Finolex Industries Ltd logo

Finolex Industries Ltd

FINPIPE NSE

Key Fundamentals

MicrocapPlastic Products - IndustrialIndustrial Products
Market Cap
₹11,327 Cr
Volatility
Moderate
P/E Ratio
18.26
EBITDA
₹679 Cr
Return on Equity
5.11%
Debt to Equity
0.05
Book Value
₹100.17
EPS
₹8.64
52W High
₹222.5
52W Low
₹147.54

Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 29.6%

Weaknesses

4
  • The company has delivered a poor sales growth of 3.51% over past five years.
  • Company has a low return on equity of 8.35% over last 3 years.
  • Earnings include an other income of Rs.254 Cr.
  • Working capital days have increased from 93.7 days to 247 days

Growth Rate

Revenue Growth
-6.27% ↘
Net Income Growth
-23.31% ↘
Cash Flow Change
8.32% ↗
ROE
56.00% ↘
ROCE
45.15% ↘
EBITDA Margin (Avg.)
-5.53% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
AI opinion · based on fundamentals
Risk medium
HOLD Worth holding, not adding Conviction 5/10

Finolex Industries is virtually debt-free with a healthy dividend payout of 29.6%, but persistent sales decline of -1% TTM and deteriorating working capital (247 days vs 93.7 days) limit near-term upside. At a PE of 18.6x with 3-year ROE of only 8%, the stock lacks a compelling valuation case for fresh entry.

Bull Case 7
  • Company is almost debt-free, providing significant financial flexibility and resilience during economic downturns
  • Healthy dividend payout of 29.6% with a current dividend yield of 2%, offering income support to investors
  • TTM profit growth of 44% signals a strong earnings recovery in the most recent period
  • 3-year compounded profit growth of 38% demonstrates sustained earnings improvement over the medium term
  • 10-year compounded sales CAGR of 5% and profit CAGR of 10% show the company has delivered reasonable long-term growth
  • Market cap of Rs.11,072 Cr with a PB ratio of 1.79x suggests the stock is not excessively priced relative to book value
  • Majority analyst consensus is Buy (42.86%) or Hold (50%), with only 7.14% recommending Sell out of 14 total ratings
Bear Case 8
  • Poor sales growth of 3.51% over the past 5 years and TTM sales decline of -1% indicate weak revenue momentum
  • Working capital days have ballooned from 93.7 days to 247 days, signaling serious deterioration in operational efficiency
  • 3-year ROE of only 8% and last year ROE of 10% are below cost of equity for most investors
  • Earnings quality is questionable as other income of Rs.254 Cr forms a significant portion of reported profits
  • Stock has declined 17% over the past 1 year, significantly underperforming the broader market
  • 5-year compounded profit growth is negative at -4%, showing the recent profit surge may not be structurally sustainable
  • 3-year and 5-year stock CAGR of just 1% each indicates prolonged value destruction for shareholders on a total return basis
  • 3-year compounded sales CAGR of -2% suggests the core PVC pipes business may be facing structural demand or pricing headwinds

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

AI News Digest

Anthropic anthropic claude-opus-4.6 15h ago
Headwinds 3
  • FY26 net profit down 25% May 27

    Full-year consolidated net profit declined 25.12% to ₹599.05 crore in FY26 vs ₹800.03 crore in FY25, despite strong Q4 recovery.

  • Annual revenue dips marginally May 27

    FY26 revenue from operations edged lower to ₹4,113.43 crore from ₹4,141.97 crore in FY25, a 0.69% decline.

  • Overbought on daily charts May 27

    Technical analyst AR Ramachandran noted the stock is overbought on daily charts with a daily close below ₹188 support potentially triggering a fall towards ₹172.

Positives 5
  • Q4 profit surges 59% YoY May 27

    Consolidated net profit jumped 58.74% YoY to ₹261.25 crore in Q4FY26, with EBITDA nearly doubling to ₹332 crore and margins expanding from 15% to 25%.

  • Q4 revenue up 12% YoY May 27

    Revenue from operations rose 12.12% to ₹1,313.88 crore in Q4FY26 vs ₹1,171.81 crore in the year-ago quarter.

  • Shares rally 20% in one week May 27

    Stock surged 8-12% on results day and rallied nearly 20% over the preceding week, trading above all 8 key simple moving averages.

  • Dividend of ₹2.75 per share May 27

    Board recommended final dividend of ₹2 plus special dividend of ₹0.75 per share for FY26, totaling ₹2.75 per equity share.

