Cubex Tubings Limited (CUBEXTUB)
₹221.45 +5.00% last close, 16 Oct
Q2 FY27 results
📅 Next results: 23 Oct 2026 (board meeting)Cubex Tubings Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Cubex Tubings' revenue was ₹65.0 Cr (+29.0% year on year, -27.3% on the previous quarter), and net profit ₹1.3 Cr (+7.1% year on year); the operating margin was 2.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹65.0 | +29.0% | -27.3% |
| Operating profit | ₹1.4 | -51.3% | from loss |
| Net profit | ₹1.3 | +7.1% | -3.9% |
| EPS (₹) | 0.92 | +7.0% | -4.2% |
| Operating margin | 2.2% | — | — |
CUBEXTUB bulk deals
NSE end-of-day data for
It closed at its upper price band (circuit) on 16 Oct, one of 15 band closes in about the last 20 sessions. 15 bulk or block deals were reported in CUBEXTUB in the last 60 days: ₹18 Cr bought and ₹7 Cr sold.
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 15 Oct | Buy | Kifs Enterprise | ₹1.68 Cr | ₹210.91 | 79,646 | Bulk |
| 14 Oct | Buy | Mayuri Shripal Vora | ₹1.81 Cr | ₹200.87 | 90,000 | Bulk |
| 28 Sep | Sell | Tajuddin Dastagir Pathan | ₹1.20 Cr | ₹161.05 | 74,552 | Bulk |
| 25 Sep | Sell | Arham Share Private Limited | ₹2.55 Cr | ₹150.93 | 168,984 | Bulk |
| 25 Sep | Buy | Arham Share Private Limited | ₹2.36 Cr | ₹152.22 | 155,076 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Cubex Tubings has issued an EGM notice to approve the issuance of up to 50,00,000 warrants convertible into equity shares at Rs 150 per warrant, raising up to Rs 75 crore. The warrants are offered on a preferential basis to promoter entities (33.9 lakh warrants for Rs 50.85 crore) and non-promoter entities/individuals (16.1 lakh warrants for Rs 24.15 crore). Warrants are convertible within 18 months, with 25% payable upfront and 75% upon conversion. The EGM of shareholders is scheduled for November 6, 2026, to vote on this special resolution.
- Proposed preferential issue of up to 50,00,000 warrants convertible into equity shares of face value Rs 10 at Rs 150 each (totaling Rs 75 crore)
- Promoter entity allocated 33,90,000 warrants (consideration of Rs 50.85 crore), representing ~67.8% of the total issue
- Non-promoter allottees allocated remaining 16,10,000 warrants for an aggregate of Rs 24.15 crore
- 25% upfront subscription payable on allotment, with balance 75% due upon conversion within 18 months
- Extraordinary General Meeting (EGM) scheduled for November 6, 2026, with the Relevant Date set at October 7, 2026
The Board of Cubex Tubings approved raising up to ₹75 crore through the issuance of up to 50,00,000 convertible warrants at ₹150 per warrant. This proposed fundraise represents approximately 90.4% of the company's net worth of ₹83 crore. 100% of the proceeds are allocated to procure and install a vacuum melting furnace and related infrastructure for specialized products targeting aerospace, defense, and nuclear sectors. Promoter holding will increase from 44.42% to 50.47% upon full conversion of warrants within 18 months.
- Approved issuance of up to 50,00,000 convertible warrants at ₹150 each, aggregating to ₹75 crore
- Promoter entity Cubex Securities Ltd will subscribe to 33,90,000 warrants (₹50.85 crore)
- Promoter and promoter group shareholding to rise from 44.42% to 50.47% post-conversion
- 100% of proceeds dedicated to setting up a vacuum melting furnace facility for aerospace, defense, and nuclear alloys
- Warrants convertible within 18 months, requiring 25% payment upfront and the remaining 75% on conversion
Cubex Tubings' Board has approved raising up to Rs 135 crore via debt securities and/or convertible securities in one or more tranches. This is massive relative to the company's financial base, representing ~163% of its current net worth of Rs 83 crore and over 3x its total debt of Rs 43 crore. The company will seek shareholder approval at an Extraordinary General Meeting scheduled for October 28, 2026. The funds likely aim to support its planned capex for high-performance alloy tubes in defense and aerospace.
