Industrial Products
Valuation | |
|---|---|
| Market Cap | 11.06 kCr |
| Price/Earnings (Trailing) | 21.92 |
| Price/Sales (Trailing) | 2.63 |
| EV/EBITDA | 14.58 |
| Price/Free Cashflow | 44.5 |
| MarketCap/EBT | 17.52 |
| Enterprise Value | 11.04 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | 3% |
| Price Change 1M | -2.9% |
| Price Change 6M | -5.7% |
| Price Change 1Y | -14.4% |
| 3Y Cumulative Return | 0.20% |
| 5Y Cumulative Return | 5.6% |
| 7Y Cumulative Return | 8.7% |
| 10Y Cumulative Return | 11.3% |
| Revenue (TTM) |
| 4.21 kCr |
| Rev. Growth (Yr) | -9.5% |
| Earnings (TTM) | 502.38 Cr |
| Earnings Growth (Yr) | 23.5% |
Profitability | |
|---|---|
| Operating Margin | 13% |
| EBT Margin | 13% |
| Return on Equity | 8.12% |
| Return on Assets | 7.09% |
| Free Cashflow Yield | 2.25% |
Cash Flow & Liquidity |
|---|
| Cash Flow from Investing (TTM) | 8.34 Cr |
| Cash Flow from Operations (TTM) | 382.68 Cr |
| Cash Flow from Financing (TTM) | -348.78 Cr |
| Cash & Equivalents | 22.76 Cr |
| Free Cash Flow (TTM) | 267.18 Cr |
| Free Cash Flow/Share (TTM) | 4.31 |
Balance Sheet | |
|---|---|
| Total Assets | 6.78 kCr |
| Total Liabilities | 863.13 Cr |
| Shareholder Equity | 5.91 kCr |
| Current Assets | 3.16 kCr |
| Current Liabilities | 597.74 Cr |
| Net PPE | 1 kCr |
| Inventory | 748.93 Cr |
| Goodwill | 0.00 |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.00 |
| Debt/Equity | 0.00 |
| Interest Coverage | 21.29 |
| Interest/Cashflow Ops | 14.43 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 3.6 |
| Dividend Yield | 2.02% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Dividend: Dividend paying stock. Dividend yield of 2.02%.
Balance Sheet: Strong Balance Sheet.
Size: Market Cap wise it is among the top 20% companies of india.
Smart Money: Smart money has been increasing their position in the stock.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Profitability: Recent profitability of 11% is a good sign.
Past Returns: Underperforming stock! In past three years, the stock has provided 0.2% return compared to 13% by NIFTY 50.
Growth: Declining Revenues! Trailing 12m revenue has fallen by -5.1% in past one year. In past three years, revenues have changed by -15.2%.
Dividend: Dividend paying stock. Dividend yield of 2.02%.
Balance Sheet: Strong Balance Sheet.
Size: Market Cap wise it is among the top 20% companies of india.
Smart Money: Smart money has been increasing their position in the stock.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Profitability: Recent profitability of 11% is a good sign.
Past Returns: Underperforming stock! In past three years, the stock has provided 0.2% return compared to 13% by NIFTY 50.
Growth: Declining Revenues! Trailing 12m revenue has fallen by -5.1% in past one year. In past three years, revenues have changed by -15.2%.
Investor Care | |
|---|---|
| Dividend Yield | 2.02% |
| Dividend/Share (TTM) | 3.6 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 8.13 |
Financial Health | |
|---|---|
| Current Ratio | 5.29 |
| Debt/Equity | 0.00 |
Technical Indicators | |
|---|---|
| RSI (14d) | 59.07 |
| RSI (5d) | 79.38 |
| RSI (21d) | 49.61 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Sell |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
Summary of Finolex Industries's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
In the earnings call for Q2 FY '26 held on November 10, 2025, management provided key insights on the company's performance and outlook. The volume for Q2 FY '26 decreased by 6% to 65,336 metric tons compared to 69,341 metric tons in the same quarter last year. Despite this decline, total income from operations improved by 4% to INR 859 crores, while EBITDA climbed significantly to INR 130 crores, a substantial increase from INR 11 crores in the same period last year. Profit After Tax (PAT) rose to INR 119 crores from INR 51 crores a year ago.
For the first half of FY '26, overall volume was down by about 2% at 157,645 metric tons versus 159,961 metric tons last year. Total income decreased slightly to INR 1,902 crores from INR 1,969 crores. EBITDA for H1 increased to INR 224 crores, compared to INR 217 crores last year.
Management emphasized a robust balance sheet with a net cash surplus of INR 2,360 crores.
