Company Disclosure

Financial Performance Highlights

Q2 FY27 Financial Results:

  • EBITDA: ₹7.2 crore, up 119% YoY with 8.6% margin
  • Profit After Tax: Increased 162% YoY (specific amount not quantified)
  • Revenue: Grew 28% YoY (specific amount not quantified)

H1 FY27 Return Ratios:

  • Annualized Return on Equity: 13.7% (vs 8.9% for FY26)
  • Annualized Return on Capital Employed: 15.8% (vs 10.7% for FY26)

Q2 FY27 Annualized Return Ratios:

  • ROE: 21.2%
  • ROCE: 22.7%

Balance Sheet Position (as of 30 September 2026)

  • Net Worth: ₹89.2 crore (increased from ₹83.3 crore at 31 March 2026)
  • Total Borrowings: ₹44.3 crore (broadly stable with shift toward long-term funding)

Technical Achievements

Company has indigenized five specialized copper alloy products previously imported:

  • 70/30 cupronickel tubes and rods for naval and heat-exchanger applications
  • 90/10 cupronickel tubes up to 250 mm for condensers and desalination
  • Aluminium bronze up to 175 mm for pumps and seawater components
  • Oxygen-free copper qualified at 5 ppm oxygen for atomic energy and heavy electrical plants
  • Monel 400 tubes up to 200 mm, replacing imported nickel-copper alloy

Order Book Update

H1 FY27 Order Inflow: ₹81.27 crore across multiple sectors including:

  • Heat exchangers
  • Electrical Industry (panels/data centers/cable)
  • Other sectors

Corporate Action

Board Approval: ₹75 crore preferential issue of warrants with promoter group subscribing to larger part to fund next stage of alloy capability expansion.

Management Commentary

Mr. Virendra Bhandari, Managing Director:

  • Growth driven by volume expansion in established copper alloy business and improved mix toward higher-value seamless products
  • EBITDA margin expansion to 8.6% demonstrates effective pass-through pricing structure and cost control
  • Company strategy focused on import substitution capabilities for power, naval, and nuclear programs
  • Focus for rest of year remains on execution, order delivery, quality, and working capital discipline

Outlook

  • Demand supported by thermal and nuclear power capacity additions, refinery and petrochemical expansions, naval shipbuilding, and desalination projects
  • Copper prices remained elevated through H1; pass-through pricing structure limits earnings impact of input volatility
  • Quarterly margins may vary with inventory timing
  • Medium-term expectation of rising share of qualification-driven, import-substituting products

Company Background

Cubex Tubings Limited (established 1979, headquartered Secunderabad, Telangana) manufactures seamless copper and copper alloy tubes, rods and wires for power generation, refineries, petrochemicals, shipbuilding, desalination, defence and heavy engineering applications.