- Board approved fundraising up to Rs 135 crore via debt or convertible securities
- Proposed amount is ~1.63x the company's net worth of Rs 83 crore
- Extraordinary General Meeting (EGM) convened on 28-10-2026 for shareholder approval
- Securities may be issued in one or more tranches
Cubex Tubings reported a 32.5% YoY increase in total income to ₹66.75 Cr for the quarter ended June 30, 2026. Net profit grew more modestly by 7.3% YoY to ₹1.32 Cr, as net margins remain thin at approximately 1.98%. Sequentially, the company saw a significant 29.6% decline in revenue compared to the March 2026 quarter (₹94.84 Cr), indicating high quarterly volatility. The company remains heavily dependent on raw material costs, which constitute a major portion of its expenditure.
- Total Income from operations rose to ₹66.75 Cr in Q1 FY27 from ₹50.38 Cr in Q1 FY26.
- Net Profit for the quarter stood at ₹1.32 Cr, a slight increase from ₹1.23 Cr in the previous year's corresponding quarter.
- Cost of materials consumed was ₹40.60 Cr, while changes in inventories of finished goods/WIP stood at ₹19.35 Cr.
- Basic and Diluted EPS for the quarter was ₹0.92, compared to ₹0.86 in June 2025.
- Finance costs remained stable at ₹0.99 Cr compared to ₹0.93 Cr in the year-ago period.
Cubex Tubings Limited has concluded its 47th Annual General Meeting (AGM) held on July 30, 2026. Shareholders approved all three proposed resolutions with overwhelming majorities, including the adoption of audited financial statements for the year ended March 31, 2026. The re-appointment of directors Mrs. Veena Bhandari and Mr. Akshay Bhandari, who retired by rotation, was also confirmed. Voting was conducted via remote e-voting and electronic voting during the AGM, with a cut-off date of July 24, 2026.
- 99.99% of total votes (5,632,366 votes) were cast in favor of adopting the FY26 financial statements.
- Re-appointment of Mrs. Veena Bhandari as Director approved with 99.98% of valid votes cast.
- Re-appointment of Mr. Akshay Bhandari as Director approved with 99.98% of valid votes cast.
- Remote e-voting period was conducted from July 27, 2026, to July 29, 2026.
- Only 12 votes were cast against the adoption of financial statements across all voting methods.
Cubex Tubings Limited conducted its 47th Annual General Meeting (AGM) on July 30, 2026, with 89 shareholders in attendance. The meeting focused on three ordinary resolutions: the adoption of audited financial statements for the fiscal year ended March 31, 2026, and the re-appointment of directors Akshay Bhandari and Veena Bhandari. Remote e-voting was conducted between July 27 and July 29, 2026. Final voting results are scheduled for release within two working days of the meeting's conclusion.
- 47th Annual General Meeting successfully held on July 30, 2026.
- 89 shareholders participated in the meeting via video conferencing.
- E-voting window was open for 3 days, ending July 29, 2026.
- 3 ordinary resolutions were put forward for shareholder approval.
Cubex Tubings Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the period from April 1, 2026, to June 30, 2026, all physical share certificates received for dematerialization were duly verified, mutilated, and cancelled. The name of the respective depository has been substituted in the company's records as the registered owner. This is a standard administrative procedure managed by the company's Registrar and Share Transfer Agent, M/s. Aarthi Consultants Private Limited.
- Compliance period covers the quarter from April 1, 2026, to June 30, 2026
- Verification and processing handled by Registrar M/s. Aarthi Consultants Private Limited
- Confirms all dematerialized certificates were mutilated and cancelled as per SEBI norms
- Securities comprised in the certificates are confirmed to be listed on the stock exchanges
Cubex Tubings Limited has issued a formal notice for its 47th Annual General Meeting (AGM), scheduled for July 30, 2026, at 10:30 A.M. The meeting will be held virtually via Video Conferencing (VC) or Other Audio Visual Means (OAVM). The company has published the required newspaper advertisements in Business Standard and Nava Telangana as of July 8, 2026. This filing is procedural following the conclusion of the 2025-2026 financial year, where the company most recently reported a March 2026 quarterly revenue of ₹89.40 crore.
