NSE: CUBEXTUB · BSE: 526027
CUBEXTUBINGS-ROLLSETT
Manufactures copper and copper alloy products, operating as a single-segment business based in Secunderabad. Revenue from operations in FY26 was ₹288.0055 crore, up 7.82% year-on-year, with net profit of ₹7.4539 crore (up 11.94%). The cost structure is dominated by raw materials, which ran at 111% of revenue in FY26, pointing to a thin value-add model — EBITDA margin was 5.14% and net margin 2.59%. Employee cost is negligible at 0.6% of revenue and other operating expenses at 5.3%. The 47th AGM filing indicates the business has been operating for several decades. Exports brought in ₹2,256.73 lakhs in foreign exchange in FY26. No dividend was declared; surplus cash is being deployed into new equipment to expand production capacity. The auditor (JMT & Associates) issued an un-modified opinion on FY26 financials, and operating cash flow turned positive at ₹528.65 lakhs versus negative ₹77.60 lakhs in the prior year. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Copper and copper alloy products. Single-segment, materials-heavy copper manufacturer with thin value-add margins
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 134 | 191 | 221 | 267 | 288 |
| EBITDA (ex other income) | 3 | 5 | 7 | 10 | 7 |
| margin % | 1.9 | 2.4 | 3.0 | 3.6 | 2.3 |
| Owners' profit | 2 | 3 | 4 | 7 | 7 |
| EPS, as reported (₹) | 1.69 | 1.85 | 2.78 | 4.65 | 5.21 |
| ROE % · ROCE % | 3.9 · 5.0 | 4.1 · 7.6 | 5.8 · 9.9 | 8.8 · 12.9 | 8.9 · 15.2 |
| Debt / equity (x) | 0.16 | 0.20 | 0.22 | 0.44 | 0.52 |
| Cash from operations | (0) | 0 | 3 | (1) | 5 |
| Capex | (2) | (1) | (1) | (0) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 55 | 73 | 84 | 50 | 74 | 75 | 89 | 65 |
| Profit before tax | 2 | 2 | 3 | 2 | 2 | 4 | 1 | 2 |
| Net profit | 1 | 2 | 2 | 1 | 2 | 3 | 1 | 1 |
| EPS (₹) | 0.91 | 1.50 | 1.61 | 0.86 | 1.22 | 2.17 | 0.96 | 0.92 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PRECISION WIRES INDIA LTD | 7,353 | 41.9 | 9.52 | — | 20.1 | 21.9 | — | — |
| KSH INTERNATIONAL LIMITED | 6,302 | 45.3 | 7.80 | — | 13.6 | 17.3 | — | 7.1 |
| VIDYA WIRES LIMITED | 1,812 | 27.4 | 3.78 | 19.3 | 12.0 | 15.6 | — | 4.6 |
| EURO PANEL PRODUCTS LTD | 341 | 13.3 | 2.13 | 8.7 | 16.6 | 19.2 | — | 10.9 |
| BEDMUTHA INDUST LTD | 339 | 20.2 | 2.23 | 7.1 | 4.3 | 1.6 | 30.4 | 3.9 |
| CUBEXTUBINGS-ROLLSETT ◆ | 290 | 38.5 | 3.48 | — | 8.9 | 10.8 | — | 4.9 |
| CENTURY EXTRUSIONS LTD | 144 | 11.6 | 1.74 | — | 13.2 | 16.9 | — | 7.8 |
| M TEK COPPER LIMITED | 136 | 21.2 | 2.71 | — | 10.6 | 14.0 | — | 3.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 38.5 | 24.3 | 7 of 10 | 33% |
| P/B | 3.5 | 2.5 | 7 of 10 | 33% |
| ROCE | 10.8 | 14.8 | 7 of 10 | 33% |
| ROE | 8.9 | 11.3 | 7 of 10 | 33% |
| Debt / Equity | 0.5 | 0.5 | 6 of 10 | 44% |
| EBITDA margin | 4.9 | 4.6 | 4 of 9 | 63% |
| Revenue growth | 30.3 | 60.4 | 6 of 7 | 17% |
| Profit growth | 7.1 | 89.0 | 5 of 6 | 20% |
| Market cap | 290 | 314 | 6 of 10 | 44% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Q2 FY27 revenue and profit surge as margins expand | compliance | low | — | — |
| 23 Oct 2026 · Cubex Tubings Q2 profit rises 162% but operating cash flow turns negative | results | high | — | — |
| 23 Oct 2026 · Q2 profit rises sharply, but operating cash flow turns negative | results | high | — | — |
| 15 Oct 2026 · EGM on Nov 6 to approve 50 lakh convertible warrants at Rs 150 each | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board Meeting on 23 Oct 2026 to Consider Q2 FY27 Results | results | low | — | — |
| 14 Oct 2026 · Cubex Tubings to raise Rs 75 cr via convertible warrants at Rs 150 | fund raising | high | — | — |
| 14 Oct 2026 · Quarterly compliance certificate under SEBI DP Regulation 74(5) | compliance | minimal | — | — |
| 9 Oct 2026 · Board meeting on 14 Oct to consider raising funds via equity | fund raising | medium | — | — |
| 6 Oct 2026 · CUBEX TUBINGS appoints Finportal as Investor Relations Agency | business updates | low | — | — |
| 28 Sept 2026 · Cubex Tubings closes trading window from Oct 1 ahead of Q2 and half year results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.