Finolex Industries Ltd.

•

₹ 160.441.15%

2026-08-21

finolexpipes.comBSE: 500940NSE: FINPIPE

Market Cap₹ 9,816 Cr.

Current Price₹ 159

High / Low₹ 222 / 148

Stock P/E16.0

Book Value₹ 102

Price to Book1.83

Dividend Yield1.74 %

ROCE17.4 %

ROE13.6 %

Face Value₹ 2

Add ratio to table

ABOUT

KEY POINTS

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

PROS

Company is almost debt free
Company has consistently been profitable over the last 5 years
Company comfortably covers its interest (36.2x coverage)
Company generates healthy free cash flow
Company has a consistent dividend-paying track record

CONS

Company has a low return on equity of 9.4% over last 3 years
Operating margins have contracted to 11.5% from 23.8%
Company has delivered a poor sales growth of 6.8% over past five years
Growth is decelerating - 3Y profit CAGR (-8.7%) trails the 5Y trend (19.2%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Capital GoodsPlastic ProductsPlastic Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	SUPREMEIND	3610.50	44.42	45863.05	1.00	280.72	38.76	2717.66	4.16	21.49	17.33
2.	ASTRAL	1539.00	71.84	41345.26	0.26	120.20	51.77	1578.00	15.93	19.95	14.65
3.	GRWRHITECH	7048.15	42.22	16374.54	0.17	132.65	59.78	633.08	27.90	20.41	27.17
4.	SHAILY	3367.75	87.61	15490.05	0.09	48.01	16.75	280.67	13.77	19.55	29.59
5.	FINPIPE	158.20	15.95	9815.94	1.74	114.52	16.67	883.58	-15.30	17.40	12.09
6.	TIMETECHNO	190.90	19.24	9423.50	0.79	1178.60	1120.71	16927.10	1151.40	18.16	13.25
7.	KINGFA	5772.15	0.00	7822.06	0.00	80.21	101.58	688.57	49.06	30.70	16.12
8.	RESPONIND	156.70	41.24	4177.76	0.06	2.74	-94.51	192.87	-43.06	10.76	12.09
9.	POLYPLEX	1174.35	23.74	3686.57	0.26	171.07	386.02	2253.62	29.62	1.51	13.15
10.	PRINCEPIPE	283.05	0.00	3129.43	0.35	337.49	6900.41	6094.18	949.97	3.92	12.66
11.	NILKAMAL	2030.70	24.31	3030.32	0.98	24.40	59.20	819.73	-7.18	10.76	9.44
12.	DDEVPLSTIK	280.20	0.00	2899.42	0.45	63.79	22.33	989.45	28.63	33.94	9.22

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	40	61	35	44	55	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
	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
	2	2	2	3	8	1	2	3	2	2	2	4	0
Equity Capital	124	124	124	124	124	124	124	124	124	124	124	124	124
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	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%
Equity Capital	124	124	124	124	124	124	124	124	124	124	124	124	124
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	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%

