Cubex Tubings Ltd.
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ABOUT
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company has delivered good profit growth of 41.2% CAGR over last 5 years
- Company has delivered good sales growth of 32.6% CAGR over last 5 years
- Company generates healthy free cash flow
- Attractively priced for its growth - PEG of 0.4
- Company converts assets efficiently - asset turnover of 2.0x
CONS
- A large part of profit comes from other income (85.3% of PBT)
- Company has a low return on equity of 8.2% over last 3 years
- Company has a low return on capital employed of 10.5%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.44x)
- Inventory has been piling up - inventory days up from 27 to 64
- Though reporting repeated profits, the company pays out little dividend (0.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HINDZINC | 587.95 | 14.56 | 248427.63 | 1.70 | 5469.00 | 144.81 | 13747.00 | 81.10 | 69.83 | 58.56 |
| HINDALCO | 1016.00 | 13.92 | 228318.21 | 0.49 | 7013.00 | 75.15 | 84825.00 | 32.06 | 10.45 | 16.43 |
| VEDL | 269.65 | 5.36 | 105443.61 | 12.61 | 7918.00 | 77.65 | 24205.00 | -35.34 | 18.72 | 35.12 |
| HINDCOPPER | 517.95 | 44.07 | 50087.01 | 0.55 | 352.37 | 162.47 | 936.50 | 81.36 | 39.44 | 54.17 |
| VOGL | 38.66 | 0.00 | 14683.51 | 0.00 | 9450.00 | — | 25070.00 | — | 0.00 | 32.47 |
| GRAVITA | 1681.40 | 31.66 | 12410.15 | 0.38 | 106.37 | 14.30 | 1475.06 | 41.84 | 17.18 | 7.44 |
| JAINREC | 280.20 | 26.79 | 9669.30 | 0.00 | 69.41 | 22.79 | 2724.46 | 75.86 | 25.74 | 3.97 |
| CMRGREEN | 230.80 | 23.80 | 5055.80 | 0.00 | 68.18 | — | 3122.73 | 91.98 | 13.41 | 4.33 |
| POCL | 476.60 | 25.50 | 3635.42 | 0.42 | 358.80 | 42.58 | 9348.90 | 55.08 | 23.32 | 5.97 |
| ARDEE | 54.88 | 20.43 | 1729.82 | 0.00 | 199.03 | — | 3388.11 | — | 49.04 | 9.90 |
| ONIXSOLAR | 383.45 | 23.52 | 1413.70 | 0.00 | 208.97 | — | 945.10 | — | 32.85 | 29.74 |
| CUBEXTUB | 76.52 | 14.53 | 109.57 | 0.00 | 1.32 | 7.15 | 66.75 | 33.84 | 11.49 | 4.77 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 50 | 64 | 57 | 50 | 55 | 55 | 73 | 84 | 50 | 74 | 75 | 89 | 67 | |
| 49 | 62 | 55 | 48 | 53 | 53 | 70 | 81 | 47 | 70 | 71 | 92 | 65 | |
| Operating Profit | 1 | 2 | 2 | 1 | 2 | 2 | 3 | 3 | 2 | 3 | 4 | -3 | 2 |
| OPM % | 2.50% | 2.95% | 3.71% | 2.77% | 2.82% | 4.31% | 3.88% | 3.51% | 4.77% | 4.42% | 4.88% | -3.05% | 2.78% |
| 0 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 2 | 5 | 0 | |
| Interest | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 1 | 2 | 1 | 1 | 1 | 2 | 2 | 3 | 2 | 2 | 4 | 1 | 2 |
| Tax % | 32.99% | 30.85% | 31.08% | -5.21% | 25.41% | 24.42% | 8.51% | 17.56% | 26.79% | 29.27% | 26.30% | -7.81% | 29.08% |
| Net Profit | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 1 | 2 | 3 | 1 | 1 |
| 0.46 | 0.91 | 0.71 | 0.71 | 0.64 | 0.91 | 1.50 | 1.61 | 0.86 | 1.22 | 2.17 | 0.96 | 0.92 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 47 | 51 | 75 | 60 | 70 | 134 | 191 | 221 | 267 | 288 | 305 | |
| 47 | 51 | 74 | 58 | 67 | 131 | 187 | 214 | 257 | 281 | 299 | |
| Operating Profit | 0 | -0 | 1 | 1 | 3 | 3 | 5 | 7 | 10 | 7 | 6 |
| OPM % | 0.14% | -0.32% | 0.81% | 2.39% | 4.30% | 1.89% | 2.37% | 3.12% | 3.63% | 2.30% | 1.98% |
| 2 | 2 | 2 | 1 | 1 | 2 | 2 | 2 | 2 | 8 | 8 | |
| Interest | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 2 | 2 | 4 | 4 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 0 | 0 | 1 | 1 | 2 | 2 | 4 | 5 | 8 | 10 | 10 |
| Tax % | 22.47% | 21.47% | 5.79% | 43.62% | 31.54% | 2.05% | 35.79% | 24.69% | 17.59% | 22.64% | 23.12% |
| Net Profit | 0 | 0 | 1 | 0 | 1 | 2 | 3 | 4 | 7 | 7 | 8 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.93 | 1.69 | 1.85 | 2.80 | 4.67 | 5.23 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 19%
- 5 Years:
- 33%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 38%
- 5 Years:
- 41%
- 3 Years:
- 41%
STOCK PRICE CAGR
- 10 Years:
- 22%
- 5 Years:
- 27%
- 3 Years:
- 24%
- 1 Year:
- -8%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 7%
- 3 Years:
- 8%
- Last Year:
