# Venus Pipes & Tubes share price today (Venus Pipes & Tubes Ltd, NSE: VENUSPIPES)

> Venus Pipes & Tubes share price today: ₹1,777.40 at the NSE close on 3 November 2026, up 39.4% in a year. Venus Pipes & Tubes (NSE: VENUSPIPES) is worth ₹4,079 crore, trades at a P/E of 39.3 and has closed between ₹937.40 and ₹2,284.40 over the past 52 weeks. > Venus Pipes & Tubes Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. VENUSPIPES · Steel - Tubes/Pipes · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/venus-pipes-tubes-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹1,777.40 (+39.4% in a year)
- P/E: 39.3× (higher than 57% of the last 4.4 years)
- Revenue (Jun 2026): ₹321 Cr (+16.3% on a year ago)
- Profit (Jun 2026): ₹26.0 Cr (+4.0% on a year ago)
- Operating margin: 16.0% (flat on a year ago)
- ROCE: 21%, FY26
- ROIC: 13.8%, against a 12.0% cost of capital: +1.8 points

The main question: the share price moved +39.4% in a year while yearly earnings per share moved +8.2%. The difference came from the market paying a higher multiple. ## What is the Venus Pipes & Tubes share price today? Venus Pipes & Tubes Ltd's share price was ₹1,777.40 at the close on 3 November 2026. It has been rising for 23 weeks. That is 10.3% above its average price over the last 200 trading days. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 38 weeks in a row. In the last 52 weeks it traded between ₹937 and ₹2,284, and at that close it sat 62% of the way up from that low. Over the last 4.4 years the share price moved +432% while the NIFTY 500 moved +55%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Venus Pipes & Tubes this quarter? Three changes stood out: revenue up on a year earlier for 11 quarters in a row (every quarter we can compare), profit up on a year earlier for 4 quarters in a row and highest quarterly revenue in 15 quarters. 1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹321 crore, +16.3% on a year earlier. Why: Revenue rose because domestic sales grew strongly, led by oil and gas, chemicals, pharma and engineering demand. Next results: check whether exports pick up as geopolitical and container problems ease. From the earnings call on 10 Aug 2026. 2. Profit up on a year earlier for 4 quarters in a row In the June 2026 quarter profit was ₹26 crore, +4% on a year earlier. Why: Profit rose because higher steel prices lifted what the company earned per kg. Next results: check whether operating profit margin starts improving after the second quarter as management expects. From the earnings call on 10 Aug 2026. 3. Highest quarterly revenue in 15 quarters Revenue of ₹321 crore in the June 2026 quarter is the highest of the last 15 quarters. Why: Revenue hit a record because domestic sales grew strongly, led by oil and gas, chemicals, pharma and engineering demand. From the earnings call on 10 Aug 2026. ## What are Venus Pipes & Tubes' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Venus Pipes & Tubes reported revenue of ₹321 crore, up 16.3% from ₹276 crore a year earlier, and a profit of ₹26.0 crore, up 4.0% from ₹25.0 crore. ### Venus Pipes & Tubes results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹321 crore | ₹276 crore | +16.3% |
| Profit | ₹26.0 crore | ₹25.0 crore | +4.0% |
| Earnings per share | ₹12.75 | ₹12.08 | +5.5% |
| Operating margin | 16.0% | 16.0% | 0.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Venus Pipes & Tubes' management discussed these results on a call held on 10 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Venus Pipes & Tubes share price history? Venus Pipes & Tubes closed at ₹1,777.40 on 3 November 2026, up 39.4% from ₹1,275.15 a year earlier (31 October 2025) and up 26.5% over three years. Its highest weekly close since May 2022 was ₹2,430.75 on 30 August 2024. ### Venus Pipes & Tubes share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹1,710.25 | +3.9% |
| 1 month ago · 1 Oct 2026 | ₹2,207.15 | −19.5% |
| 6 months ago · 30 Apr 2026 | ₹1,377.80 | +29.0% |
| 1 year ago · 31 Oct 2025 | ₹1,275.15 | +39.4% |
| 3 years ago · 3 Nov 2023 | ₹1,404.75 | +26.5% |
| Earliest weekly close in our records · 27 May 2022 | ₹334.40 | +431.5% |
| Highest weekly close since May 2022 · 30 Aug 2024 | ₹2,430.75 | −26.9% |
| Lowest weekly close since May 2022 · 24 Jun 2022 | ₹326.65 | +444.1% |
| 52-week high (weekly close) · 18 Sep 2026 | ₹2,284.40 | −22.2% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹937.40 | +89.6% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (240 weekly closes from 27 May 2022 to 3 November 2026.)

