Venus Pipes & Tubes Ltd
VENUSPIPESVenus Pipes & Tubes Ltd's price has outrun its earnings. +50.6% in a year against EPS +8.2% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +50.6% in a year while annual EPS moved +8.2% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (16 weeks in) while the P/E sits at the 66th percentile of its own 4-year range. Underneath, the last four quarters read improving — profit +4.0% year on year, and 83% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Venus Pipes & Tubes Ltd trades at ₹2,020, in a confirmed uptrend and 16 weeks into that stage. That is +38.3% against its own 200-day average. It sits at 100% of a 52-week range of ₹937 to ₹2,020. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 29 straight weeks.
Today the stock is in a confirmed uptrend — week 16 of stage 2, confirmed. At ₹2,020 it trades +38.3% versus its 200-day average and sits at 100% of its 52-week range (₹937–₹2,020).
Against the market, two honest reads. Cumulative: over the last 4.3 years the stock moved +504% while the NIFTY 500 moved +62% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 29 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Venus Pipes & Tubes Ltd's story is not scored yet against the markers our research file set on 31 May 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 19 July 2026.
Our read, 31 May 2026. Capex-phase distortion masked 32% revenue growth behind flat PAT for 9 quarters — the Rs 70 Cr spooling entry into data-centre liquid cooling now breaks the earnings stall.
From the numbers. PE compressed from peak 47.9 (Jun 2024) to 27.75 (May 2026 week) — a 42% contraction while TTM EPS compounded. EARNINGS_DISCONNECT flag is the key watch: de-rating driven by PAT suppression (flat 9 quarters) rather than…
From the price. Price stage 2, week 16 — above its 200-day line, relative strength rising.
From the research. Capex-phase distortion masked 32% revenue growth behind flat PAT for 9 quarters — the Rs 70 Cr spooling entry into data-centre liquid cooling now breaks the earnings stall.
🚨 Where they disagree. PE compressed from peak 47.9 (Jun 2024) to 27.75 (May 2026 week) — a 42% contraction while TTM EPS compounded. EARNINGS_DISCONNECT flag is the key watch: de-rating driven by PAT suppression (flat 9 quarters) rather than earnings destruction. If PAT inflects in Q1 FY27 as capex distortions clear, PE expansion from 18th percentile to 50th percentile (34.2x median) implies ~24% multiple re-rating on top of earnings growth.
What is proven. Capex-phase distortion masked 32% revenue growth behind flat PAT for 9 quarters — the Rs 70 Cr spooling entry into data-centre liquid cooling now breaks the earnings stall.
What is not proven yet. 9+ quarters of flat PAT (Rs 18–28 Cr) despite 32% revenue growth — if raw material normalisation and utilisation lift do not materialise in Q1 FY27, the capex-distortion thesis fails.
Layer 1 read, 19 July 2026 — KEEP. Capex distortion is clearing — 32% revenue growth about to convert into PAT as three margin levers fire. Revenue compounded from 180 to 302 Cr over 12 quarters while PAT stayed roughly flat because a Rs 200+ Cr capex build suppressed margins — the earnings engine is at a trough (operating_cycle TROUGH, inflection 0.803 AT_TROUGH), the multiple is compressing not expanding, and the price has barely moved (runup 13%). Welded-utilisation lift, a Rs 185 Cr data-centre spooling LOI, and the fittings plant supply the forward fuel.
What would change Layer 1’s mind. If the first post-capex quarter's OPM fails to clear 17% (milestone M1) AND the data-centre spooling trial slips again, the operating-leverage recovery would be proven absent rather than delayed — that flips the trough thesis to a value trap [forward.milestones M1/M3].
Layer 2 read, 19 July 2026 — BENCH. Real latent leverage, but bought into a sector supply-glut with a shaky-guidance management — hold, don't admit. Venus's earnings engine is genuinely at a trough with operating leverage waiting on welded utilisation to lift to 80%+, but the whole pipe/tube industry is flooding capacity (capex up ~63% YoY) with no institutional buyer stepping in, and Venus's own management has reversed guidance four times in five calls. That combination — a supply glut plus unreliable delivery on the very inflection the thesis needs — defeats an admit but is not a specific thesis-break, so it benches for a fortnight.
