FINPIPE

Finolex Industries share price & financials

Price
₹164.66
Market cap
₹10.0k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 07 Aug 2026

Finolex Industries Limited Q1 FY27

Revenue ₹884 cr −15%EBITDA ₹107 cr +14%EBITDA Margin 12% PAT ₹107 cr

What went well

  • EBITDA increased 14% YoY to ₹107 crores.
  • EBITDA margin improved from 9% to 12%.
  • Strong liquidity position with ₹2,636 crores cash in hand.

What to watch

  • Overall sales volume declined 27% YoY to 68,000 metric tons.
  • Revenue declined 15% YoY to ₹884 crores.
Read the full call →

What Finolex Industries Limited does

Finolex Industries Limited manufactures and sells PVC pipes and fittings for plumbing, sanitation, agriculture, sewerage and infrastructure applications under the Finolex Pipes & Fittings brand. It is backward-integrated, producing its own PVC resin (partly captively consumed, partly sold externally) from imported raw materials (EDC, ethylene, VCM) landed at its own jetty in Ratnagiri. Products reach customers through a large pan-India dealer and retailer network serving construction and agricultural end-markets.

Segments

  • PVC Pipes & Fittings
  • PVC Resin
Manufacturing facilities
4 plants (Ratnagiri, Urse, Masar, Badhalwadi) across Maharashtra & Gujarat
Installed PVC pipes & fittings capacity
520,000 MT/annum
Installed PVC resin capacity
272,000 MT/annum
Retailer/dealer network
38,000+ retailers pan-India
Branch offices
8 (New Delhi, Ahmedabad, Kolkata, Indore, Hyderabad, Bengaluru, Chennai, Coimbatore)
Captive power plant
43 MW
Founded 1981Headquarters Pune, Maharashtra, IndiaEmployees 1,499 (FY2024-25) Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 4 delivered 1 missed 6 open
  • Agri/Non-Agri Revenue Mix on track said Q3 FY25 Promised: 50-50 in next 3-4 years Q1 FY27: The specific agri/non-agri mix for the quarter was not disclosed.
  • FY27 Volume Growth at risk said Q4 FY26 Promised: Higher single-digit to lower double-digit Q1 FY27: Q1 FY27 volume declined 27% YoY, a significant deviation from the full-year target of 'higher single-digit to lower double-digit' growth.
  • FY26 EBITDA Margin delivered said Q4 FY25 Promised: 14%+ Q4 FY26: Full year FY26 EBITDA margin was 16.5%, significantly exceeding both the revised target of 12% and the original target of 14%+.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 15.2%, net profit up 10.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue828 1,001 1,172 1,043 859 +4%898 −10%1,314 +12%884 −15%
EBITDA11 83 171 94 130 +1082%123 +48%332 +94%107 +14%
Net profit51 71 150 97 119 +133%110 +55%254 +69%107 +10%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −26.6% 1Y

₹160₹180₹200₹220Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 2 Feb 2026Q4 FY26 — 3 Jun 2026Q1 FY27 — 7 Aug 2026

1Y: ₹208.97 on 10 Sept 2025 → ₹153.45. High ₹220.76 (15 Sept 2025), low ₹149.95 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−4.0%
7 Aug
Q4 FY26
−0.2%
3 Jun
Q3 FY26
−0.0%
2 Feb
Q2 FY26
+1.9%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 2.2% a year over 3 years, FY23 to FY26. Operating margin widened to 16.5%.

Year endingFY23FY24FY25FY26
Revenue₹4.4k Cr₹4.3k Cr₹4.1k Cr₹4.1k Cr
Operating profit₹292 Cr₹584 Cr₹472 Cr₹679 Cr
Operating margin6.6%13.5%11.4%16.5%
Interest₹26 Cr₹36 Cr₹30 Cr₹21 Cr
Depreciation₹89 Cr₹116 Cr₹106 Cr₹106 Cr
Net profit₹236 Cr₹455 Cr₹777 Cr₹580 Cr
Net margin5.4%10.5%18.8%14.1%
Cash from operations₹308 Cr₹353 Cr₹383 Cr₹192 Cr
Free cash flow₹140 Cr₹267 Cr₹268 Cr₹133 Cr
ROCE6.0%10.0%9.0%12.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹124 Cr₹124 Cr₹124 Cr₹124 Cr₹124 Cr₹124 Cr
Reserves₹2.9k Cr₹3.7k Cr₹4.7k Cr₹5.4k Cr₹5.7k Cr₹6.0k Cr
Borrowings₹204 Cr₹278 Cr₹541 Cr₹394 Cr₹21 Cr₹446 Cr
Other liabilities₹930 Cr₹1.1k Cr₹817 Cr₹996 Cr₹798 Cr₹885 Cr
Total liabilities₹4.2k Cr₹5.3k Cr₹6.2k Cr₹6.9k Cr₹6.6k Cr₹7.4k Cr
Fixed assets₹1.0k Cr₹993 Cr₹1.1k Cr₹1.1k Cr₹1.0k Cr₹1.0k Cr
Capital work in progress₹8 Cr₹9 Cr₹44 Cr₹19 Cr₹41 Cr₹28 Cr
Investments₹1.6k Cr₹2.6k Cr₹3.9k Cr₹4.5k Cr₹4.2k Cr₹4.8k Cr
Other assets₹1.6k Cr₹1.6k Cr₹1.2k Cr₹1.4k Cr₹1.3k Cr₹1.6k Cr
Total assets₹4.2k Cr₹5.3k Cr₹6.2k Cr₹6.9k Cr₹6.6k Cr₹7.4k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.19 pp while FIIs trimmed −0.18 pp. The shareholder count shrank 2% to 2,45,937.

