NSE: FINPIPE · BSE: 500940 · ISIN INE183A01024
Finolex Industries Limited stock analysis
Finolex Industries Limited ranks #2086 in the TickerSutra evidence-ranked universe with a score of 49/100 and 95% data confidence. The latest captured fundamentals show ROCE of 11.8%, quarterly sales growth of -15.3% and quarterly profit growth of 16.7%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.07×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹4,647cr | ₹1,023cr | ₹1,051cr | 22.0% |
| 2023 | ₹4,397cr | ₹293cr | ₹251cr | 7.0% |
| 2024 | ₹4,317cr | ₹585cr | ₹474cr | 14.0% |
| 2025 | ₹4,142cr | ₹476cr | ₹800cr | 12.0% |
| 2026 | ₹4,113cr | ₹679cr | ₹599cr | 16.0% |
| TTM | ₹3,954cr | ₹692cr | ₹615cr | 18.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Finolex Industries Limited has informed the Exchange about Copy of Newspaper Publication with respect to Special Window for Re-lodgement of Physical Share Transfer Requests
RoutineFinolex Industries Ltd - 500940 - Announcement under Regulation 30 (LODR)-Newspaper PublicationBSE · 29 Sept 2026Intimation of Newspaper Publication with respect to Special Window for Re-lodgement of Physical Share Transfer Request
RoutineTrading WindowBSE · 25 Sept 2026Finolex Industries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineShareholders meetingNSE · 23 Sept 2026Summary of Proceedings of the 45th (Forty-Fifth) Annual General Meeting (AGM) of the Company
RoutineFinolex Industries Ltd - 500940 - Shareholder Meeting / Postal Ballot-Outcome of AGMBSE · 23 Sept 2026Summary of Proceedings of the 45th (Forty-Fifth) Annual General Meeting (AGM) of the Company
MANAGEMENT COMMENTARY
Signals from filed documents
Like if you see sequentially, the PVC EDC spread has got declined, yet our gross margin got expanded. So what are the factors driving the margin expansion? Finolex Industries Limited August 07, 2026 Page 12 of 16 Chandan Verma: So as I have just mentioned, if the prices of material will remain range bound and we will see a growth in the realization, then definitely, that would contribute to the gross margin.
Changes in trade policies, shipping costs, or the imposition of antidumping duties can further disrupt supply availability and create instability in domestic pricing. Intense Competition and Unorganised Market: The presence of a large unorganised segment, particularly in rural and semi-urban markets, intensifies pricing pressure on organised players. Low-cost, unbranded products further compress realisations and co
So, and no player would be too far away from market benchmarks, either on the positive side or on the negative side. Anu Parakh: Sir, next on the margin guidance, you are giving us sub-15% kind of margin guidance, whereas in an environment where the resin prices are falling and the volumes are also declining, we have delivered 12% kind of margin. So why are we under-guiding on that front?
Our commitment to quality, innovation, and service excellence continues to enhance customer loyalty and strengthen our brand. We believe that our strong brand equity provides a robust foundation for sustained growth and long-term market leadership. Financial Analysis FY26 Financial Overview Our Company sold 3,32,736 metric tonnes (MT) of pipes and fittings in FY26.
Agarwal has just pointed out, there is a continuous process going on in our organization with respect to debottlenecking, where we remove our old lower capacity extruder and keep adding our higher capacity extruder. So in a way, within the same territory, the few capacity we keep adding every year rather than announcing a big in terms of greenfield and brownfield expansion. And still, as I have mentioned, we still ha
So, as you know, the number already we have published in our investor presentation uploaded on the site, though I want to give you a brief highlight on the numbers what we have. So, overall sales volume declined by 27% from the co rresponding quarter of the last year. Total volume we have registered around 68,000 metric tons during the Q1 FY27.
Our strategy focuses on expanding our presence in non-agricultural segments and strengthening our CPVC and fittings portfolio. We remain committed to disciplined growth through operational excellence and backward integration. Finolex Industries Limited 56 Annual Report 2025-26 Awards and Recognition The Company’s campaigns received recognition across industry platforms for creativity, storytelling, and communication
However, prices saw a sharp intra-quarter correction, which triggered a channel destocking and impacted volumes even during what is typically a seasonally strong pre-monsoon quarter for us. Two regulatory developments, which I would like to also bring to everybody's attention is that the withdrawal of the customs duty exemption on PVC resin prices, which happened during the mid of July and the imposition of the minim
What sort of a volume rebound can we see? And more importantly, out of the total PVC price increase that we've seen in this last 1 month, how much of it is passed on to the end user at this point of time? Chandan Verma: So Sneha, you have seen there is an upward trend, as you rightly said in the prices of PVC in the market.
Compliance dashboards are monitored periodically to identify delays, exceptions, or potential non-compliances and ensure timely corrective action. The tool also generates a comprehensive compliance certificate, which is reviewed and approved by the Board of Directors for oversight. This structured and disciplined approach helps mitigate compliance risks, supports business continuity, and reinforces our commitment to
So May and June were growth and April was a degrowth. Sir, my second question is, obviously, 27% volume decline means a lot of weak operating leverage. But our margins have surprised quite positively.
y The results are displayed on the Company’s website www.finolexpipes.com. The presentations, if any made to the institutional investors/analysts are also displayed on the website. A Fact sheet providing a gist of the quarterly, half yearly and annual results of the Company is displayed on the Company’s website.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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