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Venus is the only pure-play listed player focussed on the high value SS (Stainless Steel) pipe industry.

SS pipes are used in critical, high pressure & temperature applications like pressure vessels, heat exchangers, condensers & others. Industry exposure: Cap Goods 50%, Chemicals 33%, Other industries 17%.

Thus ASP of Stainless Steel pipes is Rs. 4 L/ton, while Carbon Steel is Rs. 70k/ton.

Industry tailwinds (a) BIS certification (b) China discontinued export incentive (c) Anti Dumping Duty

Venus offers strong growth visibility with Sales/PAT CAGR of 50%/78% over FY23–25E, driven by

- − Capacity expansion of 3x from 12k tons to 38k tons by FY25E plus operating leverage thereon

− Backward integration into manufacture of hollow pipes (from SS billets)

− Sales through stockists which is 30% mix today is expected to dip below 20% in favor of direct sales

− Entry in larger diameter pipes: Upto 48” in welded from 8” now; Upto 6” in seamless from 4” now

We assign a TP of Rs. 1,830, valuing the company at 25x Sep 2025E (at 10% discount to target multiple for Ratnamani Metals & Pipes).

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SEBI Registration number is INH000001766