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Prices as of 9 Oct 2026 close · Not investment advice

Finolex Industries Limited

NSE: FINPIPEPlastic Products - Industrial

Share price

₹151.16

+0.93% close of 9 Oct 2026

Market cap ₹9,372 CrP/E 15.2

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

57

out of 100 · worked out 9 Oct 2026

How the business score works

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹9,372 Cr

P/E ratio

15.2

P/B ratio

1.5

ROCE

11.8%

ROE

8.6%

Dividend yield

1.3%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 9 Oct 2026 close52-week high ₹194.0452-week low ₹149.31

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales fell 2.2% over the past year. Meanwhile what it keeps of every 100 rupees of sales slipped from 19.7% to 16.6% over the last four years.

Whether it grew faster than its sector

It grew 7.9% a year against a sector median of 10.6% — 2.7 percentage points slower.

Room to re-rate, or risk of de-rating

At 15.2× earnings against a market that pays 24.1× across 2199 companies we can price. Its own industry sits at 41.5×, across 5 companies. It is against its own five-year median of 27.0×, the 20th percentile of its own range.

Whether growth justifies the valuation

Priced at 0.5 times its growth rate, on earnings growth of 33%.

Profit growthPrice per ₹1 profitPer 1% growth
Finolex Industries Limited — this one33%/yr15.2×₹0.46
Supreme Industries Limited3%/yr42.0×₹14.0
Astral Limited6%/yr64.3×₹10.7
Garware Hi-Tech Films Limited27%/yr41.5×₹1.5
Kingfa Science & Technology (India) Limited32%/yr41.1×₹1.3
Time Technoplast Limited28%/yr17.7×₹0.63

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Plastic Products - Industrial), it ranks 14 of 24 on returns, 13 of 22 on growth, 7 of 24 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 11.8% on capital, ahead of 42% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

Yes — Over the last five years it made ₹1858 crore of cash from the business, spent ₹132 crore on plant and equipment, and returned ₹894 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 11 years, about 81 arrived as cash. Its cash comes back more slowly than it used to: it went from being waiting 17 days for its cash to waiting 32 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

8 of 10 checks clear · 80%

How the profit check works

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Revenue fell 15% as pipe volumes dropped 27%, while profit still rose 17% on better margins and other income.

Announced 6 Aug 2026 · Consolidated · Unaudited

Revenue

₹884 Cr

Revenue vs last year

-15.3%

Revenue vs last quarter

-32.8%

Net profit

₹115 Cr

Profit vs last year

+16.9%

Profit vs last quarter

-56.1%

Net margin

13.0%

EPS

₹1.85

Earnings call transcript · 7 Aug 2026

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹9,372 Cr
Prev close
₹151.16
52w High
₹200
52w Low
₹148
Enterprise value
₹7,325 Cr
Beta
1.1
Price CAGR 1y
-21.0%
Price CAGR 3y
-11.0%
Price CAGR 5y
-8.0%
Price CAGR 10y
5.0%

Ratios

Return on assets
7.9%
PEG ratio
0.5
P/E ratio
15.2
P/B ratio
1.5
EV / EBITDA
10.6
Industry P/E
23.8
ROCE
11.8%
ROCE 5y average
13.2%
ROE
8.6%
Debt / Equity
0.1
Interest coverage
39.3
Dividend yield
1.3%
ROE 3y average
7.0%
ROE last year
9.0%

Annual P&L

Annual revenue
₹4,113 Cr
Annual profit
₹599 Cr
Operating margin
16.0%
Net profit margin
14.6%
EBITDA margin
16.5%
Sales growth 3y
-2.2%
Sales growth 5y
3.5%
Profit growth 3y
33.0%
Profit growth 5y
-7.0%
EPS
₹9.7
Sales growth TTM
-2.0%
Profit growth TTM
55.0%
Dividend payout
28.0%

Quarter P&L

Sales latest quarter
₹884 Cr
Profit latest quarter
₹115 Cr
YoY quarterly sales growth
-15.3%
YoY quarterly profit growth
17.3%
OPM latest quarter
12.1%

Balance Sheet

Book Value
₹100
Face Value
₹2.0
Total debt
₹446 Cr
Total cash
₹60 Cr
Borrowings
₹446 Cr
Reserves / Equity
49.1

Cash Flow

Operating cash flow
₹192 Cr
Free cash flow
₹133 Cr
FCF yield
1.2%
Net cash flow
-₹13 Cr

