Finolex Cables logo

Finolex Cables

FINCABLES NSE

Key Fundamentals

SmallcapCables - ElectricalsIndustrial Products
Market Cap
₹20,815 Cr
Volatility
Moderate
P/E Ratio
27.22
EBITDA
₹785 Cr
Return on Equity
11.73%
Debt to Equity
0
Book Value
₹397.93
EPS
₹48.07
52W High
₹1,429
52W Low
₹700.8

Tapetide Score

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

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.

Growth Rate

Revenue Growth
17.59% higher than 3Y
Net Income Growth
1.84% lower than 3Y
Cash Flow Change
-76.32% higher than 3Y
ROE
-8% lower than 3Y
ROCE
-9.23% higher than 3Y
EBITDA Margin (Avg.)
-9.63% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Finolex Cables Ltd commands a market cap of ₹20,815 Cr at a P/E of 27.1x and P/B of 3.57x. The company is virtually debt-free and has delivered TTM sales growth of 27% and profit growth of 29%, though its 3-year ROE of ~13% remains modest and a significant portion of earnings includes other income of ₹382 Cr.

Bull Case 7
  • Nearly debt-free balance sheet, giving the company strong financial flexibility and low interest-cost burden
  • TTM revenue growth of 27% marks a significant acceleration over the 10-year compounded sales CAGR of 10%
  • TTM profit growth of 29% outpaces the 5-year compounded profit CAGR of 9%, indicating improving profitability momentum
  • Stock has delivered a 1-year return of 68%, reflecting strong market re-rating and investor confidence
  • Consistent dividend payout ratio of 18.5% provides a steady return to shareholders alongside a 0.63% dividend yield
  • 5-year compounded sales CAGR of 18% demonstrates sustained top-line growth over a meaningful period
  • 10-year ROE has been stable at around 14%, suggesting the company has maintained a baseline level of capital efficiency across cycles
Bear Case 8
  • 3-year ROE of only 13% is below the threshold typically expected for a premium-valued industrial company trading at 3.57x book value
  • Other income of ₹382 Cr forms a material part of total earnings, raising questions about the quality and sustainability of core operating profit
  • P/E of 27.1x is elevated for a cables and wires company, leaving limited margin of safety if growth slows from current TTM levels
  • Compounded profit CAGR of just 9% over both 5-year and 10-year periods suggests the recent 29% TTM spike may not be structurally sustainable
  • Last year ROE dipped to 12% from the 5-year average of 14%, indicating a declining trend in return on equity
  • Dividend yield of 0.63% is modest relative to the debt-free balance sheet, suggesting limited capital return despite strong cash generation capacity
  • 3-year stock CAGR of only 10% versus the 1-year surge of 68% implies much of the re-rating is very recent and potentially fragile
  • P/B ratio of 3.57x prices in significant growth expectations; any earnings miss or margin compression could trigger a de-rating

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • OFC margins expected to moderate Sep 11

    Optical fibre cable margins expected to compress to 15-18% from 25-28% as fibre prices settle from $17-18/km peak to $11-13/km and lower-cost inventory gets exhausted.

  • Fibre price normalization risk Sep 9

    Jefferies cautions fibre prices could eventually normalise as AI-driven demand settles; prices already down from $17-18/km at mid-2026 peak to $11-13/km currently.

  • Stock near Jefferies target price Sep 11

    Stock at ₹1,449 has already overshot Jefferies' ₹1,410 target price, limiting near-term upside from the only major brokerage coverage cited.

Positives 8
  • Stock hits 52-week high, +60% YTD Sep 11

    Finolex Cables reached ₹1,450 52-week high with 39% gain in one month and 60% rally in 2026; trades at 21x forward PE, still a discount to peers.

  • Communication segment EBIT surges Sep 9

    Communication business EBIT margin jumped to ~30% in June 2026 quarter from just 1% a year earlier, now contributing 23% of quarterly EBIT despite only 9% of sales.

  • OFC capacity doubling underway Sep 9

    Finolex targeting doubling fibre-draw capacity to 8 million km by Dec 2026; expanded capacity could generate ₹200-250 crore quarterly sales, roughly 11% of FY28E revenue.

  • Strong revenue and earnings growth Sep 11

    Annual revenue growth at 17.59% outpacing 3-year CAGR of 12.02%; Q1 PAT of ₹249 crore with EBIT of ₹274 crore. Jefferies projects 22% EBITDA CAGR over FY26-29E.

  • Jefferies maintains Buy rating Sep 9

    Jefferies retains Buy with ₹1,410 target at 23x forward PE; 6 of 7 covering analysts have Buy ratings. Projects 15% sales CAGR and 17% EBITDA CAGR through FY26-29E.

  • EHV JV and solar cables scaling Sep 9

    Sumitomo EHV JV posted ₹24 crore profit in FY26 with ₹300 crore order book; solar cable capacity doubling with second e-beam line ordered.

  • ₹9 per share dividend declared Aug 27

    Board recommends ₹9 final dividend for FY26 with Sep 4 record date and payout expected by Oct 27, signaling confidence in cash flows.

  • OFC export opportunity emerging Sep 9

    OFC exports to US and Europe reached ₹30-40 crore in Q1 out of ~₹50 crore total exports, with export margins higher than domestic margins.

Neutral 2
  • BRSR sustainability report filed Sep 5

    Filed FY26 Business Responsibility and Sustainability Report showing 23% drop in Scope 1 emissions along with employee welfare and safety data.

  • Analyst meet held September 9 Sep 4

    Company scheduled analyst and investor meet on Sep 9 at 9:00 am for direct management interaction ahead of the stock's subsequent rally.

TL;DR: Finolex Cables is firing on multiple cylinders — the core electricals business (85% of sales) is growing steadily at ~17% CAGR while the communication segment has become a margin engine with EBIT margins jumping to 30% on surging fibre prices. The key risk is OFC margin normalization as fibre prices retreat from mid-2026 peaks and low-cost inventory runs out, potentially compressing margins from 25-28% to 15-18%. With the stock up 60% YTD and already past Jefferies' target, near-term upside may be capped, but capacity expansion across OFC, EHV, and solar cables provides a strong multi-year growth runway if execution holds.

Quarterly Results

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 in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Promot.35.86%Others19.40%FIIs9.65%DIIs16.70%Public18.38%As ofJun 2026

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. Besides manufacturing a wide ...
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 market capitalisation of Finolex Cables Ltd?
Finolex Cables Ltd has a market capitalisation of ₹20,815 Cr, which places it in the Large Cap band.
What is the PE ratio of Finolex Cables Ltd?
Finolex Cables Ltd trades at a PE ratio of 27.22, on earnings per share of ₹48.07, 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 ₹1,429.
Does Finolex Cables Ltd pay dividends?
Finolex Cables Ltd has a dividend yield of 0.63%.
What is the Return on Equity (ROE) of Finolex Cables Ltd?
Finolex Cables Ltd reported a return on equity of 11.73%. 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. [1]

Website finolex.com
CEO Mr. Ratnakar Prakash Barve
Employees 1,594
Listed 1995-02-15
Face Value ₹ 2
Issued Size 15,29,39,345

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