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Venus Pipe reported a steady performance in Q1FY27

ICICIdirect Research 11 Aug 2026 DISCLAIMER

News: Venus Pipe reported a steady performance in Q1FY27. Consolidated topline stood ₹321 crore (up 16% YoY, 6% QoQ). Reported EBITDA stood at ₹52 crore with corresponding EBITDA margins at ~16% (down 22 bps QoQ). Consolidated PAT for the quarter stood at ₹26 crore (up 7% YoY).

View: Revenue growth during the quarter was primarily supported by the welded pipes segment, which grew 21% YoY. Meanwhile, the seamless pipes segment recorded a healthy 15% YoY growth, although its revenue contribution moderated to ~55% in Q1FY27 from ~59% in Q4FY26. Consequently, EBITDA margins remained largely flattish sequentially. Going forward, the company's robust order book of over ₹600 crore, (vs ₹450 crore in Q4FY26), provides healthy revenue visibility. Further, the commissioning of the fittings and value-added pipes and tubes facility is expected to contribute volumes from Q2FY27 and improve the company's overall margin profile. In addition, the ₹180 crore LOI from a data centre for the supply of stainless-steel spools, which is expected to be executed by the end of FY27, should further support margin expansion. With this we remain positive view on the company

Impact: Positive

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