Shareholding

Promoter holding
52.5%
FII holding
5.8%
DII holding
11.4%
Public holding
30.0%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Supreme Inds.3,550.0043.745,0951.01280.738.82,717.74.220.7
Astral1,427.7064.838,3550.28120.248.21,578.015.919.2
Garware Hi Tech6,903.5041.416,0380.17132.759.8633.127.918.1
Finolex Inds.153.9115.59,5501.30114.516.7883.6-15.311.8
Kingfa Science6,932.5041.69,3940.2980.2101.6688.649.123.2
Time Technoplast183.6218.59,0640.82117.922.21,692.725.116.5
Prince Pipes256.6527.22,8380.3933.8600.2609.45.06.0
Median183.6222.33110.005.322.2101.116.314.9

Competes with: Apollo Pipes Limited, Astral Limited, Bright Brothers Limited, Captain Polyplast Limited, Dhabriya Polywood Limited, Garware Hi-Tech Films Limited, Hindustan Adhesives Limited, Jai Corp Limited, Jain Irrigation Systems Limited, Jain Irrigation Systems Limited, Kingfa Science & Technology (India) Limited, Kriti Industries (India) Limited, Manika Plastech Limited, Prakash Pipes Limited, Premier Polyfilm Limited, Prince Pipes And Fittings Limited, R M Drip and Sprinklers Systems Limited, Shaily Engineering Plastics Limited, Sri KPR Industries Limited, Supreme Industries Limited, Tainwala Chemical and Plastic (I) Limited, Texmo Pipes and Products Limited, Tijaria Polypipes Limited, Time Technoplast Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,1798831,0201,2351,1408281,0011,1721,0438598981,314884
Expenses1,0277809001,0269348189181,001950729775982777
Material Cost727629659678632428
Change in Inventories3568-172-1688.4497
Purchases of Stock-in-Trade6.015.5554.934615
Employee Cost515852706255
Other Expenses181188184189234182
Operating Profit152103120209207118317194130123332107
OPM %13121217181.288.33158.9715142512
Other Income487047544728566856968635376
Exceptional items (within Other Income)000000
Interest912877710664387
Depreciation34272827262627272727262627
Profit before tax15713313222964662112223131166157351148
Tax %26272728233416262526262623
Net Profit1159895165501419416598124116261115
EPS in Rs1.861.581.542.668.070.661.522.651.581.991.874.211.85
Diluted EPS in Rs2.661.5921.884.231.85

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,4822,6022,7383,0912,9853,4624,6474,3974,3174,1424,1133,954
Expenses2,0752,0392,2532,4872,5362,4723,6244,1053,7323,6663,4353,262
Material Cost2,6222,598
Change in Inventories25-263
Purchases of Stock-in-Trade2962
Employee Cost222243
Other Expenses768796
Operating Profit4075634846044489901,023293585476679692
OPM %16221820152922714121618
Other Income713240265587457145218703254260
Exceptional items (within Other Income)4170
Interest45151012117142736302122
Depreciation5155617074788389116107107108
Profit before tax3835254545484189921,3833216511,043805822
Tax %3332333320262422272326
Net Profit2583553063673337381,051251474800599615
EPS in Rs4.155.724.945.925.3612174.047.63139.659.92
Diluted EPS in Rs139.69
Dividend Payout %4840413437342437332828

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
5%
5 years
4%
3 years
-2%
TTM
-2%

Compounded profit growth

10 years
9%
5 years
-7%
3 years
33%
TTM
55%

Stock price CAGR

10 years
5%
5 years
-8%
3 years
-11%
1 year
-21%

Return on equity

10 years
11%
5 years
8%
3 years
7%
Last year
9%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital124124124124124124124124124124124
Reserves1,4662,1912,6712,4521,8623,0153,8044,7795,5115,9736,091
Borrowings2129410190283204278541394237446
Other Liabilities5835886106666239511,1408411,0301,048935
Minority Interest00
Total Liabilities2,3852,9973,5063,3322,8914,2945,3456,2857,0587,3827,596
Fixed Assets8508558849511,0171,0029931,0551,0551,0081,017
CWIP722909078944197328
Investments8541,2641,6071,3626561,6792,7183,9524,5864,9104,969
Other Assets6758569259291,2111,6041,6251,2341,3981,3911,581
Total Assets2,3852,9973,5063,3322,8914,2945,3456,2857,0587,3827,596

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity569252338391106941622308353383192
Cash from Investing Activity-7735-162-22849-877-440-294-838-156
Cash from Financing Activity-494-282-175-163-105-90-190-29-277-349-49
Net Cash Flow-241-051-26-8-15-642-13
Free Cash Flow53815716628946876918140267268133

