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Finolex Industries

FINPIPE NSE
₹143.95 +5.93 (+4.30%)
P/E
14.51
View as Markdown
MCP
Close 4 Nov 2026 ₹143.95 −38.34 −21.0% 1Y
Start ₹182.29

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods

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

ROCE
11.80%
Debt to Equity
0.07
EPS (TTM)
₹9.92
Book Value
₹121.75
Market Cap
—
P/E (TTM)
14.51
P/B
1.18
ROE
8.57%
Dividend Yield
1.99%
EBITDA
₹890 Cr
52W High
₹200.40
52W Low
₹137.00
Day Range
₹137.15 – ₹144.48
Volume
5,97,616

Peer Comparison

Industrials › Industrial Products › Plastic Products - Industrial

Finolex Industries peer comparison
Supreme Industries
₹3,353.5041.26₹42,083 Cr6.660.36%15.80%20.70%₹11,326 Cr₹1,033 Cr
Astral
₹1,423.7066.43₹37,224 Cr9.430.29%13.80%19.20%₹6,785 Cr₹576 Cr
Garware Hi-Tech Films
₹7,544.5045.19₹17,078 Cr6.030.16%13.50%18.10%₹2,258 Cr₹388 Cr
Kingfa Science & Technology
₹6,816.5040.93₹9,153 Cr6.600.30%17.40%23.20%₹2,222 Cr₹225 Cr
Finolex Industries (this company)
₹143.9514.51₹8,730 Cr1.181.99%8.57%11.80%₹3,954 Cr₹616 Cr
Time Technoplast
₹171.4216.94₹8,407 Cr2.070.90%13.10%16.50%₹6,445 Cr₹498 Cr
Prince Pipes & Fittings
₹297.7532.26₹3,136 Cr2.000.36%4.60%6.03%₹2,627 Cr₹103 Cr
Median 7 companies₹1,423.7040.93₹9,153 Cr6.030.36%13.50%18.10%₹3,954 Cr₹498 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

50 Average

Data confidence 100/100

Category scores

Quality
46
Average
Returns, margins, earnings quality 22% weight
Valuation
82
Strong
Cheap vs sector & own history 24% weight
Growth
17
Poor
Sales & profit trajectory 9% weight
Financial Health
67
Strong
Solvency, leverage, coverage 9% weight
Momentum
19
Poor
Trend strength, vol-adjusted 12% weight
Ownership
46
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

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 29.6%

Weaknesses

3
  • The company has delivered a poor sales growth of 3.51% over past five years.
  • Company has a low return on equity of 6.58% over last 3 years.
  • Earnings include an other income of Rs.260 Cr.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1063
OscillatorsBearish261
Moving AveragesStrong Bearish802

Key readings

RSI (14)
44.78
Neutral
MACD (12,26,9)
−3.63
Bearish
SMA (50)
152.06
Bearish
SMA (200)
167.55
Bearish

As of

Analyst Rating

Based on 15 analysts
BUY60%

9 of 15 analysts rate Buy, 6 Hold, 0 Sell.

As of

BUY
9
60%
HOLD
6
40%
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+5.18%
5Y+3.51%
3Y−2.20%
1Y−0.70%
TTM−2.20%

Net profit

Net profit growth by window
10Y+8.79%
5Y−4.09%
3Y+33.63%
1Y−25.12%
TTM+54.77%

Operating cash flow

Operating cash flow growth by window
10Y−10.29%
5Y−27.23%
3Y−14.58%
1Y−49.87%
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+0.11 pp
5Y−12.09 pp
3Y+9.85 pp
1Y+5.02 pp
TTM+8.62 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,602 Cr
Mar 2018₹2,738 Cr
Mar 2019₹3,091 Cr
Mar 2020₹2,985 Cr
Mar 2021₹3,462 Cr
Mar 2022₹4,647 Cr
Mar 2023₹4,397 Cr
Mar 2024₹4,317 Cr
Mar 2025₹4,142 Cr
Mar 2026₹4,113 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹355 Cr
Mar 2018₹306 Cr
Mar 2019₹367 Cr
Mar 2020₹333 Cr
Mar 2021₹738 Cr
Mar 2022₹1,051 Cr
Mar 2023₹251 Cr
Mar 2024₹474 Cr
Mar 2025₹800 Cr
Mar 2026₹599 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹183 Cr
Reported High Mean Low

Analyst consensus here uses a different definition from reported ebitda (they differ 1.6× on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk medium

Finolex Industries Ltd trades at a market cap of Rs.10,873 Cr with a PE of 18.1x and near-zero debt. While TTM profit growth of 44% is notable, sales have declined 1% TTM and the stock has underperformed with a -17% one-year return, reflecting mixed operational signals.