## What is the latest news on Venus Pipes & Tubes? 3 Nov 2026: Venus Pipes & Tubes closed at ₹1,777.40, up 3.9% on the week and down 19.5% on the month. Our read, 10 Oct 2026: The thesis requires delivered margin and cash improvement, with guidance changes treated as execution warnings. ### Earlier

- 4 Sep 2026: ex-date for a dividend of ₹0.50 a share. - 10 Aug 2026: Venus Pipes & Tubes held its results call for April to June 2026. Management guided: FY27 revenue growth maintained around 20%; CFO later stated above 20% for FY27-FY28, while business doubling by FY29-FY30 remains the ambition. - Results for April to June 2026: Revenue up 16.3% and profit up 4.0% on a year earlier. - 18 Nov 2025: ex-date for an interim dividend of ₹0.50 a share. ### Our read of the business

The thesis requires delivered margin and cash improvement, with guidance changes treated as execution warnings. Latest quarter: Orders improve, but the value-added ramp has yet to change reported profit. (Our read after the latest results, written 10 October 2026.)

## What dividend does Venus Pipes & Tubes pay? Venus Pipes & Tubes paid ₹1 a share in regular dividends in the 12 months to 4 November 2026 (2 payments), a yield of 0.06% at the ₹1,777.40 close on 3 November 2026. The last was a dividend of ₹0.50 a share, ex-date 4 September 2026. ### Venus Pipes & Tubes dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 4 Sep 2026 | ₹0.50 | Dividend | same day |
| 18 Nov 2025 | ₹0.50 | Interim | same day |
| 18 Sep 2025 | ₹0.50 | Dividend | same day |
| 29 Nov 2024 | ₹0.50 | Interim | same day |
| 17 Sep 2024 | ₹0.50 | Dividend | 18 Sep 2024 |
| 7 Nov 2023 | ₹0.50 | Interim | same day |
| 18 Sep 2023 | ₹0.50 | Dividend | same day |
| 18 Nov 2022 | ₹0.50 | Interim | 21 Nov 2022 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 4 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Venus Pipes & Tubes Ltd paid out 2% of its profit as dividends in FY26, and it paid a dividend in 4 of its last 8 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Venus Pipes & Tubes management say on the latest results call? On the call for April to June 2026, held on 10 August 2026, Venus Pipes & Tubes' management guided: FY27 revenue growth maintained around 20%; CFO later stated above 20% for FY27-FY28, while business doubling by FY29-FY30 remains the ambition. > “The intent is to take margins to 18% over the next 2 years.”
> Arun Kothari, on the call for April to June 2026

### What management guided

- Fittings volumes expected from Q2, contributing 5-7% of FY27 top line and 8-10% in FY28. - Spooling facility to commence by end-Q3, contributing approximately 5% of FY27 top line and 10-15% in FY28. - Operating margin planned around 18% over the next two years, with progressive quarterly improvement and a lift expected after Q2. - Spooling capital spending around ₹70 crore; total FY27 capital spending approximately ₹100-110 crore across new projects, maintenance and solar. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/47077/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 10 August 2026.)

## What is the future of Venus Pipes & Tubes? What is changing in the business? The changes showing up in Venus Pipes & Tubes' own numbers are a bigger order book and a bigger market to serve. It is too early to say whether they last. A bigger order book too early to call

Venus keeps winning stainless-steel pipe orders, mostly from Indian power, oil and gas, chemicals and engineering customers, and is turning them into sales. Revenue grew 16-29% over the same quarter a year earlier in all four quarters (₹292, 297, 302 and 321 crore against ₹229, 231, 258 and 276 crore). The order book slipped from ₹490 crore (Q2) to ₹470 crore (Q3) and a core ₹450 crore (Q4), then jumped to above ₹600 crore in April to June 2026, or about ₹800 crore counting a ₹185 crore data-centre letter of intent. Why it may last: The orders ride India's power and industrial build-out cycle (BHEL, NTPC, Adani tenders) and management's own ₹6,000 crore power pipeline is a multi-year cycle, not something Venus owns. When tenders slow, as in Q3-Q4, the order book shrinks. What could be flattering it: A headline order book that is not turning into profit or cash, orders taken at thin prices, execution stuck (the BHEL bottleneck), or sales funded by letting customers pay later. Next check: Order book stays above ₹600 crore (excluding the data-centre letter of intent) while quarterly revenue grows at least 15% over ₹292 crore and operating margin stays at or above 16%. Quarter by quarter, 4 quarters

July to September 2025

Order book ₹490 crore; revenue ₹292 crore against ₹229 crore a year earlier (+27.5%), operating profit ₹48 crore against ₹41 crore. ✓ fact

From our notes of the call for July to September 2025: Healthy order book of ₹490 crore with 30-35% from exports and balance from domestic. October to December 2025

Order book dipped to ₹470 crore even as management called it strengthened; revenue ₹297 crore against ₹231 crore (+28.6%), operating profit ₹49 crore against ₹37 crore (+32%). ✓ fact

From our notes of the call for October to December 2025: Order backlog strengthened to ₹470 crore with healthy visibility. January to March 2026

Core order book fell to ₹450 crore, lower than a year earlier; BHEL orders were less than 60% executed because of BHEL's own fabrication bottleneck. Revenue still grew to ₹302 crore against ₹258 crore (+17%). ✓ fact

From our notes of the call for January to March 2026: Analyst challenged 20% plus volume growth guidance given core order book ₹450 crore (down on a year earlier)

