Cubex Tubings is a niche Indian manufacturer that turns copper and copper alloys into seamless tubes, rods, bus bars and wires - the kind of components that carry electricity and heat inside power plants, ships, and desalination units. Founded in 1979 by the Bhandari family in Secunderabad, it has stayed a single-product company for over four decades, run by the same family’s technical know-how. The recurring approach is simple: make standard industrial copper products with indigenous technology, keep manpower costs lean, and punch above your weight by supplying a handful of specialised export niches that larger rivals overlook. # Business segments A single engine - copper and copper-alloy products - sold into two distinct customer worlds: a broad domestic industrial base that buys standard items, and a narrow export niche for desalination-plant tubing where the company claims to be India’s only supplier. ## 1. Copper and copper-alloy products: the industrial circulatory system **Cubex makes the tubes, rods, bars and wires that carry current and coolant through heavy machinery - mostly standard catalogue items, with one specialised export line where it has no domestic competition.** - **Standard industrial shapes, made in-house** - the company produces seamless solid drawn tubes, rods, bus bars and wires from pure copper and alloys like cupronickel, admiralty brass and aluminum brass, using indigenous manufacturing technology at its single plant in Patancheru, Telangana. These are not custom-engineered parts; the company mostly manufactures to standard specifications, which keeps production straightforward and inventory predictable. - **Sold to industries that cannot function without conductivity** - its customers span power plants, switchgear makers, refineries, furnace builders, sugar mills, automobile companies, electrical equipment manufacturers and shipbuilders, all of whom need copper’s unmatched ability to conduct electricity and heat. More recently, its products have also found their way into defence, aerospace and electronics applications. - **The desalination niche: India’s only supplier** - Cubex claims to be the sole Indian company manufacturing specialised copper and nickel tubes for desalination plants in the Middle East, a segment it believes also holds promise in Europe and the USA. This is a high-barrier corner of the market because condenser and refrigeration tube capacity is in short supply relative to demand in India, giving the company a narrow but defensible export window. - **Raw material risk is the business’s heartbeat** - copper is the key input, and the company is directly exposed to global and local copper-price swings as well as foreign-exchange moves, since it both exports finished goods and imports raw materials and equipment. In a typical year, export earnings and import outflows run in the same order of magnitude - for instance, FY26 saw export earnings of about Rs. 2,257 lakhs against import outflows of roughly Rs. 439 lakhs - so the net currency exposure is managed but never eliminated. - **Lean operations, no R&D spend** - the company runs no research and development activity, relying instead on the Bhandari family’s deep technical experience in metals and a workforce it says it can retain at manpower costs below industry norms. Internal controls cover manufacturing, sales, marketing and finance, with sales offices in Kolkata and Chennai extending the factory’s reach to industrial buyers. # Group structure and partners **A standalone, family-run operation with no subsidiaries and a tight circle of related entities - the business is the Bhandari family’s vehicle, pure and simple.** - **No subsidiaries, no complex structure** - Cubex Tubings has no material listed or unlisted subsidiary companies, so the consolidated picture is the standalone picture. - **Three related-party entities controlled by management** - Cubex Securities Ltd, Mavv Trading Pvt Ltd and Nadol Trading Pvt Ltd are identified as related parties, though transactions with them are limited; a prior advance with Cubex Securities was noted as settled in FY23. - **Banking relationships are secured and conventional** - the company holds working capital limits above Rs. 5 crore from banks and financial institutions, secured against current assets, and maintains outstanding bank guarantees for product performance and security - Rs. 348.52 lakhs as of March 2026 with State Bank of India and Axis Bank. It has never been declared a wilful defaulter. - **Succession has kept the founding family at the controls** - after founder Pushpa Raj Bhandari’s death in September 2024, his son Virendra Bhandari moved from Whole Time Director to Managing Director & Chairman, and Akshay Bhandari was appointed Whole Time Director on the same date, ensuring the technical expertise stays within the family.