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Systematix Research Report
We come back positive from our meeting with the management of Venus Pipes and Tubes Ltd. at their Bhuj, Gujarat works.
Venus Pipes is an emerging producer of stainless steel seamless and welded pipes, having a combined capacity of 10.8 thousand tonnes currently.
The company is currently expanding this capacity to 25.2 ktpa, expected to be completed by Q1 FY24. The expansion includes setting up a piercing line for manufacturing hollow pipes at a capacity of 9.6 kt. The expansion is largely being funded from the proceeds of its Rs 1.5 billion IPO done in May 2022.
Bulk of the business is order based, with customized sizes and specifications; the company has tied up back-to-back for raw materials, largely stainless steel coils and stainless steel hollow pipes.
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