  • Full-year EBITDA up 43% May 27

    Annual EBITDA improved to ₹679 crore in FY26 from ₹476 crore in FY25, with margins expanding from 11% to 17%.

Neutral 2
  • ₹50 crore block trade on NSE Jun 17

    Block trade of ~29.7 lakh shares worth ₹50.35 crore executed at ₹169.50 per share on NSE, suggesting institutional-level activity.

  • No encumbrance on promoter shares May 26

    Orbit Electricals confirmed no encumbrance on Finolex Industries shares for FY26 via exchange filing to NSE and BSE.

TL;DR: Finolex Industries delivered a strong Q4FY26 with profit surging 59% and EBITDA margins expanding sharply to 25%, though full-year profit declined 25% due to earlier weak quarters. Operational efficiency is clearly improving with annual EBITDA up 43% and margin expansion from 11% to 17%. The key risk is whether Q4 margin strength is sustainable and whether the stock's sharp rally has already priced in the recovery. The trend is improving quarter-on-quarter, and continued margin expansion in Q1FY27 would confirm a structural turnaround.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,141
1,179
883
1,020
1,235
1,140
828
1,001
1,172
1,043
859
898
1,314
Expenses
924
1,027
780
900
1,026
934
818
918
1,001
950
729
775
982
Operating Profit
217
152
103
120
209
207
11
83
171
94
130
123
332
OPM %
19%
13%
12%
12%
17%
18%
1%
8%
15%
9%
15%
14%
25%
Other Income
43
48
70
47
54
472
85
66
85
69
68
63
53
Interest
6
9
12
8
7
7
7
10
6
6
4
3
8
Depreciation
24
34
27
28
27
26
26
27
27
27
27
26
26
PBT
230
157
133
132
229
646
62
112
223
131
166
157
351
Tax %
28%
26%
27%
27%
28%
23%
34%
16%
26%
25%
26%
26%
26%
Net Profit
166
115
98
95
165
501
41
94
165
98
124
116
261
EPS in Rs
2.68
1.86
1.58
1.54
2.66
8.07
0.66
1.52
2.65
1.58
1.99
1.87
4.21
Figures in ₹ Crores

Profit & Loss

  Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
2,482
2,602
2,738
3,091
2,985
3,462
4,647
4,397
4,317
4,142
4,113
Expenses
2,075
2,039
2,253
2,487
2,536
2,472
3,624
4,105
3,732
3,666
3,435
Operating Profit
407
563
484
604
448
990
1,023
293
585
476
679
OPM %
16%
22%
18%
20%
15%
29%
22%
7%
14%
12%
16%
Other Income
71
32
40
26
55
87
457
145
218
703
254
Interest
45
15
10
12
11
7
14
27
36
30
21
Depreciation
51
55
61
70
74
78
83
89
116
107
107
PBT
383
525
454
548
418
992
1,383
321
651
1,043
805
Tax %
33%
32%
33%
33%
20%
26%
24%
22%
27%
23%
26%
Net Profit
258
355
306
367
333
738
1,051
251
474
800
599
EPS in Rs
4.15
5.72
4.94
5.92
5.36
11.89
16.94
4.04
7.63
12.89
9.65
Div. Payout %
48%
40%
41%
34%
37%
34%
24%
37%
33%
28%
28%
Figures in ₹ Crores

Balance Sheet

  Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
124
124
124
124
124
124
124
124
124
124
124
Reserves
1,466
2,191
2,671
2,452
1,862
3,015
3,804
4,779
5,511
5,973
6,091
Borrowings
212
94
101
90
283
204
278
541
394
237
446
Other Liabilities
583
588
610
666
623
951
1,140
841
1,030
1,048
935
Total Liabilities
2,385
2,997
3,506
3,332
2,891
4,294
5,345
6,285
7,058
7,382
7,596
Fixed Assets
850
855
884
951
1,017
1,002
993
1,055
1,055
1,008
1,017
CWIP
7
22
90
90
7
8
9
44
19
73
28
Investments
854
1,264
1,607
1,362
656
1,679
2,718
3,952
4,586
4,910
4,969
Other Assets
675
856
925
929
1,211
1,604
1,625
1,234
1,398
1,391
1,581
Total Assets
2,385
2,997
3,506
3,332
2,891
4,294
5,345
6,285
7,058
7,382
7,596
Figures in ₹ Crores

