Finolex Cables Ltd logo

Finolex Cables Ltd

FINCABLES NSE

Finolex Cables Limited is a leading manufacturer of electrical and telecommunication cables in India. Operating for more than 50 years, Finolex has been able to maintain its leadership position as one of the most diversified wires and cables companies in the country. Besides manufacturing a wide variety of wires and cables, Finolex has also forayed into the manufacturing of Fast-Moving Electrical Goods (FMEG) and home appliances. Over the years, the Company has established itself as a preferred electrical solutions provider for retail and institutional markets in India and created a strong brand name. [1]

AI Verdict: HOLD Confidence: 5%

Finolex Cables trades at a PE of 24.9x with modest profit growth of just 2% TTM despite 19% sales growth, suggesting margin pressure. The debt-free balance sheet and strong 1-year stock CAGR of 27% provide comfort, but deteriorating working capital (170 days vs 99 days) and heavy reliance on other income (Rs.370 Cr) warrant caution at current valuations.

Key Fundamentals

SmallcapCables - ElectricalsIndustrial Products
Market Cap
₹17,089 Cr
Volatility
Moderate
P/E Ratio
23.93
EBITDA
₹620 Cr
Return on Equity
11.54%
Debt to Equity
0
Book Value
₹397.93
EPS
₹48.07
52W High
₹1,203.9
52W Low
₹700.8

Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 18.5%

Weaknesses

3
  • Company has a low return on equity of 13.2% over last 3 years.
  • Earnings include an other income of Rs.370 Cr.
  • Working capital days have increased from 99.1 days to 170 days

Growth Rate

Revenue Growth
14.59% ↘
Net Income Growth
9.31% ↘
Cash Flow Change
-64.08% ↘
ROE
-3.26% ↘
ROCE
-4.53% ↘
EBITDA Margin (Avg.)
-30.84% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk medium

Finolex Cables trades at a PE of 24.9x with modest profit growth of just 2% TTM despite 19% sales growth, suggesting margin pressure. The debt-free balance sheet and strong 1-year stock CAGR of 27% provide comfort, but deteriorating working capital (170 days vs 99 days) and heavy reliance on other income (Rs.370 Cr) warrant caution at current valuations.

Bull Case 7
  • Company is virtually debt-free, providing significant financial flexibility and resilience during economic downturns
  • Strong revenue momentum with TTM sales growth of 19% and 5-year compounded sales CAGR of 18%
  • Impressive 1-year stock CAGR of 27% reflecting positive market sentiment and re-rating potential
  • Majority analyst consensus is bullish with 60% (3 out of 5 analysts) recommending Buy and zero Sell ratings
  • Consistent long-term ROE averaging 14% over 5 and 10 year periods indicates stable capital efficiency
  • Healthy dividend payout ratio of 18.5% with current yield of 0.69% provides income support for long-term holders
  • Market cap of Rs.17,772 Cr with 10-year stock CAGR of 13% demonstrates sustained long-term wealth creation
Bear Case 7
  • Severe disconnect between sales growth (19% TTM) and profit growth (2% TTM) signals significant margin compression
  • Working capital days have nearly doubled from 99 days to 170 days, indicating deteriorating cash conversion efficiency
  • Earnings quality is questionable with other income of Rs.370 Cr forming a substantial portion of reported profits
  • 3-year ROE of only 13.2% is below par for a company trading at a PB of 2.92x, implying stretched valuations
  • PE of 24.9x appears expensive given compounded profit growth of only 9% over 5 years, resulting in a PEG ratio above 2.5x
  • 5-year compounded profit CAGR of 9% significantly lags the 5-year sales CAGR of 18%, showing persistent operating leverage failure
  • 40% of analysts (2 out of 5) recommend Hold, reflecting uncertainty about near-term catalysts at current price levels

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 2
  • Tax order for E-way discrepancies Jun 13

    Finolex Cables received a tax order of Rs 1,29,698 due to E-way bill discrepancies. The company plans to appeal the order.

  • Compliance Officer resigns Jun 12

    Siddhesh Mandke resigned as Company Secretary and Compliance Officer effective June 11, 2026, citing personal reasons.

Positives 2
  • Aggressive FMEG & cables growth targets Jun 17

    Company targets FMEG revenue of Rs 400 Cr in FY27 (vs Rs 270 Cr in FY26), double-digit electrical cables growth, and Rs 750 Cr communication cables revenue in FY28 post-capacity expansion, with ~12% profit margin target for FY27.