Looking ahead, management aims for mid-single-digit growth for the full year, factoring in expected demand recovery, particularly in the agri segment due to pent-up demand from the prolonged monsoon. They expect to sustain EBITDA margins between 10% and 12% for the full year, despite potential income variability related to the agri-non-agri mix.
The company anticipates benefits from the potential imposition of anti-dumping duties on PVC, which could lead to margin improvements. In Q2 FY '26, non-agri volume showed resilience with a 7% increase. Long-term, management is optimistic about maintaining a balanced reliance on both agri and non-agri segments, aiming towards a target of 50% each over time.
Overall, the outlook remains cautiously optimistic, with specific targets for volume growth, margin maintenance, and continued focus on operational efficiency.
Understand Finolex Industries ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| FINOLEX CABLES LTD. | 32.39% |
| ORBIT ELECTRICALS PRIVATE LIMITED | 18.8% |
| SBI CONSERVATIVE HYBRID FUND | 6.12% |
| ANUJ A SHETH | 3.35% |
| INVESTOR EDUCATION AND PROTECTION FUND AUTHORITY | 2.13% |
| TEMPLETON INDIA VALUE FUND | 1.31% |
| HDFC LIFE INSURANCE COMPANY LIMITED |
Detailed comparison of Finolex Industries against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| SUPREMEIND | Supreme Industries | 47.52 kCr | 10.77 kCr | +4.10% | -6.30% | 57.98 | 4.41 | - | - |
| SKIPPER | Skipper | 4.54 kCr |
Comprehensive comparison against sector averages
FINPIPE metrics compared to Industrial
| Category | FINPIPE | Industrial |
|---|---|---|
| PE | 21.92 | 45.93 |
| PS | 2.63 | 3.09 |
| Growth | -5.1 % | 3.5 % |
Finolex Industries Limited manufactures and sells polyvinyl chloride (PVC) pipes and fittings, and PVC resins in India. It operates in two segments, PVC Resin and PVC Pipes and Fittings. The company offers agriculture pipes and fittings; column pipes; casing pipes; and solvent cement and lubricants. It also provides plumbing and sanitation pipes and fitting, such as ASTM pipes and fittings; chlorinated PVC pipes and fittings; SWR pipes and fittings; sewerage pipes; and solvent cement, lubricant, and primer. The company distributes its products through dealers and retailers. Finolex Industries Limited was founded in 1956 and is based in Pune, India.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Buy |
| SMA 100 Signal | Buy |
FINPIPE vs Industrial (2021 - 2026)
Here are the major questions and their detailed answers from the Q&A section of the earnings transcript for Finolex Industries Limited:
Question 1: What was the change in inventory this quarter and its impact on EBITDA margins? How should we expect margins moving forward?
Answer: Our gross margin for the quarter was 42%, compared to 30% last year. The inventory change does not directly reflect in the quarter, as it accounts for shifts from previous quarters. We've focused on margin improvements and aim to sustain our EBITDA margin around 15% for the upcoming quarter.
Question 2: What was the volume split between agri and non-agri segments, and how did that affect realizations?
Answer: Our volumes decreased by 6%, primarily due to a decline in the agri segment. Non-agri grew by 7%. The current agri-to-non-agri ratio is 56:44. Increased realization comes from a larger share of the higher-margin non-agri segment. We'll continue to manage this balance.
Question 3: What is the outlook for overall growth in the second half of the fiscal year?
Answer: We're now targeting mid-single-digit growth for FY '26. With the expected impact of antidumping duties soon, the outlook appears positive for both agri and non-agri sections, thereby supporting volume growth in the second half.
Question 4: Can you provide insights on capacity utilization and future capex plans?
Answer: Currently, our capacity utilization is around 70%. We anticipate it to increase to 74-75% in FY '27. We plan to invest INR100-200 crores annually for capacity expansion to support market growth, focusing primarily on new additions rather than maintenance.
Question 5: How much of your EBITDA margin do you expect to maintain for the full year?
Answer: We expect a full-year EBITDA margin in the range of 10-12%. While Q2 showed a significant bump to 15%, we anticipate a cooling down in margins as demand in the agri sector picks up, which usually has a lower margin.
Question 6: What's your strategy regarding employee variable compensation?
Answer: We're not implementing a variable compensation component this year and will evaluate this during the next appraisal cycle. Currently, we stick to a fixed compensation structure for our employees.
Question 7: What measures are you taking related to procurement challenges for VCM?
Answer: We continue to face global procurement challenges for VCM. However, we have established long-term contracts to work through these issues, ensuring a consistent supply for our operations.
