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Finolex Industries Ltd.

•
finolexpipes.comBSE: 500940NSE: FINPIPE
Market Cap₹ 9,527 Cr.
Current Price
High / Low₹ 222 / 148
Stock P/E16.1
Book Value₹ 100
Price to Book1.52
Dividend Yield1.79 %
ROCE12.4 %
ROE9.6 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Pipes & Fittings: 99.1% • PVC: 0.9%

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence
72%
View full sector analysis →

PROS

  • Company is almost debt free
  • Operating margins have improved to 16.5% from 9.4%
  • Company comfortably covers its interest (38.2x coverage)
  • Company generates healthy free cash flow
  • Company has a consistent dividend-paying track record
  • Attractively priced for its growth - PEG of 0.5

CONS

  • A large part of profit comes from other income (27.9% of PBT)
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.51x)
  • Total debt has risen sharply - up 97.8% year on year
  • Company has delivered a poor profit growth of -4.4% 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

Capital GoodsPlastic ProductsPlastic Products
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.SUPREMEIND3367.0041.4342769.951.07280.7238.762717.664.1621.4917.33
2.ASTRAL1410.1065.8337882.360.28120.2051.771578.0015.9319.9514.65
3.GRWRHITECH6928.5541.5016096.680.17132.6559.78633.0827.9018.0827.17
4.SHAILY3279.8085.3315085.520.0948.0116.75280.6713.7729.4629.59
5.FINPIPE153.5515.489527.421.79114.5216.67883.58-15.3012.7312.09
6.TIMETECHNO180.9018.238929.860.831178.601120.7116927.101151.4017.3713.25
7.KINGFA6197.2537.218398.130.0080.21101.58688.5749.0630.7016.12
8.RESPONIND173.3545.624621.660.062.74-94.51192.87-43.0610.7612.09
9.POLYPLEX1135.0022.943563.040.26171.07386.022253.6229.621.5113.15
10.NILKAMAL2054.7024.603066.130.9724.4059.20819.73-7.1810.769.44
11.XPROINDIA1294.9093.053039.180.157.63239.10174.4220.374.009.08
12.PRINCEPIPE266.4028.842945.350.38337.496900.416094.18949.976.2012.66
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1,1798831,0201,2351,1408281,0011,1721,0438598981,314884
1,0277809001,0269348189181,001950729775982811
Operating Profit15210312020920711831719413012333272
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%
406335444728448656560523675
Interest912877710664387
Depreciation34272827262627272727262627
Profit before Tax1491261202196466295203126158146334148
Tax %25.74%25.36%25.53%26.20%21.77%16.47%24.93%25.90%23.16%24.57%24.70%24.00%27.21%
Net Profit1119489161505517115097119110254107
1.791.521.442.618.170.831.152.431.571.931.784.111.74

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
2,6022,7383,0912,9853,4624,6474,3974,3174,1424,1133,954
2,0402,2542,4872,5402,4733,6244,1053,7333,6663,4353,296
Operating Profit5624846044459891,024293585476679658
OPM %21.61%17.68%19.55%14.90%28.57%22.03%6.65%13.55%11.49%16.50%16.63%
2525143475459121181665213224
Interest151012119142736302122
Depreciation55617074788389116107107108
Profit before Tax5174395363939771,3852976131,005765786
Tax %31.88%31.97%34.69%17.55%25.47%23.96%20.47%25.79%22.58%24.11%24.85%
Net Profit3522993503247281,053237455778580591
EPS28.3824.0628.195.2311.7316.983.827.3612.589.39—
Dividend Payout %40.52%41.57%35.48%38.28%34.09%23.56%39.20%33.95%28.62%29.30%—

COMPOUNDED SALES GROWTH

10 Years:
4%
5 Years:
4%
3 Years:
-2%

COMPOUNDED PROFIT GROWTH

10 Years:
9%
5 Years:
-4%
3 Years:
35%

STOCK PRICE CAGR

10 Years:
5%
5 Years:
-2%
3 Years:
-13%
1 Year:
-28%

RETURN ON EQUITY

10 Years:
15%
5 Years:
14%
3 Years:
11%
Last Year:
10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Sep 11

₹ 0.37

Rs.0.7500 per share(37.5%)Special Dividend

2026

Sep 11

₹ 1

2025

Sep 4

₹ 0.80

Rs.1.6000 per share(80%)Special Dividend

2025

Sep 4

₹ 1

Rs.2.0000 per share(100%)Final Dividend

2024

Sep 11

₹ 1.25

Rs.2.5000 per share(125%)Final Dividend

2023

Aug 21

₹ 0.75

Rs.1.5000 per share(75%)Final Dividend

2022

Aug 22

₹ 1

Rs.2.0000 per share(100%)Special Dividend

2022

Aug 22

₹ 1

2021

Sep 14

₹ 1

Rs.2.0000 per share(100%)Special Dividend

2021

Sep 14

₹ 1

Rs.2.0000 per share(100%)Final Dividend

2018

Sep 19

₹ 1

Rs.10.0000 per share(100%)Dividend

2017

Jul 27

₹ 1.15

Rs.11.5000 per share(115%)Dividend

2016

Jul 28

₹ 0.25

Rs.2.5000 per share(25%)Special Dividend

2016

Jul 28

₹ 0.75

2026

Aug 31

₹ 0.37

Rs.0.7500 per share(37.5%)Special Dividend

2026

Aug 31

₹ 1

Rs.2.0000 per share(100%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital124124124124124124124124124124
2,1672,6402,4041,8062,9493,7404,7015,4145,8555,954
156165148334270345605445272469
Trade Payables227250284228436463289289444366
281274313323428589463656529495
Total Liabilities2,9553,4553,2732,8154,2075,2616,1826,9287,2237,408
8558849511,0171,0029931,0551,0551,0081,017
Capital Work in Progress22909078944197328
1,2221,5551,3035801,5922,6333,8504,4564,7514,782
5576126208589191,0156737287821,026
0000000458379362
Cash & Bank1623289333681613212560
283290280260349529499180104132
Total Assets2,9553,4553,2732,8154,2075,2616,1826,9287,2237,408

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
4274585682191,153958376353383192
Cash from Investing35-162-22849-877-440-294-838-156
Cash from Financing-282-175-163-105-90-190-29-277-349-49
41-051-26-8-15-642-13

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
52.4752.4752.4752.4752.4752.4752.4752.47
6.406.646.486.035.935.875.875.85
12.0712.0511.7011.3612.1112.1912.7811.35
0.010.010.010.010.010.010.010.01
29.0528.8329.3430.1229.4929.4628.8730.32

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-29
Copy of Newspaper Publication

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
Updates

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
Record Date

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
Shareholders meeting

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
Copy of Newspaper Publication

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
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Finolex Industries Limited has informed the Exchange about Transcript of the Earnings Call held on August 7, 2026

2026-08-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - Finolex Industries Limited has informed the Exchange about Schedule of meet

2026-08-08
Copy of Newspaper Publication

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
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - Finolex Industries Limited has informed the Exchange about Link of Recording

News

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