Cubex Tubings Q2 FY27 Results (NSE: CUBEXTUB)

24 Oct 2026 · Analysis by Alpha Inflection

Signal: Earnings grew

The read

The key inflection is margin rather than topline: Q2 revenue was ₹82.99 crore, up 28% QoQ, while EBITDA rose 119% YoY to ₹7.15 crore and margin expanded to 8.62%, producing PAT of ₹4.57 crore, up 162% YoY. Management attributes the improvement to higher-value seamless products, pass-through pricing and tighter cost control, but elevated copper prices may still make quarterly margins volatile.

P&L walk

Standalone Q2 revenue reached ₹82.99 crore, up 28% QoQ, while EBITDA rose 119% YoY to ₹7.15 crore and EBITDA margin expanded to 8.62%; PAT increased 162% YoY to ₹4.57 crore as higher-value seamless-product mix and tighter cost control improved conversion.

Key positives

• EBITDA increased 119% YoY to ₹7.15 crore while revenue grew 28% QoQ to ₹82.99 crore, indicating materially better earnings conversion.
• EBITDA margin expanded 645bps QoQ to 8.62%, with management attributing the improvement to higher-value seamless products, pass-through pricing and tighter cost control.
• H1 FY27 order bookings reached ₹81.27 crore, including ₹47 crore from heat exchangers and ₹33 crore from electrical applications.
• The company has qualified or developed import-substituting products including oxygen-free copper for atomic energy and Monel 400 tubes, supporting a qualification-driven product mix.

Key concerns

• Copper prices remained elevated, and management warned that quarterly margins may vary with inventory timing despite the pass-through pricing structure.
• The filing does not disclose Q2 YoY revenue growth, EPS, cash flow, working-capital metrics or capacity utilisation, limiting assessment of the quality and repeatability of the profit improvement.
• The ₹75 crore preferential warrant issue is intended to fund alloy-capability expansion but could increase the share count and dilute future EPS if exercised.

View original filing

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