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Stock Analysis

Description

Finolex Cables Limited (FCL) is a leading Indian manufacturer of electrical and telecommunication cables, with a diversified presence in Fast-Moving Electrical Goods (FMEG). The company has a strong brand presence in both retail and institutional markets.

Key Growth Triggers

Strategic expansion in FMEG portfolio.
Progress on backward integration projects including optic fibre facilities and E-beam technology.
Expected benefits from sectors like 5G rollout, FTTH, and revival in the construction industry.
Capacity expansion of the Preform Facility expected to be completed by Q4 FY26.

Order Book

Currently no data available for Order Book.

Key Red Flags

Receipt of multiple Goods and Services Tax (GST) demand orders for various fiscal periods, although the company states minimal impact on operations and has the option to appeal.
FY25 PAT was impacted by commodity price volatility and product mix shifts, although margins improved sequentially in H2 FY25.

Key Dates To Watch

57th Annual General Meeting (AGM) scheduled for September 29, 2025.
Record date for proposed dividend of 400% (₹8 per equity share): September 5, 2025.

Corporate Announcements

15th Apr 26

Impact Rating: 7

Finolex Cables Limited has informed stock exchanges that it is not classified as a 'Large Corporate' under SEBI's framework as of March 31, 2026. This exemption means they are not required to file annual disclosures for incremental borrowings.

11th Apr 26

Impact Rating: 6

Finolex Cables Limited has launched the 'Saksham Niveshak' campaign from April 1 to July 9, 2026, urging shareholders to claim unpaid dividends and update KYC to prevent transfer to IEPF.

2nd Apr 26

Impact Rating: 5

Finolex Cables Limited has filed its SEBI compliance certificate for the quarter and fiscal year ending March 31, 2026. The filing confirms adherence to depository regulations concerning securities dematerialization.

1st Apr 26

Impact Rating: 6

Finolex Cables is set to appeal a GST order issued by the Central GST Deharadun, demanding ₹29.46 crore for alleged ITC mismatches and late payments, which the company deems ill-considered.

26th Mar 26

Impact Rating: 6

Finolex Cables Limited has announced a trading window closure starting April 1, 2026, impacting dealings in company securities. The window will reopen 48 hours after the declaration of its audited financial results for the quarter and financial year ended March 31, 2026.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Polycab India	7261.40	44.49	109318.28	0.49	692.96	55.85	6477.21	17.80	29.72	24595.05	14.73	2461.81	685.46	10.38	15.15	0.02
2.	KEI Industries	4414.70	53.37	42204.85	0.09	203.51	31.46	2726.35	19.38	21.29	10703.71	10.04	790.62	203.51	6.88	11.70	0.04
3.	R R Kabel	1470.65	41.21	16631.45	0.40	116.26	134.73	2163.77	19.54	19.77	8222.35	7.57	403.73	116.26	7.08	9.49	0.17
4.	Finolex Cables	780.55	19.81	11937.65	1.03	186.89	27.93	1375.79	4.88	16.21	5548.00	10.26	601.51	186.89	2.50	11.25	0.00
5.	Universal Cables	742.20	17.63	2575.10	0.52	47.68	160.83	814.29	27.61	8.58	2696.05	8.62	146.11	47.68	1.38	2.66	0.54
6.	KSH Internationa	358.00	28.67	2425.69	0.00	29.59	128.85	712.15	50.73	21.45	1928.29	6.39	67.99	29.59	–	11.08	1.40
7.	V-Marc India	672.00	26.83	1641.10	0.00	36.44	220.49	691.54	100.32	26.43	1251.20	11.27	61.17	36.44	7.27	6.60	1.07
–	Median: 20 Co.	308.68	19.81	1192.51	0.0	11.52	36.3	239.69	20.92	20.19	728.56	9.33	31.84	11.23	3.1	9.69	0.3

Quarterly Results

Standalone figures in ₹ crores

	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
Sales	1,091	1,150	1,224	1,204	1,187	1,222	1,401	1,230	1,312	1,182	1,595	1,396	1,376
Expenses	998	1,009	1,077	1,060	1,043	1,089	1,242	1,110	1,213	1,053	1,428	1,265	1,233
Operating Profit	93	141	148	144	144	133	159	120	99	129	166	131	143
Other Income	106	33	42	39	85	45	50	46	102	45	55	54	110
Profit before tax	188	163	174	172	217	167	196	156	188	162	208	171	239
Tax %	27%	17%	22%	23%	24%	23%	25%	21%	22%	23%	27%	19%	22%
Net Profit	137	135	135	132	165	128	146	123	146	124	152	139	187
EPS in Rs	8.94	8.82	8.80	8.65	10.81	8.35	9.56	8.01	9.55	8.10	9.93	9.08	12.22