- 9%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| 43 | 43 | 44 | 44 | 45 | 48 | 50 | 55 | 62 | 69 | |
| 4 | 6 | 5 | 5 | 1 | 10 | 13 | 15 | 33 | 38 | |
| Trade Payables | 5 | 8 | 13 | 13 | 22 | 18 | 12 | 13 | 24 | 73 |
| 3 | 3 | 3 | 3 | 3 | 6 | 7 | 7 | 7 | 13 | |
| Total Liabilities | 68 | 75 | 79 | 79 | 86 | 96 | 97 | 105 | 140 | 208 |
| 18 | 17 | 15 | 17 | 15 | 16 | 15 | 14 | 14 | 13 | |
| 6 | 12 | 12 | 19 | 19 | 17 | 22 | 15 | 32 | 88 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45 | 60 | 52 | |
| Cash & Bank | 3 | 3 | 2 | 2 | 1 | 1 | 1 | 4 | 2 | 4 |
| 42 | 43 | 49 | 42 | 51 | 62 | 59 | 26 | 33 | 50 | |
| Total Assets | 68 | 75 | 79 | 79 | 86 | 96 | 97 | 105 | 140 | 208 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 4 | -0 | 3 | 0 | 2 | 1 | 3 | -1 | 5 | |
| Cash from Investing | -0 | -1 | 1 | -3 | -0 | -0 | 0 | 1 | -2 | 1 |
| Cash from Financing | -1 | -4 | -1 | -0 | -1 | -1 | -1 | -2 | 1 | -4 |
| 1 | -1 | -0 | 1 | -1 | -0 | -0 | 3 | -2 | 2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 0.25 | 0.27 | 0.46 | 0.30 | 0.93 | 1.70 | 1.86 | 2.80 | 4.67 | 5.23 |
| Book Value (₹) | 39.63 | 40.07 | 40.55 | 40.86 | 41.80 | 43.51 | 45.37 | 48.52 | 53.19 | 58.42 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 1.28 | 1.26 | 1.41 | 1.22 | 1.89 | 2.66 | 2.84 | 3.74 | 5.52 | 6.13 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 4.22% | 4.41% | 2.94% | 3.49% | 4.80% | 2.95% | 2.89% | 2.66% | 3.09% | 1.96% |
| Net Margin % | 0.69% | 0.73% | 0.74% | 0.60% | 1.62% | 1.56% | 1.19% | 1.54% | 2.12% | 2.20% |
| ROE % | 0.63% | 0.67% | 1.15% | 0.74% | 2.26% | 3.97% | 4.18% | 5.96% | 9.19% | 9.37% |
| ROCE % | 1.14% | 1.46% | 1.96% | 1.90% | 4.12% | 4.80% | 6.74% | 8.97% | 10.91% | 11.49% |
| 0.52% | 0.54% | 0.86% | 0.54% | 1.61% | 2.66% | 2.74% | 3.95% | 5.44% | 4.29% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 177 | 174 | 129 | 168 | 142 | 92 | 65 | 58 | 61 | 60 |
| Inventory Days | 35 | 63 | 51 | 78 | 84 | 42 | 32 | 26 | 27 | 64 |
| Payable Days | 41 | 53 | 60 | 96 | 106 | 59 | 32 | 24 | 28 | 66 |
| 170 | 184 | 121 | 150 | 119 | 74 | 65 | 60 | 61 | 58 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.09x | 0.13x | 0.10x | 0.09x | 0.02x | 0.16x | 0.20x | 0.22x | 0.44x | 0.52x |
| Interest Coverage (x) | 2.89x | 2.14x | 2.27x | 2.70x | 4.14x | 4.44x | 5.51x | 3.69x | 4.26x | 3.45x |
| 4.66x | 2.86x | 2.77x | 2.78x | 2.34x | 1.98x | 2.17x | 2.25x | 1.77x | 1.46x | |
| GROWTH | ||||||||||
| Revenue Growth % | -9.88% | 9.07% | 46.89% | -20.00% | 17.39% | 90.11% | 42.95% | 15.57% | 20.98% | 7.82% |
| Operating Profit Growth % | 1.11% | 7.31% | 11.84% | -3.23% | 56.41% | 16.02% | 41.21% | 33.62% | 36.67% | 26.17% |
| Net Profit Growth % | 19.88% | 8.07% | 72.03% | -34.85% | 209.96% | 81.74% | 9.52% | 50.60% | 66.99% | 11.94% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 50.61% | 66.99% | 11.94% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 34.05x | 16.77x | 14.07x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.96x | 1.47x | 1.26x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 17.07x | 12.17x | 9.72x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-13 - Cubex Tubings Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-03 - Cubex Tubings Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 30, 2026. Further, the company has informed the Exchange regarding voting results.
2026-07-31 - Cubex Tubings Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 30, 2026
2026-07-15 - Cubex Tubings Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-08 - Cubex Tubings Limited has informed the Exchange about General Updates
2026-07-07 - Cubex Tubings Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on July 30, 2026
2026-07-04 - Cubex Tubings Limited has informed the Exchange regarding 'NOT A LARGE BODY CORPORATE'.
2026-06-26 - Cubex Tubings Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-02 - Veena Bhandari has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
News
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