Finolex Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Pipes & Fittings: 99.1% • PVC: 0.9%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company is almost debt free
- Company has consistently been profitable over the last 5 years
- Operating margins have improved to 16.5% from 9.4%
- Company comfortably covers its interest (40.1x coverage)
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
CONS
- A large part of profit comes from other income (26.3% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.50x)
- Total debt has risen sharply - up 97.8% year on year
- Company has delivered a poor profit growth of -4.1% over past five years
- Company has delivered a poor sales growth of 3.5% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUPREMEIND | 3367.00 | 41.43 | 42769.95 | 1.07 | 280.72 | 38.76 | 2717.66 | 4.16 | 21.49 | 17.33 |
| ASTRAL | 1410.10 | 65.83 | 37882.36 | 0.28 | 120.20 | 51.77 | 1578.00 | 15.93 | 19.95 | 14.65 |
| GRWRHITECH | 6928.55 | 41.50 | 16096.68 | 0.17 | 132.65 | 59.78 | 633.08 | 27.90 | 18.08 | 27.17 |
| SHAILY | 3279.80 | 85.33 | 15085.52 | 0.09 | 48.01 | 16.75 | 280.67 | 13.77 | 29.46 | 29.59 |
| FINPIPE | 153.55 | 15.48 | 9527.42 | 1.79 | 114.52 | 16.67 | 883.58 | -15.30 | 12.73 | 12.09 |
| TIMETECHNO | 180.90 | 18.23 | 8929.86 | 0.83 | 1178.60 | 1120.71 | 16927.10 | 1151.40 | 17.37 | 13.25 |
| KINGFA | 6197.25 | 37.21 | 8398.13 | 0.00 | 80.21 | 101.58 | 688.57 | 49.06 | 30.70 | 16.12 |
| RESPONIND | 173.35 | 45.62 | 4621.66 | 0.06 | 2.74 | -94.51 | 192.87 | -43.06 | 10.76 | 12.09 |
| POLYPLEX | 1135.00 | 22.94 | 3563.04 | 0.26 | 171.07 | 386.02 | 2253.62 | 29.62 | 1.51 | 13.15 |
| NILKAMAL | 2054.70 | 24.60 | 3066.13 | 0.97 | 24.40 | 59.20 | 819.73 | -7.18 | 10.76 | 9.44 |
| XPROINDIA | 1294.90 | 93.05 | 3039.18 | 0.15 | 7.63 | 239.10 | 174.42 | 20.37 | 4.00 | 9.08 |
| PRINCEPIPE | 266.40 | 28.84 | 2945.35 | 0.38 | 337.49 | 6900.41 | 6094.18 | 949.97 | 6.20 | 12.66 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,179 | 883 | 1,020 | 1,235 | 1,140 | 828 | 1,001 | 1,172 | 1,043 | 859 | 898 | 1,314 | 884 | |
| 1,027 | 780 | 900 | 1,026 | 934 | 818 | 918 | 1,001 | 950 | 729 | 775 | 982 | 811 | |
| Operating Profit | 152 | 103 | 120 | 209 | 207 | 11 | 83 | 171 | 94 | 130 | 123 | 332 | 72 |
| OPM % | 12.93% | 11.66% | 11.76% | 16.91% | 18.12% | 1.28% | 8.33% | 14.62% | 8.97% | 15.16% | 13.71% | 25.27% | 8.17% |
| 40 | 61 | 35 | 44 | 472 | 83 | 48 | 65 | 65 | 58 | 52 | 36 | 75 | |
| Interest | 9 | 12 | 8 | 7 | 7 | 7 | 10 | 6 | 6 | 4 | 3 | 8 | 7 |
| Depreciation | 34 | 27 | 28 | 27 | 26 | 26 | 27 | 27 | 27 | 27 | 26 | 26 | 27 |
| Profit before Tax | 149 | 124 | 120 | 219 | 646 | 60 | 95 | 203 | 126 | 156 | 146 | 334 | 148 |
| Tax % | 27.83% | 28.43% | 30.14% | 29.22% | 22.54% | 35.46% | 18.81% | 28.91% | 26.00% | 27.24% | 28.00% | 26.83% | 22.52% |
| Net Profit | 0 | 0 | 0 | 0 | 501 | 41 | 94 | 165 | 98 | 124 | 116 | 261 | 115 |
| 1.86 | 1.58 | 1.54 | 2.67 | 8.10 | 0.66 | 1.52 | 2.66 | 1.59 | 2.00 | 1.88 | 4.23 | 1.85 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,602 | 2,738 | 3,091 | 2,985 | 3,462 | 4,647 | 4,397 | 4,317 | 4,142 | 4,113 | 3,954 | |
| 2,040 | 2,254 | 2,487 | 2,540 | 2,473 | 3,624 | 4,105 | 3,733 | 3,666 | 3,435 | 3,296 | |
| Operating Profit | 562 | 484 | 604 | 445 | 989 | 1,024 | 293 | 585 | 476 | 679 | 658 |
| OPM % | 21.61% | 17.68% | 19.55% | 14.90% | 28.57% | 22.03% | 6.65% | 13.55% | 11.49% | 16.50% | 16.63% |
| 24 | 24 | 13 | 33 | 74 | 458 | 121 | 180 | 664 | 211 | 222 | |
| Interest | 15 | 10 | 12 | 11 | 9 | 14 | 27 | 36 | 30 | 21 | 22 |
| Depreciation | 55 | 61 | 70 | 74 | 78 | 83 | 89 | 116 | 107 | 107 | 108 |