Cash Flow

  Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
569
252
338
391
106
941
622
308
353
383
192
Investing
-77
35
-162
-228
49
-877
-440
-294
-83
8
-156
Financing
-494
-282
-175
-163
-105
-90
-190
-29
-277
-349
-49
Net Cash Flow
-2
4
1
0
51
-26
-8
-15
-6
42
-13
Free Cash Flow
538
157
166
289
46
876
918
140
267
268
133
CFO/OP
156
76
95
94
49
116
94
128
85
122
53
Figures in ₹ Crores

Ratios

  Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
3
7
6
9
9
16
26
25
39
33
32
Inventory Days
100
128
128
120
164
176
132
81
99
108
156
Days Payable
55
52
52
55
44
84
60
35
39
61
56
Cash Conversion Cycle
48
83
81
74
129
108
98
71
98
80
133
Working Capital Days
0
28
32
33
39
22
17
-6
13
20
247
ROCE %
—
25%
17%
21%
17%
36%
27%
7%
11%
9%
13%

Shareholding Pattern

As of Mar 2026
Promoters 52.47%
Public 22.54%
DIIs 12.79%
Others 6.33%
FIIs 5.87%
Government 0.01%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
52.47%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.67%
6.45%
6.41%
6.89%
6.40%
6.64%
6.48%
6.04%
5.92%
5.87%
5.87%
DIIs
11.85%
11.53%
10.65%
9.82%
9.45%
9.78%
9.78%
11.62%
12.26%
11.87%
12.14%
11.95%
10.95%
11.96%
12.07%
12.05%
11.70%
11.36%
12.11%
12.19%
12.79%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
Public
26.83%
26.86%
26.69%
26.56%
26.92%
27.11%
26.79%
24.55%
24.07%
24.14%
22.45%
22.83%
22.97%
22.04%
22.48%
22.62%
22.87%
23.50%
23.09%
23.06%
22.54%
Others
8.85%
9.13%
10.20%
11.16%
11.15%
10.65%
10.95%
11.35%
11.20%
11.51%
6.26%
6.30%
7.19%
6.64%
6.57%
6.21%
6.47%
6.62%
6.40%
6.40%
6.33%
No. of Shareholders
1,25,069
1,69,648
1,90,417
2,25,044
2,72,282
2,75,060
2,84,347
2,48,095
2,38,404
2,31,913
2,18,094
2,26,844
2,13,679
2,11,507
2,26,758
2,38,785
2,51,087
2,50,051
2,45,505
2,46,153
2,37,719

Documents

1
Concall - May 2017 May 2017
2
Concall - Jun 2017 Jun 2017
3
Concall - Nov 2017 Nov 2017
4
Concall - Feb 2018 Feb 2018
5
Concall - Aug 2018 Aug 2018

Frequently Asked Questions about Finolex Industries Ltd

What does Finolex Industries Ltd do?
Finolex Industries Limited (FIL) is a leading manufacturer of PVC Resin and the largest producer of PVC Pipes & Fittings in India. The Company offers the latest range of superior quality and durable PVC-U pipes and fittings used in agriculture, construction and industrial operations. Its product ...
Where is Finolex Industries Ltd (FINPIPE) listed?
Finolex Industries Ltd is listed on the Indian stock exchanges. It is listed on NSE: FINPIPE and BSE: 500940. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Finolex Industries Ltd belong to?
Finolex Industries 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 Industries Ltd?
Finolex Industries Ltd has a market capitalisation of approximately ₹11327.43 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Finolex Industries Ltd?
The Price-to-Earnings (PE) ratio of Finolex Industries Ltd is 18.26. 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 Industries Ltd?
Over the past 52 weeks, Finolex Industries Ltd has traded between a low of ₹147.54 and a high of ₹222.5. This range helps investors understand the stock's price volatility and recent trading levels.
Does Finolex Industries Ltd pay dividends?
Yes, Finolex Industries Ltd has a dividend yield of 1.96%. 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 Industries Ltd?
Finolex Industries Ltd has a Return on Equity (ROE) of 5.11%. 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 Industries Ltd on Tapetide?
On Tapetide, you can view Finolex Industries 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 Industries Limited (FIL) is a leading manufacturer of PVC Resin and the largest producer of PVC Pipes & Fittings in India. The Company offers the latest range of superior quality and durable PVC-U pipes and fittings used in agriculture, construction and industrial operations. Its product portfolio consists of two major divisions: PVC Resin PVC Pipes & Fittings [1]

Website finolexpipes.com
CEO Mr. Prakash Pralhad Chhabria B.Sc.
Employees 1,499
Listed 1995-02-08
Face Value ₹ 2
Issued Size 62,04,76,905

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