April to June 2026

Order book rose above ₹600 crore excluding the ₹185 crore letter of intent, with repeat power orders and new engineering and chemical customers. Revenue ₹321 crore against ₹276 crore (+16.3%); operating profit ₹52 crore against ₹45 crore (+15.6%). ✓ fact

From our notes of the call for April to June 2026: Order book rose from ₹450 crore last quarter to above ₹600 crore excluding the LOI. A bigger market to serve too early to call

Domestic revenue (from the summaries) rose about 43% to ₹203 crore in Q3 and 31% to ₹227 crore in April to June 2026, carrying growth while exports fell. Why it may last: both rise and fall. The switch from carbon steel to stainless steel may be longer-lasting, but the summaries give no measure of it. What could be flattering it: A market-size story substituted for company results, or rupee growth that is only steel-price pass-through (April to June 2026 margin walk says higher steel prices lifted realisations). Next check: Domestic revenue stays above ₹220 crore in July to September 2026 while management states volume growth (not only price) of 15% or more. Quarter by quarter, 4 quarters

July to September 2025

Total revenue ₹291.5 crore less exports ₹115.6 crore leaves about ₹176 crore domestic; growth that quarter was led by exports, not domestic demand. ✓ fact

From our notes of the call for July to September 2025: India's capital expenditure cycle on strong upward trajectory driven by policy support and multi-year project visibility. October to December 2025

Domestic revenue ₹203 crore, up 43%, driven by power tenders. ✓ fact

From our notes of the call for October to December 2025: Domestic revenue surged 43% on a year earlier to ₹203 crore (15% on the previous quarter) driven by power sector tenders. January to March 2026

Revenue ₹302 crore less exports ₹87.8 crore leaves about ₹214 crore domestic, against about ₹146 crore a year earlier (₹258 crore less ₹112.5 crore exports), roughly +47%. ✓ fact

From our notes of the call for January to March 2026: Dominant domestic demand in FY26 driven by power, oil and gas, CNG, and engineering sectors. April to June 2026

Domestic revenue ₹227 crore, up 31%, spread across oil and gas, chemicals, pharmaceuticals and engineering, not one sector. ✓ fact

From our notes of the call for April to June 2026: Domestic revenue was ₹227 crore, up 31% on a year earlier, led by oil and gas, chemicals, pharmaceuticals and engineering demand. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026.)

## What is Venus Pipes & Tubes' order book? The August summary reports a pipes-and-fittings order book above 600 crore and approximately 800 crore visibility including the 185 crore data-center LOI. ✓ fact

(Our read after the latest results, written 10 October 2026.)

## What could change the Venus Pipes & Tubes story? What are the risks? If fittings and spooling begin commercial sales but reported operating margin and quarterly profit still fail to improve, the integrated-product strategy is not retaining enough economic benefit to support the thesis. ### Each change stops working if

- Existing welded capacity absorbs incremental orders: Utilization rises without operating-margin improvement because variable costs or customer pricing absorb the benefit. - Fittings approvals convert cross-supplying into higher-value revenue: Customer approvals do not convert into commercial orders or the new mix fails to improve blended profit. - Spooling commercial execution extends the integrated offer: Facility commencement or customer acceptance slips enough to prevent the guided commercial contribution. - Customer orders support the newly installed product basket: Orders fail to become invoiced deliveries or customers extend payment terms enough to absorb the earnings benefit. ### The main risks

- Revenue growth fails to become incremental profit: Reported profit is flat across the latest quarterly slots despite rising revenue and operating profit. ⚠ estimate
- Guidance changes obscure the delivery test: The retained revenue ambition now relies more on pricing and mix after the volume expectation softened. ⚠ estimate
- Spooling customer and approval concentration: Facility spending precedes proof of repeatable accepted deliveries from the data-center opportunity. ⚠ estimate
- Export recovery remains externally dependent: The latest call reports lower export revenue despite order inflows and retains a recovery expectation. ⚠ estimate

(Our read after the latest results, written 10 October 2026.)

## What to watch in Venus Pipes & Tubes' next results? When Venus Pipes & Tubes reports July to September 2026, these are the 5 checks that show whether the story is still on course. First: Order book stays above ₹600 crore (excluding the data-centre letter of intent) while quarterly revenue grows at least 15% over ₹292 crore and operating margin stays at or above 16%. | What to check | Why |
| --- | --- |
| Order book stays above ₹600 crore (excluding the data-centre letter of intent) while quarterly revenue grows at least 15% over ₹292 crore and operating margin stays at or above 16%. | A bigger order book |
| Domestic revenue stays above ₹220 crore in July to September 2026 while management states volume growth (not only price) of 15% or more. | A bigger market to serve |
| Export recovery - check whether the anticipated pickup materializes as geopolitical and container constraints ease. | From the call |
| Spooling execution - check commissioning within the committed window and conversion of the data-center LOI into revenue. | From the call |
| Seamless capacity ramp - check progressive utilization translating into faster top-line growth without margin dilution. | From the call |

