Finolex Industries Ltd

Finolex Industries Ltd

₹ 331 -1.34%
14 Jun 4:01 p.m.
About

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 [1]

Key Points

Intro[1]
FIL is amongst the largest players in domestic PVC resin and pipe segments, with the second largest capacity in the domestic PVC pipes industry. FIL is the only large vertically integrated player in the domestic market with in-house production of PVC resin, the major raw material used in pipe manufacturing. Intergroup transfer of raw material accounted for 90% of revenue from the PVC resin segment in FY23, vs 11% in FY08.

  • Market Cap 20,556 Cr.
  • Current Price 331
  • High / Low 356 / 170
  • Stock P/E 45.2
  • Book Value 89.2
  • Dividend Yield 0.45 %
  • ROCE 11.5 %
  • ROE 8.79 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 32.2%

Cons

  • The company has delivered a poor sales growth of 6.91% over past five years.
  • Company has a low return on equity of 11.0% over last 3 years.
  • Debtor days have increased from 29.9 to 38.7 days.
  • Working capital days have increased from 94.5 days to 207 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Plastic products Industry: Plastics Products

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
1,249 966 1,083 1,005 1,595 1,190 941 1,125 1,141 1,179 883 1,020 1,235
839 756 783 763 1,330 1,064 1,084 1,033 924 1,027 780 900 1,026
Operating Profit 410 210 300 242 265 126 -143 92 217 152 103 120 209
OPM % 33% 22% 28% 24% 17% 11% -15% 8% 19% 13% 12% 12% 17%
14 15 32 19 401 25 39 28 29 40 63 35 44
Interest 2 5 0 1 8 11 4 5 6 9 12 8 7
Depreciation 20 20 21 21 22 21 22 22 24 34 27 28 27
Profit before tax 402 200 310 239 636 118 -129 92 216 149 126 120 219
Tax % 26% 27% 24% 26% 22% 15% 27% 22% 27% 26% 25% 26% 26%
297 147 235 178 494 100 -94 72 158 111 94 89 161
EPS in Rs 4.79 2.37 3.79 2.87 7.96 1.61 -1.51 1.16 2.55 1.79 1.51 1.44 2.60
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
2,145 2,453 2,476 2,482 2,602 2,738 3,091 2,985 3,462 4,647 4,397 4,317
1,785 2,056 2,264 2,075 2,039 2,253 2,487 2,536 2,472 3,623 4,105 3,733
Operating Profit 359 397 212 407 563 484 604 448 990 1,025 293 585
OPM % 17% 16% 9% 16% 22% 18% 20% 15% 29% 22% 7% 14%
-63 -27 -2 62 24 25 14 30 72 458 121 181
Interest 51 66 70 45 15 10 12 11 7 14 27 36
Depreciation 54 62 59 51 55 61 70 74 78 83 89 116
Profit before tax 190 242 81 373 517 439 536 393 977 1,385 297 613
Tax % 28% 30% 41% 32% 32% 32% 35% 18% 25% 24% 20% 26%
136 170 48 254 352 299 350 324 728 1,053 237 455
EPS in Rs 2.19 2.74 0.77 4.10 5.68 4.81 5.64 5.22 11.73 16.98 3.81 7.34
Dividend Payout % 50% 51% 52% 49% 41% 42% 35% 38% 34% 24% 39% 34%
Compounded Sales Growth
10 Years: 6%
5 Years: 7%
3 Years: 8%
TTM: -2%
Compounded Profit Growth
10 Years: 9%
5 Years: 5%
3 Years: -14%
TTM: 115%
Stock Price CAGR
10 Years: 20%
5 Years: 27%
3 Years: 26%
1 Year: 91%
Return on Equity
10 Years: 14%
5 Years: 14%
3 Years: 11%
Last Year: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 124 124 124 124 124 124 124 124 124 124 124 124
Reserves 597 666 663 1,446 2,167 2,640 2,404 1,806 2,949 3,740 4,701 5,414
839 713 637 212 94 101 90 283 204 278 541 394
440 433 435 567 570 589 655 603 930 1,119 817 996
Total Liabilities 2,001 1,936 1,859 2,349 2,955 3,455 3,273 2,815 4,207 5,261 6,182 6,928
880 905 868 850 855 884 951 1,017 1,002 993 1,055 1,055
CWIP 51 32 10 7 22 90 90 7 8 9 44 19
Investments 360 221 180 817 1,222 1,555 1,303 580 1,592 2,633 3,844 4,456
711 777 801 675 856 925 929 1,211 1,604 1,625 1,239 1,398
Total Assets 2,001 1,936 1,859 2,349 2,955 3,455 3,273 2,815 4,207 5,261 6,182 6,928

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
274 245 212 569 252 338 391 106 941 622 302 353
62 110 18 -77 35 -162 -228 49 -877 -440 -288 -83
-356 -344 -239 -494 -282 -175 -163 -105 -90 -190 -29 -277
Net Cash Flow -20 12 -9 -2 4 1 -0 51 -26 -8 -15 -6

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 7 6 7 3 7 6 9 9 16 26 25 39
Inventory Days 124 112 113 100 128 128 120 164 176 132 81 97
Days Payable 47 25 40 55 52 52 55 44 84 60 35 38
Cash Conversion Cycle 84 93 80 48 83 81 74 129 108 98 71 97
Working Capital Days 38 49 54 17 41 45 44 73 44 39 38 207
ROCE % 19% 23% 11% 24% 25% 17% 21% 16% 36% 27% 6%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
52.47% 52.47% 52.47% 52.47% 52.47% 52.47% 52.47% 52.47% 52.47% 52.47% 52.47% 52.47%
2.87% 4.31% 5.74% 5.81% 5.69% 5.59% 5.40% 5.51% 5.81% 6.66% 6.45% 6.41%
11.56% 10.67% 9.84% 9.49% 9.82% 9.80% 11.61% 12.25% 11.87% 12.14% 11.95% 10.95%
0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
32.76% 32.20% 31.61% 31.88% 31.68% 31.76% 30.15% 29.39% 29.48% 28.37% 28.76% 29.82%
0.34% 0.34% 0.34% 0.34% 0.34% 0.34% 0.34% 0.34% 0.34% 0.34% 0.34% 0.34%
No. of Shareholders 1,69,6481,90,4172,25,0442,72,2822,75,0602,84,3472,48,0952,38,4042,31,9132,18,0942,26,8442,13,679

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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