Jun 2023

: 1,179
: 1,027
Operating Profit: —
OPM %: —
Other Income: 40
Interest: 9
Depreciation: 34
: 149
Tax %: 27.83%
Net Profit: 0
: 2
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 883
: 780
Operating Profit: —
OPM %: —
Other Income: 61
Interest: 12
Depreciation: 27
: 124
Tax %: 28.43%
Net Profit: 0
: 2
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 1,020
: 900
Operating Profit: —
OPM %: —
Other Income: 35
Interest: 8
Depreciation: 28
: 120
Tax %: 30.14%
Net Profit: 0
: 2
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 1,235
: 1,026
Operating Profit: —
OPM %: —
Other Income: 44
Interest: 7
Depreciation: 27
: 219
Tax %: 29.22%
Net Profit: 0
: 3
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 1,140
: 934
Operating Profit: —
OPM %: —
Other Income: 55
Interest: 7
Depreciation: 26
: 646
Tax %: 22.54%
Net Profit: 501
: 8
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 828
: 818
Operating Profit: —
OPM %: —
Other Income: 83
Interest: 7
Depreciation: 26
: 60
Tax %: 35.46%
Net Profit: 41
: 1
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 1,001
: 918
Operating Profit: —
OPM %: —
Other Income: 48
Interest: 10
Depreciation: 27
: 95
Tax %: 18.81%
Net Profit: 94
: 2
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 1,172
: 1,001
Operating Profit: —
OPM %: —
Other Income: 65
Interest: 6
Depreciation: 27
: 203
Tax %: 28.91%
Net Profit: 165
: 3
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 1,043
: 950
Operating Profit: —
OPM %: —
Other Income: 65
Interest: 6
Depreciation: 27
: 126
Tax %: 26.00%
Net Profit: 98
: 2
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 859
: 729
Operating Profit: —
OPM %: —
Other Income: 58
Interest: 4
Depreciation: 27
: 156
Tax %: 27.24%
Net Profit: 124
: 2
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 898
: 775
Operating Profit: —
OPM %: —
Other Income: 52
Interest: 3
Depreciation: 26
: 146
Tax %: 28.00%
Net Profit: 116
: 2
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 1,314
: 982
Operating Profit: —
OPM %: —
Other Income: 36
Interest: 8
Depreciation: 26
: 334
Tax %: 26.83%
Net Profit: 261
: 4
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 884
: 811
Operating Profit: —
OPM %: —
Other Income: 75
Interest: 7
Depreciation: 27
: 148
Tax %: 22.52%
Net Profit: 115
: 0
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 124
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	2,843	2,602	2,738	3,091	2,985	3,462	4,647	4,397	4,317	4,142	3,954
	2,439	2,040	2,254	2,487	2,540	2,473	3,624	4,105	3,733	3,666	3,296
Operating Profit	443	586	508	645	477	1,063	1,106	413	765	722	—
OPM %	16	23	19	21	16	31	24	9	18	17	—
Other Income	39	24	24	40	33	74	82	121	180	247	222
Interest	45	15	10	12	11	9	14	27	36	30	22
Depreciation	51	55	61	70	74	78	83	89	116	107	108
	383	525	454	548	418	992	1,383	321	651	1,043	785
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	578
EPS	21	29	25	30	5	12	17	4	8	13	—
Dividend Payout %	48	40	41	34	37	34	24	37	33	28	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	38
Adjusted EPS	4	6	5	6	5	12	17	4	8	13	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	38
Adjusted EPS	4	6	5	6	5	12	17	4	8	13	—

Mar 2016

: 2,843
: 2,439
Operating Profit: 443
OPM %: 16
Other Income: 39
Interest: 45
Depreciation: 51
: 383
Tax %: 33
Net Profit: 258
EPS: 21
Dividend Payout %: 48
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2017

: 2,602
: 2,040
Operating Profit: 586
OPM %: 23
Other Income: 24
Interest: 15
Depreciation: 55
: 525
Tax %: 32
Net Profit: 355
EPS: 29
Dividend Payout %: 40
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

Mar 2018

: 2,738
: 2,254
Operating Profit: 508
OPM %: 19
Other Income: 24
Interest: 10
Depreciation: 61
: 454
Tax %: 33
Net Profit: 306
EPS: 25
Dividend Payout %: 41
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5

Mar 2019

: 3,091
: 2,487
Operating Profit: 645
OPM %: 21
Other Income: 40
Interest: 12
Depreciation: 70
: 548
Tax %: 33
Net Profit: 367
EPS: 30
Dividend Payout %: 34
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

Mar 2020

: 2,985
: 2,540
Operating Profit: 477
OPM %: 16
Other Income: 33
Interest: 11
Depreciation: 74
: 418
Tax %: 20
Net Profit: 333
EPS: 5
Dividend Payout %: 37
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5

Mar 2021

: 3,462
: 2,473
Operating Profit: 1,063
OPM %: 31
Other Income: 74
Interest: 9
Depreciation: 78
: 992
Tax %: 26
Net Profit: 738
EPS: 12
Dividend Payout %: 34
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12

Mar 2022

: 4,647
: 3,624
Operating Profit: 1,106
OPM %: 24
Other Income: 82
Interest: 14
Depreciation: 83
: 1,383
Tax %: 24
Net Profit: 1,051
EPS: 17
Dividend Payout %: 24
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17

Mar 2023

: 4,397
: 4,105
Operating Profit: 413
OPM %: 9
Other Income: 121
Interest: 27
Depreciation: 89
: 321
Tax %: 22
Net Profit: 251
EPS: 4
Dividend Payout %: 37
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2024

: 4,317
: 3,733
Operating Profit: 765
OPM %: 18
Other Income: 180
Interest: 36
Depreciation: 116
: 651
Tax %: 27
Net Profit: 474
EPS: 8
Dividend Payout %: 33
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 8
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 8