| Profit before Tax | 525 | 454 | 548 | 418 | 992 | 1,383 | 321 | 651 | 1,043 | 805 | 785 |
| Tax % | 32.43% | 32.56% | 33.04% | 20.38% | 25.63% | 23.98% | 21.97% | 27.20% | 23.31% | 25.59% | 26.32% |
| Net Profit | 355 | 306 | 367 | 333 | 738 | 1,051 | 251 | 474 | 800 | 599 | 578 |
| EPS | 28.59 | 24.69 | 29.59 | 5.36 | 11.89 | 16.94 | 4.04 | 7.66 | 12.94 | 9.69 | — |
| Dividend Payout % | 40.22% | 40.51% | 33.79% | 37.31% | 33.64% | 23.61% | 37.00% | 32.64% | 27.82% | 28.39% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 4%
- 3 Years:
- -2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 9%
- 5 Years:
- -4%
- 3 Years:
- 34%
STOCK PRICE CAGR
- 10 Years:
- 5%
- 5 Years:
- -2%
- 3 Years:
- -13%
- 1 Year:
- -28%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 14%
- 3 Years:
- 11%
- Last Year:
- 10%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 |
| 2,191 | 2,671 | 2,452 | 1,862 | 3,015 | 3,804 | 4,779 | 5,511 | 5,973 | 6,091 | |
| 156 | 165 | 148 | 334 | 270 | 345 | 605 | 445 | 272 | 469 | |
| Trade Payables | 227 | 250 | 284 | 228 | 436 | 463 | 289 | 289 | 444 | 366 |
| 299 | 295 | 324 | 343 | 449 | 609 | 488 | 690 | 569 | 546 | |
| Total Liabilities | 2,997 | 3,506 | 3,332 | 2,891 | 4,294 | 5,345 | 6,285 | 7,058 | 7,382 | 7,596 |
| 855 | 884 | 951 | 1,017 | 1,002 | 993 | 1,055 | 1,055 | 1,008 | 1,017 | |
| Capital Work in Progress | 22 | 90 | 90 | 7 | 8 | 9 | 44 | 19 | 73 | 28 |
| 1,264 | 1,607 | 1,362 | 656 | 1,679 | 2,718 | 3,952 | 4,586 | 4,910 | 4,969 | |
| 557 | 612 | 620 | 858 | 919 | 1,015 | 673 | 728 | 782 | 1,026 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 458 | 379 | 362 | |
| Cash & Bank | 16 | 23 | 28 | 93 | 336 | 81 | 61 | 32 | 125 | 60 |
| 283 | 290 | 280 | 260 | 349 | 529 | 499 | 180 | 104 | 132 | |
| Total Assets | 2,997 | 3,506 | 3,332 | 2,891 | 4,294 | 5,345 | 6,285 | 7,058 | 7,382 | 7,596 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 427 | 458 | 568 | 219 | 1,153 | 958 | 376 | 353 | 383 | 192 | |
| Cash from Investing | 35 | -162 | -228 | 49 | -877 | -440 | -294 | -83 | 8 | -156 |
| Cash from Financing | -282 | -175 | -163 | -105 | -90 | -190 | -29 | -277 | -349 | -49 |
| 4 | 1 | -0 | 51 | -26 | -8 | -15 | -6 | 42 | -13 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-29 - Finolex Industries Limited has informed the Exchange about Copy of Newspaper Publication of 45th Annual General Meeting of the Company
2026-08-28 - Finolex Industries Limited has informed the Exchange regarding dispatch of physical communication to the Shareholders who have not registered their email address
2026-08-28 - Intimation of the Record Date for the payment of Dividend on equity shares for the financial year 2025-26
2026-08-28 - Finolex Industries Limited has informed the Exchange about Notice of 45th (Forty-Fifth) Annual General Meeting of the Company scheduled on Tuesday, September 22, 2026
2026-08-27 - Finolex Industries Limited has informed the Exchange about Copy of Newspaper Publication regarding Notice of the 45th Annual General Meeting of the Company scheduled to be held on Tuesday, September 22, 2026, at 4:00 P.M. IST through Video Conferencing/Other Audio Visual Means
2026-08-13 - Finolex Industries Limited has informed the Exchange about Transcript of the Earnings Call held on August 7, 2026
2026-08-10 - Finolex Industries Limited has informed the Exchange about Schedule of meet
2026-08-08 - Finolex Industries Limited has informed the Exchange about Newspaper Publication of Unaudited Financial Results for the Quarter ended June 30, 2026
2026-08-07 - Finolex Industries Limited has informed the Exchange about Link of Recording
News
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