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Finolex Cables

FINCABLES NSE
₹1,192.00 +51.90 (+4.55%)
P/E
22.79
View as Markdown
MCP
Close 4 Nov 2026 ₹1,192.00 +422.05 +54.8% 1Y
Start ₹769.95

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
16.00%
Debt to Equity
0.00
EPS (TTM)
₹52.31
Book Value
₹397.93
Market Cap
—
P/E (TTM)
22.79
P/B
3.00
ROE
12.30%
Dividend Yield
0.79%
EBITDA
₹785 Cr
52W High
₹1,499.00
52W Low
₹700.80
Day Range
₹1,108.00 – ₹1,199.50
Volume
4,70,121

Peer Comparison

Industrials › Industrial Products › Cables - Electricals

Finolex Cables peer comparison
Polycab
₹7,930.0041.68₹1,18,037 Cr9.130.60%23.00%33.20%₹31,188 Cr₹2,906 Cr
KEI Industries
₹3,996.4038.32₹37,549 Cr5.310.12%14.70%20.00%₹12,343 Cr₹997 Cr
RR Kabel
₹2,017.6037.56₹22,302 Cr7.510.32%21.30%28.10%₹10,832 Cr₹607 Cr
Finolex Cables (this company)
₹1,192.0022.79₹17,519 Cr3.000.79%12.30%16.00%₹6,939 Cr₹800 Cr
KSH International
₹985.4549.32₹6,521 Cr8.260.00%20.10%21.50%₹3,712 Cr₹130 Cr
V Marc
₹324.8513.76₹4,718 Cr16.440.00%41.40%41.40%₹2,082 Cr₹118 Cr
Universal Cables
₹1,304.1022.62₹3,919 Cr2.390.37%8.90%11.70%₹3,368 Cr₹200 Cr
Median 7 companies₹1,304.1037.56₹17,519 Cr7.510.32%20.10%21.50%₹6,939 Cr₹607 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

59 Good

Data confidence 100/100

Category scores

Quality
42
Weak
Returns, margins, earnings quality 22% weight
Valuation
67
Strong
Cheap vs sector & own history 24% weight
Growth
70
Strong
Sales & profit trajectory 9% weight
Financial Health
84
Strong
Solvency, leverage, coverage 9% weight
Momentum
48
Average
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 18.5%

Weaknesses

2
  • Company has a low return on equity of 13.2% over last 3 years.
  • Earnings include an other income of Rs.382 Cr.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish261
Moving AveragesStrong Bearish604

Key readings

RSI (14)
42.35
Neutral
MACD (12,26,9)
−61.60
Bearish
SMA (50)
1,323.16
Bearish
SMA (200)
1,054.98
Bullish

As of

Analyst Rating

Based on 5 analysts
BUY100%

5 of 5 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
5
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+10.35%
5Y+17.96%
3Y+12.15%
1Y+18.84%
TTM+26.51%

Net profit

Net profit growth by window
10Y+8.06%
5Y+9.14%
3Y+12.31%
1Y+1.85%
TTM+29.03%

Operating cash flow

Operating cash flow growth by window
10Y−17.59%
5Y−15.54%
3Y−48.37%
1Y−76.33%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−5.36 pp
5Y−3.56 pp
3Y−1.55 pp
1Y−0.40 pp
TTM+0.43 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,445 Cr
Mar 2018₹2,815 Cr
Mar 2019₹3,078 Cr
Mar 2020₹2,877 Cr
Mar 2021₹2,768 Cr
Mar 2022₹3,768 Cr
Mar 2023₹4,481 Cr
Mar 2024₹5,014 Cr
Mar 2025₹5,319 Cr
Mar 2026₹6,321 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹400 Cr
Mar 2018₹330 Cr
Mar 2019₹407 Cr
Mar 2020₹391 Cr
Mar 2021₹461 Cr
Mar 2022₹599 Cr
Mar 2023₹504 Cr
Mar 2024₹652 Cr
Mar 2025₹701 Cr
Mar 2026₹714 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹847 Cr +7.9% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk medium

Finolex Cables Ltd trades at ₹1,165.5 as of 2026-10-29 with a market cap of ₹17,825 Cr and a PE of 22.28x. The company is virtually debt-free with a debt-to-equity ratio of 0, and has delivered strong TTM sales growth of 27% and profit growth of 29%, though its 3-year average ROE of 13% remains modest and earnings quality is clouded by ₹382 Cr of other income.

