NSE: FINPIPE · BSE: 500940
FINOLEX INDUSTRIES LTD
Manufactures PVC pipes and fittings and PVC resin in an integrated setup. The two reportable segments are PVC pipes and fittings (Rs 4,104.05 crore segment revenue, 71.2% of segment revenue) and PVC resin (Rs 1,660.01 crore, 28.8%); segment revenue exceeds the consolidated total of Rs 4,113.43 crore, reflecting inter-segment usage of resin in pipe-making. For FY26, consolidated revenue was Rs 4,113.43 crore on total sales volume of 332,736 MT, 4% lower year-on-year. Q4 FY26 recovered sharply, with revenue of Rs 1,314 crore (up 12% YoY) and EBITDA margin reaching 25%, as PVC prices and the PVC/EDC delta improved. Raw materials are the dominant cost at 63.2% of revenue, with employees at 5.9%, other operating expenses at 19.3% and depreciation at 2.6%. The balance sheet carried roughly Rs 2,563 crore of net free cash, while short-term borrowings rose to Rs 437 crore and inventories built up to Rs 1,026 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. PVC pipes and fittings (71%), PVC resin (29%). Integrated, cyclical PVC products maker exposed to PVC price spreads and demand from piping end markets
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,647 | 4,397 | 4,317 | 4,142 | 4,113 |
| EBITDA (ex other income) | 1,400 | 293 | 585 | 893 | 679 |
| margin % | 30.1 | 6.7 | 13.5 | 21.6 | 16.5 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 16.94 | 4.04 | 7.66 | 12.94 | 9.69 |
| ROE % · ROCE % | 26.8 · 33.7 | 5.1 · 6.3 | 8.4 · 10.9 | 13.1 · 16.1 | 9.6 · 12.1 |
| Debt / equity (x) | 0.07 | 0.11 | 0.07 | 0.04 | 0.07 |
| Cash from operations | 622 | 302 | 353 | 383 | 192 |
| Capex | (84) | (169) | (86) | (116) | (65) |
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 | 828 | 1,001 | 1,172 | 1,043 | 859 | 898 | 1,314 | 884 |
| Profit before tax | 60 | 95 | 203 | 126 | 156 | 146 | 335 | 148 |
| Net profit | 41 | 94 | 165 | 98 | 124 | 116 | 261 | 115 |
| EPS (₹) | 0.66 | 1.52 | 2.66 | 1.59 | 2.00 | 1.88 | 4.23 | 1.85 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,024 | 39.5 | 6.65 | 25.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 36,600 | 63.5 | 9.02 | 33.0 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,621 | 42.9 | 6.26 | 33.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,296 | 41.2 | 6.64 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD ◆ | 8,740 | 14.2 | 1.41 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,001 | 15.7 | 1.92 | 9.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,861 | 28.0 | 1.74 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,122 | — | 2.38 | 28.1 | 0.5 | 1.0 | — | 1.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.2 | 14.4 | 22 of 46 | 51% |
| P/B | 1.4 | 1.6 | 18 of 42 | 56% |
| ROCE | 11.8 | 7.0 | 19 of 56 | 67% |
| ROE | 9.6 | 7.6 | 17 of 45 | 64% |
| Debt / Equity | 0.1 | 0.2 | 15 of 45 | 68% |
| EBITDA margin | 20.6 | 11.6 | 6 of 43 | 88% |
| Revenue growth | (15.3) | 10.6 | 41 of 49 | 17% |
| Profit growth | 16.7 | 20.7 | 26 of 47 | 46% |
| Market cap | 8740 | 126 | 5 of 55 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Finolex to discuss Q2FY27 results on November 2 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting to approve September 2026 financial results | results | low | — | — |
| 7 Oct 2026 · Routine SEBI compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Newspaper notice on special window for re-lodging physical share transfers | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Finolex Industries AGM 2026: All 5 resolutions passed, dividend approved | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Finolex Industries 45th AGM held; 5 items voted on including dividend and director re-appointment | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Newspaper publication of 45th AGM notice and e-voting details | compliance | minimal | — | — |
| 28 Aug 2026 · Finolex Industries sends AGM notice to shareholders without email; KYC update reminder | compliance | minimal | — | — |
| 28 Aug 2026 · Finolex Industries fixes Sept 11 as record date for FY26 dividend | corporate actions | high | — | — |
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.