BSE: 511710
CUBICAL FINANCIAL SERVICES LTD
Acts as a non-banking financial company earning revenue from interest income and from gains on sale of shares. In FY26, total revenue was Rs. 130.59 lakhs, comprising interest income of Rs. 111.55 lakhs and income from sale of shares of Rs. 19.02 lakhs. The book is very small, with total assets of Rs. 1,541.01 lakhs, cash and cash equivalents of Rs. 103.76 lakhs and reserves of Rs. 224.08 lakhs. Costs are dominated by employee expenses at 25.9% of revenue and other operating expenses at 33.9% of revenue, with no materials, depreciation or capex recorded against revenue. The company is in the middle of a change of control: existing promoters are selling a 13.83% stake and a preferential issue of up to 8 crore shares at Rs. 2.50 per share (raising Rs. 20 crore) is being placed with five allottees, alongside a mandatory open offer for another 26% at the same price. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income, Sale of shares. Small, asset-light NBFC focused on interest income and share-sale gains
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 1 | 3 | 2 | 1 |
| EBITDA (ex other income) | 1 | (0) | 1 | 1 | 0 |
| margin % | 37.8 | (17.1) | 47.0 | 28.0 | 24.6 |
| Owners' profit | 1 | (0) | 1 | 0 | 0 |
| EPS, as reported (₹) | 0.10 | (0.04) | 0.18 | 0.06 | 0.03 |
| ROE % · ROCE % | 4.9 · — | (2.1) · — | 7.9 · — | 2.5 · — | 1.1 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 0 | (0) | 0 | 0 | 1 |
| Capex | 0 | 0 | (0) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | (0) | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.01 | 0.04 | 0.02 | (0.01) | 0.01 | 0.01 | 0.01 | 0.01 |
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. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,67,346 | 27.9 | 4.85 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,93,785 | 14.5 | 2.94 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED | 1,28,620 | 23.5 | 2.73 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,25,298 | 21.7 | 4.11 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,653 | 8.5 | 2.43 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,250 | 22.1 | 3.20 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 42,997 | 19.2 | 2.89 | — | 13.8 | — | — | 78.4 |
| PIRAMAL FINANCE LIMITED | 42,166 | 24.9 | 1.50 | — | 5.3 | — | — | 63.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 154.5 | 18.5 | 181 of 200 | 10% |
| P/B | 2.6 | 1.1 | 199 of 253 | 21% |
| ROE | 1.1 | 3.1 | 166 of 257 | 36% |
| EBITDA margin | 50.8 | 48.6 | 122 of 249 | 51% |
| Revenue growth | (19.4) | 12.6 | 165 of 231 | 29% |
| Profit growth | 219.6 | 7.8 | 38 of 251 | 85% |
| Market cap | 40 | 33 | 129 of 268 | 52% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 19 Oct 2026 · Board overhaul after takeover, new MD and CFO appointed | management changes | high | — | — |
| 19 Oct 2026 · Complete board overhaul after takeover; new MD and CFO appointed | management changes | high | — | — |
| 15 Oct 2026 · Compliance certificate filed with BSE under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 9 Oct 2026 · Post Offer Public Announcement submitted for Cubical Financial Services Open Offer | compliance | low | — | — |
| 8 Oct 2026 · Post-Offer Advertisement published for Cubical Financial open offer | compliance | minimal | — | — |
| 29 Sept 2026 · 36th AGM results: All 3 resolutions passed with over 99.8 percent approval | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 FY27 results | compliance | minimal | — | — |
| 28 Sept 2026 · Re-appointment of Managing Director for 5 years | management changes | high | — | — |
| 28 Sept 2026 · Outcome of AGM | management changes | medium | — | — |
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.