The call ran from 7:01 PM to 7:55 PM IST (54 min).
Key takeaways
Record Q2 revenue ₹361.1 Cr (+23.9%), but EBITDA rose only 9.1% as margin fell ~200bps to 14.3% on freight, fuel and staff costs. Growth is price-led; margin recovery is asserted, not quantified.
| Revenue growth | Revenue +23.9% YoY, price-led (~12%) plus ~8% volume; H1 +20%. |
|---|---|
| Margins | EBITDA margin 14.3% vs 16.3%; ~200bps contraction; H2 recovery unquantified. |
| Order book | ₹670 Cr, >30% YoY; incl ₹30 Cr data-centre; ~₹155 Cr LOI pending. |
| Demand visibility | Broad demand: power, engineering, oil & gas; new CNG, semiconductor, solar inquiries. |
| Management confidence | Over-optimistic; repeated 'definitely' on margin recovery without figures. |
Growth
Revenue +23.9%: ~12% price, ~8% volume, rest fittings. EBITDA only +9.1%; export ₹147.2 Cr, +27%.
Outlook
Targets ~₹70 Cr data-centre revenue at >30% EBITDA in H2; fittings ₹40–50 Cr at 17–20%; FY27 capex ₹130–140 Cr.
Risks
EBITDA/kg ₹62 vs ₹64; freight/fuel pass-through partial; employee cost ~+35%; H2 margin recovery unquantified; LOI conversion timing vague.
Last quarter's promises, checked
Delivered
- Export pickup Q2 → ₹147.2 Cr, +27% (= BEAT)
- FY27 growth ~20% → Q2 +23.9%, H1 +20% (= BEAT)
- Volume >7% → ~8% (= BEAT)
Partly delivered
- DC LOI ₹185 Cr → ₹30 Cr firm, ₹155 Cr pending (= PARTIAL)
- Utilisation Seamless >80–85%, welded >60–65% → >80%, >60% (= PARTIAL)
- FY27 volume >15% → H1 ~8%, FY27 ~15% (= PARTIAL)
Missed
- Margin 18–19% in 2–3 qtrs → Q2 14.3% (= MISS)
- EBITDA/kg improving → ₹62 vs ₹64 (= MISS)
- Capex ₹100–110 Cr → ₹130–140 Cr FY27 (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Venus Pipes & Tubes Q2 FY27 Results: Net Profit ₹26 Cr, Down 0.4% YoY
Venus Pipes & Tubes Ltd reported revenue from operations of ₹361.1 Cr (+23.9% YoY) and net profit of ₹26 Cr (-0.4% YoY) for Q2 FY27.
- Key figure
- Net profit ₹26 Cr · -0.4% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Management targets 18-19% EBITDA margins by FY28. Significant growth expected from data center cooling projects and spooling.
Growth they described
Revenue grew 16% YoY; Domestic revenue surged 31% while exports declined due to geopolitical tensions.
Call details
| Company | Venus Pipes & Tubes Limited |
|---|---|
| NSE symbol | VENUSPIPES |
| ISIN | INE0JA001018 |
| Call | Q2 FY27 earnings call |
| Date | Thursday, 5 November 2026 |
| Time | 7:00 PM IST |
| Length | 54 min |
| Audio | Our stream on YouTube ↗ |
Venus Pipes & Tubes Limited: key numbers
- Share price
- ₹1,803.10
- Market cap
- ₹4,137 Cr
- Revenue (annual)
- ₹1,167 Cr
- Net profit (annual)
- ₹102.0 Cr
- P/E (TTM)
- 39.9×Sector 17.1×
- Promoter holding
- 43.71%-4.70% QoQ
- FII holding
- 5.96%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
Other calls on Thu, 5 Nov
Today's concalls →
