Venus Pipes & Tubes Limited announced its Q2 and H1 FY26 financial results, along with an earnings call transcript. * Financial Performance (Q2 FY26): * Achieved all-time high revenue of ₹291.5 crore, a 27% year-on-year growth. * Export sales reached an all-time high of ₹115.6 crore, growing 53% year-on-year and contributing 40% to total revenue. * Domestic sales grew 15%. * EBITDA stood at ₹47.4 crore, up 16% year-on-year, with a margin of 16.3%. * Profit After Tax (PAT) was ₹26.1 crore, up 10% year-on-year, with a margin of 8.9%. * Financial Performance (H1 FY26): * Revenue was ₹568 crore, showing a 21.1% growth. * EBITDA was ₹92.3 crore, a 4% growth, with a margin of 16.3%. * Operational Highlights: * Successfully commissioned 1,800 MTPA of stainless steel seamless pipes and tubes in November 2025, taking total seamless capacity to 16,200 MTPA. * New capacities for fittings and seamless pipes/tubes are expected to come on stream in the second half of FY26. * Healthy order book of ₹490 crore, with over 30% from exports. * Executed over 15% of the ₹190 crore power sector order, targeting completion before June 2026. * Outlook & Guidance: * Maintains guidance for 25% revenue growth for FY26. * EBITDA margins are expected to be between 16% to 18% in FY27 due to new capacities and value-added products. * Borrowings are expected to slightly increase and peak in FY27 as capital expenditure continues. * Anti-dumping duties on stainless steel pipes in India (imposed in December 2022) are expected to end by December 2027. * Management expressed confidence in strong performance in H2 FY26 and long-term expansion driven by India's capex cycle and shift towards the organized sector.