What would change Layer 2’s mind. A confirmed Q1-FY27 welded-utilisation print at 80%+ with PAT inflecting (eps_rising flips true) AND the spooling/data-centre spec revenue landing as ordered — proving specialty insulation from the commodity flood — would flip BENCH->ADVANCE. Conversely a fifth guidance reversal or the spooling LOI slipping would push it toward DROP.
The test written in advance. PAT suppression structural, not transitional — PAT suppression structural, not transitional Q1 FY27 OPM: must exceed 17% to signal capex-distortion clearing by the next result.
The test written in advance. Management credibility pattern — four reversals in five calls — Management credibility pattern — four reversals in five calls Q1 FY27 concall: BHEL Rs 50 Cr order conversion confirmation AND spooling trial commencement by the next result.
The test written in advance. Export exposure — Middle East conflict + US tariff structural shift — Export exposure — Middle East conflict + US tariff structural shift Q1 FY27 export revenue: must be >Rs 95 Cr (implied >30% of expected Q1 revenue) to validate recovery trajectory by the next result.
What the company does. FY26 revenue +32% YoY to Rs 1,167 Cr; PAT grew only ~10% due to elevated raw-material costs and gas shortages during the Rs 200+ Cr capex build — distortion, not structural decline. PE at 18th percentile of 10Y range (0.81x median, 27.75x vs 34.2x median), cycle in MID_CONTRACTION despite earnings growing — earnings-driven de-rating identical to the value-trap flag pattern. Spooling LOI (Rs 185 Cr from a single data-centre operator), 3x asset turns at 20%+ EBITDA vs 16.3% core, and welded utilisation gap (60–65% vs seamless 90–95%) supply three sequential margin levers from FY27.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Welded Capacity Utilisation Lift (60–65% →… | HIGH | — | 27,600 MPA installed welded capacity at 60–65% utilisation; volume absorption without incremental capex — operating leverage… | Q1 FY27 OPM: must exceed 17% to signal capex-distortion clearing |
| Spooling Entry — Data Centre Liquid Cooling | HIGH | — | Rs 185 Cr LOI from a single data-centre operator; 3x asset turns at 20%+ EBITDA vs 16.3% core — mix accretive from Q3 FY27 when… | Q1 FY27 OPM: must exceed 17% to signal capex-distortion clearing |
| Fittings Plant Commissioning (FY26 end →… | MEDIUM_HIGH | — | Rs 60 Cr fittings capex at 3–3.5x asset turns = Rs 180–210 Cr peak revenue; delayed repeatedly through FY26, now operational… | Q1 FY27 OPM: must exceed 17% to signal capex-distortion clearing |
| Domestic Power/BHEL Order Pipeline | MEDIUM | — | Core order book Rs 450 Cr + L1 status Rs 50 Cr BHEL + data centre LOI Rs 185 Cr = Rs 685 Cr total visible pipeline at 1.76x TTM… | Q1 FY27 OPM: must exceed 17% to signal capex-distortion clearing |
| Organized-Sector Market Share Gains | MEDIUM | — | Shift from unorganized to organized stainless steel pipes driven by power/pharma/food-processing quality certifications; Venus… | Q1 FY27 OPM: must exceed 17% to signal capex-distortion clearing |
Lever 3 · Management change — BUILDING. 27,600 MPA installed welded capacity at 60–65% utilisation; volume absorption without incremental capex — operating leverage with zero new capex requirement. What proves it keeps working: Welded Capacity Utilisation Lift (60–65% → 80%+). It stops working if Q1 FY27 OPM: must exceed 17% to signal capex-distortion clearing.
Lever 2 · Value-added mix — BUILDING. Rs 185 Cr LOI from a single data-centre operator; 3x asset turns at 20%+ EBITDA vs 16.3% core — mix accretive from Q3 FY27 when commercial ramp begins. What proves it keeps working: Spooling Entry — Data Centre Liquid Cooling. It stops working if Q1 FY27 OPM: must exceed 17% to signal capex-distortion clearing.