## Which stock lists is Venus Pipes & Tubes on? Venus Pipes & Tubes is on 2 of our India lists: Multibagger study list and AI & data centre stocks. - [Multibagger study list Study stage: late](https://www.sectoralpha.in/multibagger-stocks-india)
- [AI & data centre stocks Group on the list: Data centre suppliers](https://www.sectoralpha.in/ai-stocks-india)

## Is Venus Pipes & Tubes profitable? Venus Pipes & Tubes Ltd earned ₹26.0 Cr of net profit in the Jun 2026 quarter, +4.0% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹102 Cr. Over 7 years profit has grown 58.8% a year on average. That is 8.1% of the quarter's revenue. The same quarter a year earlier earned ₹25.0 Cr. For the full year, FY26 profit was ₹102 Cr (+9.7% on the year before). Why profit moved: revenue changed +16.3% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +16.3% and revenue +22.4%. Profit is growing slower than sales: rising costs are taking part of the growth. FY26-Q4. Spooling broadens the strategy; the annual call statement needs reconciliation

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much revenue does Venus Pipes & Tubes make, and is it growing? Venus Pipes & Tubes Ltd reported ₹321 Cr of revenue in the Jun 2026 quarter, +16.3% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 7 years it has grown 38.6% a year on average. The last full year, FY26, came in at ₹1,167 Cr. The last four reported quarters add to ₹1,212 Cr. FY26 revenue was ₹1,167 Cr, +21.7% on the year before. Recent pace: the last four quarters grew +22.4% on average, against 38.6% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +21.9%, against +18.6% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +14.3%, against +4.1% a year (accelerating). FY26-Q4. Spooling broadens the strategy; the annual call statement needs reconciliation

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Venus Pipes & Tubes keep? Venus Pipes & Tubes Ltd's operating margin was 16.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Across 8 years it has been between 7.0% and 18.0%. The latest quarter is within that range. Why this happened. The latest call separates physical commencement from customer approvals and operating processes. This distinction prevents commissioning from being mistaken for delivered sales. Management expects the fittings contribution to begin in the next reporting quarter, but segment margins are not disclosed. Revenue contribution and blended profitability must therefore be checked together. Internal pipe usage and customer cross-sales are connected mechanisms, not separate additive earnings estimates. In the latest quarter it moved +0.0 percentage points on the same quarter a year ago. Why the margin moved: operating margin changed −0.1 percentage points on the year while gross margin changed +2.4 points. So the drop came mostly from the gross margin, which means input costs and prices charged. FY26-Q4. Spooling broadens the strategy; the annual call statement needs reconciliation

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## Is Venus Pipes & Tubes' profit turning into cash? Over the last 3 years, 83% of Venus Pipes & Tubes Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹112 Cr of operating cash against ₹102 Cr of profit. After ₹170 Cr of spending on assets, free cash was −₹58.0 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 83% of profit came in as cash: the cash cycle got 68 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: the bigger use of cash is spending on new assets, at 7.2× depreciation over three years. The next section checks what that spending is building. ## Where does Venus Pipes & Tubes' cash go? Venus Pipes & Tubes Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 124 days in FY26, up from 56 days in FY21. It spent ₹396 Cr on assets over the last 3 years. Customers take 81 days to pay, and stock sits for 183 days on average. At FY26 sales of ₹1,167 Cr, each day of that cycle ties up about ₹3.2 Cr, so roughly ₹396 Cr is tied up in the business at any time. FY26: customers took 81 days to pay and stock sat for 183 days, about 6.0 months of sales sitting as stock, for a full cycle of 124 days, longer than FY21's 56. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 183 days. Customers pay about 81 days after that. Suppliers are paid at 141 days. Together that makes the 124-day cycle. Spending on assets: ₹396 Cr over the last 3 years, against ₹55.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹124 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Venus Pipes & Tubes' P/E ratio, and how does it compare with its own history? Venus Pipes & Tubes Ltd's P/E is 39.3×, in the middle of its own history: higher than 57% of past readings. Its usual P/E (the middle reading) is 36.6×, over 4.4 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹50.09. Why the multiple is where it is: over the past year earnings per share moved +8.2% while the price moved +39.4%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 3 years the price moved +8.2% a year; about +13.8% a year came from earnings growth and about −5.6 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Venus Pipes & Tubes share price assume? Worked out from its price on 11 October 2026, Venus Pipes & Tubes Ltd's share price assumed profit growth of about 22.3% a year. Over the past 7 years its profit actually grew 58.8% a year. Today its P/E is 39.3×, higher than 57% of its own last 4.4 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Venus Pipes & Tubes business getting better or worse? Venus Pipes & Tubes Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 26.6%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Venus Pipes & Tubes story, and has it been checked? Venus Pipes & Tubes Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: TROUGH. Our read, 10 October 2026. From the numbers. The operating-cycle engine identifies a trough in capital returns, while current margins sit…