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,359	2,449	2,360	2,445	2,815	3,078	2,877	2,768	3,768	4,481	5,014	5,319	5,548
Expenses	2,111	2,189	2,021	2,073	2,392	2,622	2,507	2,413	3,352	3,986	4,434	4,803	4,979
Operating Profit	248	260	339	371	423	455	370	355	416	496	581	516	569
Other Income	59	81	64	100	127	118	172	77	151	198	218	246	263
Interest	14	14	9	4	1	1	2	1	2	1	2	2	2
Depreciation	48	64	58	48	44	41	39	39	39	46	44	47	52
Profit before tax	244	263	336	419	504	532	501	392	527	646	753	714	779
Net Profit	208	199	249	316	358	344	402	283	405	502	572	544	602
EPS in Rs	13.58	12.99	16.27	20.65	23.42	22.50	26.32	18.50	26.46	32.81	37.37	35.60	39.33
Dividend Payout %	12%	14%	15%	15%	17%	20%	21%	30%	23%	21%	21%	22%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	31	31	31	31	31	31	31	31	31	31	31	31	31
Reserves	1,073	1,234	1,565	1,847	2,163	2,409	2,688	2,920	3,233	3,679	4,175	4,569	4,776
Borrowings	147	127	51	1	1	1	8	7	9	14	18	20	22
Other Liabilities	314	242	272	297	281	329	285	294	328	360	404	451	613
Total Liabilities	1,564	1,634	1,918	2,176	2,476	2,769	3,012	3,252	3,600	4,083	4,628	5,071	5,441
Fixed Assets	496	464	432	415	409	404	387	394	380	435	444	583	577
Gross Block	1,061.15	1,097.52	486.74	516.84	549.53	582.12	602.84	649.29	662.43	761.92	809.30	940.95	–
Accumulated Depreciation	565.31	633.75	54.55	101.97	140.54	177.91	216.31	254.86	282.25	326.97	364.80	357.53	–
CWIP	11	7	3	8	5	10	27	26	87	21	168	210	303
Investments	403	494	700	896	1,215	1,382	726	937	1,120	1,713	2,576	2,770	3,066
Other Assets	654	669	783	857	847	973	1,872	1,894	2,013	1,915	1,439	1,507	1,496
Total Assets	1,564	1,634	1,918	2,176	2,476	2,769	3,012	3,252	3,600	4,083	4,628	5,071	5,441

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	224	183	276	213	236	154	309	114	473	356	577	207
Cash from Investing Activity	-67	-186	-127	-126	-134	-110	587	-859	-378	-225	-440	-82
Cash from Financing Activity	-61	-39	-68	-75	-57	-75	-86	-86	-87	-97	-112	-128
Net Cash Flow	96	-43	81	11	44	-30	810	-831	8	35	26	-3

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	22	18	19	19	23	25	24	23	17	18	13	17
Inventory Days	74	65	70	98	90	95	104	134	80	69	53	61
Days Payable	11	13	19	40	32	34	28	31	23	21	22	21
Cash Conversion Cycle	86	69	70	76	80	86	100	126	74	66	45	57
Working Capital Days	40	34	45	50	60	73	83	202	159	120	68	59
ROCE %	20%	18%	21%	24%	25%	23%	19%	14%	17%	19%	19%	16%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	35.92%	35.92%	35.92%	35.92%	35.92%	35.92%	35.86%	35.86%	35.86%	35.86%	35.86%	35.86%	35.86%
FIIs	10.22%	10.78%	11.25%	11.77%	11.06%	11.58%	11.64%	11.32%	10.99%	10.57%	10.67%	9.90%	9.42%
DIIs	18.10%	17.03%	15.56%	15.58%	15.93%	15.87%	16.83%	16.73%	16.25%	16.07%	15.57%	15.88%	15.77%
Public	35.77%	36.28%	37.27%	36.73%	37.09%	36.65%	35.66%	36.10%	36.91%	37.50%	37.92%	38.36%	38.96%