📌 At a Glance
Venus Pipes & Tubes Ltd (CMP ₹1,500) has quietly forged one of the strongest stainless steel comebacks in FY25. Revenues grew 19.5% to ₹959 Cr, EBITDA rose 14.6% to ₹168 Cr, and PAT clocked ₹93 Cr. But more importantly, they bagged a ₹190 Cr mega order, added new capacity, and are now one of the few offering full-stack pipe + fitting solutions. Oh, and did we mention they export to 30 countries?

🏭 About the Company

Venus manufactures stainless steel seamless & welded pipes, heat exchanger tubes, hydraulic & instrumentation tubes, and is now venturing into value-added fittings.

👥 Key Managerial Personnel (KMP)

• Arun Kothari – Managing Director
• Kunal Bubna – CFO
• Pavan Kumar Jain – Company Secretary

This is not your typical pipe company. This is an ambitious exporter with Europe + Middle East + US play, riding India’s infra and thermal power boom.

📊 Financials – Q4 & FY25

🔹 Q4 FY25 Highlights

Margins are stable. Volumes up. Seamless pipes did the heavy lifting.

📅 FY25 Full-Year Highlights

Export revenue more than tripled. Global slowdown? Venus didn’t get the memo.

🧮 Forward-Looking Fair Value (FV) Estimate

Let’s assume FY26 PAT grows 20% = ₹112 Cr
Shares Outstanding ≈ 2.03 Cr
EPS = ₹55
Infra + export premium P/E: 30x

👉 Fair Value Estimate = ₹55 × 30 = ₹1,650

📍CMP = ₹1,500
➡️ Still has room to run, especially with capacity expansion + ₹190 Cr order in hand.

⚙️ Operational Highlights

• ✅ 18% YoY growth in seamless pipe revenue
• ✅ 12% growth in welded pipe revenue
• ✅ ₹87 Cr cash from ops
• ✅ NABL accreditation for in-house lab
• ✅ Commissioned 3,600 MTPA value-added welded tube plant
• ✅ Fittings plant coming in H2 FY26
• ✅ ₹190 Cr order for Stainless Steel Seamless Boiler Tubes for supercritical thermal projects
• 🌍 Export markets: Europe, Brazil, UK, Israel, USA, Middle East

They’re not just making pipes — they’re building a stainless empire.

🔭 Growth Outlook FY26

🔧 What’s Coming:

• Fittings plant operational in H2
• Value-added seamless tubes next
• Thermal + industrial demand up
• Strong order book visibility

🌏 Export Tailwinds:

• Eurozone infra grants, US utility spend, Middle East refinery projects = more stainless steel pipes
• Export growth already 3x — now they want market share

🛠️ Domestic Hedge:

While exports are booming, domestic sales remain steady — giving Venus a natural hedge against currency shocks or geopolitical surprises.

🧠 EduInvesting Take

“Pipes are boring — until one delivers 120% returns and bags a ₹190 Cr order in a single year.”

Venus Pipes isn’t making news like PSU defence stocks. But behind the scenes, it’s doing exactly what investors crave:

• Clean, growing revenues
• Stable margins
• Large orders
• Exports expanding
• And it’s NOT a scammy SME stock

This is a textbook growth + infra + export play, and the chart reflects that.

But here’s the twist: at CMP ₹1,500, it’s already pricing in future earnings — so any hiccup in margins or export slowdown could trigger profit-booking.

⚠️ Risks & Red Flags

• 🧯 Thermal power order is lumpy — won’t repeat every quarter
• 🧮 Margin pressure if steel prices rise
• 🌍 Export boom may cool if global slowdown intensifies
• 🛠️ Capex delay risk in fittings + seamless line
• 📈 Stock has doubled — expect volatility

No fraud. Just fair warning: valuation is rich, and momentum must be matched with execution.

🧾 Final Verdict

Venus Pipes is no meme stock. It’s a rare Indian midcap quietly going global — tripling exports, expanding capacity, getting accredited, and landing 9-figure orders.

CMP ₹1,500 isn’t cheap, but this is a premium business in a premium segment, with more expansion coming.

So ask yourself:
Is Venus a one-year wonder, or India’s next stainless steel export legend?

Our take?

This isn’t just a pipe stock.
It’s India’s stainless sniper — silent but sharp.

🗓️ Published: May 26, 2025
✍️ By: Prashant Marathe
Tags: Venus Pipes, stainless steel stocks, FY25 results, thermal power orders, export growth, NSE VENUSPIPES, midcap multibagger, EduInvesting