Mar 2025

: 4,142
: 3,666
Operating Profit: 722
OPM %: 17
Other Income: 247
Interest: 30
Depreciation: 107
: 1,043
Tax %: 23
Net Profit: 800
EPS: 13
Dividend Payout %: 28
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

TTM

: 3,954
: 3,296
Operating Profit: —
OPM %: —
Other Income: 222
Interest: 22
Depreciation: 108
: 785
Tax %: 26
Net Profit: 578
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 38
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 38
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 7%
3 Years:: -4%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 19%
3 Years:: -9%

STOCK PRICE CAGR

10 Years:: 6%
5 Years:: -1%
3 Years:: -8%
1 Year:: -22%

RETURN ON EQUITY

10 Years:: 16%
5 Years:: 17%
3 Years:: 9%
Last Year:: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	124	124	124	124	124	124	124	124	124	124
	1,466	2,191	2,671	2,452	1,862	3,015	3,804	4,779	5,511	5,973
	112	94	101	90	283	204	278	526	382	221
Trade Payables	243	227	250	284	228	436	463	289	289	444
	440	360	360	382	394	515	676	566	753	620
Total Liabilities	2,385	2,997	3,506	3,332	2,891	4,294	5,345	6,285	7,058	7,382
ASSETS	-	-	-	-	-	-	-	-	-	-
	850	855	884	951	1,017	1,002	993	1,055	1,055	1,008
Capital Work in Progress	7	22	90	90	7	8	9	44	19	73
	854	1,264	1,607	1,362	656	1,679	2,718	3,952	4,586	4,910
	447	557	612	620	858	919	1,015	673	728	782
	0	0	0	0	0	0	0	0	458	379
Cash & Bank	10	16	23	28	93	336	81	61	32	125
	218	283	290	280	260	349	529	499	180	104
Total Assets	2,385	2,997	3,506	3,332	2,891	4,294	5,345	6,285	7,058	7,382
Total Debt	212	94	101	90	283	204	278	526	382	221
Net Working Capital	180	270	328	537	533	1,053	1,847	1,756	2,096	2,498
Contingent Liabilities	210	192	204	94	86	101	77	77	77	63
Book Value per Share	128.17	186.53	225.24	207.59	160.03	50.59	63.30	79.29	91.12	98.60
Face Value	10.00	10.00	10.00	10.00	10.00	2.00	2.00	2.00	2.00	2.00
Total Debt	212	94	101	90	283	204	278	526	382	221
Net Working Capital	180	270	328	537	533	1,053	1,847	1,756	2,096	2,498
Contingent Liabilities	210	192	204	94	86	101	77	77	77	63
Book Value per Share	128.17	186.53	225.24	207.59	160.03	50.59	63.30	79.29	91.12	98.60
Face Value	10.00	10.00	10.00	10.00	10.00	2.00	2.00	2.00	2.00	2.00

Mar 2016

Equity Capital: 124
: 1,466
: 112
Trade Payables: 243
: 440
Total Liabilities: 2,385
: 850
Capital Work in Progress: 7
: 854
: 447
: 0
Cash & Bank: 10
: 218
Total Assets: 2,385
Total Debt: 212
Net Working Capital: 180
Contingent Liabilities: 210
Book Value per Share: 128.17
Face Value: 10.00
Total Debt: 212
Net Working Capital: 180
Contingent Liabilities: 210
Book Value per Share: 128.17
Face Value: 10.00

Mar 2017

Equity Capital: 124
: 2,191
: 94
Trade Payables: 227
: 360
Total Liabilities: 2,997
: 855
Capital Work in Progress: 22
: 1,264
: 557
: 0
Cash & Bank: 16
: 283
Total Assets: 2,997
Total Debt: 94
Net Working Capital: 270
Contingent Liabilities: 192
Book Value per Share: 186.53
Face Value: 10.00
Total Debt: 94
Net Working Capital: 270
Contingent Liabilities: 192
Book Value per Share: 186.53
Face Value: 10.00

Mar 2018

Equity Capital: 124
: 2,671
: 101
Trade Payables: 250
: 360
Total Liabilities: 3,506
: 884
Capital Work in Progress: 90
: 1,607
: 612
: 0
Cash & Bank: 23
: 290
Total Assets: 3,506
Total Debt: 101
Net Working Capital: 328
Contingent Liabilities: 204
Book Value per Share: 225.24
Face Value: 10.00
Total Debt: 101
Net Working Capital: 328
Contingent Liabilities: 204
Book Value per Share: 225.24
Face Value: 10.00

