*MNCL Research: Venus pipes & tubes 4QFY25 first cut: Delivers on revenue; margins remain under pressure* *_CMP: Rs1512; TP: Rs2230 (under revision); Rating: BUY_* *Revenue:* Rs2.58bn; +15% yoy in-line with our estimates. FY25: Rs9.6bn; 19.5% yoy. Seamless revenue grew 22% yoy to Rs1.51bn while welded revenues grew 1% yoy to Rs900mn. Exports as a % of revenues jumped to 44% in Q4FY25 vs 12% in Q4FY24. *Gross margins:* 33.4% vs 31.6% yoy *EBITDA:* Rs416mn; -7.6% yoy impacted by high other expenses. FY25 EBITDA; Rs1.7bn; +15% yoy *EBITDA margins:* 16.1% vs 20.1% yoy. FY25 margins: 17.5%; -70bps yoy; The decline was due to high other expenses driven by increase in exports and weak pricing. *PAT:* Rs237mn; -5%yoy; FY25 PAT: Rs929mn; +8% yoy *Balance sheet:* Net Debt - Rs1.75bn; Capex in FY25: Rs1.08bn; CFO/EBITDA @ 42% impacted to high inventories. *Our view:* 4QFY25 was an in-line quarter on revenue but miss on margins due to weak pricing and rise in other expenses. Growth triggers for the company include capacity expansion in fittings and high grade titanium pipes, ramp up of exports and entry and approvals into new end user industries. We will revise our estimates after the call today at 4.30pm. Regards, Sahil Sanghvi | Smit Shah @ Monarch Networth Capital