Promoters
52.5%
FIIs
5.8%
DIIs
11.3%
Government
0.0%
Public
30.0%
Others
0.3%

Since Jun 2025

  • Public +0.19 pp
  • FIIs −0.18 pp
  • DIIs −0.01 pp

How it drifted, 12 quarters

Over this window the public went from 28.4% to 30.0% — +1.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 52.5%, FIIs 6.7%, DIIs 12.1%, Government 0.0%, Public 28.4%, Others 0.3%.Dec '23: Promoters 52.5%, FIIs 6.5%, DIIs 11.9%, Government 0.0%, Public 28.8%, Others 0.3%.Mar '24: Promoters 52.5%, FIIs 6.4%, DIIs 10.9%, Government 0.0%, Public 29.8%, Others 0.3%.Jun '24: Promoters 52.5%, FIIs 6.9%, DIIs 11.9%, Government 0.0%, Public 28.3%, Others 0.3%.Sep '24: Promoters 52.5%, FIIs 6.4%, DIIs 12.1%, Government 0.0%, Public 28.7%, Others 0.3%.Dec '24: Promoters 52.5%, FIIs 6.6%, DIIs 12.1%, Government 0.0%, Public 28.5%, Others 0.3%.Mar '25: Promoters 52.5%, FIIs 6.5%, DIIs 11.7%, Government 0.0%, Public 29.0%, Others 0.3%.Jun '25: Promoters 52.5%, FIIs 6.0%, DIIs 11.4%, Government 0.0%, Public 29.8%, Others 0.3%.Sep '25: Promoters 52.5%, FIIs 5.9%, DIIs 12.1%, Government 0.0%, Public 29.1%, Others 0.3%.Dec '25: Promoters 52.5%, FIIs 5.9%, DIIs 12.2%, Government 0.0%, Public 29.1%, Others 0.3%.Mar '26: Promoters 52.5%, FIIs 5.9%, DIIs 12.8%, Government 0.0%, Public 28.5%, Others 0.3%.Jun '26: Promoters 52.5%, FIIs 5.8%, DIIs 11.3%, Government 0.0%, Public 30.0%, Others 0.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Finolex Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Finolex Cables Ltd. 32.39%unchanged
Orbit Electricals Private Limited 18.80%unchanged
SBI Conservative Hybrid Fund Mutual fund5.97%−0.11 pp
Anuj A Sheth 3.35%unchanged
Investor Education And Protection Fund Authority 2.11%unchanged
Templeton India Value Fund Mutual fund1.87%unchanged
Hiten Anantrai Sheth 1.21%unchanged
Vijay Kishandas Chhabria 0.35%unchanged
Aruna Katara 0.21%unchanged
Katara Dental Pvt.Ltd. 0.17%unchanged
Prakash Pralhad Chhabria 0.14%unchanged
Kavita Sanjay Raheja 0.07%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in FINPIPE

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹629 Cr
5 schemes
Biggest holder
SBI Smallcap Fund
₹546 Cr · 1.3% of that fund
SchemeHoldingLast month
SBI Smallcap Fund SBI Mutual Fund₹546 Crheld
SBI Conservative Hybrid Fund SBI Mutual Fund₹39 Crheld
HDFC Retirement Savings Fund - Equity Plan HDFC Mutual Fund₹29 Crheld
HDFC Equity Savings Fund HDFC Mutual Fund₹10 Crheld
HDFC Retirement Savings Fund - Hybrid-Equity Plan HDFC Mutual Fund₹5 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
-9%
vs est. average cost
Held by funds
₹629 Cr
5 schemes · ≈ 6.5% of the company
Biggest holder
SBI Smallcap Fund
₹546 Cr · 1.3% of that fund

Shares held by these funds −8%

Aug '23 3.98 cr shares Jul '26

What the price assumes

Attractive

To justify its price of ₹153, this stock must grow earnings at 12% every year for 7 years. Our analysis caps realistic growth at ~35%. At that growth it is worth ₹490 — upside of 220%.

Growth the price implies
11.9% a year
for 7 years, fading to 4%
It has actually compounded at
34.9% a year
net profit, FY23–FY26 · EPS 34.9%
The gap
-0.2 pp
220% downside if it only repeats history
Price today ₹153.45 Value at the reference growth ₹490.34

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Finolex Industries Limited

Guides on how to read this kind of business and the numbers that matter.