Bull Case 6
  • Zero debt on the balance sheet (debt-to-equity ratio of 0), providing significant financial flexibility and resilience through economic cycles
  • Strong TTM revenue momentum with compounded sales growth of 27%, accelerating from the 3-year CAGR of 12% and 5-year CAGR of 18%
  • TTM profit growth of 29% outpaces the 5-year compounded profit CAGR of 9% and 10-year CAGR of 9%, indicating meaningful earnings acceleration
  • Stock has delivered a 1-year return of 74%, significantly above the 10-year CAGR of 12%, reflecting strong market recognition of improving fundamentals
  • Healthy dividend payout ratio of 18.5% with a current yield of 0.77%, offering income alongside growth in a debt-free company
  • ROCE of 14.16% exceeds the cost of equity for most Indian industrials, indicating the business generates value on deployed capital
Bear Case 7
  • Earnings quality concern: other income of ₹382 Cr forms a significant portion of profits, meaning core operating earnings may be materially lower than reported EPS of ₹52.31
  • 3-year average ROE of just 13% is modest for a debt-free company — without leverage, return on equity should ideally be higher to justify a PB of 2.93x
  • Last year ROE declined to 12% from the 3-year average of 13% and 5-year average of 14%, suggesting deteriorating capital efficiency despite revenue growth
  • PE of 22.28x on TTM EPS of ₹52.31 is not inexpensive for an industrial products company with only single-digit long-term profit CAGR of 9% over 5 and 10 years
  • Price-to-book of 2.93x is elevated given the modest ROE profile of 11.73%, implying the market is pricing in growth that may not materialise if other income normalises
  • Long-term compounded profit growth of just 9% over both 5-year and 10-year periods contrasts sharply with the TTM spike of 29%, raising questions about sustainability
  • Stock has rallied 65% from its 52-week low of ₹700.8, and such sharp re-ratings in industrial names can reverse if earnings momentum stalls

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

AI News Digest

9h ago

TL;DR: Finolex Cables is well-positioned in a structurally growing Indian cables and wires market projected to reach 4x its current ₹90,000 crore size by 2035, with strong domestic volume growth across power, industrial, and automotive cables. The optical fibre pivot is showing early promise with Q1 FY27 profit jumping sharply, and exports are gaining momentum. Key risks remain the ongoing family dispute, rising competition from Ultravolt, and raw material volatility. The trend is cautiously improving as newer segments scale, but execution on optical fibre margins and export diversification will determine whether the stock re-rates meaningfully.

Headwinds 5
  • Family dispute & supply chain risks Oct 09

    Key risk factors identified include ongoing family dispute within the Finolex Group and supply chain issues, alongside slowdown risks in construction activity and capital expenditure.

  • Raw material cost volatility Oct 09

    Copper prices have risen 38% and aluminium 16% over the past 12 months. While 20% price hikes have been passed through, input cost volatility and delays in pass-through remain a risk.

  • Optical fibre margins still thin Oct 07

    Finolex's optical fibre segment generated ₹500 crore revenue but only ₹14 crore profit in FY26, raising questions on whether newer verticals can meaningfully change earnings.

Positives 5
  • Optical fibre segment accelerating Oct 07

    Q1 FY27 optical fibre segment profit crossed ₹50 crore with 62% revenue growth to ₹176 crore, a sharp improvement from FY26's ₹14 crore segment profit.

  • Strong volume growth across segments Oct 07

    Power cables grew 21% by volume, industrial flexible cables 17%, and automotive cables nearly 30%, demonstrating broad-based domestic demand strength.

  • Export momentum building Oct 07

    Q1 FY27 exports of roughly ₹50 crore nearly matched the entire FY26 export figure of ₹55 crore, signaling early traction in international markets.

Neutral 2
  • Insider trading violation by advisor Oct 31

    Advisor Ramesh Mohan Lalwani committed inadvertent contra trades during Q2FY27. The company recovered ₹423.75 profit, remitted it to SEBI's IPEF, and issued a warning letter.

  • ₹300 crore FY27 capex plan Oct 07

    Finolex's FY27 capital expenditure is about ₹300 crore focused on optical fibre, exports, and specialised cables — modest compared to RR Kabel's ₹1,200 crore Project RRise.

Quarterly Results

₹ Cr
FINCABLES quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,204
1,187
1,222
1,401
1,230
1,312
1,182
1,595
1,396
1,376
1,599
1,951
2,013
Expenses
1,058
1,041
1,088
1,239
1,104
1,206
1,044
1,424
1,259
1,231
1,441
1,771
1,769
Operating Profit
146
146
134
162
127
106
138
171
136
145
158
180
244
OPM %
12%
12%
11%
12%
10%
8%
12%
11%
10%
11%
10%
9%
12%
Other Income
74
72
75
100
202
57
67
104
80
76
74
140
92
Interest
0
0
0
1
0
0
0
0
0
0
0
0
0
Depreciation
10
11
11
12
11
12
12
12
14
14
15
17
22
PBT
210
206
198
250
318
151
193
261
203
206
216
303
314
Tax %
24%
25%
24%
25%
23%
22%
24%
27%
20%
21%
24%
26%
21%
Net Profit
160
154
151
186
244
118
147
192
163
163
164
224
249
EPS (₹)
10.49
10.08
9.87
12.17
15.95
7.71
9.63
12.54
10.63
10.63
10.73
14.67
16.28