Lever 6 · Order-book wins — BUILDING. Core order book Rs 450 Cr + L1 status Rs 50 Cr BHEL + data centre LOI Rs 185 Cr = Rs 685 Cr total visible pipeline at 1.76x TTM quarterly revenue run-rate. What proves it keeps working: Domestic Power/BHEL Order Pipeline. It stops working if Q1 FY27 OPM: must exceed 17% to signal capex-distortion clearing.
Lever 15 · Market-share gains — BUILDING. Shift from unorganized to organized stainless steel pipes driven by power/pharma/food-processing quality certifications; Venus gaining share from fragmented domestic competitors. What proves it keeps working: Organized-Sector Market Share Gains. It stops working if Q1 FY27 OPM: must exceed 17% to signal capex-distortion clearing.
Sources: our stock research file (31 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Venus Pipes & Tubes Ltd reported ₹321 Cr of revenue in the Jun 26 quarter, +16.3% year on year. That is the 12th straight quarter of year-on-year growth. Over 7 years it has compounded at 38.6% a year. The last full year, FY26, came in at ₹1,167 Cr. The last four reported quarters add to ₹1,212 Cr.
Why this happened. BHEL execution had headwinds (internal fabrication bottleneck), now resolving. Additional BHEL tenders opening Aug–Sep 2026. Power sector structural demand (Rs 3,000–6,000 Cr pipeline over 4–5 years per multiple calls) provides multi-year domestic order visibility. Certification moat (2–5 year approval lead times) creates durable demand.
FY26 revenue came in at ₹1,167 Cr (+21.7% on the year), capping 7 years at 38.6% compound. The latest quarter (Jun 26) printed ₹321 Cr, +16.3% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +22.4% growth against the decade's 38.6% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +21.9% over the last 4 quarters against +18.6%/yr over the last 8 — accelerating; TTM profit +14.3% vs +4.1%/yr — accelerating.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Venus Pipes & Tubes Ltd's operating margin is 16.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 7.0% to 18.0%. The current quarter sits inside that band.
Why this happened. The Rs 70 Cr spooling capex targets 3x asset turns, implying Rs 210 Cr annualised revenue at full utilisation — at 20%+ EBITDA vs 16.3% core. The Rs 185 Cr LOI delivers 15 months of execution at roughly 60% capacity. Trial production is Q2 FY27; commercial ramp mid-Q3 FY27. This is the margin accretion vector beyond FY27, not a near-term PAT driver — the capex is being spent now.
The latest quarter's operating margin is 16.0%, +0.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 7.0%–18.0%.
🚨 Why the margin moved: operating margin went −0.1 pp year on year while gross margin went +2.4 pp — the loss came mostly from the gross line: input costs and pricing.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Venus Pipes & Tubes Ltd earned ₹26.0 Cr of net profit in the Jun 26 quarter, +4.0% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹102 Cr. The 7-year compound rate is 58.8%. That is 8.1% of the quarter's revenue. The same quarter a year earlier earned ₹25.0 Cr.
Jun 26 profit was ₹26.0 Cr, +4.0% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹102 Cr (+9.7%), and the 7-year compound rate is 58.8%.
Why profit moved: revenue contributed +16.3% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +16.3% vs revenue +22.4%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 83% of Venus Pipes & Tubes Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹112 Cr of operating cash against ₹102 Cr of profit. After ₹170 Cr of capital spending, ₹−58.0 Cr was left as free cash.
FY26: operating cash of ₹112 Cr against reported profit of ₹102 Cr, leaving free cash of ₹−58.0 Cr after ₹170 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 83% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 83%: the cash cycle stretched 68 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 7.2× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Venus Pipes & Tubes Ltd's cash conversion cycle runs 124 days in FY26, up from 56 days in FY21. Capital spending ran ₹396 Cr over the last 3 years. At FY26 sales of ₹1,167 Cr each day of that cycle holds about ₹3.2 Cr, so roughly ₹396 Cr sits inside the business at any moment.