- 47th Annual General Meeting scheduled for July 30, 2026, at 10:30 A.M.
- Newspaper advertisements published on July 8, 2026, in English and Telugu editions.
- Annual Report for the 2025-2026 period is now available for shareholder review.
- Meeting to be conducted entirely through Video Conferencing/OAVM per MCA circulars.
Cubex Tubings Limited has convened its 47th Annual General Meeting (AGM) for July 30, 2026, to be held via video conferencing. The primary agenda includes the adoption of audited financial statements for the fiscal year ended March 31, 2026, and the re-appointment of two directors, Mrs. Veena Bhandari and Mr. Akshay Bhandari, who are retiring by rotation. This follows a March 2026 quarter where the company reported revenue of ₹89.40 cr and a net profit of ₹1.37 cr. The meeting is a standard procedural requirement for governance and financial reporting compliance.
- 47th Annual General Meeting scheduled for July 30, 2026, at 10:30 A.M.
- Adoption of Audited Balance Sheet and Profit & Loss account for the year ended March 31, 2026.
- Re-appointment of 2 directors, Mrs. Veena Bhandari and Mr. Akshay Bhandari, retiring by rotation.
- Participation facility available for at least 1,000 members on a first-come, first-served basis.
- Remote e-voting facility provided through CDSL for all eligible shareholders.
Cubex Tubings Limited has officially informed the exchanges that it does not meet the criteria to be classified as a 'Large Corporate' under SEBI's framework for the financial year ended March 31, 2026. This classification means the company is not mandated to raise 25% of its incremental borrowings through debt securities. The company also confirmed it raised zero funds via debt securities during the period. With a current debt of ₹43 crore, the company remains well below the typical ₹100 crore threshold for such regulatory requirements.
- Confirmed non-applicability of Large Corporate framework for the financial year ended March 31, 2026
- Reported zero funds raised through the issuance of debt securities during the fiscal year
- Current debt of ₹43 crore is significantly lower than the ₹100 crore threshold usually required for this classification
- Maintains a Debt/Equity ratio of 0.52 based on a net worth of ₹83 crore
Cubex Tubings Limited has notified the exchanges that its trading window will be closed starting July 1, 2026. This action is taken in accordance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming approval of financial results for the quarter ending June 30, 2026. The window will remain inaccessible for designated persons until 48 hours after the results are made public. The specific date for the board meeting to discuss these results will be announced separately.
- Trading window closure effective from July 1, 2026
- Closure pertains to the financial results for the quarter ending June 30, 2026
- Window reopens 48 hours after the official announcement of results
- Applicable to all designated persons and their immediate relatives
Cubex Tubings reported a steady full-year performance for FY26, with total revenue growing 10% to ₹296.23 crore and net profit increasing 12% to ₹7.45 crore. However, the fourth quarter (Q4) saw a significant decline in net profit to ₹1.37 crore compared to ₹2.30 crore in the same period last year, despite higher revenue. The company's balance sheet shows a massive jump in inventories and trade payables, indicating a potential ramp-up in operations or stock-piling. Earnings per share (EPS) for the full year improved to ₹5.21 from ₹4.65.
- Annual Revenue from Operations increased by 7.8% YoY to ₹288.01 crore.
- Full-year Net Profit grew 11.9% to ₹7.45 crore, with EPS rising to ₹5.21.
- Q4 FY26 Net Profit dropped 40.5% YoY to ₹1.37 crore despite a 6.1% revenue growth.
- Inventories surged by 179% to ₹88.11 crore, while Trade Payables tripled to ₹72.73 crore.
- Finance costs for the year increased by 56% to ₹3.88 crore, impacting bottom-line growth.