  • New CEO and CFO appointed May 28

    Mahesh Viswanathan (43 years experience) elevated to CEO and Sachin Naik (26 years experience) appointed as CFO effective June 1, 2026, signaling leadership stability and succession planning.

TL;DR: Finolex Cables is executing a clear growth roadmap with ambitious revenue targets across FMEG and communication cables segments, supported by fresh leadership appointments. The tax order is negligible in size and the compliance officer departure is routine. The trend is improving with capacity expansion plans and double-digit growth ambitions, though execution on FY27-28 targets remains to be seen.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,224
1,204
1,187
1,222
1,401
1,230
1,312
1,182
1,595
1,396
1,376
1,599
1,951
Expenses
1,079
1,058
1,041
1,088
1,239
1,104
1,206
1,044
1,424
1,259
1,231
1,441
1,771
Operating Profit
146
146
146
134
162
127
106
138
171
136
145
158
180
OPM %
12%
12%
12%
11%
12%
10%
8%
12%
11%
10%
11%
10%
9%
Other Income
98
74
72
75
100
202
57
67
104
80
76
74
140
Interest
1
0
0
0
1
0
0
0
0
0
0
0
0
Depreciation
15
10
11
11
12
11
12
12
12
14
14
15
17
PBT
228
210
206
198
250
318
151
193
261
203
206
216
303
Tax %
23%
24%
25%
24%
25%
23%
22%
24%
27%
20%
21%
24%
26%
Net Profit
175
160
154
151
186
244
118
147
192
163
163
164
224
EPS in Rs
11.44
10.49
10.08
9.87
12.17
15.95
7.71
9.63
12.54
10.63
10.63
10.73
14.67
Figures in ₹ Crores

Profit & Loss

  Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
2,360
2,445
2,815
3,078
2,877
2,768
3,768
4,481
5,014
5,319
6,321
Expenses
2,002
2,049
2,374
2,604
2,494
2,398
3,339
3,972
4,426
4,776
5,702
Operating Profit
358
396
441
474
384
370
429
509
588
543
620
OPM %
15%
16%
16%
15%
13%
13%
11%
11%
12%
10%
10%
Other Income
125
160
153
178
169
300
398
188
321
428
370
Interest
9
4
1
1
2
1
2
1
2
2
2
Depreciation
58
48
44
41
39
39
39
46
44
47
59
PBT
416
504
549
610
512
631
787
649
864
922
929
Tax %
21%
21%
40%
33%
24%
27%
24%
22%
25%
24%
23%
Net Profit
329
400
330
407
391
461
599
504
652
701
714
EPS in Rs
21.49
26.17
21.58
26.64
25.57
30.17
39.18
32.97
42.61
45.82
46.67
Div. Payout %
14%
11%
19%
17%
22%
18%
15%
21%
19%
17%
19%
Figures in ₹ Crores

Balance Sheet

  Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
31
31
31
31
31
31
31
31
31
31
31
Reserves
1,745
2,110
2,398
2,706
2,973
3,384
3,891
4,340
4,915
5,465
6,055
Borrowings
51
1
1
1
8
7
9
14
18
20
19
Other Liabilities
272
297
354
417
395
464
563
596
671
771
885
Total Liabilities
2,099
2,440
2,784
3,154
3,407
3,886
4,494
4,980
5,635
6,287
6,990
Fixed Assets
432
415
409
404
387
394
380
435
444
583
850
CWIP
3
8
5
10
27
26
87
21
168
210
105
Investments
881
1,159
1,523
1,767
1,121
1,571
2,014
2,610
3,584
3,986
4,195
Other Assets
783
857
847
973
1,872
1,894
2,013
1,915
1,439
1,507
1,840
Total Assets
2,099
2,440
2,784
3,154
3,407
3,886
4,494
4,980
5,635
6,287
6,990
Figures in ₹ Crores

Cash Flow

  Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
339
213
236
154
309
114
473
356
577
207
49
Investing
-195
-126
-134
-110
587
-859
-378
-225
-440
-82
153
Financing
-64
-75
-57
-75
-86
-86
-87
-97
-112
-128
-129
Net Cash Flow
81
11
44
-30
810
-831
8
35
26
-3
73
Free Cash Flow
327
178
199
110
277
59
406
325
577
207
-105
CFO/OP
114
86
84
67
109
63
141
96
125
64
32
Figures in ₹ Crores

