Avoid to Venus Pipes and Tubes: Anand Rathi

2022-05-14 14:29:53 By : Mr. Fred Feng

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Anand Rathi IPO report on Venus Pipes and Tubes

Venus Pipes and Tubes Ltd is one of the growing stainless steel pipes and tubes manufacturer and exporter in India having over six years of experience in manufacturing of stainless steel tubular products in two broad categories: (i) seamless tubes/pipes and (ii) welded tubes/pipes, under which they are currently manufacturing five product lines, namely, (i) stainless steel high precision & heat exchanger tubes (ii) stainless steel hydraulic & instrumentation tubes (iii) stainless steel seamless pipes (iv) stainless steel welded pipes and (v) stainless steel box pipes. Under their brand name “Venus”, the company supply their Products for applications in diverse sectors including (i) chemicals (ii) engineering (iii) fertilizers (iv) pharmaceuticals (v) power (vi) food processing (vii) paper and (viii) oil and gas.

The Company has delivered good growth in Sales over past few years along with increasing margin profile. However, Venus faces competition from its peers who hold substantial market share in the SS pipes and tubes market. When compared to its listed peers, Venus seems to be richly priced. We recommend an "Avoid" rating to this IPO.

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