Finolex Industries Ltd

Finolex Inds. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Finolex Industries Ltd

₹ 184 -0.43%
26 Nov 2:53 p.m.
finolexpipes.com BSE: 500940 NSE: FINPIPE
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

Market Leadership
The company is the 3rd-largest player in the PVC resin market and the 2nd-largest manufacturer of PVC pipes in India. It is the largest and only backward-integrated pipes & fittings company in India. [1] [2]

Website BSE NSE
  • Market Cap ₹ 11,420 Cr.
  • Current Price ₹ 184
  • High / Low ₹ 279 / 144
  • Stock P/E 23.8
  • Book Value ₹ 95.3
  • Dividend Yield 1.09 %
  • ROCE 9.24 %
  • ROE 7.08 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 32.5%

Cons

  • The company has delivered a poor sales growth of 6.77% over past five years.
  • Company has a low return on equity of 6.89% over last 3 years.
  • Earnings include an other income of Rs.288 Cr.

* 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

Industrials Capital Goods Industrial Products Plastic Products - Industrial

Part of BSE 500 Nifty 500 BSE SmallCap BSE Allcap BSE Industrials

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
941 1,125 1,141 1,179 883 1,020 1,235 1,140 828 1,001 1,172 1,043 859
1,084 1,033 924 1,027 780 900 1,026 934 818 918 1,001 950 729
Operating Profit -143 92 217 152 103 120 209 207 11 83 171 94 130
OPM % -15% 8% 19% 13% 12% 12% 17% 18% 1% 8% 15% 9% 15%
39 41 43 48 70 47 54 472 85 66 85 69 68
Interest 4 5 6 9 12 8 7 7 7 10 6 6 4
Depreciation 22 22 24 34 27 28 27 26 26 27 27 27 27
Profit before tax -130 105 230 157 133 132 229 646 62 112 223 131 166
Tax % -27% 24% 28% 26% 27% 27% 28% 23% 34% 16% 26% 25% 26%
-95 80 166 115 98 95 165 501 41 94 165 98 124
EPS in Rs -1.54 1.28 2.68 1.86 1.58 1.54 2.66 8.07 0.66 1.52 2.65 1.58 1.99
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
2,482 2,602 2,738 3,091 2,985 3,462 4,647 4,397 4,317 4,142 4,075
2,075 2,039 2,253 2,487 2,536 2,472 3,624 4,105 3,732 3,666 3,596
Operating Profit 407 563 484 604 448 990 1,023 293 585 476 478
OPM % 16% 22% 18% 20% 15% 29% 22% 7% 14% 12% 12%
71 32 40 26 55 87 457 145 218 703 288
Interest 45 15 10 12 11 7 14 27 36 30 26
Depreciation 51 55 61 70 74 78 83 89 116 107 108
Profit before tax 383 525 454 548 418 992 1,383 321 651 1,043 632
Tax % 33% 32% 33% 33% 20% 26% 24% 22% 27% 23%
258 355 306 367 333 738 1,051 251 474 800 480
EPS in Rs 4.15 5.72 4.94 5.92 5.36 11.89 16.94 4.04 7.63 12.89 7.74
Dividend Payout % 48% 40% 41% 34% 37% 34% 24% 37% 33% 28%
Compounded Sales Growth
10 Years: %
5 Years: 7%
3 Years: -4%
TTM: -4%
Compounded Profit Growth
10 Years: %
5 Years: 5%
3 Years: -18%
TTM: 0%
Stock Price CAGR
10 Years: 12%
5 Years: 8%
3 Years: 5%
1 Year: -30%
Return on Equity
10 Years: %
5 Years: 12%
3 Years: 7%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
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 5,790
212 94 101 90 283 204 278 541 394 237 21
583 588 610 666 623 951 1,140 841 1,030 1,048 842
Total Liabilities 2,385 2,997 3,506 3,332 2,891 4,294 5,345 6,285 7,058 7,382 6,777
850 855 884 951 1,017 1,002 993 1,055 1,055 1,008 1,015
CWIP 7 22 90 90 7 8 9 44 19 73 41
Investments 854 1,264 1,607 1,362 656 1,679 2,718 3,952 4,586 4,910 4,406
675 856 925 929 1,211 1,604 1,625 1,234 1,398 1,391 1,314
Total Assets 2,385 2,997 3,506 3,332 2,891 4,294 5,345 6,285 7,058 7,382 6,777

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
569 252 338 391 106 941 622 308 353 383
-77 35 -162 -228 49 -877 -440 -294 -83 8
-494 -282 -175 -163 -105 -90 -190 -29 -277 -349
Net Cash Flow -2 4 1 -0 51 -26 -8 -15 -6 42

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
52.47% 52.47% 52.47% 52.47% 52.47% 52.47% 52.47% 52.47% 52.47% 52.47% 52.47% 52.47%
5.40% 5.51% 5.81% 6.66% 6.45% 6.41% 6.90% 6.40% 6.64% 6.48% 6.03% 5.93%
11.61% 12.25% 11.87% 12.14% 11.95% 10.95% 11.95% 12.07% 12.05% 11.70% 11.36% 12.11%
0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
30.15% 29.39% 29.48% 28.37% 28.76% 29.82% 28.32% 28.69% 28.47% 28.99% 29.78% 29.13%
0.34% 0.34% 0.34% 0.34% 0.34% 0.34% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35%
No. of Shareholders 2,48,0952,38,4042,31,9132,18,0942,26,8442,13,6792,11,5072,26,7582,38,7852,51,0872,50,0512,45,505

* 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.

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