 15.25% | 22.83% | 1,222 Cr | 104 Cr |
| Median 8 companies | ₹1,459.75 | 29.51 | 15,803 Cr | 4.11 | 0.38% | 14.74% | 18.37% | 11,512 Cr | 511 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100. How it works →
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Category scores
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
1- Company has delivered good profit growth of 34.0% CAGR over last 5 years
Technical Indicators
Oscillators
Bullish
Overall
Bearish
Moving Averages
Bearish
6 of 6 analysts rate Buy, 0 Hold, 0 Sell.
Updated 28 Oct 2026
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 16% · Jun 2026
AI Analysis — Bull vs Bear
Venus Pipes & Tubes Ltd is a Gujarat-based stainless steel pipes and tubes manufacturer with a market cap of ₹3,767 Cr, trading at a PE of 36.3x. The company has delivered 30% sales CAGR and 34% profit CAGR over 5 years, though profit growth has moderated to 10% on a TTM basis while borrowing costs remain elevated with interest expenses rising from ₹22 Cr in FY24 to ₹34 Cr in FY25.
- Strong 5-year compounded sales growth of 30% CAGR, with revenue scaling from ₹387 Cr in FY22 to ₹959 Cr in FY25
- Robust 5-year profit CAGR of 34%, with net profit rising from ₹32 Cr in FY22 to ₹93 Cr in FY25
- Capacity expanded 4.1x over 5 years to 38,400 MTPA, with further expansion to 46,800 MTPA underway including new fittings and seamless pipe capacity of 10,200 MTPA commissioned in FY26
- Consistent ROE averaging 20% over 3 and 5 years, indicating efficient capital deployment
- Entry into high-value segments like titanium welded tubes, fittings, and pipe spooling diversifies revenue streams and targets industries like semiconductor manufacturing
- FY26 annual revenue reached ₹1,167 Cr, representing 22% YoY growth and crossing a milestone threshold
- EPS grew from ₹20.80 in FY22 to ₹49.22 in FY26, a compounded growth of approximately 24% annually
- Stock has delivered 22% return over 1 year and 15% CAGR over 3 years, broadly tracking earnings growth
- TTM profit growth has decelerated sharply to 10% versus the 5-year CAGR of 34%, signaling margin pressure
- Interest expenses nearly doubled from ₹22 Cr in FY24 to ₹34 Cr in FY25 and further to ₹41 Cr in FY26, reflecting high cost of borrowing
- PE of 36.3x is elevated for an industrials company, requiring sustained high growth to justify the valuation
- Operating profit margin contracted from 18.2% in FY24 to 17.3% in FY25 and further to 16.2% in FY26, a declining trend
- Price-to-book ratio of 5.53x leaves limited margin of safety if growth disappoints
- Dividend yield of just 0.03% with payout ratio of only 2%, offering negligible income return to shareholders
- ROE declined from 20% (3-year average) to 17% in the last year, suggesting diminishing returns as capital base expands with debt-funded capex
- Heavy capex cycle of ₹175 Cr funded partly through debt and warrants increases balance sheet leverage during a period of rising interest rates
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- FY26 net profit up 9.8% Jun 22
Venus Pipes reported FY26 net profit of ₹1,019.62 crore, a 9.8% year-on-year increase. The board recommended a final dividend of ₹0.50 per share.
- Promoter holding steady, unencumbered Jun 13
Promoters held 8.85 million shares in Q4FY26 with no encumbrances reported during FY26, indicating stable insider ownership.
TL;DR: Venus Pipes delivered steady profit growth of 9.8% in FY26 with a modest dividend payout, signaling operational stability. Promoter holding remains unencumbered, reflecting confidence. No visible headwinds emerged in recent news flow. The trend appears stable, though the modest single-digit profit growth suggests room for acceleration going forward.
