NSE: FINCABLES · BSE: 500144
FINOLEX CABLES LTD
Manufactures electrical cables, communication cables and copper rods. Electrical cables are the dominant segment for the company, contributing 65.4% of period segment revenue at Rs 5,490.23 crore in FY26, with end-markets spanning automobile, power, control and solar applications. Copper rods, the primary raw material used in cable-making, contributed 25.5% of period segment revenue at Rs 2,142.58 crore but generated only Rs 3.16 crore of EBIT, suggesting a low-margin pass-through role. Communication cables, which include fibre optic products, made up 6.0% of period segment revenue at Rs 500.33 crore, with the company noting an industry shift from metal to optical fibre. Consolidated revenue in FY26 totalled Rs 6,321.01 crore and consolidated net profit was Rs 713.72 crore. Raw materials, chiefly copper, account for 84.3% of revenue, making copper price moves the key cost swing factor. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Electrical cables (65%), Copper rods (26%), Communication cables (6%), Others (3%). Cyclical cable manufacturer exposed to copper price volatility
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,768 | 4,481 | 5,014 | 5,319 | 6,321 |
| EBITDA (ex other income) | 756 | 579 | 734 | 773 | 824 |
| margin % | 20.1 | 12.9 | 14.6 | 14.5 | 13.0 |
| Owners' profit | 599 | 504 | 652 | 701 | 714 |
| EPS, as reported (₹) | 39.18 | 32.97 | 42.61 | 45.82 | 46.67 |
| ROE % · ROCE % | 15.3 · 18.8 | 11.5 · 14.0 | 13.2 · 16.3 | 12.8 · 15.0 | 11.7 · 14.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 299 | 356 | 577 | 207 | 49 |
| Capex | (67) | (31) | (219) | (236) | (154) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,312 | 1,182 | 1,595 | 1,396 | 1,376 | 1,599 | 1,951 | 2,013 |
| Profit before tax | 151 | 170 | 261 | 176 | 206 | 184 | 303 | 314 |
| Net profit | 118 | 147 | 192 | 163 | 163 | 164 | 224 | 249 |
| EPS (₹) | 7.71 | 9.63 | 12.53 | 10.63 | 10.63 | 10.73 | 14.67 | 16.28 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Electrical cables | 4,090 | 48.7 |
| Communication cables | 378 | 4.5 |
| Copper rods | 2,143 | 25.5 |
| Others | 262 | 3.1 |
| Electrical Cables | 1,400 | 16.7 |
| Communication Cables | 123 | 1.5 |
| Total, before eliminations | 8,395 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POLYCAB INDIA LIMITED | 1,15,996 | 40.3 | 9.57 | 27.3 | 22.3 | 28.9 | 26.5 | 15.1 |
| KEI INDUSTRIES LTD. | 36,806 | 36.9 | 5.52 | 25.6 | 13.8 | 17.9 | 22.9 | 13.0 |
| R R KABEL LIMITED | 25,055 | 41.2 | 9.73 | 30.7 | 19.1 | 23.9 | — | 10.4 |
| FINOLEX CABLES LTD ◆ | 17,543 | 21.9 | 2.88 | 17.6 | 11.7 | 14.1 | 18.0 | 16.7 |
| UNIVERSAL CABLES LTD | 4,616 | 23.0 | 2.44 | 20.0 | 8.6 | 5.0 | 18.7 | 10.0 |
| PARAMOUNT COMM LTD | 1,944 | 32.0 | 2.50 | 17.5 | 7.7 | 10.2 | 29.8 | 7.1 |
| DYNAMIC CABLES LIMITED | 1,633 | 17.9 | 3.57 | — | 18.5 | 24.2 | — | 11.2 |
| QUADRANT FUTURE TEK LTD | 1,624 | — | 6.30 | — | (16.6) | (19.8) | — | (7.1) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.9 | 21.9 | 6 of 11 | 50% |
| P/B | 2.9 | 3.2 | 5 of 10 | 56% |
| ROCE | 14.1 | 13.5 | 6 of 13 | 58% |
| ROE | 11.7 | 8.6 | 5 of 11 | 60% |
| Debt / Equity | 0.0 | 0.1 | 1 of 11 | 100% |
| EBITDA margin | 16.7 | 10.2 | 1 of 10 | 100% |
| Revenue growth | 44.3 | 36.1 | 3 of 10 | 78% |
| Profit growth | 53.1 | 35.0 | 3 of 10 | 78% |
| Market cap | 17543 | 1788 | 4 of 12 | 73% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Compliance certificate for demat securities for July-September 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · Re-appointment of 5 directors approved at AGM | management changes | medium | — | — |
| 29 Sept 2026 · scrutinizers Report for AGM held on 28th September 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Finolex Cables 58th AGM: Revenue up 19%, PAT up 14%, dividend of Rs 9/share | investor communications | medium | — | — |
| 28 Sept 2026 · Finolex Cables 58th AGM: 8 resolutions, dividend declared | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · Trading window closed from 28 Sept ahead of Q2 results | compliance | minimal | — | — |
| 5 Sept 2026 · Finolex Cables submits BRSR for FY 2025-26 | general | medium | — | — |
| 5 Sept 2026 · Finolex Cables files 58th Annual Report for FY26; AGM on 28 Sept | compliance | medium | — | — |
| 5 Sept 2026 · Notice of 58th AGM on 28 September 2026; dividend of Rs 9 per share proposed | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Plant visit for analysts and institutional investors on 9 Sep 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.