Mar 2019

Equity Capital: 124
: 2,452
: 90
Trade Payables: 284
: 382
Total Liabilities: 3,332
: 951
Capital Work in Progress: 90
: 1,362
: 620
: 0
Cash & Bank: 28
: 280
Total Assets: 3,332
Total Debt: 90
Net Working Capital: 537
Contingent Liabilities: 94
Book Value per Share: 207.59
Face Value: 10.00
Total Debt: 90
Net Working Capital: 537
Contingent Liabilities: 94
Book Value per Share: 207.59
Face Value: 10.00

Mar 2020

Equity Capital: 124
: 1,862
: 283
Trade Payables: 228
: 394
Total Liabilities: 2,891
: 1,017
Capital Work in Progress: 7
: 656
: 858
: 0
Cash & Bank: 93
: 260
Total Assets: 2,891
Total Debt: 283
Net Working Capital: 533
Contingent Liabilities: 86
Book Value per Share: 160.03
Face Value: 10.00
Total Debt: 283
Net Working Capital: 533
Contingent Liabilities: 86
Book Value per Share: 160.03
Face Value: 10.00

Mar 2021

Equity Capital: 124
: 3,015
: 204
Trade Payables: 436
: 515
Total Liabilities: 4,294
: 1,002
Capital Work in Progress: 8
: 1,679
: 919
: 0
Cash & Bank: 336
: 349
Total Assets: 4,294
Total Debt: 204
Net Working Capital: 1,053
Contingent Liabilities: 101
Book Value per Share: 50.59
Face Value: 2.00
Total Debt: 204
Net Working Capital: 1,053
Contingent Liabilities: 101
Book Value per Share: 50.59
Face Value: 2.00

Mar 2022

Equity Capital: 124
: 3,804
: 278
Trade Payables: 463
: 676
Total Liabilities: 5,345
: 993
Capital Work in Progress: 9
: 2,718
: 1,015
: 0
Cash & Bank: 81
: 529
Total Assets: 5,345
Total Debt: 278
Net Working Capital: 1,847
Contingent Liabilities: 77
Book Value per Share: 63.30
Face Value: 2.00
Total Debt: 278
Net Working Capital: 1,847
Contingent Liabilities: 77
Book Value per Share: 63.30
Face Value: 2.00

Mar 2023

Equity Capital: 124
: 4,779
: 526
Trade Payables: 289
: 566
Total Liabilities: 6,285
: 1,055
Capital Work in Progress: 44
: 3,952
: 673
: 0
Cash & Bank: 61
: 499
Total Assets: 6,285
Total Debt: 526
Net Working Capital: 1,756
Contingent Liabilities: 77
Book Value per Share: 79.29
Face Value: 2.00
Total Debt: 526
Net Working Capital: 1,756
Contingent Liabilities: 77
Book Value per Share: 79.29
Face Value: 2.00

Mar 2024

Equity Capital: 124
: 5,511
: 382
Trade Payables: 289
: 753
Total Liabilities: 7,058
: 1,055
Capital Work in Progress: 19
: 4,586
: 728
: 458
Cash & Bank: 32
: 180
Total Assets: 7,058
Total Debt: 382
Net Working Capital: 2,096
Contingent Liabilities: 77
Book Value per Share: 91.12
Face Value: 2.00
Total Debt: 382
Net Working Capital: 2,096
Contingent Liabilities: 77
Book Value per Share: 91.12
Face Value: 2.00

