VENUSPIPES

Venus Pipes & Tubes Limited

Stainless steel pipes, tubes and fittings manufacturer

Industrials›Capital Goods›Industrial Products›Iron & Steel Products

venuspipes.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1909.40
Market cap
3,955 Cr
Stock P/E
38.2
P/B
5.92
Dividend yield
0.1%
ROE (FY26)
15.3%
ROCE (FY26)
18.7%
Operating margin (FY26)
14.3%
Debt / equity (FY26)
0.43
OCF / EBITDA (FY26)
59.0%
OCF / EBITDA (3Y)
46.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Venus Pipes & Tubes (Venus Pipes) makes stainless steel welded and seamless pipes and tubes, and now fittings, for industries such as oil and gas, chemical, pharmaceutical, power and engineering, selling in India and exporting to more than 30 countries.

Company snapshot

21stBy market cap

Ranked among 64 companies in Iron & Steel Products.

What we see

Concerns
  • ✗Only 46% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales191 Cr207 Cr224 Cr240 Cr229 Cr231 Cr258 Cr276 Cr292 Cr297 Cr302 Cr321 Cr
Operating expenses (approx.)157 Cr168 Cr179 Cr192 Cr188 Cr194 Cr217 Cr232 Cr244 Cr248 Cr253 Cr269 Cr
EBITDA35 Cr39 Cr45 Cr48 Cr41 Cr37 Cr42 Cr45 Cr48 Cr49 Cr49 Cr52 Cr
OPM %18.1%18.8%20.1%20.0%17.9%16.0%16.1%16.2%16.3%16.5%16.3%16.1%
Other income0.48 Cr2 Cr0.14 Cr1 Cr4 Cr0.97 Cr5 Cr4 Cr3 Cr3 Cr2 Cr3 Cr
Interest5 Cr6 Cr8 Cr8 Cr8 Cr9 Cr9 Cr10 Cr10 Cr10 Cr10 Cr11 Cr
Depreciation3 Cr4 Cr4 Cr4 Cr5 Cr5 Cr5 Cr5 Cr6 Cr6 Cr6 Cr7 Cr
Profit before tax27 Cr31 Cr34 Cr37 Cr32 Cr24 Cr32 Cr34 Cr34 Cr34 Cr35 Cr36 Cr
Tax %25.6%25.3%25.9%25.5%25.6%25.7%26.9%26.5%24.2%25.2%27.1%26.0%
Net profit20 Cr23 Cr25 Cr28 Cr24 Cr18 Cr24 Cr25 Cr26 Cr26 Cr25 Cr26 Cr
EPS (₹)₹9.98₹11.47₹12.34₹13.58₹11.63₹8.84₹11.65₹12.12₹12.74₹12.46₹12.38₹12.75

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales119 Cr178 Cr309 Cr387 Cr552 Cr802 Cr959 Cr1,167 CrSign in free for the trailing twelve months
Operating expenses (approx.)110 Cr166 Cr275 Cr338 Cr483 Cr656 Cr791 Cr976 CrSign in free for the trailing twelve months
EBITDA8 Cr12 Cr35 Cr49 Cr69 Cr146 Cr168 Cr191 CrSign in free for the trailing twelve months
OPM %7.0%6.5%11.2%12.7%12.5%18.2%17.5%16.3%Sign in free for the trailing twelve months
Other income2 Cr2 Cr3 Cr2 Cr2 Cr3 Cr11 Cr12 CrSign in free for the trailing twelve months
Interest3 Cr5 Cr6 Cr7 Cr10 Cr22 Cr34 Cr41 CrSign in free for the trailing twelve months
Depreciation2 Cr2 Cr0.96 Cr1 Cr2 Cr12 Cr19 Cr24 CrSign in free for the trailing twelve months
Profit before tax5 Cr6 Cr31 Cr43 Cr60 Cr116 Cr125 Cr137 CrSign in free for the trailing twelve months
Tax %24.2%36.4%23.6%26.1%25.9%25.7%25.9%25.8%Sign in free for the trailing twelve months
Net profit4 Cr4 Cr24 Cr32 Cr44 Cr86 Cr93 Cr102 CrSign in free for the trailing twelve months
EPS (₹)₹2.86₹3.15₹18.04₹22.55₹22.60₹42.36₹45.65₹49.51Sign in free for the trailing twelve months
Dividend payout %———0.0%0.0%2.4%2.2%2.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital9 Cr9 Cr9 Cr15 Cr20 Cr20 Cr20 Cr21 Cr
Reserves3 Cr8 Cr31 Cr113 Cr302 Cr386 Cr511 Cr648 Cr
Borrowings29 Cr43 Cr38 Cr69 Cr90 Cr149 Cr192 Cr286 Cr
Other liabilities38 Cr48 Cr60 Cr51 Cr95 Cr202 Cr285 Cr346 Cr
Total liabilities79 Cr107 Cr138 Cr248 Cr507 Cr758 Cr1,008 Cr1,300 Cr
Fixed assets (net)10 Cr12 Cr20 Cr21 Cr60 Cr281 Cr309 Cr396 Cr
CWIP—3 Cr—7 Cr122 Cr12 Cr67 Cr124 Cr
Investments———1 Cr3 Cr3 Cr3 Cr0.81 Cr
Inventories36 Cr44 Cr44 Cr93 Cr167 Cr226 Cr343 Cr387 Cr
Trade receivables22 Cr31 Cr45 Cr74 Cr70 Cr177 Cr192 Cr260 Cr
Cash & bank0.28 Cr0.35 Cr0.07 Cr0.01 Cr11 Cr1 Cr3 Cr6 Cr
Other assets11 Cr16 Cr29 Cr51 Cr75 Cr57 Cr92 Cr126 Cr
Total assets79 Cr107 Cr138 Cr248 Cr507 Cr758 Cr1,008 Cr1,300 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-7 Cr2 Cr11 Cr-60 Cr9 Cr52 Cr69 Cr112 Cr
Cash from investing-1 Cr-12 Cr-2 Cr-23 Cr-178 Cr-100 Cr-114 Cr-203 Cr
Cash from financing8 Cr10 Cr-9 Cr83 Cr169 Cr38 Cr47 Cr94 Cr
Net cash flow-0.33 Cr0.07 Cr-0.28 Cr-0.06 Cr0.75 Cr-10 Cr2 Cr3 Cr
Free cash flow (OCF − Capex)-9 Cr-5 Cr6 Cr-81 Cr-153 Cr-55 Cr-40 Cr-76 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %19.4%18.7%47.2%25.3%16.8%24.8%22.1%18.7%
ROE %30.8%25.4%59.2%24.6%13.7%21.2%17.5%15.3%
Debtor days6663536946817381
Inventory days1251027695130130167181
Days payable11295733458100117139
Cash conversion cycle797056130119111123123
OCF / EBITDA %-80.3%20.7%32.6%-121.9%12.8%35.7%41.0%59.0%
OCF / EBITDA % (3 years)——12.9%-48.4%-26.0%0.4%33.9%46.2%
Debt / equity2.422.620.940.530.280.370.360.43
Current ratio1.321.271.492.102.041.471.411.42
Net debt / EBITDA3.513.631.081.391.151.011.131.47