Bull Case 7
  • Company is almost debt free, providing significant financial flexibility and resilience during downturns
  • TTM compounded profit growth of 44% indicates sharp earnings recovery in the recent period
  • Healthy dividend payout of 29.6% with a dividend yield of 2.06%, offering meaningful cash returns to shareholders
  • 10-year compounded profit growth of 10% demonstrates long-term earnings compounding ability
  • PE of 18.1x is reasonable for a debt-free industrials company with improving profitability trajectory
  • 10-year stock CAGR of 7% and 10-year sales CAGR of 5% show the company has delivered steady long-term growth
  • Price-to-book of 1.75x is relatively modest, suggesting limited valuation stretch on a balance sheet basis
Bear Case 7
  • Working capital days have surged from 93.7 days to 247 days, indicating severe deterioration in cash conversion efficiency
  • Other income of Rs.254 Cr forms a significant portion of earnings, raising questions about core operating profit quality
  • TTM sales growth of -1% and 3-year compounded sales decline of -2% signal weak demand or pricing headwinds
  • 3-year ROE of only 8% (and 8.35% per reported data) reflects subpar capital efficiency for an industrials business
  • Stock has returned -17% over 1 year and 0% over both 3 and 5 years, indicating prolonged value erosion for shareholders
  • 5-year compounded profit growth of -4% shows the recent profit surge may be a recovery from a weak base rather than sustainable momentum
  • 5-year sales CAGR of only 4% (reported as 3.51% poor growth) suggests structural demand challenges in the PVC pipes segment

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

AI News Digest

121d ago

TL;DR: Limited recent news flow for Finolex Industries. The only notable development is a sizable block trade on Jun 17, which signals institutional activity but carries no clear directional bias. With no concrete headwinds or positive catalysts in the latest coverage, the near-term outlook depends on upcoming quarterly results and demand trends in the PVC pipes segment.

Neutral 1
  • Large block trade on NSE Jun 17

    Finolex Industries recorded a block trade worth ₹50.35 crores on NSE, involving ~29.7 lakh shares at ₹169.50 per share, suggesting institutional-level participation.

Quarterly Results

₹ Cr
FINPIPE quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,179
883
1,020
1,235
1,140
828
1,001
1,172
1,043
859
898
1,314
884
1,094
Expenses
1,027
780
900
1,026
934
818
918
1,001
950
729
775
982
777
970
Operating Profit
152
103
120
209
207
11
83
171
94
130
123
332
107
124
OPM %
13%
12%
12%
17%
18%
1.3%
8%
15%
9%
15%
14%
25%
12%
11%
Other Income
48
70
47
54
472
82.62
66
85
69
68
63
53
75.33
57
Interest
9
12
8
7
7
7
10
6
6
4
3
8
7
3
Depreciation
34
27
28
27
26
26
27
27
27
27
26
26
27
28
PBT
157
133
132
229
646
62
112
223
131
166
157
351
148
150
Tax %
26%
27%
27%
28%
23%
34%
16%
26%
25%
26%
26%
26%
23%
23%
Net Profit
115
98
95
165
501
41
94
165
98
124
116
261
115
115
EPS (₹)
1.86
1.58
1.54
2.66
8.07
0.66
1.52
2.65
1.58
1.99
1.87
4.21
1.85
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
FINPIPE profit and loss, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,482
2,602
2,738
3,091
2,985
3,462
4,647
4,397
4,317
4,142
4,113
3,954
Expenses
2,075
2,039
2,253
2,487
2,536
2,472
3,624
4,105
3,732
3,666
3,435
3,262
Operating Profit
407
563
484
604
448
990
1,023
293
585
476
679
692
OPM %
16%
22%
18%
20%
15%
29%
22%
7%
14%
12%
16%
18%
Other Income
71
32
40
26
55
87
457
145
218
703
254
260
Interest
45
15
10
12
11
7
14
27
36
30
21
22
Depreciation
51
55
61
70
74
78
83
89
116
107
107
108
PBT
383
525
454
548
418
992
1,383
321
651
1,043
805
822
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
599
615
EPS (₹)
4.15
5.72
4.94
5.92
5.36
11.89
16.94
4.04
7.63
12.89
9.65
9.92
Div. Payout %
48%
40%
41%
34%
37%
34%
24%
37%
33%
28%
28%
—

