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Venus Pipes & Tubes

VENUSPIPES NSE
₹1,843.00 +65.60 (+3.69%)
P/E
36.79
View as Markdown
MCP
Close 4 Nov 2026 ₹1,843.00 +582.80 +46.2% 1Y
Start ₹1,260.20

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
21.30%
Debt to Equity
0.43
EPS (TTM)
₹50.09
Book Value
₹453.49
Market Cap
—
P/E (TTM)
36.79
P/B
4.06
ROE
17.00%
Dividend Yield
0.06%
EBITDA
₹202 Cr
52W High
₹2,347.90
52W Low
₹890.00
Day Range
₹1,687.80 – ₹1,860.00
Volume
1,87,559

Peer Comparison

Industrials › Industrial Products › Iron & Steel Products

Venus Pipes & Tubes peer comparison
Welspun Corp
₹2,400.0027.41₹60,980 Cr5.960.22%19.40%22.90%₹17,300 Cr₹2,319 Cr
APL Apollo Tubes
₹2,199.8049.69₹60,246 Cr10.640.39%25.40%31.80%₹23,065 Cr₹1,229 Cr
Shyam Metalics & Energy
₹1,231.4030.60₹34,478 Cr2.780.15%9.70%13.00%₹19,584 Cr₹1,121 Cr
Ratnamani Metals & Tubes
₹2,449.4039.67₹17,025 Cr4.180.42%12.60%17.90%₹4,314 Cr₹514 Cr
Jindal SAW
₹253.2229.51₹15,754 Cr1.280.81%8.20%10.40%₹18,501 Cr₹498 Cr
Usha Martin
₹486.0029.21₹14,245 Cr4.490.81%15.10%19.50%₹3,837 Cr₹508 Cr
Gallantt Ispat
₹529.1529.28₹12,939 Cr3.660.38%15.60%18.20%₹4,437 Cr₹436 Cr
Venus Pipes & Tubes (this company)
₹1,843.0036.79₹3,656 Cr4.060.06%17.00%21.30%₹1,211 Cr₹104 Cr
Median 8 companies₹1,537.2030.06₹16,390 Cr4.120.39%15.35%18.85%₹10,869 Cr₹511 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest 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, as of . How it works →

Overall score

53 Average

Data confidence 100/100

Category scores

Quality
60
Good
Returns, margins, earnings quality 22% weight
Valuation
36
Poor
Cheap vs sector & own history 24% weight
Growth
59
Good
Sales & profit trajectory 9% weight
Financial Health
42
Weak
Solvency, leverage, coverage 9% weight
Momentum
70
Strong
Trend strength, vol-adjusted 12% weight
Ownership
66
Strong
FII/DII/promoter flows 24% weight

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

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral757
OscillatorsBearish351
Moving AveragesStrong Bullish406

Key readings

RSI (14)
46.68
Neutral
MACD (12,26,9)
−58.22
Bearish
SMA (50)
1,919.95
Bearish
SMA (200)
1,486.18
Bullish

As of

Analyst Rating

Based on 6 analysts
BUY100%

6 of 6 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
6
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+30.44%
3Y+28.34%
1Y+21.69%
TTM+21.93%

Net profit

Net profit growth by window
5Y+33.56%
3Y+32.35%
1Y+9.68%
TTM+14.29%

Operating cash flow

Operating cash flow growth by window
5Y+59.06%
3Y+131.74%
1Y+62.32%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+5.04 pp
3Y+3.87 pp
1Y−1.15 pp
TTM−0.26 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2019₹119 Cr
Mar 2020₹178 Cr
Mar 2021₹309 Cr
Mar 2022₹387 Cr
Mar 2023₹552 Cr
Mar 2024₹802 Cr
Mar 2025₹959 Cr
Mar 2026₹1,167 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2019₹4.00 Cr
Mar 2020₹4.00 Cr
Mar 2021₹24.00 Cr
Mar 2022₹32.00 Cr
Mar 2023₹44.00 Cr
Mar 2024₹86.00 Cr
Mar 2025₹93.00 Cr
Mar 2026₹102 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹55.80 Cr +3.0% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk medium

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.

Bull Case 8
  • 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
Bear Case 7
  • 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
  • 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

121d ago

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.

Positives 1
  • 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.

Neutral 1
  • Promoter holding steady, unencumbered Jun 13

    Promoters held 8.85 million shares in Q4FY26 with no encumbrances reported during FY26, indicating stable insider ownership.

Quarterly Results

₹ Cr
VENUSPIPES quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
2.6
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

₹ Cr
VENUSPIPES profit and loss, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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

₹ Cr
VENUSPIPES balance sheet, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
VENUSPIPES cash flow, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

VENUSPIPES financial ratios, annual
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Venus Pipes & Tubes insights

67 extracted metrics across FY19–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 48.41%
  • Public 23.31%
  • DIIs 17.19%
  • Others 7.21%
  • FIIs 3.88%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Venus Pipes & Tubes

What does Venus Pipes & Tubes Ltd do?
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…
Where is Venus Pipes & Tubes Ltd (VENUSPIPES) listed?
Venus Pipes & Tubes Ltd trades as VENUSPIPES on the NSE and under code 543528 on the BSE.
Which sector does Venus Pipes & Tubes Ltd belong to?
Venus Pipes & Tubes Ltd is classified under the Industrial Products sector, in the Iron & Steel Products industry.
What is the PE ratio of Venus Pipes & Tubes Ltd?
Venus Pipes & Tubes Ltd trades at a PE ratio of 36.79 as of 4 Nov 2026, on earnings per share of ₹50.09, against a book value of ₹453.49 per share.
What is the 52-week high and low of Venus Pipes & Tubes Ltd?
Over the last 52 weeks Venus Pipes & Tubes Ltd has traded between ₹890 and ₹2,347.9 as of 4 Nov 2026.
Does Venus Pipes & Tubes Ltd pay dividends?
Venus Pipes & Tubes Ltd has a dividend yield of 0.06%.
What is the Return on Equity (ROE) of Venus Pipes & Tubes Ltd?
Venus Pipes & Tubes Ltd reported a return on equity of 17.00%. Its debt-to-equity ratio is 0.43.

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.

Website venuspipes.com
Listed 24 May 2022
Face Value ₹10

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