From the price. Price stage 2, week 23, above its 200-day line, relative strength rising. From the research. Where they disagree. The operating-cycle engine identifies a trough in capital returns, while current margins sit near their historical midpoint. What is proven. What is not proven yet. If fittings and spooling begin commercial sales but reported operating margin and quarterly profit still fail to improve, the integrated-product strategy is not retaining enough economic benefit to support the thesis. What would change our mind. If fittings and spooling begin commercial sales but reported operating margin and quarterly profit still fail to improve, the integrated-product strategy is not retaining enough economic benefit to support the thesis. The test written in advance. If fittings and spooling begin commercial sales but reported operating margin and quarterly profit still fail to improve, the integrated-product strategy is not retaining enough economic benefit to support the thesis. Measured by: the thesis as written as stated by the next result. The test written in advance. Revenue growth fails to become incremental profit. Measured by: Revenue growth fails to become incremental profit Operating profit increases while net profit remains flat after fittings and spooling begin commercial sales. by the next result. The test written in advance. Guidance changes obscure the delivery test. Measured by: Guidance changes obscure the delivery test Further lowering of volume or export expectations without a quantified bridge to the retained revenue guide. by the next result. What the company does. Revenue continues to grow, while reported quarterly profit remains flat sequentially; financing and depreciation absorb part of the operating-profit improvement. Fittings approvals, welded utilization and spooling execution can improve the mix, but these are connected parts of the same integrated offer rather than additive independent profit pools. The thesis requires delivered margin and cash improvement, with guidance changes treated as execution warnings. What the surface reading misses. The surface reading is: Higher revenue and operating profit suggest accelerating earnings. The research reads it further: Interest and depreciation also increased, while rounded operating margin stayed unchanged. More operating profit therefore does not flow through proportionately to net profit. What the surface reading misses. The surface reading is: Revenue growth should generate operating leverage. The research reads it further: Operating margin is unchanged and interest and depreciation are higher than in the comparison quarter, limiting net-profit conversion. Lever 3 · Management change: building. Welded utilization leaves room to absorb orders, but incremental volume must exceed input and operating-cost offsets. What proves it keeps working: Existing welded capacity absorbs incremental orders. It stops working if Utilization rises without operating-margin improvement because variable costs or customer pricing absorb the benefit. Lever 2 · Value-added mix: building. The fittings plant has commenced, but customer approvals determine commercial scale and the margin retained. What proves it keeps working: Fittings approvals convert cross-supplying into higher-value revenue. It stops working if Customer approvals do not convert into commercial orders or the new mix fails to improve blended profit. Lever 6 · Order-book wins: building. The latest pipes-and-fittings order book increased, with repeat power customers and new engineering and chemical customers. What proves it keeps working: Customer orders support the newly installed product basket. It stops working if Orders fail to become invoiced deliveries or customers extend payment terms enough to absorb the earnings benefit. Sources: our stock research file (10 October 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Venus Pipes & Tubes management deliver what it promised? What Venus Pipes & Tubes Ltd's management promised, against what actually happened: 4 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. ## What is Venus Pipes & Tubes management's track record? No company-specific fraud finding, named live regulatory conduct case, proved lie or huge unowned miss surfaced. The automated forensic page gives no dated calculations and cannot establish misconduct. Sources:

- [finance.yahoo.com](https://finance.yahoo.com/quote/VENUSPIPES.NS/earnings/VENUSPIPES.NS-Q2-2026-earnings_call-720051.html)
- [venuspipes.com](https://www.venuspipes.com/wp-content/uploads/2026/05/Press-Release-Warrant-Conversion-Completed.pdf)
- [tijorifinance.com](https://tijorifinance.com/company/venus-pipes-tubes-ltd/shareholding)

(Checked 14 October 2026.)

