FINPIPE

Finolex Industries Limited

PVC pipes and fittings under Finolex brand for irrigation and plumbing

Industrials›Capital Goods›Industrial Products›Plastic Products - Industrial

finolexpipes.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹153.64
Market cap
9,511 Cr
Stock P/E
15.5
P/B
1.53
Dividend yield
2.3%
ROE (FY26)
9.6%
ROCE (FY26)
12.4%
Operating margin (FY26)
13.9%
Debt / equity (FY26)
0.07
OCF / EBITDA (FY26)
28.2%
OCF / EBITDA (3Y)
53.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Finolex (Finolex Industries) makes PVC pipes and fittings, sold through channel partners mainly to farm irrigation and also to non-farm uses, and makes its own PVC resin, the raw material for those pipes.

Company snapshot

4thBy market cap

Ranked among 20 companies in Plastic Products - Industrial.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 98.8% of revenue

SegmentRevenue shareRevenuePBTAssets
PVC pipes and fittings
98.8%
2,936 Cr128 Cr—
PVC resin
42.8%
1,270 Cr144 Cr—

Shares add up to 142% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Debt-to-equity of 0.07x — the company is largely funded by its own money, not borrowed funds.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales883 Cr1,020 Cr1,235 Cr1,140 Cr828 Cr1,001 Cr1,172 Cr1,043 Cr859 Cr898 Cr1,314 Cr884 Cr
Operating expenses (approx.)780 Cr900 Cr1,026 Cr934 Cr818 Cr918 Cr1,001 Cr950 Cr729 Cr775 Cr982 Cr777 Cr
EBITDA103 Cr120 Cr209 Cr207 Cr11 Cr83 Cr171 Cr94 Cr130 Cr123 Cr332 Cr107 Cr
OPM %11.7%11.8%16.9%18.1%1.3%8.3%14.6%9.0%15.2%13.7%25.3%12.1%
Other income61 Cr35 Cr44 Cr55 Cr83 Cr48 Cr65 Cr65 Cr58 Cr52 Cr36 Cr75 Cr
Interest12 Cr8 Cr7 Cr7 Cr7 Cr10 Cr6 Cr6 Cr4 Cr3 Cr8 Cr7 Cr
Depreciation27 Cr28 Cr27 Cr26 Cr26 Cr27 Cr27 Cr27 Cr27 Cr26 Cr26 Cr27 Cr
Profit before tax133 Cr132 Cr229 Cr646 Cr62 Cr112 Cr223 Cr131 Cr166 Cr157 Cr351 Cr148 Cr
Tax %26.5%27.5%27.9%22.5%34.3%15.9%26.3%25.0%25.6%26.0%25.6%22.5%
Net profit98 Cr95 Cr165 Cr501 Cr41 Cr94 Cr165 Cr98 Cr124 Cr116 Cr261 Cr115 Cr
EPS (₹)₹1.58₹1.54₹2.67₹8.10₹0.66₹1.52₹2.66₹1.59₹2.00₹1.88₹4.23₹1.85