Profit & Loss

₹ Cr
FINCABLES profit and loss, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,360
2,445
2,815
3,078
2,877
2,768
3,768
4,481
5,014
5,319
6,321
6,939
Expenses
2,002
2,049
2,374
2,604
2,494
2,398
3,339
3,972
4,426
4,776
5,701
6,211
Operating Profit
358
396
441
474
384
370
429
509
588
543
620
727
OPM %
15%
16%
16%
15%
13%
13%
11%
11%
12%
10%
10%
10%
Other Income
125
160
153
178
169
300
398
188
321
428
370
382
Interest
9
4
1
1
2
1
2
1
2
2
2
2
Depreciation
58
48
44
41
39
39
39
46
44
47
59
67
PBT
416
504
549
610
512
631
787
649
864
922
929
1,040
Tax %
21%
21%
40%
33%
24%
27%
24%
22%
25%
24%
23%
—
Net Profit
329
400
330
407
391
461
599
504
652
701
714
800
EPS (₹)
21.49
26.17
21.58
26.64
25.57
30.17
39.18
32.97
42.61
45.82
46.67
52.31
Div. Payout %
14%
11%
19%
17%
22%
18%
15%
21%
19%
17%
19%
—

Balance Sheet

₹ Cr
FINCABLES balance sheet, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
31
31
31
31
31
31
31
31
31
31
31
Reserves
1,745
2,110
2,398
2,706
2,973
3,384
3,891
4,340
4,915
5,465
6,055
Borrowings
51
1
1
1
8
7
9
14
18
20
19
Other Liabilities
272
297
354
417
395
464
563
596
671
771
885
Total Liabilities
2,099
2,440
2,784
3,154
3,407
3,886
4,494
4,980
5,635
6,287
6,990
Fixed Assets
432
415
409
404
387
394
380
435
444
583
848
CWIP
3
8
5
10
27
26
87
21
168
210
107
Investments
881
1,159
1,523
1,767
1,121
1,571
2,014
2,610
3,584
3,986
4,195
Other Assets
783
857
847
973
1,872
1,894
2,013
1,915
1,439
1,507
1,840
Total Assets
2,099
2,440
2,784
3,154
3,407
3,886
4,494
4,980
5,635
6,287
6,990

Cash Flow

₹ Cr
FINCABLES cash flow, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
339
213
236
154
309
114
473
356
577
207
49
Investing
−195
−126
−134
−110
587
−859
−378
−225
−440
−82
153
Financing
−64
−75
−57
−75
−86
−86
−87
−97
−112
−128
−129
Net Cash Flow
81
11
44
−30
810
−831
8
35
26
−3
73
Free Cash Flow
327
178
199
110
277
59
406
325
577
−29
−105
CFO/OP
114
86
84
67
109
63
141
96
125
64
32

Ratios

FINCABLES financial ratios, annual
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
19
19
23
25
24
23
17
18
13
17
21
Inventory Days
70
98
90
95
104
134
80
69
53
61
73
Days Payable
19
40
32
34
28
31
23
21
22
21
16
Cash Conversion Cycle
70
76
80
86
100
126
74
66
45
57
78
Working Capital Days
45
52
60
73
82
202
159
120
68
59
62
ROCE %
—
26%
24%
24%
18%
20%
21%
16%
19%
18%
16%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Finolex Cables insights

64 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 35.86%
  • Others 19.65%
  • Public 17.94%
  • DIIs 16.93%
  • FIIs 9.63%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Finolex Cables

What does Finolex Cables Ltd do?
Finolex Cables Limited is a leading manufacturer of electrical and telecommunication cables in India. Operating for more than 50 years, Finolex has been able to maintain its leadership position as one of the most diversified wires and cables companies in the country.
Where is Finolex Cables Ltd (FINCABLES) listed?
Finolex Cables Ltd trades as FINCABLES on the NSE and under code 500144 on the BSE.
Which sector does Finolex Cables Ltd belong to?
Finolex Cables Ltd is classified under the Industrial Products sector, in the Cables - Electricals industry.
What is the PE ratio of Finolex Cables Ltd?
Finolex Cables Ltd trades at a PE ratio of 22.79 as of 4 Nov 2026, on earnings per share of ₹52.31, against a book value of ₹397.93 per share.
What is the 52-week high and low of Finolex Cables Ltd?
Over the last 52 weeks Finolex Cables Ltd has traded between ₹700.8 and ₹1,499 as of 4 Nov 2026.
Does Finolex Cables Ltd pay dividends?
Finolex Cables Ltd has a dividend yield of 0.79%.
What is the Return on Equity (ROE) of Finolex Cables Ltd?
Finolex Cables Ltd reported a return on equity of 12.30%. Its debt-to-equity ratio is 0.00.

Company Information

Finolex Cables Limited is a leading manufacturer of electrical and telecommunication cables in India. Operating for more than 50 years, Finolex has been able to maintain its leadership position as one of the most diversified wires and cables companies in the country. Besides manufacturing a wide variety of wires and cables, Finolex has also forayed into the manufacturing of Fast-Moving Electrical Goods (FMEG) and home appliances. Over the years, the Company has established itself as a preferred electrical solutions provider for retail and institutional markets in India and created a strong brand name.

Website finolex.com
CEO Mr. Ratnakar Prakash Barve
Employees 1,594
Listed 15 Feb 1995
Face Value ₹2

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