Cubex Tubings share price & results
- Sept 2026
- Sept 2026
Hyderabad-based manufacturer of seamless solid-drawn copper and copper-alloy tubes, rods, bus bars and wires for power, switchgear and industrial applications.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 83.0 | +12.6% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 8.6 | +4.2 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 4.6 | +162.6% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 11.70 | −0.9 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 1.41 | +1.9 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 11.35 | −12.9 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Price
Performance +118.0% 1Y
1Y: ₹94.9 on 24 Oct 2025 → ₹206.88. High ₹232.52 (19 Oct 2026), low ₹73.94 (30 Mar 2026).
- Previous close
- ₹211.1
- Market cap
- ₹298 Cr
- 52-week range
- ₹73.94 – ₹232.52
- One year
- +118.62%
- Price to earnings (TTM to Sept 2026)
- 28.63×
- Return on equity (TTM to Sept 2026)
- 11.70%
Overview
- Symbol
- NSE:CUBEXTUB
- Sector
- Capital Goods
- Industry
- Industrials
- Exchange
- NSE
- Currency
- INR
What Cubex Tubings Limited does
Based on the company's own presentations, annual report and earnings calls.
Cubex Tubings manufactures seamless solid-drawn tubes, rods, bus bars and wires from copper and copper-based alloys such as cupronickel, admiralty brass and aluminium brass, at its plant near Pathancheru, Telangana. These products, valued for copper's electrical conductivity and heat-transfer properties, are supplied to power plants and power-plant equipment makers, switchgear manufacturers, refineries, furnace manufacturers, sugar plants, automobile makers, electrical equipment companies and shipbuilders. The company also manufactures specialised copper-nickel tubes for desalination plants, a segment it says it is the only Indian manufacturer of, and exports goods to overseas markets.
- Manufacturing plants
- 1 (Pathancheru, Telangana)
- Product range
- Seamless tubes, rods, bus bars and wires in copper and copper alloys (cupronickel, admiralty brass, aluminium brass)
- End-user industries served
- Power plants, switchgear, refineries, furnace manufacturers, sugar plants, automobiles, electrical equipment, shipbuilding
- Market position
- Only Indian manufacturer of specialised copper-nickel tubes for desalination plants
- Export presence
- Exports goods to overseas markets, incl. Middle East desalination-tube demand
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +163% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 73 | 84 | 50 | 74 | 75 | 89 | 65 | 83 |
| Expenses | 70 | 81 | 47 | 70 | 71 | 92 | 64 | 76 |
| Operating profit | 3 | 3 | 2 | 3 | 4 | -3 | 1 | 7 |
| Operating margin | 3.9% | 3.5% | 4.8% | 4.4% | 4.9% | −3.0% | 2.2% | 8.6% |
| Other income | 1 | 1 | 1 | 0 | 2 | 5 | 2 | 1 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 2 | 3 | 2 | 2 | 4 | 1 | 2 | 6 |
| Tax rate | 8.5% | 17.6% | 26.8% | 28.9% | 26.3% | −7.8% | 27.0% | 26.5% |
| Net profit | 2 | 2 | 1 | 2 | 3 | 1 | 1 | 5 |
| EPS (₹ per share) | 1.49 | 1.61 | 0.86 | 1.22 | 2.17 | 0.96 | 0.95 | 3.19 |
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 222 | 267 | 288 |
| Expenses | 214 | 257 | 281 |
| Operating profit | 7 | 10 | 7 |
| Other income | 1 | 2 | 8 |
| Interest | 2 | 2 | 4 |
| Depreciation | 1 | 1 | 1 |
| Profit before tax | 5 | 8 | 10 |
| Net profit | 4 | 7 | 7 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 50 | 55 | 62 | 65 | 69 | 75 |
| Borrowings | 13 | 15 | 33 | 42 | 43 | 44 |
| Other liabilities | 20 | 21 | 31 | 31 | 81 | 73 |
| Total liabilities | 97 | 105 | 140 | 152 | 208 | 207 |
| Fixed assets | 15 | 14 | 14 | 13 | 13 | 13 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 82 | 90 | 126 | 138 | 194 | 194 |
| Total assets | 97 | 105 | 140 | 152 | 208 | 207 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 0 | 1 | 0 | 3 | -1 | 5 |
| Cash from investing | 0 | 0 | 0 | 1 | -2 | 1 |
| Cash from financing | -1 | -1 | -1 | -2 | 1 | -4 |
| Net cash flow | -1 | 0 | 0 | 3 | -2 | 2 |
| Free cash flow | 0 | -1 | -1 | 3 | -1 | 4 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 183 | 116 | 69 | 75 | 82 | 66 |
| Inventory days | 117 | 52 | 47 | 29 | 47 | 122 |
| Days payable | 134 | 53 | 26 | 24 | 35 | 100 |
| Cash conversion cycle | 166 | 115 | 90 | 79 | 94 | 87 |
| Working capital days | 168 | 85 | 68 | 63 | 59 | 64 |
| Return on capital employed | 4.0% | 5.0% | 7.0% | 9.0% | 11.0% | 11.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
What the price assumes
Growth trapTo justify its price of ₹207, this stock must grow earnings at 55% every year for 7 years. Our analysis caps realistic growth at ~-45%. At that growth it is worth ₹1 — downside of 99%.
- Growth the price implies
- 55.1% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -45.3% a year
- net profit, FY24–FY26 · EPS -45.4%
- The gap
- 1.0 pp
- -99% downside if it only repeats history
Ownership
Who owns it
Public hold 54.42% as of Sept 2026; institutions added 0.80 pts since Jun 2026.
- Promoters 44.42%
- Foreign institutions 0.80%
- Domestic institutions 0.32%
- Government 0.04%
- Public 54.42%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- newly disclosed 3.55% held
- newly disclosed 1.52% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Cubex Tubings Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 14.84% | unchanged | |
| 13.04% | unchanged | |
| 11.35% | unchanged | |
| 3.55% | newly disclosed | |
| 2.62% | −0.35 pp | |
| 2.62% | unchanged | |
| 1.52% | newly disclosed | |
| 1.02% | unchanged | |
| 0.02% | unchanged | |
| — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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