Venus Pipes & Tubes Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Venus Pipes & Tubes Ltd filed with BSE on 03 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Venus Pipes and Tubes reported Q4 FY26 revenue of Rs 302.2 crore, up 17% year-on-year, and FY26 revenue of Rs 1,166.8 crore, up 22%, with EBITDA margin at 16.3% for both the quarter and the year. Management said the company completed its capex program including forward integration into fittings and expanded seamless capacity to 6,000 metric tons per annum, and announced a new Rs 70 crore capex into spooling solutions backed by a Rs 185 crore LOI from a data center customer. Exports declined in the quarter due to disruption from the Middle East conflict, while domestic demand remained robust across power, oil and gas, and engineering sectors.
Numbers mentioned
Revenue: INR302.2 crores (Q4 FY26)
p. 6
“revenue from operations for Q4 FY26 stood at INR302.2 crores as compared to INR258.1 crores during Q4 FY25, achieving a growth of 17% year-on-year basis”
Kunal Bubna, page 6 of the filed PDF · View the filing
Revenue: INR1,166.8 crores (FY26)
p. 6
“Revenue for FY26 stood at INR1,166.8 crores, witnessing a strong growth of 22%”
Kunal Bubna, page 6 of the filed PDF · View the filing
Export sales: INR87.8 crores (Q4 FY26)
p. 6
“Export sales stood at INR87.8 crores for the quarter compared to INR112.5 crores in the same period last year, impacted by temporary disruption arising from the Middle East conflict”
Kunal Bubna, page 6 of the filed PDF · View the filing
EBITDA: INR49.4 crores (Q4 FY26)
p. 6
“our EBITDA for the quarter stood at INR49.4 crores as compared to INR41.6 crores in Q4 FY25, a growth of 19%”
Kunal Bubna, page 6 of the filed PDF · View the filing
EBITDA margin: 16.3% (Q4 FY26)
p. 6
“EBITDA margin for the quarter stood at 16.3% compared to 16.1% in the same period last year”
Kunal Bubna, page 6 of the filed PDF · View the filing
EBITDA: INR190.6 crores (FY26)
p. 6
“On FY26 basis, EBITDA saw a growth of 14%, standing at INR190.6 crores with a margin at 16.3%”
Kunal Bubna, page 6 of the filed PDF · View the filing
PAT: INR25.4 crores (Q4 FY26)
p. 6
“PAT for Q4 FY26 is INR25.4 crores compared to INR23.7 crores in Q4 FY25, a growth of 7% on a year-on-year basis”
Kunal Bubna, page 6 of the filed PDF · View the filing
PAT margin: 8.4% (Q4 FY26)
p. 6
“PAT margin stood at 8.4% for the quarter”
Kunal Bubna, page 6 of the filed PDF · View the filing
EBITDA to CFO conversion: 59% (FY26)
p. 6
“Our EBITDA to CFO conversion stands at 59% for FY26”
Kunal Bubna, page 6 of the filed PDF · View the filing
Order book: INR450 crores
p. 5
“our order book today stands at INR450 crores without LOI of INR185 crores that we have recently awarded by one of the leading data centers and remains well diversified”
Arun Kothari, page 5 of the filed PDF · View the filing
EBITDA per ton (blended): INR65 per kg (FY26)
p. 16
“On a totality basis, I can give is around INR65 per kg”
Kunal Bubna, page 16 of the filed PDF · View the filing
Seamless capacity utilization: more than 90%-95% (FY26)
p. 10
“see, more or less for the year, seamless was to an extent utilized more than 90%- 95% and welded something around 60%- 65%”
Kunal Bubna, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — more than 20% · FY27
stated firmly by Kunal Bubna
p. 7
“See, for FY27, we see it should be at least more than 20% growth.”
Kunal Bubna, page 7 of the filed PDF · View the filing
EBITDA margin — 17% moving to 18% · FY28
stated as an aspiration by Kunal Bubna
p. 7
“we have been saying that it will be more moving towards 17% and then to 18% by FY28 at EBITDA level”
Kunal Bubna, page 7 of the filed PDF · View the filing
Spooling facility commercialisation — by December 2026
stated firmly by Dhruv Patel
p. 13
“We'll be operational before that, but we will be operating before that, but December '26 is the last date.”
Dhruv Patel, page 13 of the filed PDF · View the filing
FY27 capex — INR90 crores to INR100 crores · FY27
stated firmly by Kunal Bubna
p. 14
“INR90 crores to INR100 crores.”