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days37699162625393332
Inventory Days1001281281201641761328199108159
Days Payable5552525544846035396157
Cash Conversion Cycle4883817412910898719880134
Working Capital Days0283233392217-6132032
ROCE %251721173627711912

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Sep 2026
Line itemDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters525252525252525252525252
FIIs6.456.416.906.406.646.486.035.935.875.865.855.78
DIIs121112121212111212131111
Government0.010.010.010.010.010.010.010.010.010.010.010.01
Public293028292829302929293030
Others0.340.340.350.350.350.350.350.350.350.350.350.35
No. of Shareholders2,26,8442,13,6792,11,5072,26,7582,38,7852,51,0872,50,0512,45,5052,46,1532,37,7192,45,9372,43,708

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -21.7% (₹192.94 → ₹151.16)Brick size ₹3.67 (fixed)Bricks 57
₹160₹180₹151Nov '25Jan '26Mar '26May '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹151.16 on 9 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

-2,047inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

3,10,44,755inr

2026-03-31

volume growth %

-27.00pct

2026-06-30

News

News and filings about Finolex Industries Limited. Open one to see why it matters.

No recent news for this company.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • Ethylene
  • Ethylene dichloride (EDC)
  • PVC resin (own backward-integrated + merchant)
  • Packing materials
  • Vinyl chloride monomer (VCM)

Buys from

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Capital Goods
Industry
Plastic Products - Industrial
Classification
Capital Goods › Plastic Products - Industrial
ISIN
INE183A01024

Business segments

  • PVC pipes and fittings · 71%
  • PVC resin · 29%

Plants

  • Finolex Badhalwadi manufacturing facility
  • Finolex Masar manufacturing facility
  • Finolex Urse manufacturing facility
  • Ratnagiri PVC resin complex

News impact

Big market events that reach Finolex Industries Limited, and how the effect spreads.

Who it hits first

  • PVC-pipe makers (Supreme Industries, Astral, Finolex, Prince Pipes) get short-term inventory gains and pricing power as resin prices rise Rs 4/kg.

Who may gain

  • Well-run, low-debt pipe leaders (Supreme Industries, Astral) that hold low-cost inventory and can raise pipe prices.

Along the supply chain

Downstream

Pipe buyers — plumbing, agriculture irrigation and real-estate/construction contractors — face modestly higher pipe prices, a small cost pass-through.

Upstream

Higher PVC resin prices benefit backward-integrated resin makers (Finolex, and petrochem resin producers like Reliance/DCW) that sell resin.

Where demand moves

Business

A resin price hike prompts dealers to pre-buy pipes before further increases, pulling forward volumes to the pipe makers; makers holding cheaper resin/finished stock book inventory gains.

Capital

Sector-rotation is minor and stock-specific — money favours the higher-quality, lower-debt names (Supreme, Astral) over weak/loss-making pipe makers.

How it spreads across sectors

Capital Goods

Pipe makers see near-term margin and volume tailwind.

Construction

Marginally higher plumbing/irrigation pipe costs for builders.

Commodity angle

Commodity

PVC resin

Note

PVC/polymer Commodity nodes in the graph are fragmented with null prices (no live INR/kg or CNY/tonne feed), so margin_impact_bps cannot be computed and is left null. Note the converter dynamic: for pipe makers a resin PRICE RISE is a near-term TAILWIND (inventory gains + pricing power + dealer pre-buying), not a cost squeeze, so directions are positive despite PVC being an input.

Price source

Article-reported: +Rs 4/kg effective Monday (~7% on ~Rs 55-60/kg resin)

Shock type

price

When it plays out

Immediate

Pipe stocks in focus with a modest positive bias as dealers pre-buy.

Medium term

If resin keeps rising, pricing power persists; if it reverses, destocking and inventory losses can follow (the usual PVC cycle risk).

Short term

Inventory gains show up in the quarter if resin prices hold; watch whether the hike sticks.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

11 Sep 2026unspecified₹2
11 Sep 2026special₹0.75
4 Sep 2025unspecified₹2
4 Sep 2025special₹1.6
11 Sep 2024unspecified₹2.5
21 Aug 2023unspecified₹1.5
22 Aug 2022unspecified₹2
22 Aug 2022special₹2

Splits, bonuses & buybacks

  • daily-prices repair: 8 rows from NSE's archive (replace 1, delete 0, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016

Bulk & block deals

DateWhoBought / soldSharesPrice
17 Jun 2026HDFC LIFE INSURANCE CO. LTD.SELL42,70,000₹169.71

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.