FY26: debtors at 81 days, inventory at 183 days — roughly 6.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 124 days, looser than FY21's 56.
The full loop: cash goes out to suppliers and production on day 0; stock waits 183 days to sell; customers pay about 81 days after that; and suppliers themselves are paid at 141 days — netting out to the 124-day cycle.
In money terms: at FY26 sales of ₹1,167 Cr, each day of the cycle holds about ₹3.2 Cr — so the 124-day loop keeps roughly ₹396 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹396 Cr over the last 3 fiscal years against ₹55.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹124 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Venus Pipes & Tubes Ltd earns a ROCE of 21% in FY26. Return on invested capital clears the cost of that capital by +1.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 8.7% net margin on 0.90× asset turns.
FY26 ROCE is 21%.
Why the return is what it is — the wiring (FY26): 8.7% net margin × 0.90× asset turns × 1.94× balance-sheet leverage ≈ 15.2% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 13.8% − 12.0% = a +1.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Venus Pipes & Tubes Ltd carries total debt of ₹287 Cr against shareholder equity of ₹668 Cr as of Mar 26, a debt-to-equity of 0.43. On the annual view that ratio went from 0.50 in FY22 to 0.43 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹287 Cr against shareholder equity of ₹668 Cr — a debt-to-equity of 0.43. On the annual view, debt-to-equity went from 0.50 (FY22) to 0.43 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 4.6 points of Venus Pipes & Tubes Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 17.8% of the company. Foreign institutions moved −2.5 points over the same window, to 2.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.
Why this happened. Seamless is near-peak at 90–95% utilisation. The 27,600 MPA welded segment running at 60–65% is the primary operating leverage source for FY27. As the BHEL L1 order (Rs 50 Cr, expected conversion by end-May 2026) and domestic power pipeline convert, welded revenue absorbs on existing fixed cost base. Management explicitly identified this as the near-term lever in the May 2026 call.
The register over the last two years — Domestic institutions: +4.6 points over 8 quarters to 17.8%; Foreign institutions: −2.5 points over 8 quarters to 2.6%; Promoters: −0.3 points over 8 quarters to 48.4%.
Why the register moved: rotation — foreign institutions −2.5 points against domestic institutions +4.6 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Venus Pipes & Tubes Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Venus Pipes & Tubes Ltd trades at 40.3× P/E, mid-range by its own standards (66th percentile). Its long-run median P/E is 34.2×, measured across 4.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 40.3× is mid-range by its own standards (66th percentile), against a long-run median of 34.2× measured over 4.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved +8.2% against a +50.6% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 3y, of the +8.9%/yr price move, ~+24.7%/yr came from earnings growth and ~−15.8 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 20 July 2026 price, Venus Pipes & Tubes Ltd was paying for profit growth of about 19.5% a year. Profit itself has compounded 58.8% a year over the past 7 years. Today the market pays 40.3× P/E, the 66th percentile of its own 4-year range.
What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is below what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 20 July 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Venus Pipes & Tubes Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE slipping at 26.1% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +21.7% | +28.3% | +30.4% | — |
| Profit | +9.7% | +32.3% | +33.6% | — |
| EPS | +8.2% | +31.2% | +12.7% | — |
| Share price | +50.6% | +8.9% | — | — |
4-Factor Sector Score
60.9/100 — rank 6 of 15 in Steel - Tubes/Pipes · 100% evidence confidence
Venus Pipes & Tubes Ltd scores 60.9 out of 100 against the 15 companies it is compared with in Steel - Tubes/Pipes, ranking 6. Price leads the evidence: RS versus the benchmark is 52.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 16.1 + 19.6 + 6.9 + 18.3 = 60.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Venus Pipes & Tubes Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
FY27 Volume Growth Assumption Softened · 10 August 2026. In both the February 2026 and May 2026 calls, management said its more than 20% growth guidance should be achieved on the volume front. In the August 2026 call, management maintained more than 20% revenue growth but replaced the earlier 20% volume expectation with volume growth only stated as higher than 15%, creating a materially greater reliance on pricing and product mix that was not clearly reconciled with the prior guidance.