Kunal Bubna, page 14 of the filed PDF · View the filing
Export share of revenue — more than 30%-35%
stated as an aspiration by Kunal Bubna
p. 10
“we believe going forward also more than 30%-35% range should continue on the side of export”
Kunal Bubna, page 10 of the filed PDF · View the filing
BHEL new orders — next 30 to 45 days
stated firmly by Arun Kothari
p. 9
“We had already L1 in some of the tender, which we're about to get order in the next 1 or 1.5 months, almost more than INR50 crores order we're L1.”
Arun Kothari, page 9 of the filed PDF · View the filing
Spooling trial run and commercial production — Q2 and mid-Q3 FY27
stated firmly by Arun Kothari
p. 14
“Almost trial run will be over in the Q2 of this financial year. And commercial production, we are expecting to start in Q3 -- mid of the Q3.”
Arun Kothari, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management targeted commissioning by end of calendar year 2026 with an expected 3x asset turn and higher margins than the current business.
Answered by Kunal Bubna
Asked by Parth Bhavsar: When will the spooling business come on stream and what revenue/margin potential does it have?
p. 7
“we see a turn of around 3x of investment is expected from this business. And see, it would be higher margin-driven business, higher than what we currently earn in our business”
Kunal Bubna, page 7 of the filed PDF · View the filing
Management said working capital in the new business is expected to be similar to the existing business at around 120 days.
Answered by Kunal Bubna
Asked by Sneha Talreja: What is the working capital impact of the new data center business?
p. 8
“See, on the sales basis, it's around -- NWC is around 120 days, near to that. So we believe it should continue even in the new business also.”
Kunal Bubna, page 8 of the filed PDF · View the filing
Management said export share of the order book is around 40% and expects export share to remain above 30-35% going forward.
Answered by Kunal Bubna
Asked by Mihir Damania: What is the outlook for export sales given the Middle East crisis?
p. 10
“of the current order book also, we had an export percentage of roughly in the range of around 40%”
Kunal Bubna, page 10 of the filed PDF · View the filing
Management said the customer's confidence came from Venus's existing pipe and fitting facility and its ability to execute quickly.
Answered by Arun Kothari
Asked by Deepak: What criteria led to Venus winning the data center LOI as a new entrant?
p. 13
“After seeing our facility -- just after seeing facility, we had the pipe facility as well as fitting facility also. Or again, they require the fast execution of their project. So, we have given commitment to them.”
Arun Kothari, page 13 of the filed PDF · View the filing
Management cited the existing order book, L1 BHEL tenders, the data center LOI, and new fitting business as reasons for confidence in more than 20% growth.
Answered by Arun Kothari
Asked by Deepak: Given a lower starting order book and export softness, what gives confidence in 20% growth for FY27?
p. 15
“So, seeing all this thing, we are confident that we will be able to grow more than 20%.”
Arun Kothari, page 15 of the filed PDF · View the filing
Management stated less than 60% of the BHEL order had been executed by Q4.
Answered by Kunal Bubna
Asked by Sonal Minhas: What percentage of the BHEL order has been executed so far?
p. 17
“Something less than 60% had been executed.”
Kunal Bubna, page 17 of the filed PDF · View the filing
Management said their spooling focus is on data centers rather than nuclear power, and margins would depend on how the business develops.
Answered by Kunal Bubna
Asked by Parth Bhavsar: How does Venus's spooling business differ from Ratnamani's, and could margins be similar to Ratnamani's 35% in nuclear spooling?
p. 20
“It will again depend on how things pans out, as we said, with a few more orders to come in and all.”
Kunal Bubna, page 20 of the filed PDF · View the filing
Risks flagged
Prolonged elevated raw material prices could impact the business going forward
p. 3
“However, a prolonged period of elevated RM prices may have some impact going forward.”
Arun Kothari, page 3 of the filed PDF · View the filing
Middle East conflict caused temporary softness in exports
p. 3
“Q4 did witness some temporary softness due to the Middle East conflict, but our diversified export presence helped us to maintain the momentum.”
Arun Kothari, page 3 of the filed PDF · View the filing
Reduced order flow from the Middle East due to ongoing conflict
p. 12
“the order from Middle East has also been -- we are not seeing much flow from that side”
Kunal Bubna, page 12 of the filed PDF · View the filing
Delays at BHEL on the fabrication side affecting order timelines
p. 18
“So already all the old orders which awarded to BHEL from all the big players is already delayed.”
Arun kothari, page 18 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.