Question 8: What are your current challenges in the agri demand outlook?
Answer: Agri demand has been impacted by ongoing monsoon conditions but is expected to rebound. We anticipate pent-up demand as conditions normalize, so we do not foresee long-term adverse impacts on agriculture-related volumes.
Question 9: What are your plans regarding backward integration in PVC production?
Answer: Backward integration poses significant challenges and costs, given its complexity. Currently, our focus remains on our core business of pipes and fittings. We're keeping an eye on potential capacity additions, especially from local producers, to reduce dependence on imports.
Each answer is expressed in the first person, maintaining clarity and conciseness, adhering to the specified character limit.
| 1.3% |
| HITEN ANANTRAI SHETH | 1.21% |
| VIJAY KISHANDAS CHHABRIA | 0.35% |
| ARUNA KATARA | 0.21% |
| KATARA DENTAL PVT.LTD. | 0.17% |
| PRAKASH PRALHAD CHHABRIA | 0.14% |
| DEEPAK KISHAN CHHABRIA | 0.07% |
| KAVITA SANJAY RAHEJA | 0.07% |
| GAYATRI PRAKASH CHHABRIA | 0.06% |
| PRIYA VIJAY CHHABRIA | 0.05% |
| HANSIKA HIYA PRAKASH CHHABRIA | 0.05% |
| AMIT KATARA | 0.03% |
| KATARA AMRITA MUKESH | 0.03% |
| KATARA MUKESH DOLUMAL | 0.02% |
Distribution across major stakeholders
Distribution across major institutional holders
| 5.19 kCr |
| -7.60% |
| -11.00% |
| 24.77 |
| 0.87 |
| - |
| - |
| PRINCEPIPE | Prince Pipes and Fittings | 2.77 kCr | 2.48 kCr | -2.70% | -31.20% | 119.04 | 1.11 | - | - |
| JISLJALEQS | Jain Irrigation Systems | 2.71 kCr | 6.34 kCr | -7.70% | -45.20% | 20.82 | 0.43 | - | - |
| 5.8% |
| 804 |
| 760 |
| 982 |
| 1,034 |
| 955 |
| 851 |
| Profit Before exceptional items and Tax | -6.5% | 146 | 156 | 126 | 203 | 95 | 60 |
| Exceptional items before tax | - | 0 | 0 | 0 | 0 | 0 | 0 |
| Total profit before tax | -6.5% | 146 | 156 | 126 | 203 | 95 | 60 |
| Current tax | -5.1% | 38 | 40 | 29 | 48 | 28 | 14 |
| Deferred tax | 32.3% | 2.76 | 2.33 | 4.23 | 11 | -10.09 | 6.99 |
| Total tax | -4.8% | 41 | 43 | 33 | 59 | 18 | 21 |
| Total profit (loss) for period | -6.5% | 116 | 124 | 98 | 165 | 94 | 41 |
| Other comp. income net of taxes | 58.4% | -127.71 | -308.44 | 126 | -509.69 | -438.92 | -331.45 |
| Total Comprehensive Income | 93.2% | -11.63 | -184.88 | 224 | -345.11 | -344.9 | -290.78 |
| Earnings Per Share, Basic | -12% | 1.88 | 2 | 1.59 | 2.66 | 1.52 | 0.66 |
| Earnings Per Share, Diluted | -12% | 1.88 | 2 | 1.59 | 2.66 | 1.52 | 0.66 |
| 5.2% |
| 222 |
| 211 |
| 190 |
| 191 |
| 167 |
| 146 |
| Finance costs | -17.1% | 30 | 36 | 27 | 14 | 7.27 | 12 |
| Depreciation and Amortization | -7.8% | 107 | 116 | 89 | 83 | 78 | 74 |
| Other expenses | -2% | 768 | 784 | 843 | 584 | 378 | 450 |
| Total Expenses | -2.1% | 3,803 | 3,885 | 4,221 | 3,721 | 2,558 | 2,624 |
| Profit Before exceptional items and Tax | -4.1% | 588 | 613 | 297 | 1,009 | 977 | 393 |
| Exceptional items before tax | - | 417 | 0 | 0 | 376 | 0 | 0 |
| Total profit before tax | 64.1% | 1,005 | 613 | 297 | 1,385 | 977 | 393 |
| Current tax | 45.6% | 215 | 148 | 52 | 335 | 247 | 104 |
| Deferred tax | 10% | 12 | 11 | 9.08 | -2.63 | 1.78 | -34.57 |
| Total tax | 43.9% | 227 | 158 | 61 | 332 | 249 | 69 |