Ratios

  Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
19
19
23
25
24
23
17
18
13
17
21
Inventory Days
70
98
90
95
104
134
80
69
53
61
73
Days Payable
19
40
32
34
28
31
23
21
22
21
16
Cash Conversion Cycle
70
76
80
86
100
126
74
66
45
57
78
Working Capital Days
45
52
60
73
82
202
159
120
68
59
170
ROCE %
—
26%
24%
24%
18%
20%
21%
16%
19%
18%
16%

Shareholding Pattern

As of Mar 2026
Promoters 35.86%
Others 19.35%
Public 18.74%
DIIs 16.43%
FIIs 9.62%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
35.92%
35.92%
35.92%
35.92%
35.92%
35.92%
35.92%
35.92%
35.92%
35.92%
35.92%
35.92%
35.92%
35.86%
35.86%
35.86%
35.86%
35.86%
35.86%
35.86%
35.86%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.89%
0.00%
0.00%
11.77%
11.07%
11.58%
11.65%
11.32%
11.00%
10.57%
10.67%
9.90%
9.42%
9.62%
DIIs
18.11%
16.59%
16.21%
16.47%
15.72%
15.17%
18.00%
18.10%
17.03%
15.56%
15.59%
15.93%
15.88%
16.84%
16.74%
16.24%
16.07%
15.57%
15.88%
15.77%
16.43%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
16.91%
17.07%
17.19%
16.64%
17.25%
17.75%
16.90%
16.60%
16.90%
17.77%
17.37%
17.78%
17.47%
16.55%
16.92%
17.59%
18.11%
18.48%
19.06%
19.65%
18.74%
Others
29.07%
30.43%
30.69%
30.98%
31.12%
31.16%
29.18%
27.50%
30.15%
30.74%
19.36%
19.31%
19.16%
19.10%
19.17%
19.31%
19.39%
19.43%
19.30%
19.30%
19.35%
No. of Shareholders
65,576
73,518
80,266
81,190
90,842
97,012
99,808
94,652
1,00,123
1,25,344
1,28,513
1,25,351
1,28,440
1,12,071
1,24,788
1,37,311
1,57,533
1,59,021
1,76,353
1,89,711
1,82,413

Documents

1
Concall - Nov 2019 Nov 2019
2
Concall - Feb 2020 Feb 2020
3
Concall - Aug 2020 Aug 2020
4
Concall - Feb 2021 Feb 2021
5
Concall - Feb 2024 Feb 2024

Frequently Asked Questions about Finolex Cables Ltd

What does Finolex Cables Ltd do?
Finolex Cables Limited is a leading manufacturer of electrical and telecommunication cables in India. Operating for more than 50 years, Finolex has been able to maintain its leadership position as one of the most diversified wires and cables companies in the country. Besides manufacturing a wide ...
Where is Finolex Cables Ltd (FINCABLES) listed?
Finolex Cables Ltd is listed on the Indian stock exchanges. It is listed on NSE: FINCABLES and BSE: 500144. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Finolex Cables Ltd belong to?
Finolex Cables Ltd operates in the Industrials sector within the Industrial Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Finolex Cables Ltd?
Finolex Cables Ltd has a market capitalisation of approximately ₹17089.44 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Finolex Cables Ltd?
The Price-to-Earnings (PE) ratio of Finolex Cables Ltd is 23.93. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Finolex Cables Ltd?
Over the past 52 weeks, Finolex Cables Ltd has traded between a low of ₹700.8 and a high of ₹1,203.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does Finolex Cables Ltd pay dividends?
Yes, Finolex Cables Ltd has a dividend yield of 0.70%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Finolex Cables Ltd?
Finolex Cables Ltd has a Return on Equity (ROE) of 11.54%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Finolex Cables Ltd on Tapetide?
On Tapetide, you can view Finolex Cables Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Finolex Cables Limited is a leading manufacturer of electrical and telecommunication cables in India. Operating for more than 50 years, Finolex has been able to maintain its leadership position as one of the most diversified wires and cables companies in the country. Besides manufacturing a wide variety of wires and cables, Finolex has also forayed into the manufacturing of Fast-Moving Electrical Goods (FMEG) and home appliances. Over the years, the Company has established itself as a preferred electrical solutions provider for retail and institutional markets in India and created a strong brand name. [1]

Website finolex.com
CEO Mr. Ratnakar Prakash Barve
Employees 1,594
Listed 1995-02-15
Face Value ₹ 2
Issued Size 15,29,39,345

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