Export Outlook Reversal · 26 May 2026. In the Feb 2026 call, management defended slowing export growth by projecting confidence in a strong order book from the Middle East that would drive future volumes. However, in the May 2026 call, after export sales declined year-over-year, management contradicted this earlier optimism by citing the Middle East crisis as the reason for the drop, admitting they were not seeing much order flow from the region.
Pivot on Tariff Impact · 5 February 2026. In the November call, management dismissed the risk of US tariffs, explicitly stating they were 'neutral' and could pass costs to customers. However, in the February call, they completely shifted this narrative, attributing a sharp decline in export contribution directly to demand suppression caused by tariff uncertainty. Earlier call (Nov 2025): “The order what we are now taking, it”. Later call (Feb 2026): “There were a lot of apprehensions about potential tariff increases. Since that was resolved a few days ago... lack of clarity on other tariffs suppressed demand.”
Contradictory US Performance Narrative · 5 February 2026. Management retrospectively characterized Q2 US sales as 'lower' to align with the current slowdown, contradicting their statement during the Q2 call where they affirmed US share was stable at around 20% (consistent with Q1's 15-20%). This revisionism attempts to smooth the trajectory of the recent US decline. Earlier call (Nov 2025): “For the last quarter, primarily Q2, it was around 20% [of total export].” Later call (Feb 2026): “Our supply to the US was substantial in Q1 FY26, though Q2 and Q3 numbers were lower.”
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Man Industries (India) LtdMANINDS | 68.9/100Favorable setup100% evidence | BREAKING OUT | 23.0/35 Revenue 10.8% · PAT 25.9% · OPM change 7 pp 100% evidence | 14.5/25 ROCE 16.2% · OPM 14% 100% evidence | 11.4/20 P/E 31.8× · PEG 0.2 100% evidence | 20.0/20 RS sector 58.9% · RS bench 82.2% · 1Y 104.6%7 of 12 weeks ahead 100% evidence |
| Exact sum: 23 + 14.5 + 11.4 + 20 = 68.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Sambhv Steel Tubes LtdSAMBHV | 67.3/100Favorable setup77% evidence | BREAKING OUT | 28.2/35 Revenue 48.7% · PAT 100% · OPM change 0 pp 100% evidence | 16.2/25 ROCE 19.4% · OPM 13% 100% evidence | 10.2/20 P/E 23.1× · PEG — 15% evidence | 12.7/20 RS sector 5.4% · RS bench 22.1% · 1Y 7.4%7 of 12 weeks ahead 70% evidence |
| Exact sum: 28.2 + 16.2 + 10.2 + 12.7 = 67.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3APL Apollo Tubes LtdAPLAPOLLO | 67.2/100Favorable setup100% evidence | BREAKING OUT | 24.1/35 Revenue 10.4% · PAT 53.4% · OPM change 0 pp 100% evidence | 18.6/25 ROCE 31.8% · OPM 7% 100% evidence | 13.4/20 P/E 48.6× · PEG 0.7 100% evidence | 11.1/20 RS sector -2.9% · RS bench 13.4% · 1Y 29.4%5 of 12 weeks ahead 100% evidence |
| Exact sum: 24.1 + 18.6 + 13.4 + 11.1 = 67.2 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 4DEE Development Engineers LtdDEEDEV | 62.5/100Mixed-positive evidence93% evidence | FADING | 27.8/35 Revenue 40.1% · PAT 50% · OPM change 1 pp 100% evidence | 8.0/25 ROCE 10.7% · OPM 17% 100% evidence | 13.0/20 P/E 58.7× · PEG 0.62 65% evidence | 13.7/20 RS sector 44.8% · RS bench 62.8% · 1Y 133.3%9 of 12 weeks ahead 100% evidence |
