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Stock Analysis

Description

Finolex Industries Limited (FIL) is a leading manufacturer of PVC Resin and the largest producer of PVC Pipes & Fittings in India. The Company offers the latest range of superior quality and durable PVC-U pipes and fittings used in agriculture, construction and industrial operations. Its product portfolio consists of two major divisions:PVC ResinPVC Pipes & Fittings

Key Growth Triggers

Market LeadershipThe company is the 3rd-largest player in the PVC resin market and the 2nd-largest manufacturer of PVC pipes in India. It is the largest and only backward-integrated pipes & fittings company in India.

Order Book

Currently no data available for Order Book.

Key Red Flags

Finolex Industries Limited has formally disclosed a penalty order received from the Income Tax Department's Assessment Unit... levies a penalty of ₹18,02,385 under Section 271(1)(c) of the Income Tax Act, 1961, for Assessment Year 2016-17.

Key Dates To Watch

Currently no data available for Key Dates To Watch.

Corporate Announcements

4th Apr 26

Impact Rating: 3

Finolex Industries has enclosed a certificate from its Registrar, KFin Technologies, to the stock exchanges. It confirms compliance with SEBI (Depositories and Participants) Regulations, 2018, for the quarter ending March 31, 2026, concerning securities dematerialization.

17th Mar 26

Impact Rating: -

No description available.

16th Mar 26

Impact Rating: 7

Finolex Industries Limited's bank loan facilities rating was affirmed as IND AA+/Stable/IND A1+ by India Ratings and Research on March 16, 2026. The total value of these facilities stands at INR 19,163 million.

16th Feb 26

Impact Rating: 2

Finolex Industries has scheduled one-on-one physical meetings with prominent mutual funds on February 19, 2026, to discuss publicly available information.

13th Feb 26

Impact Rating: 4

The company will discuss publicly available information with investors and analysts on February 18, 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.	Supreme Inds.	3496.40	52.34	44413.69	0.96	164.74	-20.26	2393.87	5.32	22.04	10540.03	12.73	847.95	164.74	7.77	13.45	0.06
2.	Astral	1458.50	76.92	39182.60	0.26	134.80	22.55	1577.40	15.11	19.71	6017.00	16.00	509.30	134.80	10.37	10.52	0.07
3.	Finolex Inds.	176.50	25.05	10951.43	1.14	119.20	131.73	858.74	3.66	8.77	4074.94	11.74	437.35	119.20	1.91	5.50	0.00
4.	Shaily Engineer.	2156.80	67.85	9911.54	0.09	51.25	133.80	256.65	33.67	19.52	918.75	26.99	146.16	51.25	15.54	10.85	0.30
5.	Time Technoplast	179.12	20.99	8841.99	0.72	117.23	17.36	1511.11	10.26	17.35	5720.24	14.54	420.82	115.44	2.71	9.25	0.22
6.	Garware Hi Tech	2875.50	21.34	6680.52	0.41	91.23	-12.50	569.69	-8.20	20.57	2078.99	19.94	312.86	91.23	2.70	13.23	0.01
7.	Kingfa Science	4336.10	37.34	5876.03	0.00	41.14	10.41	465.69	11.32	30.55	1837.54	12.53	157.46	41.14	4.56	14.22	0.01
–	Median: 39 Co.	176.5	21.34	364.62	0.0	4.24	14.44	79.73	9.55	16.16	290.1	10.64	13.07	4.24	2.49	6.21	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	941	1,125	1,141	1,179	883	1,020	1,235	1,140	828	1,001	1,172	1,043	859
Expenses	1,084	1,033	924	1,027	780	900	1,026	934	818	918	1,001	950	729
Operating Profit	-143	92	217	152	103	120	209	207	11	83	171	94	130
Other Income	39	28	29	40	63	35	44	472	84	48	65	65	60
Profit before tax	-129	92	216	149	126	120	219	646	62	95	203	126	158
Tax %	-27%	22%	27%	26%	25%	26%	26%	22%	16%	25%	26%	23%	25%
Net Profit	-94	72	158	111	94	89	161	505	51	71	150	97	119
EPS in Rs	-1.51	1.16	2.55	1.79	1.51	1.44	2.60	8.14	0.83	1.14	2.42	1.56	1.92