Cubex Tubings Limited has officially declared that it does not meet the criteria for a 'Large Corporate' as defined by SEBI for the financial year ending March 31, 2026. This classification is based on the framework provided in the SEBI circular regarding fund raising through debt securities. The company also confirmed that it has not raised any funds through the issuance of debt securities during this period. This is a routine regulatory disclosure required by listed entities in India to clarify borrowing obligations.
- Company does not fall under the 'Large Entity' category per SEBI circular SEBI/HO/DDHS/CIR/P/2018/144
- Status confirmed for the financial year ended March 31, 2026
- The company has raised zero funds through the issuance of debt securities during the reporting period
Cubex Tubings Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. This closure is mandatory ahead of the board meeting to consider and approve the financial results for the quarter and fiscal year ending March 31, 2026. The window will remain closed for all designated persons and their immediate relatives. The trading window will reopen 48 hours after the financial results are officially declared to the exchanges.
- Trading window closure begins on April 1, 2026.
- Closure pertains to the approval of Q4 and full-year financial results for FY 2025-26.
- Window will reopen 48 hours after the board meeting results are announced.
- Applies to all designated persons and their immediate relatives as per the company's code of conduct.
Cubex Tubings Limited reported a strong financial performance for the quarter ended December 31, 2025, with net profit rising 47.7% YoY to ₹3.11 crore. While revenue from operations saw a modest increase of 3.1% YoY to ₹75.03 crore, the company achieved significant margin expansion, leading to a 78.3% sequential growth in net profit. For the nine-month period, the company has already achieved a net profit of ₹6.08 crore, which is nearly 91% of the total profit earned in the entire previous fiscal year (FY25).
- Net Profit for Q3 FY26 stood at ₹310.81 Lakhs, up from ₹210.44 Lakhs in Q3 FY25.
- Revenue from operations increased to ₹7,503.22 Lakhs compared to ₹7,276.37 Lakhs in the same quarter last year.
- Earnings Per Share (EPS) improved significantly to ₹2.17 from ₹1.50 YoY.
- Total income for the nine-month period ended Dec 2025 reached ₹201.38 Crore compared to ₹184.30 Crore in the previous year.
- Profit Before Tax (PBT) for the quarter saw a sharp rise to ₹421.67 Lakhs from ₹234.40 Lakhs YoY.
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew by 12.2% YoY, reaching INR 123.57 Cr in H1 FY26 compared to INR 110.13 Cr in H1 FY25. Growth was significantly stronger in Q2 FY26, which saw a 33.5% increase to INR 73.70 Cr from INR 55.20 Cr in Q2 FY25, driven by demand for specialized alloy tubes.
Geographic Revenue Split
Not disclosed in available documents; however, the company maintains offices in Hyderabad, Kolkata, and Chennai, suggesting a pan-India distribution network.
Profitability Margins
Net Profit Margin for H1 FY26 stood at 2.41%, a slight improvement from 2.01% in H1 FY25. Profit after tax rose 34.6% YoY to INR 2.97 Cr. Margins remain thin due to high raw material consumption which accounts for over 90% of revenue.
EBITDA Margin
Operating profit before tax and exceptional items for H1 FY26 was INR 4.14 Cr, representing a margin of 3.35% on total income, up from 2.65% in H1 FY25. This 70 bps improvement indicates better absorption of fixed costs despite rising finance charges.
Capital Expenditure
The company is currently mapping out a major Capex Plan to expand its high-performance alloy manufacturing capabilities. While the exact INR value is not yet frozen, the expansion is intended to capitalize on the 'Make in India' initiative in the Defense and Aerospace sectors.
Credit Rating & Borrowing
Not disclosed in available documents. However, finance costs increased by 50.3% YoY to INR 1.89 Cr in H1 FY26, reflecting higher utilization of working capital limits as current borrowings reached INR 34.97 Cr.
Operational Drivers
Raw Materials
Copper and copper-based alloys (implied by industry context) represent the primary input, with cost of materials consumed totaling INR 111.40 Cr in H1 FY26, accounting for 90.15% of total revenue.