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,988 Cr2,831 Cr3,091 Cr2,986 Cr3,463 Cr4,647 Cr4,397 Cr4,317 Cr4,142 Cr4,113 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,425 Cr2,347 Cr2,487 Cr2,538 Cr2,474 Cr3,624 Cr4,105 Cr3,733 Cr3,666 Cr3,435 CrSign in free for the trailing twelve months
EBITDA563 Cr484 Cr604 Cr448 Cr989 Cr1,024 Cr293 Cr585 Cr476 Cr679 CrSign in free for the trailing twelve months
OPM %18.8%17.1%19.5%15.0%28.6%22.0%6.7%13.5%11.5%16.5%Sign in free for the trailing twelve months
Other income23 Cr24 Cr40 Cr30 Cr72 Cr82 Cr121 Cr180 Cr247 Cr211 CrSign in free for the trailing twelve months
Interest15 Cr10 Cr12 Cr12 Cr7 Cr14 Cr27 Cr36 Cr30 Cr21 CrSign in free for the trailing twelve months
Depreciation55 Cr61 Cr70 Cr74 Cr78 Cr83 Cr89 Cr116 Cr107 Cr107 CrSign in free for the trailing twelve months
Profit before tax525 Cr454 Cr548 Cr418 Cr992 Cr1,383 Cr321 Cr651 Cr1,043 Cr805 CrSign in free for the trailing twelve months
Tax %32.4%32.6%33.0%20.4%25.6%24.0%22.0%27.2%23.3%25.6%Sign in free for the trailing twelve months
Net profit355 Cr306 Cr367 Cr333 Cr738 Cr1,051 Cr251 Cr474 Cr800 Cr599 CrSign in free for the trailing twelve months
EPS (₹)₹28.59₹24.69₹29.59₹26.81₹11.89₹16.94₹4.04₹7.66₹12.94₹9.69Sign in free for the trailing twelve months
Dividend payout %————0.6%23.6%99.0%19.6%19.3%37.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital124 Cr124 Cr124 Cr124 Cr124 Cr124 Cr124 Cr124 Cr124 Cr124 Cr
Reserves2,191 Cr2,671 Cr2,452 Cr1,862 Cr3,015 Cr3,804 Cr4,779 Cr5,511 Cr5,973 Cr6,091 Cr
Borrowings94 Cr101 Cr91 Cr283 Cr204 Cr278 Cr526 Cr382 Cr221 Cr437 Cr
Other liabilities588 Cr610 Cr666 Cr623 Cr951 Cr1,140 Cr856 Cr1,042 Cr1,064 Cr944 Cr
Total liabilities2,997 Cr3,506 Cr3,333 Cr2,891 Cr4,294 Cr5,345 Cr6,285 Cr7,058 Cr7,382 Cr7,596 Cr
Fixed assets (net)852 Cr882 Cr949 Cr1,015 Cr1,001 Cr992 Cr1,038 Cr1,041 Cr987 Cr1,006 Cr
CWIP22 Cr90 Cr90 Cr7 Cr8 Cr9 Cr44 Cr19 Cr73 Cr28 Cr
Investments1,264 Cr1,607 Cr1,362 Cr662 Cr1,679 Cr2,718 Cr3,947 Cr4,586 Cr4,910 Cr4,969 Cr
Loans & advances——0.31 Cr0.90 Cr0.81 Cr9 Cr23 Cr17 Cr13 Cr8 Cr
Inventories557 Cr612 Cr620 Cr858 Cr919 Cr1,015 Cr673 Cr728 Cr782 Cr1,026 Cr
Trade receivables52 Cr43 Cr74 Cr73 Cr148 Cr334 Cr298 Cr458 Cr379 Cr362 Cr
Cash & bank6 Cr7 Cr8 Cr57 Cr31 Cr24 Cr9 Cr2 Cr44 Cr31 Cr
Other assets244 Cr266 Cr229 Cr217 Cr506 Cr244 Cr255 Cr207 Cr193 Cr165 Cr
Total assets2,997 Cr3,506 Cr3,333 Cr2,891 Cr4,294 Cr5,345 Cr6,285 Cr7,058 Cr7,382 Cr7,596 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity252 Cr338 Cr391 Cr97 Cr676 Cr622 Cr302 Cr353 Cr383 Cr192 Cr
Cash from investing35 Cr-162 Cr-228 Cr59 Cr-612 Cr-440 Cr-288 Cr-83 Cr8 Cr-156 Cr
Cash from financing-282 Cr-175 Cr-163 Cr-105 Cr-90 Cr-189 Cr-29 Cr-277 Cr-349 Cr-49 Cr
Net cash flow4 Cr1 Cr-0.30 Cr51 Cr-26 Cr-8 Cr-15 Cr-6 Cr42 Cr-13 Cr
Free cash flow (OCF − Capex)156 Cr166 Cr289 Cr36 Cr611 Cr538 Cr133 Cr267 Cr267 Cr127 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %22.4%16.0%21.0%18.9%29.9%33.2%6.4%11.4%17.0%12.4%
ROE %15.3%11.0%14.3%16.7%23.5%26.8%5.1%8.4%13.1%9.6%
Debtor days6699162625393332
Inventory days1221171141541721328497109144
Days payable50485242746036386251
Cash conversion cycle78747112111498739780124
OCF / EBITDA %44.7%69.9%64.7%21.7%68.4%60.8%103.1%60.4%80.4%28.2%
OCF / EBITDA % (3 years)——59.4%53.8%57.0%56.7%69.4%67.2%76.7%53.3%
Debt / equity0.040.040.040.140.060.070.110.070.040.07
Current ratio1.591.652.041.772.122.542.552.903.563.54
Net debt / EBITDA0.16—0.140.500.170.251.770.650.370.60