| Total profit (loss) for period | 71.1% | 778 | 455 | 237 | 1,053 | 728 | 324 |
| Other comp. income net of taxes | -152.6% | -182.74 | 350 | 966 | -14.4 | 415 | -623.6 |
| Total Comprehensive Income | -26.2% | 595 | 806 | 1,203 | 1,039 | 1,143 | -299.4 |
| Earnings Per Share, Basic | 82.1% | 12.58 | 7.36 | 3.82 | 16.98 | 2.346 | 5.225 |
| Earnings Per Share, Diluted | 82.1% | 12.58 | 7.36 | 3.82 | 16.98 | 2.346 | 5.225 |
| -44.4% |
| 41 |
| 73 |
| 26 |
| 19 |
| 60 |
| 44 |
| Non-current investments | -10% | 2,346 | 2,607 | 3,823 | 2,551 | 2,814 | 2,077 |
| Loans, non-current | 0% | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.03 |
| Total non-current financial assets | -10.2% | 2,366 | 2,634 | 3,854 | 2,590 | 2,856 | 2,119 |
| Total non-current assets | -8% | 3,447 | 3,747 | 4,991 | 3,725 | 4,029 | 3,290 |
| Total assets | -8.5% | 6,609 | 7,223 | 8,263 | 6,928 | 7,003 | 6,182 |
| Total non-current financial liabilities | -44.3% | 6.01 | 10 | 13 | 9.74 | 11 | 12 |
| Provisions, non-current | -49.3% | 9.11 | 17 | 19 | 23 | 18 | 18 |
| Total non-current liabilities | -16.9% | 222 | 267 | 426 | 286 | 315 | 221 |
| Borrowings, current | -95.9% | 10 | 221 | 351 | 382 | 591 | 526 |
| Total current financial liabilities | -43.1% | 532 | 935 | 1,020 | 1,017 | 1,127 | 1,067 |
| Provisions, current | 35.4% | 13 | 9.86 | 4.25 | 4.47 | 3.97 | 4.46 |
| Current tax liabilities | - | 7.04 | 0 | 40 | 0.05 | 0.47 | 0.31 |
| Total current liabilities | -38.9% | 598 | 978 | 1,132 | 1,104 | 1,165 | 1,136 |
| Total liabilities | -34.2% | 820 | 1,245 | 1,558 | 1,390 | 1,480 | 1,357 |
| Equity share capital | 0% | 124 | 124 | 124 | 124 | 124 | 124 |
| Total equity | -3.2% | 5,789 | 5,978 | 6,706 | 5,538 | 5,523 | 4,825 |
| Total equity and liabilities | -8.5% | 6,609 | 7,223 | 8,263 | 6,928 | 7,003 | 6,182 |
| 37.5% |
| 199 |
| 145 |
| 68 |
| 336 |
| - |
| - |
| Net Cashflows From Operating Activities | 8.5% | 383 | 353 | 302 | 622 | - | - |
| Proceeds from sales of PPE | 62637.3% | 420 | 0.33 | 1.06 | 381 | - | - |
| Purchase of property, plant and equipment | 35.3% | 116 | 86 | 169 | 84 | - | - |
| Dividends received | 12.5% | 19 | 17 | 14 | 13 | - | - |
| Interest received | 63.3% | 50 | 31 | 28 | 41 | - | - |
| Other inflows (outflows) of cash | -694.6% | -365.37 | -45.11 | -161.96 | -790.96 | - | - |
| Net Cashflows From Investing Activities | 108.7% | 8.34 | -82.97 | -287.74 | -440.34 | - | - |
| Proceeds from borrowings | -7.9% | -157.61 | -146.03 | 248 | 73 | - | - |
| Payments of lease liabilities | 77.5% | 5.33 | 3.44 | 3.28 | 0 | - | - |
| Dividends paid | 67.4% | 155 | 93 | 248 | 248 | - | - |
| Interest paid | - | 31 | 0 | 0 | 0 | - | - |
| Other inflows (outflows) of cash | 97.2% | 0 | -34.52 | -25.2 | -14.08 | - | - |
| Net Cashflows from Financing Activities | -25.9% | -348.78 | -276.74 | -28.94 | -189.5 | - | - |
| Net change in cash and cash eq. | 653.3% | 42 | -6.41 | -14.99 | -7.85 | - | - |
Analysis of Finolex Industries's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Mar 31, 2025
| Description | Share | Value |
|---|---|---|
| PVC pipes and fittings | 75.0% | 1.2 kCr |
| PVC resin | 25.0% | 390 Cr |
| Total | 1.6 kCr |