## How much does Venus Pipes & Tubes earn on its capital? Venus Pipes & Tubes Ltd earned a ROCE of 21% in FY26. Its return on capital used (ROIC) is 1.8 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 8.7% net margin and 0.90× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 8.7% net margin × 0.90× asset turnover × 1.94× leverage (assets divided by equity) ≈ 15.2% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 13.8% − 12.0% = +1.8 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 13.8% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 15.5%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Venus Pipes & Tubes have too much debt? Venus Pipes & Tubes Ltd has total debt of ₹287 Cr against shareholder equity of ₹668 Cr as of Jun 2026, so its debt is 0.43× its equity. Year by year, that ratio went from 0.50 in FY22 to 0.43 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Venus Pipes & Tubes shareholding pattern? Domestic institutions raised their stake in Venus Pipes & Tubes Ltd by 3.0 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 17.2% of the company. Foreign institutions moved −1.4 points over the same period, to 3.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. The Operating Leverage Catapult applies conditionally. The latest call identifies utilization of existing welded assets as a margin lever, while domestic power and engineering orders provide demand. Existing capacity can spread fixed costs over more output; raw material and power costs remain variable, so revenue growth alone does not establish incremental profit. Integrated fittings and spooling orders may use the same pipes, and that benefit is counted here only as capacity absorption. The first earnings proof is rising operating margin alongside volume, followed by profit after financing and depreciation. Over the last two years: Domestic institutions: +3.0 points over 8 quarters, to 17.2%; Foreign institutions: −1.4 points over 8 quarters, to 3.9%; Promoters: +0.5 points over 8 quarters, to 48.4%. Why the owners changed: domestic institutions drove it (+3.0 points), with the other side taken by foreign institutions (−1.4 points). They raised their stake step by step. ## How far is Venus Pipes & Tubes from balance-sheet trouble? For Venus Pipes & Tubes Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Venus Pipes & Tubes rank in its industry? 58.3 out of 100, rank 6 of 15 in Steel - Tubes/Pipes, with 96% of the evidence available. Venus Pipes & Tubes Ltd scores 58.3 out of 100 against the 15 companies it is compared with in Steel - Tubes/Pipes, ranking 6. Relative strength against the index is 31.6%, and revenue and profit growth are weak. The four parts add up to the total exactly: 16.1 + 20.8 + 4.1 + 17.3 = 58.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Venus Pipes & Tubes compared with? Venus Pipes & Tubes ranks 6 of 15 Steel - Tubes/Pipes companies on the 4-Factor Sector Score, with 58.3 out of 100. 1. [Sambhv Steel Tubes Ltd](https://www.sectoralpha.in/stocks/sambhv-steel-tubes-ltd) SAMBHV · breaking out · Most evidence points up · 93% evidence 74.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.4/35 · Revenue 41.9% · Profit 100% · Operating margin change 2 points · 100% evidence Capital efficiency 15.8/25 · ROCE 19.1% · Operating margin 12% · 100% evidence Valuation 9.6/20 · P/E 22.7× · PEG 1.74 · 65% evidence Relative strength 19.3/20 · Lead over its industry 27.9% · Lead over NIFTY 500 39% · 1 year 35.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.4 + 15.8 + 9.6 + 19.3 = 74.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [APL Apollo Tubes Ltd](https://www.sectoralpha.in/stocks/apl-apollo-tubes-ltd) APLAPOLLO · breaking out · Most evidence points up · 100% evidence 69.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.5/35 · Revenue 14.9% · Profit 24.8% · Operating margin change 0 points · 100% evidence Capital efficiency 20.8/25 · ROCE 31.8% · Operating margin 8% · 100% evidence Valuation 10.4/20 · P/E 45.9× · PEG 0.92 · 100% evidence Relative strength 15.4/20 · Lead over its industry 3.8% · Lead over NIFTY 500 14.7% · 1 year 20.9% · 100% evidence · 12 of 12 weeks ahead Exact sum: 22.5 + 20.8 + 10.4 + 15.4 = 69.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Man Industries (India) Ltd](https://www.sectoralpha.in/stocks/man-industries-indialtd) MANINDS · leader · Most evidence points up · 96% evidence 68.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.2/35 · Revenue 10.8% · Profit 25.9% · Operating margin change 7 points · 88% evidence Capital efficiency 14.9/25 · ROCE 16.2% · Operating margin 14% · 100% evidence Valuation 11.1/20 · P/E 26.6× · PEG 0.22 · 100% evidence Relative strength 19.7/20 · Lead over its industry 31% · Lead over NIFTY 500 40% · 1 year 76.6% · 100% evidence · 11 of 12 weeks ahead Exact sum: 23.2 + 14.9 + 11.1 + 19.7 = 68.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Gandhi Special Tubes Ltd](https://www.sectoralpha.in/stocks/gandhi-special-tubes-ltd) GANDHITUBE · breaking out · Most evidence points up · 96% evidence 67.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.1/35 · Revenue 11.1% · Profit 13.6% · Operating margin change 4 points · 88% evidence Capital efficiency 19.8/25 · ROCE 28.4% · Operating margin 47% · 100% evidence Valuation 16.6/20 · P/E 13.1× · PEG 0.85 · 100% evidence Relative strength 11.4/20 · Lead over its industry -1.2% · Lead over NIFTY 500 8.5% · 1 year -0.9% · 100% evidence · 8 of 12 weeks ahead Exact sum: 20.1 + 19.8 + 16.6 + 11.4 = 67.