| Exact sum: 27.8 + 8 + 13 + 13.7 = 62.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Gandhi Special Tubes LtdGANDHITUBE | 61.0/100Mixed-positive evidence87% evidence | TURNING | 22.0/35 Revenue 11.1% · PAT 13.6% · OPM change 4 pp 95% evidence | 19.3/25 ROCE 28.4% · OPM 47% 95% evidence | 11.3/20 P/E 14.3× · PEG — 50% evidence | 8.4/20 RS sector -7.8% · RS bench 7% · 1Y -11.3%1 of 12 weeks ahead 100% evidence |
| Exact sum: 22 + 19.3 + 11.3 + 8.4 = 61 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Venus Pipes & Tubes Ltdthis pageVENUSPIPES | 60.9/100Mixed-positive evidence100% evidence | LEADER | 16.1/35 Revenue 21.9% · PAT 14.3% · OPM change 0 pp 100% evidence | 19.6/25 ROCE 21.3% · OPM 16% 100% evidence | 6.9/20 P/E 40.3× · PEG 3.93 100% evidence | 18.3/20 RS sector 32.6% · RS bench 52.7% · 1Y 53.2%12 of 12 weeks ahead 100% evidence |
| Exact sum: 16.1 + 19.6 + 6.9 + 18.3 = 60.9 · Decision use: Price leads the evidence: RS versus the benchmark is 52.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 7JTL Industries LtdJTLIND | 60.6/100Mixed-positive evidence100% evidence | BREAKING OUT | 25.3/35 Revenue 19% · PAT 42.4% · OPM change 3.7 pp 100% evidence | 5.5/25 ROCE 9.6% · OPM 8% 100% evidence | 13.6/20 P/E 29.5× · PEG 1.27 100% evidence | 16.2/20 RS sector 12.2% · RS bench 29.7% · 1Y 11.2%9 of 12 weeks ahead 100% evidence |
| Exact sum: 25.3 + 5.5 + 13.6 + 16.2 = 60.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Maharashtra Seamless LtdMAHSEAMLES | 51.3/100Mixed-positive evidence82% evidence | TURNING | 9.7/35 Revenue -12.2% · PAT -16.1% · OPM change 2 pp 95% evidence | 13.3/25 ROCE 14.3% · OPM 16% 76% evidence | 12.7/20 P/E 13.2× · PEG — 50% evidence | 15.6/20 RS sector 7.6% · RS bench 24.9% · 1Y 15%2 of 12 weeks ahead 100% evidence |
| Exact sum: 9.7 + 13.3 + 12.7 + 15.6 = 51.3 · Decision use: Price leads the evidence: RS versus the benchmark is 24.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 9Welspun Specialty Solutions LtdWELSPLSOL | 47.7/100Mixed-negative evidence74% evidence | LEADER | 20.0/35 Revenue 15.2% · PAT 100% · OPM change 3.3 pp 74% evidence | 5.8/25 ROCE 9.9% · OPM 5.4% 100% evidence | 8.5/20 P/E 129× · PEG — 15% evidence | 13.4/20 RS sector 14.9% · RS bench 32.5% · 1Y 78.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 20 + 5.8 + 8.5 + 13.4 = 47.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Scoda Tubes LtdSCODATUBES | 45.0/100Mixed-negative evidence65% evidence | TURNING | 9.6/35 Revenue 11.2% · PAT 8.7% · OPM change -1.7 pp 95% evidence | 16.8/25 ROCE 16.5% · OPM 12.8% 95% evidence | 10.4/20 P/E 21× · PEG — 15% evidence | 8.2/20 RS sector — · RS bench -10.1% · 1Y -27.7%3 of 10 weeks ahead 25% evidence |
| Exact sum: 9.6 + 16.8 + 10.4 + 8.2 = 45 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Hariom Pipe Industries LtdHARIOMPIPE | 44.5/100Mixed-negative evidence74% evidence | ASLEEP | 12.0/35 Revenue 10.8% · PAT 1.5% · OPM change 0 pp 95% evidence | 15.8/25 ROCE 15.7% · OPM 12% 95% evidence | 10.9/20 P/E 16.2× · PEG — 15% evidence | 5.8/20 RS sector -14.3% · RS bench -4.7% · 1Y -26%6 of 10 weeks ahead 70% evidence |