Balance Sheet

₹ Cr
FINPIPE balance sheet, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
124
124
124
124
124
124
124
124
124
124
124
Reserves
1,466
2,191
2,671
2,452
1,862
3,015
3,804
4,779
5,511
5,973
6,091
Borrowings
212
94
101
90
283
204
278
541
394
237
446
Other Liabilities
583
588
610
666
623
951
1,140
841
1,030
1,048
935
Total Liabilities
2,385
2,997
3,506
3,332
2,891
4,294
5,345
6,285
7,058
7,382
7,596
Fixed Assets
850
855
884
951
1,017
1,002
993
1,055
1,055
1,008
1,017
CWIP
7
22
90
90
7
8
9
44
19
73
28
Investments
854
1,264
1,607
1,362
656
1,679
2,718
3,952
4,586
4,910
4,969
Other Assets
675
856
925
929
1,211
1,604
1,625
1,234
1,398
1,391
1,581
Total Assets
2,385
2,997
3,506
3,332
2,891
4,294
5,345
6,285
7,058
7,382
7,596

Cash Flow

₹ Cr
FINPIPE cash flow, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
569
252
338
391
106
941
622
308
353
383
192
Investing
−77
35
−162
−228
49
−877
−440
−294
−83
8
−156
Financing
−494
−282
−175
−163
−105
−90
−190
−29
−277
−349
−49
Net Cash Flow
−2
4
1
0
51
−26
−8
−15
−6
42
−13
Free Cash Flow
538
157
166
289
46
876
918
140
267
268
133
CFO/OP
156
76
95
94
49
116
94
128
85
122
53

Ratios

FINPIPE financial ratios, annual
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
3
7
6
9
9
16
26
25
39
33
32
Inventory Days
100
128
128
120
164
176
132
81
99
108
159
Days Payable
55
52
52
55
44
84
60
35
39
61
57
Cash Conversion Cycle
48
83
81
74
129
108
98
71
98
80
134
Working Capital Days
0
28
32
33
39
22
17
−6
13
20
32
ROCE %
—
25%
17%
21%
17%
36%
27%
7%
11%
9%
12%

Insights

Beta

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

Log in to view Finolex Industries insights

63 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 52.47%
  • Public 23.83%
  • DIIs 11.36%
  • Others 6.55%
  • FIIs 5.77%
  • Government 0.01%

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 Industries

What does Finolex Industries Ltd do?
Finolex Industries Limited (FIL) is a leading manufacturer of PVC Resin and the largest producer of PVC Pipes & Fittings in India. The Company offers the latest range of superior quality and durable PVC-U pipes and fittings used in agriculture, construction and industrial operations.
Where is Finolex Industries Ltd (FINPIPE) listed?
Finolex Industries Ltd trades as FINPIPE on the NSE and under code 500940 on the BSE.
Which sector does Finolex Industries Ltd belong to?
Finolex Industries Ltd is classified under the Industrial Products sector, in the Plastic Products - Industrial industry.
What is the PE ratio of Finolex Industries Ltd?
Finolex Industries Ltd trades at a PE ratio of 14.51 as of 4 Nov 2026, on earnings per share of ₹9.92, against a book value of ₹121.75 per share.
What is the 52-week high and low of Finolex Industries Ltd?
Over the last 52 weeks Finolex Industries Ltd has traded between ₹137 and ₹200.4 as of 4 Nov 2026.
Does Finolex Industries Ltd pay dividends?
Finolex Industries Ltd has a dividend yield of 1.99%.
What is the Return on Equity (ROE) of Finolex Industries Ltd?
Finolex Industries Ltd reported a return on equity of 8.57%. Its debt-to-equity ratio is 0.07.

Company Information

Finolex Industries Limited (FIL) is a leading manufacturer of PVC Resin and the largest producer of PVC Pipes & Fittings in India. The Company offers the latest range of superior quality and durable PVC-U pipes and fittings used in agriculture, construction and industrial operations. Its product portfolio consists of two major divisions: PVC Resin PVC Pipes & Fittings

Website finolexpipes.com
CEO Mr. Prakash Pralhad Chhabria B.Sc.
Employees 1,499
Listed 8 Feb 1995
Face Value ₹2

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