Nuvama Reiterate ‘BUY’ on Venus Pipes with target price of Rs 2120
Venus Pipes reported in-line Q4FY25 results with revenue up 15% YoY while EBITDA/PAT fell 8%/7% YoY. Exports contribution shot up to 44% versus 12% in Q4FY24 while domestic share was down to 56%, hurt by soft demand. FY25 volumes expanded 18% YoY to 26,000 tonnes. Margins slipped 400bp YoY due to weak demand, slowdown in export of welded pipes and increased competitive intensity. Management guided for 20%-plus volume growth along with 16–18% margins. We believe given a strong order book (INR5.74bn) and expanding end-user categories, Venus is poised for strong growth ahead. Reiterate ‘BUY’ with a revised TP of Rs 2120 (earlier Rs 2000) as we roll forward valuation to 25x FY27E EPS.Volume growth moderates; exports share upFY25 revenue expanded 19% YoY (Seamless: +18%/Welded: +12% YoY) on the...