Mar 2025

Equity Capital: 124
: 5,973
: 221
Trade Payables: 444
: 620
Total Liabilities: 7,382
: 1,008
Capital Work in Progress: 73
: 4,910
: 782
: 379
Cash & Bank: 125
: 104
Total Assets: 7,382
Total Debt: 221
Net Working Capital: 2,498
Contingent Liabilities: 63
Book Value per Share: 98.60
Face Value: 2.00
Total Debt: 221
Net Working Capital: 2,498
Contingent Liabilities: 63
Book Value per Share: 98.60
Face Value: 2.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	569	252	338	391	106	941	622	308	353	383
Cash from Investing	-77	35	-162	-228	49	-877	-440	-294	-83	8
Cash from Financing	-494	-282	-175	-163	-105	-90	-190	-29	-277	-349
	-2	4	1	-0	51	-26	-8	-15	-6	42
Free Cash Flow	569	-849	188	255	54	884	560	125	269	271
OCF / Net Profit	2.21	0.71	1.10	1.06	0.32	1.28	0.59	1.23	0.75	0.48
Cumulative 5-Year FCF	0	0	0	0	0	533	1,942	1,878	1,892	2,108
OCF / Net Profit	2.21	0.71	1.10	1.06	0.32	1.28	0.59	1.23	0.75	0.48
Cumulative 5-Year FCF	0	0	0	0	0	533	1,942	1,878	1,892	2,108

Mar 2016

: 569
Cash from Investing: -77
Cash from Financing: -494
: -2
Free Cash Flow: 569
OCF / Net Profit: 2.21
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.21
Cumulative 5-Year FCF: 0

Mar 2017

: 252
Cash from Investing: 35
Cash from Financing: -282
: 4
Free Cash Flow: -849
OCF / Net Profit: 0.71
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.71
Cumulative 5-Year FCF: 0

Mar 2018

: 338
Cash from Investing: -162
Cash from Financing: -175
: 1
Free Cash Flow: 188
OCF / Net Profit: 1.10
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.10
Cumulative 5-Year FCF: 0

Mar 2019

: 391
Cash from Investing: -228
Cash from Financing: -163
: -0
Free Cash Flow: 255
OCF / Net Profit: 1.06
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.06
Cumulative 5-Year FCF: 0

Mar 2020

: 106
Cash from Investing: 49
Cash from Financing: -105
: 51
Free Cash Flow: 54
OCF / Net Profit: 0.32
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.32
Cumulative 5-Year FCF: 0

Mar 2021

: 941
Cash from Investing: -877
Cash from Financing: -90
: -26
Free Cash Flow: 884
OCF / Net Profit: 1.28
Cumulative 5-Year FCF: 533
OCF / Net Profit: 1.28
Cumulative 5-Year FCF: 533

Mar 2022

: 622
Cash from Investing: -440
Cash from Financing: -190
: -8
Free Cash Flow: 560
OCF / Net Profit: 0.59
Cumulative 5-Year FCF: 1,942
OCF / Net Profit: 0.59
Cumulative 5-Year FCF: 1,942

Mar 2023

: 308
Cash from Investing: -294
Cash from Financing: -29
: -15
Free Cash Flow: 125
OCF / Net Profit: 1.23
Cumulative 5-Year FCF: 1,878
OCF / Net Profit: 1.23
Cumulative 5-Year FCF: 1,878

Mar 2024

: 353
Cash from Investing: -83
Cash from Financing: -277
: -6
Free Cash Flow: 269
OCF / Net Profit: 0.75
Cumulative 5-Year FCF: 1,892
OCF / Net Profit: 0.75
Cumulative 5-Year FCF: 1,892

Mar 2025

: 383
Cash from Investing: 8
Cash from Financing: -349
: 42
Free Cash Flow: 271
OCF / Net Profit: 0.48
Cumulative 5-Year FCF: 2,108
OCF / Net Profit: 0.48
Cumulative 5-Year FCF: 2,108