| Exact sum: 12 + 15.8 + 10.9 + 5.8 = 44.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Goodluck India LtdGOODLUCK | 41.5/100Mixed-negative evidence100% evidence | BASING | 20.4/35 Revenue 9.9% · PAT 23.5% · OPM change 1 pp 100% evidence | 11.1/25 ROCE 14.4% · OPM 10% 100% evidence | 6.2/20 P/E 25.2× · PEG 1.68 100% evidence | 3.8/20 RS sector -57% · RS bench 26.1% · 1Y -58%1 of 12 weeks ahead 100% evidence |
| Exact sum: 20.4 + 11.1 + 6.2 + 3.8 = 41.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Hi-Tech Pipes LtdHITECH | 32.6/100Adverse evidence87% evidence | ASLEEP | 14.8/35 Revenue 61.2% · PAT -1.3% · OPM change -1.5 pp 95% evidence | 5.4/25 ROCE 9.8% · OPM 3.5% 95% evidence | 10.2/20 P/E 20.6× · PEG — 50% evidence | 2.2/20 RS sector -26.9% · RS bench -14.8% · 1Y -15.3%2 of 12 weeks ahead 100% evidence |
| Exact sum: 14.8 + 5.4 + 10.2 + 2.2 = 32.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Surya Roshni LtdSURYAROSNI | 31.6/100Adverse evidence100% evidence | ASLEEP | 13.3/35 Revenue 11.7% · PAT 8.3% · OPM change 0.7 pp 100% evidence | 10.8/25 ROCE 15.6% · OPM 5% 100% evidence | 5.0/20 P/E 15× · PEG 4.08 100% evidence | 2.5/20 RS sector -25.5% · RS bench -13.1% · 1Y -27.4%3 of 12 weeks ahead 100% evidence |
| Exact sum: 13.3 + 10.8 + 5 + 2.5 = 31.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Rama Steel Tubes LtdRAMASTEEL | 23.0/100Adverse evidence87% evidence | ASLEEP | 8.7/35 Revenue -1.8% · PAT -44.1% · OPM change 2.1 pp 95% evidence | 4.7/25 ROCE 5.6% · OPM 2.7% 95% evidence | 7.4/20 P/E 49.6× · PEG — 50% evidence | 2.2/20 RS sector -51.6% · RS bench -42.6% · 1Y -62%1 of 12 weeks ahead 100% evidence |
| Exact sum: 8.7 + 4.7 + 7.4 + 2.2 = 23 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Venus Pipes & Tubes Ltd's share price today?
Venus Pipes & Tubes Ltd trades at ₹2,020, +50.6% over the past year. The company is valued at ₹4,185 Cr. The stock sits at the very top of its 52-week range (₹937–₹2,020), +38.3% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 16 weeks in. — as of 11 September 2026.
What were Venus Pipes & Tubes Ltd's latest quarterly results?
Venus Pipes & Tubes Ltd reported revenue of ₹321 Cr and net profit of ₹26.0 Cr for the Jun 26 quarter. Revenue rose 16.3% and profit rose 4.0% year on year. Earnings per share were ₹12.75. The operating margin was 16.0%, 0.0 pp higher than a year earlier. — as of 11 September 2026.
What is Venus Pipes & Tubes Ltd's revenue?
Venus Pipes & Tubes Ltd reported revenue of ₹321 Cr in the Jun 26 quarter, +16.3% year on year. For the full FY26 fiscal year, revenue was ₹1,167 Cr (+21.7%). Over the last 7 years revenue compounded at 38.6% a year. — as of 11 September 2026.
What is Venus Pipes & Tubes Ltd's profit?
Venus Pipes & Tubes Ltd earned ₹26.0 Cr of net profit in the Jun 26 quarter, +4.0% year on year — the 4th straight quarter of growth. Full-year FY26 profit was ₹102 Cr. The operating margin ran 16.0% in the latest quarter. — as of 11 September 2026.
What is Venus Pipes & Tubes Ltd's market cap?
