- Strong domestic, export demand boosts Q2 performance
- Export growth led by Europe, Middle East, Southeast Asia
India’s leading stainless steel pipe and tube manufacturer, Venus Pipes and Tubes Ltd (VPTL), delivered a robust performance in Q2FY’26, supported by steady demand across domestic and export markets, an improved product mix, and ongoing capacity expansion. The company continued to strengthen its operational efficiency and profitability, marking another milestone quarter, driven by strategic diversification and growth initiatives.
Sales, financial performance
Venus Pipes and Tubes achieved its highest-ever quarterly revenue of INR 291.5 crore, up 27.3% y-o-y from INR 228.9 crore, driven by strong offtake in both welded and seamless pipe segments. EBITDA for the quarter stood at INR 47.4 crore, up 15.9% y-o-y from INR 40.9 crore, while PAT came in at INR 26.1 crore, reflecting a healthy 8.9% margin.
On a half-yearly basis, H1FY’26 revenue reached INR 568 crore, up 21% y-o-y, underscoring the company’s consistent growth momentum and sustained operational performance.
Revenue mix
During Q2FY’26, Venus Pipes and Tubes reported a well-balanced revenue contribution across product segments and geographies.
The seamless pipes and tubes segment generated INR 164.1 crore, up 25% y-o-y, supported by rising demand from process industries and energy sectors. Meanwhile, the welded pipes and tubes segment grew 48% y-o-y to INR 113.3 crore, driven by continued strength in infrastructure and fabrication applications.
Geographically, the company maintained a diversified revenue base, with domestic markets contributing around 60% and exports accounting for 40% (INR 115.6 crore). Export growth was led by robust demand from Europe, the Middle East, and Southeast Asia, reflecting Venus Pipes’ expanding global reach and strengthening relationships with customers in high-specification stainless steel segments.
Expansion plans
Venus Pipes continues to enhance its manufacturing base at Dhaneti (Kutch), with additional capacity expansion for fittings and seamless pipes/tubes progressing as planned, targeted for completion in H2FY’26.
The new fittings unit, covering products such as elbows, flanges, and reducers, will further diversify the company’s portfolio and support entry into higher-margin value-added segments.
The company also commissioned an additional 1,800 mnt/year of seamless pipe and tube capacity, taking total seamless capacity to 16,200 mnt/year, strengthening its ability to serve specialised and high-value industrial applications.
An ongoing capex plan of INR 175 crore focuses on expanding value-added offerings and advancing backward integration, reinforcing Venus Pipes’ long-term growth strategy.
Outlook
Venus Pipes expects demand to remain strong across the oil and gas, process industries, pharmaceuticals, and engineering sectors. With a rising export share, continued capacity expansion, and focus on high-precision stainless steel solutions, the company is well-positioned to sustain double-digit growth in the medium term. Its emphasis on innovation, operational excellence, and global quality standards continues to strengthen its competitive edge in both domestic and international markets.
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