Analysis published 23 Apr 2026

AI-generated · cited to primary sources · not investment advice

Venus Pipes (543528) Nov 2025 Filing Analysis

01 · Management Credibility

Does management do what it says?

ExceededExport Market Penetration for Steel Products
95/100

Export revenue share for Q1 FY26 reached 37.3%, significantly exceeding the 30% target and growing 69% YoY. (2 exceeded, 1 met across 3 tracked commitments)

It should not be at this 40%, but we believe it should be more than 25%, 30% sort of number for export going forward also.

Venus Pipes · Concall Transcript · Nov 2025 · p.7
In progressDispatched Volume Growth Rate
60/100

The company is on track to meet or exceed this target, having achieved 23.5% growth in 9M FY26, with Q3 FY26 revenue already reaching 90% of the total FY25 revenue. (2 in progress across 2 tracked commitments)

Parth Bhavsar: Okay. And the guidance for 25% revenue growth is maintained? Kunal Bubna: Yes, maintained.

Venus Pipes · Concall Transcript · Nov 2025 · p.6

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