Venus Pipes & Tubes Ltd's market capitalisation is ₹4,185 Cr at a share price of ₹2,020. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Venus Pipes & Tubes Ltd's P/E ratio?
Venus Pipes & Tubes Ltd trades at a P/E of 40.3×, at the 66th percentile of its own 4-year range, against a long-run median of 34.2×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Venus Pipes & Tubes Ltd pay a dividend?
Yes — Venus Pipes & Tubes Ltd's dividend payout was 2% of profit in FY26, and it recorded a payout in 4 of its last 8 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Venus Pipes & Tubes Ltd overvalued?
On its own history, Venus Pipes & Tubes Ltd looks expensive: its P/E of 40.3× sits at the 66th percentile of its 4-year range (long-run median 34.2×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Venus Pipes & Tubes Ltd growing?
Yes — Venus Pipes & Tubes Ltd is growing: latest-quarter revenue +16.3% year on year, profit +4.0%, and the margin +0.0 pp at 16.0%. The 7-year compound rates are 38.6% (revenue) and 58.8% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Venus Pipes & Tubes Ltd performing?
Venus Pipes & Tubes Ltd is in a confirmed uptrend, 16 weeks in. Its latest quarter's revenue rose 16.3% and profit rose 4.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 29 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Venus Pipes & Tubes Ltd in?
Mixed — no clean majority across the growth curves, ROCE slipping at 26.1% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +21.9% latest, profit growth +14.3% latest, eps growth +13.5% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Venus Pipes & Tubes Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 16 of stage 2), trading +38.3% versus its 200-day average and at the very top of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Venus Pipes & Tubes Ltd beating the market?
On recent form, yes — Venus Pipes & Tubes Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 29 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 4.3 years the stock moved +504% against the NIFTY 500's +62% — ahead of the index over the full window. — as of 11 September 2026.
Will Venus Pipes & Tubes Ltd's share price go up?
This page publishes no price forecast for Venus Pipes & Tubes Ltd. What it measures instead: the share price is ₹2,020, the price is in a confirmed uptrend 16 weeks in. Its P/E of 40.3× sits at the 66th percentile of its own 4-year range. — as of 11 September 2026.
Who owns Venus Pipes & Tubes Ltd?
Promoters hold 48.4% of Venus Pipes & Tubes Ltd, foreign institutions 2.6%, domestic institutions 17.8% and the public 31.1% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 4.6 points over 8 quarters. — as of 11 September 2026.
Does Venus Pipes & Tubes Ltd have too much debt?
It is moderate — Venus Pipes & Tubes Ltd's debt-to-equity is 0.43, and operating profit covers the interest bill 5×. FY26 borrowings were ₹287 Cr against equity of ₹669 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is Venus Pipes & Tubes Ltd's capex?
Venus Pipes & Tubes Ltd spent ₹396 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹170 Cr, with ₹124 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Venus Pipes & Tubes Ltd's cash flow?
Venus Pipes & Tubes Ltd generated ₹112 Cr of operating cash flow in FY26 and ₹−58.0 Cr of free cash flow after ₹170 Cr of capital spending. Reported profit that year was ₹102 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Venus Pipes & Tubes Ltd's profit real cash?
Yes — over the last 3 fiscal years, 83% of Venus Pipes & Tubes Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹112 Cr against reported profit of ₹102 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Venus Pipes & Tubes Ltd in its business cycle?
Venus Pipes & Tubes Ltd's FY26 operating margin was 16.0%, against a 8-year band of 7.0%–18.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 16.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Venus Pipes & Tubes Ltd's price assume?
At its price on 20 July 2026, Venus Pipes & Tubes Ltd was priced for profit growth of about 19.5% a year. Profit itself has compounded 58.8% a year over the past 7 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Venus Pipes & Tubes Ltd story?
The sharpest disagreement: the price moved +50.6% in a year while annual EPS moved +8.2% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Venus Pipes & Tubes Ltd a stock worth studying right now?
This is not investment advice. The machine read: Venus Pipes & Tubes Ltd's price has outrun its earnings. +50.6% in a year against EPS +8.2% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!