Analyst Forecasts
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 180 | 191 | 207 | 224 | 240 | 229 | 231 | 258 | 276 | 292 | 297 | 302 | 321 |
| Expenses | 152 | 157 | 168 | 179 | 192 | 188 | 194 | 217 | 232 | 244 | 248 | 253 | 269 |
| Operating Profit | 28 | 35 | 39 | 45 | 48 | 41 | 37 | 42 | 45 | 48 | 49 | 49 | 52 |
| OPM % | 15% | 18% | 19% | 20% | 20% | 18% | 16% | 16% | 16% | 16% | 16% | 16% | 16% |
| Other Income | 1 | 0 | 2 | 0 | 1 | 4 | 1 | 5 | 4 | 3 | 2 | 2 | 3 |
| Interest | 3 | 5 | 6 | 8 | 8 | 8 | 9 | 9 | 10 | 10 | 10 | 10 | 11 |
| Depreciation | 1 | 3 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 6 | 6 | 6 | 7 |
| PBT | 23 | 27 | 31 | 34 | 37 | 32 | 24 | 32 | 34 | 34 | 34 | 35 | 36 |
| Tax % | 26% | 26% | 25% | 26% | 25% | 26% | 26% | 27% | 27% | 24% | 25% | 27% | 26% |
| Net Profit | 17 | 20 | 23 | 25 | 28 | 24 | 18 | 24 | 25 | 26 | 26 | 26 | 26 |
| EPS (₹) | 8.58 | 9.98 | 11.47 | 12.34 | 13.58 | 11.62 | 8.82 | 11.6 | 12.08 | 12.67 | 12.36 | 12.31 | 12.75 |
Profit & Loss
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 119 | 178 | 309 | 387 | 552 | 802 | 959 | 1,167 | 1,211 |
| Expenses | 110 | 166 | 275 | 338 | 483 | 656 | 791 | 976 | 1,014 |
| Operating Profit | 8 | 12 | 35 | 49 | 69 | 146 | 168 | 191 | 197 |
| OPM % | 7% | 7% | 11% | 13% | 13% | 18% | 17% | 16% | 16% |
| Other Income | 2 | 2 | 3 | 2 | 2 | 3 | 11 | 11 | 10 |
| Interest | 3 | 5 | 6 | 7 | 10 | 22 | 34 | 41 | 42 |
| Depreciation | 2 | 2 | 1 | 1 | 2 | 12 | 19 | 24 | 26 |
| PBT | 5 | 6 | 31 | 43 | 60 | 116 | 125 | 137 | 139 |
| Tax % | 24% | 36% | 24% | 26% | 26% | 26% | 26% | 26% | — |
| Net Profit | 4 | 4 | 24 | 32 | 44 | 86 | 93 | 102 | 104 |
| EPS (₹) | 4.29 | 4.73 | 27.06 | 20.81 | 21.78 | 42.36 | 45.47 | 49.22 | 50.09 |
| Div. Payout % | 0% | 0% | 0% | 0% | 2% | 1% | 2% | 2% | — |
Balance Sheet
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 15 | 20 | 20 | 20 | 21 |
| Reserves | 3 | 8 | 31 | 113 | 302 | 386 | 511 | 648 |
| Borrowings | 29 | 43 | 38 | 64 | 90 | 149 | 192 | 287 |
| Other Liabilities | 38 | 48 | 60 | 55 | 95 | 202 | 285 | 344 |
| Total Liabilities | 79 | 107 | 138 | 248 | 507 | 758 | 1,008 | 1,300 |
| Fixed Assets | 10 | 12 | 20 | 21 | 60 | 282 | 310 | 399 |
| CWIP | 0 | 3 | 0 | 7 | 122 | 12 | 67 | 124 |
| Investments | 0 | 0 | 0 | 1 | 3 | 3 | 3 | 1 |
| Other Assets | 69 | 92 | 118 | 218 | 323 | 461 | 629 | 776 |
| Total Assets | 79 | 107 | 138 | 248 | 507 | 758 | 1,008 | 1,300 |
Cash Flow
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | -7 | 2 | 11 | -60 | 9 | 52 | 69 | 112 |
| Investing | -1 | -12 | -2 | -23 | -167 | -100 | -114 | -203 |
| Financing | 8 | 10 | -9 | 83 | 169 | 38 | 47 | 94 |
| Net Cash Flow | 0 | 0 | 0 | 0 | 11 | -10 | 2 | 3 |
| Free Cash Flow | -9 | -5 | 6 | -81 | -153 | -55 | -40 | -76 |
| CFO/OP | -65 | 30 | 35 | -99 | 40 | 49 | 52 | 76 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 66 | 63 | 53 | 69 | 47 | 81 | 73 | 81 |
| Inventory Days | 130 | 103 | 62 | 108 | 137 | 143 | 196 | 183 |
| Days Payable | 117 | 96 | 59 | 45 | 61 | 110 | 137 | 141 |
| Cash Conversion Cycle | 80 | 70 | 56 | 133 | 123 | 114 | 132 | 124 |
| Working Capital Days | 46 | 28 | 40 | 99 | 75 | 62 | 62 | 59 |
| ROCE % | — | 22% | 53% | 37% | 23% | 28% | 25% | 21% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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68 extracted metrics + investor summaries across FY18–FY27.
Documents
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Company Information
Venus Pipes & Tubes Limited is a manufacturer and exporter of stainless steel pipes and tubes. The company is manufacturing stainless steel tube products in two broad categories - seamless tubes/pipes and welded tubes/pipes under which five categories of products are manufactured namely, stainless steel high precision & heat exchanger tubes, stainless steel hydraulic & instrumentation tubes, stainless steel seamless pipes, stainless steel welded pipes and stainless steel box pipes.[1]
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