Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Venus Pipes & Tubes / Forensic Accounting

<ul>
<li>Venus Pipes is a growing stainless-steel pipes and tubes manufacturer and exporter in India having over nine years of experience in manufacturing of stainless-steel tubular products. </li>
<li>With respect to forensics, we highlight several takeaways including steep increase in inventory days funded by creditors, expensive capex compared to peers, etc. </li>
<li>Weak governance practices are identified with respect to warrant issuance and non-disclosure of information on several fronts.</li>
</ul>


Venus Pipes is a growing stainless-steel pipes and tubes manufacturer and exporter in India having over nine years of experience in manufacturing of stainless-steel tubular products. 
With respect to forensics, we highlight several takeaways including steep increase in inventory days funded by creditors, expensive capex compared to peers, etc. 
Weak governance practices are identified with respect to warrant issuance and non-disclosure of information on several fronts.


Venus Pipes & Tubes Ltd- Capacity Rising, Cash Faltering

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Scoda Tubes is doubling seamless capacity and scaling welded capacity to 20,068 MTPA and 13,150 MTPA by FY27, with trial runs from H2 FY26.</li>
<li>This expansion positions Scoda to grow 2.5–3x industry pace, capture global demand, and strengthen its competitive edge against larger peers.</li>
<li>Scoda's integrated operations and strong export growth improve long-term visibility, making Scoda a potential re-rating candidate. </li>
</ul>


Scoda Tubes is doubling seamless capacity and scaling welded capacity to 20,068 MTPA and 13,150 MTPA by FY27, with trial runs from H2 FY26.
This expansion positions Scoda to grow 2.5–3x industry pace, capture global demand, and strengthen its competitive edge against larger peers.
Scoda's integrated operations and strong export growth improve long-term visibility, making Scoda a potential re-rating candidate. 


The Beat Ideas: Scoda Tubes - Ready to Double Capacity, But Can It Deliver?

Thematic (Sector/Industry)

<ul>
<li>India’s 30 trillion Capex cycle is underway, with FY25 corporate Capex surpassing 11 lakh crore. FY26 will see Centre, States, and Corporates align for historic infrastructure investment.</li>
<li>This revival isn’t top-heavy. 157 companies launched $100 million+ projects in FY25 across diverse sectors - indicating India’s most widespread and bottom-up Capex momentum since FY12.</li>
<li>New-Age leaders like Adani Ports, Deepak Fertilizers, and Gokaldas Exports are investing for long-term gains boosting capacity, margins, and global competitiveness across energy, chemicals, defence, textiles, and manufacturing.</li>
</ul>


India’s 30 trillion Capex cycle is underway, with FY25 corporate Capex surpassing 11 lakh crore. FY26 will see Centre, States, and Corporates align for historic infrastructure investment.
This revival isn’t top-heavy. 157 companies launched $100 million+ projects in FY25 across diverse sectors - indicating India’s most widespread and bottom-up Capex momentum since FY12.
New-Age leaders like Adani Ports, Deepak Fertilizers, and Gokaldas Exports are investing for long-term gains boosting capacity, margins, and global competitiveness across energy, chemicals, defence, textiles, and manufacturing.


India’s Capex Supercycle: Capex Blasters – List of Companies Doing Capex

India

Venus Pipes & Tubes Limited manufactures stainless steel tubler products. The Company offers welded and steel box pipes, heat exchanger and instrumentation tubes, pilgers, draw benches, and annealing furnaces. Venus Pipes & Tubes serves customers in India.

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Venus Pipes & Tubes (VENUSPIP IN)

Venus Pipes & Tubes Ltd- Capacity Rising, Cash Faltering

Venus Pipes, a stainless-steel manufacturer in India, is in heavy capex mode but faces challenges with poor cash conversion, inventory management,...

Nitin Mangal

The Beat Ideas: Scoda Tubes - Ready to Double Capacity, But Can It Deliver?

Scoda Tubes is ramping up seamless and welded capacity to capture global demand, positioning itself for significant growth and potential re-rating.

Sudarshan Bhandari

India’s Capex Supercycle: Capex Blasters – List of Companies Doing Capex

India's historic Capex cycle underway with diverse sectors and bottom-up momentum, led by companies like Adani Ports and Deepak Fertilizers for...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Venus Pipes & Tubes Ltd- Capacity Rising, Cash Faltering

​Venus Pipes, a stainless-steel manufacturer in India, is in heavy capex mode but faces challenges with poor cash conversion, inventory management,...

Nitin Mangal

The Beat Ideas: Scoda Tubes - Ready to Double Capacity, But Can It Deliver?

​Scoda Tubes is ramping up seamless and welded capacity to capture global demand, positioning itself for significant growth and potential re-rating.

Sudarshan Bhandari

India’s Capex Supercycle: Capex Blasters – List of Companies Doing Capex

​India's historic Capex cycle underway with diverse sectors and bottom-up momentum, led by companies like Adani Ports and Deepak Fertilizers for...

Sudarshan Bhandari

Venus Pipes, a stainless-steel manufacturer in India, is in heavy capex mode but faces challenges with poor cash conversion, inventory management,...

Scoda Tubes is ramping up seamless and welded capacity to capture global demand, positioning itself for significant growth and potential re-rating.

India's historic Capex cycle underway with diverse sectors and bottom-up momentum, led by companies like Adani Ports and Deepak Fertilizers for...