Import Sources
Not specifically disclosed, though the company notes that high-performance alloy tubes are otherwise only manufactured in Europe and the USA, suggesting specialized technology or material sourcing requirements.
Capacity Expansion
Current capacity is not specified in MT, but the company is the only manufacturer in India for specific high-performance alloy tubes. A major Capex Plan is being mapped to increase capacity to meet sustained demand from Defense and Aerospace sectors.
Raw Material Costs
Raw material costs were INR 111.40 Cr in H1 FY26, a decrease of 5.2% from INR 117.56 Cr in H1 FY25, despite higher revenue. This suggests a shift toward higher-value-added products or better procurement efficiency.
Manufacturing Efficiency
The company emphasizes its unique position as the sole Indian manufacturer of specific high-performance tubes, which allows for higher operational relevance in strategic sectors like Defense.
Strategic Growth
Expected Growth Rate
12.20%
Growth Strategy
Growth will be achieved through a major Capex Plan targeting the manufacture of high-performance alloy tubes for the Defense, Aerospace, and Space sectors. The company aims to leverage its status as the only domestic manufacturer of these products to benefit from the 'Make in India' strategic push by the Government of India.
Products & Services
High performance alloy tubes and copper-based tubings used in specialized industrial applications.
Brand Portfolio
CUBEX
New Products/Services
Expansion into high-performance alloys for Hydro Carbon and Automobile industries is expected to contribute to future revenue growth, though specific percentage contributions are not yet disclosed.
Market Expansion
Targeting increased penetration in the Defense and Aerospace manufacturing sectors within India, aligned with government procurement timelines.
Market Share & Ranking
The company claims to be the only manufacturer in India for specific types of high-performance alloy tubes, suggesting a 100% domestic market share in that niche segment.
External Factors
Industry Trends
The industry is seeing a shift toward high-performance alloys for strategic sectors. While general copper-consuming industries are in recession, the Defense and Aerospace segments are growing, and the company is positioning itself to pivot toward these higher-margin opportunities.
Competitive Landscape
Competitors are primarily international manufacturers based in Europe and the USA, as no other Indian company currently produces these specific high-performance tubes.
Competitive Moat
The primary moat is technical leadership and being the sole domestic manufacturer of specific alloy tubes. This is sustainable due to the high technical barriers to entry and the strategic importance of domestic sourcing for Defense.
Macro Economic Sensitivity
Highly sensitive to the 'Make in India' policy and GOI spending in Space and Defense, which ensures sustained demand for the company's specialized materials.
Consumer Behavior
Shift in industrial demand toward more durable and high-performance materials in the electronics and automobile sectors.
Geopolitical Risks
The company benefits from trade barriers or 'Make in India' preferences that favor domestic production over imports from Europe and the USA for high-performance tubes.
Regulatory & Governance
Industry Regulations
Operations are subject to ISO 9001:2008 certification standards and compliance with the Companies Act, 2013 and SEBI (LODR) Regulations 2015.
Taxation Policy Impact
The effective tax rate for H1 FY26 was approximately 27.8%, with a current tax provision of INR 1.15 Cr on a profit before tax of INR 4.14 Cr.
Legal Contingencies
The Secretarial Audit Report for the year ended March 31, 2025, reported that the company has complied with statutory provisions and there were no major legal non-compliances or penalties imposed by statutory authorities.
Risk Analysis
Key Uncertainties
The primary uncertainty is the funding mode for the planned major Capex, which could lead to equity dilution or increased debt servicing pressure (potential impact of 10-15% on EPS depending on the structure).
Geographic Concentration Risk
Not disclosed, but manufacturing is concentrated in Telangana (Patancheru).
Third Party Dependencies
High dependency on the Registrar and Share Transfer Agent (Aarthi Consultants Private Limited) for share-related compliance.
Technology Obsolescence Risk
Low risk in the near term as the company is currently the only domestic provider of its specialized technology.
Credit & Counterparty Risk
Trade receivables stood at INR 54.36 Cr as of September 2025, representing approximately 44% of H1 revenue, indicating significant credit exposure to industrial clients.