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	20.77	28.59	24.69	29.59	26.80	11.89	16.94	4.05	7.66	12.94
Book Value (₹)	128.17	186.53	225.24	207.59	160.03	50.59	63.30	79.29	91.12	98.60
Dividend per Share (₹)	10.00	11.50	10.00	10.00	10.00	4.00	4.00	1.50	2.50	3.60
Cash EPS (₹)	4.97	6.61	5.91	7.05	6.55	13.14	18.29	5.50	9.54	14.66
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	13.83%	19.62%	17.95%	20.86%	15.99%	30.70%	23.80%	9.40%	13.55%	11.49%
Net Margin %	8.04%	11.88%	10.82%	11.88%	11.15%	21.31%	22.62%	5.70%	10.97%	19.32%
ROE %	16.21%	18.17%	11.99%	13.67%	14.58%	28.79%	29.75%	5.68%	8.99%	13.64%
ROCE %	23.73%	25.67%	17.50%	20.16%	17.39%	35.69%	37.02%	7.23%	12.00%	17.40%
	10.81%	13.19%	9.42%	10.74%	10.69%	20.54%	21.81%	4.31%	7.10%	11.08%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	2	4	6	7	9	12	19	26	32	37
Inventory Days	51	61	75	73	90	94	76	70	59	67
Payable Days	45	54	50	52	49	64	58	45	39	51
	8	11	32	28	51	42	37	51	52	53
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.13x	0.04x	0.04x	0.03x	0.14x	0.06x	0.07x	0.11x	0.07x	0.04x
Interest Coverage (x)	9.56x	35.14x	47.27x	45.70x	38.04x	106.31x	99.16x	12.80x	18.85x	36.20x
	1.31x	1.59x	1.67x	2.04x	1.77x	2.12x	2.54x	2.55x	2.90x	3.56x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	0.00%	-8.47%	5.20%	12.91%	-3.46%	16.01%	34.23%	-5.39%	-1.81%	-4.06%
Operating Profit Growth %	0.00%	32.29%	-13.29%	26.83%	-25.96%	122.69%	4.04%	-62.62%	84.98%	-5.54%
Net Profit Growth %	0.00%	37.66%	-13.67%	19.89%	-9.42%	121.79%	42.50%	-76.15%	88.91%	68.93%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	88.91%	68.93%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	32.20x	13.91x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.71x	1.83x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.01%	2.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	20.40x	15.54x

Mar 2016

EPS (₹): 20.77
Book Value (₹): 128.17
Dividend per Share (₹): 10.00
Cash EPS (₹): 4.97
Operating Margin %: 13.83%
Net Margin %: 8.04%
ROE %: 16.21%
ROCE %: 23.73%
: 10.81%
Debtor Days: 2
Inventory Days: 51
Payable Days: 45
: 8
Debt to Equity (x): 0.13x
Interest Coverage (x): 9.56x
: 1.31x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): 28.59
Book Value (₹): 186.53
Dividend per Share (₹): 11.50
Cash EPS (₹): 6.61
Operating Margin %: 19.62%
Net Margin %: 11.88%
ROE %: 18.17%
ROCE %: 25.67%
: 13.19%
Debtor Days: 4
Inventory Days: 61
Payable Days: 54
: 11
Debt to Equity (x): 0.04x
Interest Coverage (x): 35.14x
: 1.59x
Revenue Growth %: -8.47%
Operating Profit Growth %: 32.29%
Net Profit Growth %: 37.66%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 24.69
Book Value (₹): 225.24
Dividend per Share (₹): 10.00
Cash EPS (₹): 5.91
Operating Margin %: 17.95%
Net Margin %: 10.82%
ROE %: 11.99%
ROCE %: 17.50%
: 9.42%
Debtor Days: 6
Inventory Days: 75
Payable Days: 50
: 32
Debt to Equity (x): 0.04x
Interest Coverage (x): 47.27x
: 1.67x
Revenue Growth %: 5.20%
Operating Profit Growth %: -13.29%
Net Profit Growth %: -13.67%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 29.59
Book Value (₹): 207.59
Dividend per Share (₹): 10.00
Cash EPS (₹): 7.05
Operating Margin %: 20.86%
Net Margin %: 11.88%
ROE %: 13.67%
ROCE %: 20.16%
: 10.74%
Debtor Days: 7
Inventory Days: 73
Payable Days: 52
: 28
Debt to Equity (x): 0.03x
Interest Coverage (x): 45.70x
: 2.04x
Revenue Growth %: 12.91%
Operating Profit Growth %: 26.83%
Net Profit Growth %: 19.89%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 26.80
Book Value (₹): 160.03
Dividend per Share (₹): 10.00
Cash EPS (₹): 6.55
Operating Margin %: 15.99%
Net Margin %: 11.15%
ROE %: 14.58%
ROCE %: 17.39%
: 10.69%
Debtor Days: 9
Inventory Days: 90
Payable Days: 49
: 51
Debt to Equity (x): 0.14x
Interest Coverage (x): 38.04x
: 1.77x
Revenue Growth %: -3.46%
Operating Profit Growth %: -25.96%
Net Profit Growth %: -9.42%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 11.89
Book Value (₹): 50.59
Dividend per Share (₹): 4.00
Cash EPS (₹): 13.14
Operating Margin %: 30.70%
Net Margin %: 21.31%
ROE %: 28.79%
ROCE %: 35.69%
: 20.54%
Debtor Days: 12
Inventory Days: 94
Payable Days: 64
: 42
Debt to Equity (x): 0.06x
Interest Coverage (x): 106.31x
: 2.12x
Revenue Growth %: 16.01%
Operating Profit Growth %: 122.69%
Net Profit Growth %: 121.79%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 16.94
Book Value (₹): 63.30
Dividend per Share (₹): 4.00
Cash EPS (₹): 18.29
Operating Margin %: 23.80%
Net Margin %: 22.62%
ROE %: 29.75%
ROCE %: 37.02%
: 21.81%
Debtor Days: 19
Inventory Days: 76
Payable Days: 58
: 37
Debt to Equity (x): 0.07x
Interest Coverage (x): 99.16x
: 2.54x
Revenue Growth %: 34.23%
Operating Profit Growth %: 4.04%
Net Profit Growth %: 42.50%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 4.05
Book Value (₹): 79.29
Dividend per Share (₹): 1.50
Cash EPS (₹): 5.50
Operating Margin %: 9.40%
Net Margin %: 5.70%
ROE %: 5.68%
ROCE %: 7.23%
: 4.31%
Debtor Days: 26
Inventory Days: 70
Payable Days: 45
: 51
Debt to Equity (x): 0.11x
Interest Coverage (x): 12.80x
: 2.55x
Revenue Growth %: -5.39%
Operating Profit Growth %: -62.62%
Net Profit Growth %: -76.15%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 7.66
Book Value (₹): 91.12
Dividend per Share (₹): 2.50
Cash EPS (₹): 9.54
Operating Margin %: 13.55%
Net Margin %: 10.97%
ROE %: 8.99%
ROCE %: 12.00%
: 7.10%
Debtor Days: 32
Inventory Days: 59
Payable Days: 39
: 52
Debt to Equity (x): 0.07x
Interest Coverage (x): 18.85x
: 2.90x
Revenue Growth %: -1.81%
Operating Profit Growth %: 84.98%
Net Profit Growth %: 88.91%
: 88.91%
P/E (x): 32.20x
P/B (x): 2.71x
Dividend Yield %: 1.01%
: 20.40x