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [DEE Development Engineers Ltd](https://www.sectoralpha.in/stocks/dee-development-engineers-ltd) DEEDEV · quiet · Evidence leans up · 89% evidence 60.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.4/35 · Revenue 40.1% · Profit 50% · Operating margin change 1 points · 88% evidence Capital efficiency 9.1/25 · ROCE 10.7% · Operating margin 17% · 100% evidence Valuation 13.6/20 · P/E 46.6× · PEG 0.62 · 65% evidence Relative strength 11.8/20 · Lead over its industry 14.2% · Lead over NIFTY 500 20.2% · 1 year 96.8% · 100% evidence · 3 of 12 weeks ahead Exact sum: 26.4 + 9.1 + 13.6 + 11.8 = 60.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. Venus Pipes & Tubes Ltd this page VENUSPIPES · leader · Evidence leans up · 96% evidence 58.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.1/35 · Revenue 21.9% · Profit 14.3% · Operating margin change 0 points · 88% evidence Capital efficiency 20.8/25 · ROCE 21.3% · Operating margin 16% · 100% evidence Valuation 4.1/20 · P/E 39.9× · PEG 3.94 · 100% evidence Relative strength 17.3/20 · Lead over its industry 22.1% · Lead over NIFTY 500 31.6% · 1 year 41.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 16.1 + 20.8 + 4.1 + 17.3 = 58.3 · What this means: Relative strength against the index is 31.6%, and revenue and profit growth are weak. 7. [JTL Industries Ltd](https://www.sectoralpha.in/stocks/jtl-industries-ltd) JTLIND · breaking out · Evidence leans up · 78% evidence 56.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.6/35 · Revenue 19% · Profit 42.4% · Operating margin change 3.7 points · 83% evidence Capital efficiency 7.9/25 · ROCE 9.6% · Operating margin 8% · 76% evidence Valuation 12.4/20 · P/E 25.4× · PEG n/a · 50% evidence Relative strength 13.2/20 · Lead over its industry 3.4% · Lead over NIFTY 500 12.7% · 1 year 15.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 22.6 + 7.9 + 12.4 + 13.2 = 56.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Goodluck India Ltd](https://www.sectoralpha.in/stocks/goodluck-india-ltd) GOODLUCK · breaking out · Evidence leans up · 100% evidence 56.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.4/35 · Revenue 18.8% · Profit 31.3% · Operating margin change 0 points · 100% evidence Capital efficiency 12.8/25 · ROCE 14.4% · Operating margin 9% · 100% evidence Valuation 9.7/20 · P/E 23.4× · PEG 0.94 · 100% evidence Relative strength 13.1/20 · Lead over its industry 10.3% · Lead over NIFTY 500 20% · 1 year 17.9% · 100% evidence · 7 of 12 weeks ahead Exact sum: 20.4 + 12.8 + 9.7 + 13.1 = 56 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Hariom Pipe Industries Ltd](https://www.sectoralpha.in/stocks/hariom-pipe-industries-ltd) HARIOMPIPE · quiet · Evidence leans down · 81% evidence 47.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.1/35 · Revenue 10.8% · Profit 1.5% · Operating margin change 0 points · 88% evidence Capital efficiency 15.7/25 · ROCE 15.7% · Operating margin 12% · 100% evidence Valuation 10.3/20 · P/E 13.8× · PEG 3.05 · 100% evidence Relative strength 8.4/20 · Lead over its industry n/a · Lead over NIFTY 500 -9.6% · 1 year -30.9% · 25% evidence · 1 of 12 weeks ahead Exact sum: 13.1 + 15.7 + 10.3 + 8.4 = 47.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Maharashtra Seamless Ltd](https://www.sectoralpha.in/stocks/maharashtra-seamless-ltd) MAHSEAMLES · losing its lead · Evidence leans down · 96% evidence 43.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.0/35 · Revenue -12.2% · Profit -16.1% · Operating margin change 2 points · 88% evidence Capital efficiency 12.2/25 · ROCE 14.3% · Operating margin 16% · 100% evidence Valuation 15.7/20 · P/E 9.8× · PEG 0.78 · 100% evidence Relative strength 5.6/20 · Lead over its industry -13.8% · Lead over NIFTY 500 -5.3% · 1 year -5.2% · 100% evidence · 6 of 12 weeks ahead Exact sum: 10 + 12.2 + 15.7 + 5.6 = 43.5 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 11. [Scoda Tubes Ltd](https://www.sectoralpha.in/stocks/scoda-tubes-ltd) SCODATUBES · quiet · Evidence leans down · 64% evidence 43.2 out of 100 Growth Capital Valuation Relative
12. [Surya Roshni Ltd](https://www.sectoralpha.in/stocks/surya-roshni-ltd) SURYAROSNI · basing · Evidence leans down · 96% evidence 39.1 out of 100 Growth Capital Valuation Relative
13. [Hi-Tech Pipes Ltd](https://www.sectoralpha.in/stocks/hi-tech-pipes-ltd) HITECH · basing · Most evidence points down · 96% evidence 34.4 out of 100 Growth Capital Valuation Relative
14. [Welspun Specialty Solutions Ltd](https://www.sectoralpha.in/stocks/welspun-specialty-solutions-ltd) WELSPLSOL · losing its lead · Most evidence points down · 83% evidence 28.9 out of 100 Growth Capital Valuation Relative
15. [Rama Steel Tubes Ltd](https://www.sectoralpha.in/stocks/rama-steel-tubes-ltd) RAMASTEEL · quiet · Most evidence points down · 96% evidence 24.2 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Steel - Tubes/Pipes](https://www.sectoralpha.in/sectors/steel-tubes-pipes), all 15 compared on one page. ## Which companies are close to Venus Pipes & Tubes in size? Venus Pipes & Tubes is the 7th largest of 15 Steel - Tubes/Pipes companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Goodluck India, Sambhv Steel Tubes and Surya Roshni. Just below it: DEE Development Engineers, JTL Industries and Welspun Specialty Solutions. ### Steel - Tubes/Pipes companies close in size