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	2,453	2,476	2,482	2,602	2,738	3,091	2,985	3,462	4,647	4,397	4,317	4,142	4,075
Expenses	2,056	2,264	2,075	2,039	2,253	2,487	2,536	2,472	3,623	4,105	3,732	3,666	3,596
Operating Profit	397	212	407	563	484	604	448	990	1,025	293	585	476	478
Other Income	-27	-2	62	24	25	14	30	72	458	121	181	665	237
Interest	66	70	45	15	10	12	11	7	14	27	36	30	26
Depreciation	62	59	51	55	61	70	74	78	83	89	116	107	108
Profit before tax	242	81	373	517	439	536	393	977	1,385	297	613	1,005	581
Net Profit	170	48	254	352	299	350	324	728	1,053	237	455	778	437
EPS in Rs	2.74	0.77	4.10	5.68	4.81	5.64	5.22	11.73	16.98	3.81	7.34	12.54	7.04
Dividend Payout %	51%	52%	49%	41%	42%	35%	38%	34%	24%	39%	34%	29%	–

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	124	124	124	124	124	124	124	124	124	124	124	124	124
Reserves	666	663	1,446	2,167	2,640	2,404	1,806	2,949	3,740	4,701	5,414	5,855	5,666
Borrowings	713	637	212	94	101	90	283	204	278	541	394	237	21
Other Liabilities	433	435	567	570	589	655	603	930	1,119	817	996	1,008	798
Total Liabilities	1,936	1,859	2,349	2,955	3,455	3,273	2,815	4,207	5,261	6,182	6,928	7,223	6,609
Fixed Assets	905	868	850	855	884	951	1,017	1,002	993	1,055	1,055	1,008	1,015
Gross Block	1,849.97	1,893.94	896.52	1,982.35	2,063.71	2,199.44	2,334.27	2,390.72	2,451.40	2,600.10	2,708.99	2,766.80	–
Accumulated Depreciation	944.75	1,026.17	46.87	1,127.22	1,179.47	1,248.55	1,317.38	1,388.37	1,458.17	1,544.93	1,653.62	1,758.40	–
CWIP	32	10	7	22	90	90	7	8	9	44	19	73	41
Investments	221	180	817	1,222	1,555	1,303	580	1,592	2,633	3,850	4,456	4,751	4,239
Other Assets	777	801	675	856	925	929	1,211	1,604	1,625	1,234	1,398	1,391	1,314
Total Assets	1,936	1,859	2,349	2,955	3,455	3,273	2,815	4,207	5,261	6,182	6,928	7,223	6,609

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	245	212	569	252	338	391	106	941	622	308	353	383
Cash from Investing Activity	110	18	-77	35	-162	-228	49	-877	-440	-294	-83	8
Cash from Financing Activity	-344	-239	-494	-282	-175	-163	-105	-90	-190	-29	-277	-349
Net Cash Flow	12	-9	-2	4	1	-0	51	-26	-8	-15	-6	42

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	6	7	3	7	6	9	9	16	26	25	39	33
Inventory Days	112	113	100	128	128	120	164	176	132	81	99	108
Days Payable	25	40	55	52	52	55	44	84	60	35	39	61
Cash Conversion Cycle	93	80	48	83	81	74	129	108	98	71	98	80
Working Capital Days	-14	-6	0	28	32	33	39	22	17	-6	13	20
ROCE %	23%	11%	24%	25%	17%	21%	16%	36%	27%	6%	10%	9%

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	52.47%	52.47%	52.47%	52.47%	52.47%	52.47%	52.47%	52.47%	52.47%	52.47%	52.47%	52.47%	52.47%
FIIs	5.40%	5.51%	5.81%	6.66%	6.45%	6.41%	6.90%	6.40%	6.64%	6.48%	6.03%	5.93%	5.87%
DIIs	11.61%	12.25%	11.87%	12.14%	11.95%	10.95%	11.95%	12.07%	12.05%	11.70%	11.36%	12.11%	12.19%
Public	30.15%	29.39%	29.48%	28.37%	28.76%	29.82%	28.32%	28.69%	28.47%	28.99%	29.78%	29.13%	29.11%