AUDITED FINANCIAL RESULTS 32.03.2025
CUBEXTUB · price
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Cubex Tubings reported FY25 revenue of Rs 26,712 lakhs, up about 21% from Rs 22,079 lakhs last year, driven by stronger Q4 sales of Rs 8,422 lakhs (up roughly 69% YoY). Profit after tax jumped around 67% to Rs 665.86 lakhs (from Rs 398.74 lakhs), and EPS rose to Rs 4.65 from Rs 2.78. Despite the strong earnings, operating cash flow turned negative at Rs -77.60 lakhs versus Rs 343.43 lakhs a year ago, as the company built inventory (up about 105% to Rs 3,152 lakhs) and saw receivables swell by roughly 32%. To fund this working capital expansion, short-term borrowings nearly doubled to Rs 2,949 lakhs. The management announced a major capex plan to add vacuum melting furnaces for special alloys (defence, aerospace, electronics) but the funding route is yet to be finalized. The statutory auditor issued an unqualified (clean) opinion on the results.
The double-digit revenue and profit growth is a positive signal for shareholders, but the swing to negative operating cash flow, ballooning inventory, and rising short-term debt suggest the growth is currently working-capital heavy and being partly debt-funded. Investors should watch how the company plans to finance its upcoming capex and whether working capital normalizes in coming quarters.