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Swing Capital

Finolex Industries Ltd

NSE: FINPIPE BSE: 500940Infra

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 Resin PVC Pipes & Fittings [1]

₹163
52W: ₹147 — ₹238
PE 21.3 · Book ₹93.3 · +75% vs book
Market Cap₹10,132 Cr
Stock P/E21.3Price to Earnings
ROCE8.77%Return on Capital
ROE6.76%Return on Equity
Div. Yield1.24%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 33.9%

Weaknesses

  • −The company has delivered a poor sales growth of 6.77% over past five years.
  • −Company has a low return on equity of 6.62% over last 3 years.
  • −Earnings include an other income of Rs.241 Cr.

Shareholding Pattern

Promoters52.47%
FIIs5.86%
DIIs12.78%
Public28.53%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters52.47%52.47%52.47%52.47%52.47%52.47%52.47%52.47%
FIIs6.9%6.4%▼0.56.64%▲0.26.48%▼0.26.03%▼0.55.93%▼0.15.87%▼0.15.86%▼0.0
DIIs11.95%12.07%▲0.112.05%▼0.011.7%▼0.411.36%▼0.312.11%▲0.812.19%▲0.112.78%▲0.6
Public28.32%28.69%▲0.428.47%▼0.228.99%▲0.529.78%▲0.829.13%▼0.729.11%▼0.028.53%▼0.6

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales8831,0201,2351,1408281,0011,1721,043859898
Expenses7809001,0269348189181,001950729775
Operating Profit103120209207118317194130123
OPM %12%12%17%18%1%8%15%9%15%14%
Net Profit9489161505517115097119110
EPS ₹1.511.442.68.140.831.142.421.561.921.77

AI Insights

Revenue Trend

TTM revenue at ₹3,971Cr, down 4.1% YoY. OPM at 13%.

Debt Position

Borrowings at ₹21Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹41Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 12.78% (+0.91pp change). FIIs: 5.86% (+0.05pp change). Promoters hold 52.47%.

Margin & Efficiency

ROCE declining from 23% (Mar 2014) to 9% (Mar 2025). Working capital days: 20.

Valuation

PE 21.3x with 8.77% ROCE. Price is 75% above book value of ₹93.3. Dividend yield: 1.24%.

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