1. [Goodluck India Ltd](https://www.sectoralpha.in/stocks/goodluck-india-ltd) ₹4,923 crore
2. [Sambhv Steel Tubes Ltd](https://www.sectoralpha.in/stocks/sambhv-steel-tubes-ltd) ₹4,487 crore
3. [Surya Roshni Ltd](https://www.sectoralpha.in/stocks/surya-roshni-ltd) ₹4,436 crore
4. Venus Pipes & Tubes Ltd ₹4,147 crore
5. [DEE Development Engineers Ltd](https://www.sectoralpha.in/stocks/dee-development-engineers-ltd) ₹3,818 crore
6. [JTL Industries Ltd](https://www.sectoralpha.in/stocks/jtl-industries-ltd) ₹2,915 crore
7. [Welspun Specialty Solutions Ltd](https://www.sectoralpha.in/stocks/welspun-specialty-solutions-ltd) ₹2,469 crore

[All 15 Steel - Tubes/Pipes companies, largest first](https://www.sectoralpha.in/sectors/steel-tubes-pipes#all-companies)

### Companies close in size in other industries

1. [AGI Greenpac Ltd](https://www.sectoralpha.in/stocks/agi-greenpac-ltd) ₹4,148 crore · Packaging - FMCG/Consumers
2. [Gufic BioSciences Ltd](https://www.sectoralpha.in/stocks/gufic-biosciences-ltd) ₹4,147 crore · Pharma - Formulators
3. Venus Pipes & Tubes Ltd ₹4,147 crore
4. [SEAMEC Ltd](https://www.sectoralpha.in/stocks/seamec-ltd) ₹4,134 crore · Shipping
5. [Tempsens Instruments (India) Ltd](https://www.sectoralpha.in/stocks/tempsens-instruments-indialtd) ₹4,125 crore

## What else do people ask about Venus Pipes & Tubes? ### What is Venus Pipes & Tubes's share price today? Venus Pipes & Tubes Ltd's share price is ₹1,777.40, +39.4% over the past year. The whole company is worth ₹4,079 Cr on the market. In the last 52 weeks it traded between ₹937 to ₹2,284; today it is 62% of the way up from the low, 10.3% above its 200-day average (as of 3 November 2026). ### What were Venus Pipes & Tubes's latest quarterly results? Venus Pipes & Tubes Ltd reported revenue of ₹321 Cr and net profit of ₹26.0 Cr for the Jun 2026 quarter. Revenue rose 16.3% and profit rose 4.0% compared with a year earlier. Earnings per share were ₹12.75 (as of 3 November 2026). ### What is Venus Pipes & Tubes's market cap? Venus Pipes & Tubes Ltd's market capitalisation is ₹4,079 Cr at a share price of ₹1,777.40. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Venus Pipes & Tubes performing? Venus Pipes & Tubes Ltd's share price has been rising for 23 weeks. In its latest quarter, revenue rose 16.3% and profit rose 4.0% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 38 weeks running (as of 3 November 2026). ### Will Venus Pipes & Tubes's share price go up? This page does not forecast Venus Pipes & Tubes Ltd's share price. What it shows instead: the share price is ₹1,777.40, and it has been rising for 23 weeks. Its P/E of 39.3× is higher than 57% of its own last 4 years (as of 3 November 2026). ### Who owns Venus Pipes & Tubes? Promoters own 48.4% of Venus Pipes & Tubes Ltd, foreign institutions 3.9%, domestic institutions 17.2% and the public 30.5% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 3.0 percentage points over 8 quarters (as of 3 November 2026). ### Does Venus Pipes & Tubes have too much debt? Venus Pipes & Tubes Ltd has a moderate amount of debt: its debt is 0.43× its equity, and its operating profit is 5 times its interest bill. FY26 borrowings were ₹287 Cr against equity of ₹669 Cr. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Where is Venus Pipes & Tubes in its business cycle? Venus Pipes & Tubes Ltd's FY26 operating margin was 16.0%, against a 8-year range of 7.0% to 18.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 16.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Venus Pipes & Tubes story? The main question: the share price moved +39.4% in a year while yearly earnings per share moved +8.2%. The difference came from the market paying a higher multiple. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Venus Pipes & Tubes a stock worth studying right now? What the numbers show: Venus Pipes & Tubes Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether earnings grow into a price that has already moved. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Venus Pipes & Tubes share price forecast for 2026? What management itself guided: FY27 revenue growth maintained around 20%; CFO later stated above 20% for FY27-FY28, while business doubling by FY29-FY30 remains the ambition. The changes showing up in Venus Pipes & Tubes' own numbers are a bigger order book and a bigger market to serve. It is too early to say whether they last. What would change the story: If fittings and spooling begin commercial sales but reported operating margin and quarterly profit still fail to improve, the integrated-product strategy is not retaining enough economic benefit to support the thesis. ### Where does this page get Venus Pipes & Tubes' management information? From Venus Pipes & Tubes' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- AI & data centre stocks: https://www.sectoralpha.in/ai-stocks-india

This is research, not advice. We’re not SEBI-registered.