Mar 2025

EPS (₹): 12.94
Book Value (₹): 98.60
Dividend per Share (₹): 3.60
Cash EPS (₹): 14.66
Operating Margin %: 11.49%
Net Margin %: 19.32%
ROE %: 13.64%
ROCE %: 17.40%
: 11.08%
Debtor Days: 37
Inventory Days: 67
Payable Days: 51
: 53
Debt to Equity (x): 0.04x
Interest Coverage (x): 36.20x
: 3.56x
Revenue Growth %: -4.06%
Operating Profit Growth %: -5.54%
Net Profit Growth %: 68.93%
: 68.93%
P/E (x): 13.91x
P/B (x): 1.83x
Dividend Yield %: 2.00%
: 15.54x

Shareholding Pattern

Numbers in percentages

TRADES

Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
52.47	52.47	52.47	52.47	52.47	52.47	52.47	52.47
6.40	6.64	6.48	6.03	5.93	5.87	5.87	5.85
12.07	12.05	11.70	11.36	12.11	12.19	12.78	11.35
0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
29.05	28.83	29.34	30.12	29.49	29.46	28.87	30.32

Sep 2024

: 52.47
: 6.40
: 12.07
: 0.01
: 29.05

Dec 2024

: 52.47
: 6.64
: 12.05
: 0.01
: 28.83

Mar 2025

: 52.47
: 6.48
: 11.70
: 0.01
: 29.34

Jun 2025

: 52.47
: 6.03
: 11.36
: 0.01
: 30.12

Sep 2025

: 52.47
: 5.93
: 12.11
: 0.01
: 29.49

Dec 2025

: 52.47
: 5.87
: 12.19
: 0.01
: 29.46

Mar 2026

: 52.47
: 5.87
: 12.78
: 0.01
: 28.87

Jun 2026

: 52.47
: 5.85
: 11.35
: 0.01
: 30.32

Documents

Announcements

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
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-10 - Finolex Industries Limited has informed the Exchange about Schedule of meet

Annual Reports

Credit Ratings

Credit Rating
2026-05-11 - Finolex Industries Limited has informed the Exchange about Credit Rating

Concalls

Aug 2026
Transcript PPTREC
Jun 2026
TranscriptPPTREC
May 2026
TranscriptPPTREC