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Finolex Industries Ltd (FINPIPE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500940 NSE: FINPIPE Plastic Products | Small Cap | Finolex Industries Share Price

₹158.85 0.20 (0.13%)

As on 07-Sep'26 10:25

Finolex Industries Ltd (FINPIPE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500940 NSE: FINPIPE Plastic Products | Small Cap | Finolex Industries Share Price

₹158.85 0.20 (0.13%)

As on 07-Sep'26 10:25

Key Metrics
Valuation Multiples
Market Cap
₹9,844 Cr.
Current Price
₹158.9
52-Week Low / High
₹147 / 223
TTM EPS
₹9.5
TTM Sales
₹3,954 Cr.
Book Value per Share
₹99.7
P/E Ratio
16.66
Lower than its 5-year historical median
Industry PE
38.4
Price to Book (P/B)
1.59
Lower than its 5-year historical median
Price to Sales (P/S)
2.49
Lower than its 5-year historical median
EV/EBITDA
11.16
Lower than its 5-year historical median
Dividend Yield
1.73%
Profitability Efficiency
Return on Equity (ROE)
9.63%
Outperforms industry median
Return on Capital Employed (ROCE)
12.35%
Outperforms industry median
Return on Assets (ROA)
7.93%
Operating Profit Margin
17.3%
Net Profit Margin
14.11%
Gross Profit Margin
21.2%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
-0.69%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
42.68%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-25.39%
Asset Quality
Promoter Holding
52.47%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹6,061 Cr.
Equity
₹124.1 Cr.
Face Value
₹2
All Time Low / High
₹0.41 / 355.70

Finolex Industries stock performance

Key Ratios
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Check Before You Invest

Quality

Very Good
Check detailed performance

Valuation

Somewhat Undervalued

Check Valuation charts

Price Trend

Semi Strong
Check Price chart
Q.1 Is Finolex Industries Ltd a good quality company?
Finolex Industries Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does Finolex Industries Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Finolex Industries Ltd vs industry peers?
Finolex Industries Ltd revenue CAGR is 3.51%, compared to the industry median CAGR of 3.59%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of Finolex Industries Ltd?
Promoters hold 52.47% of the Finolex Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Finolex Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 5.4% based on the current price.
View More

DeciZen - make an informed investing decision on Finolex Industries

Decision Maker
Standalone basis

1. Right Stock

10 Year X-ray Pro
Long Term Prospect

2. Right Price

Right Price
Price Chart

3. Right Time ⓘ

Right Price
#Likely Future 5 Year CAGR.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Finolex Industries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ25.6%17.1%20%16.8%35.9%37.7%6.8%11.5%17.1%12.4%-
Value Creation
Index ⓘ		0.90.30.50.21.71.8-0.5-0.20.3-0.1-

Growth Parameters ⓘ
Sales ⓘ2,6022,7383,0912,9853,4624,6474,3974,3174,1424,1133,954
Sales YoY Gr.-5.2%12.9%-3.5%16%34.2%-5.4%-1.8%-4.1%-0.7%-
Adj EPS ⓘ5.64.85.95.52.312.73.86.77.99.89.5
YoY Gr.--15.5%24.8%-6.9%-58.2%450.2%-70.1%76.3%17.8%23.7%-
BVPS (₹) ⓘ36.944.640.831.149.562.37889.696.798.399.7
Adj Net
Profit ⓘ		349295368343717789235414488603591
Cash Flow from Ops. ⓘ252338391106941622308353383192-
Debt/CF from Ops. ⓘ0.40.30.22.70.20.51.71.10.62.3-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ5.2%3.5%-2.2%-0.7%
Adj EPS ⓘ6.3%33.4%37%23.7%
BVPSⓘ11.5%14.7%8%1.7%
Share Price 5.4% -1.4% -14% -25.8%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		18.111.713.915.428.722.75.488.5109.6
Op. Profit
Mgn % ⓘ		21.617.719.615.828.622.17.413.611.617.417.5
Net Profit
Mgn % ⓘ		13.410.811.911.520.7175.49.611.814.714.9
Debt to
Equity ⓘ		0000.20.10.10.10.100.1-
Working Cap
Days ⓘ		92112106123126110113107116124151
Cash Conv.
Cycle ⓘ		25434264574961636673116

Valuation of Finolex Industries - Standalone

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales2,6022,7383,0912,9853,4624,6474,3974,3174,1424,113
Operating Expenses ⓘ + 2,0402,2542,4872,5402,4733,6244,1053,7333,6663,435
Manufacturing Costs234274316321283450618582561609
Material Costs1,5851,7461,8921,9121,9012,8113,0342,6972,6382,354
Employee Cost 105116134146167191190211222243
Other Costs ⓘ 116118145161123172263243245228
Operating Profit ⓘ 5624846044459891,024293585476679
Operating Profit Margin (%) 21.6%17.7%19.5%14.9%28.6%22.0%6.7%13.5%11.5%16.5%
Other Income ⓘ + 252542347583121181248213
Exceptional Items ⓘ 00-2800376004170
Interest ⓘ 1510121191427363021
Depreciation ⓘ 55617074788389116107107
Profit Before Tax ⓘ 5174395363939771,3852976131,005765
Tax ⓘ 1651401866924933261158227184
Profit After Tax 3522993503247281,053237455778580
PAT Margin (%) 13.5%10.9%11.3%10.9%21.0%22.7%5.4%10.6%18.8%14.1%
Adjusted EPS (₹)5.74.85.65.211.717.03.87.412.69.4
Dividend Payout Ratio (%)40.50%41.60%35.50%38.30%34.10%23.60%39.20%34%28.60%29.30%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 2,2912,7652,5281,9303,0733,8644,8255,5385,9786,077
Share Capital ⓘ 124124124124124124124124124124
Reserves ⓘ 2,1672,6402,4041,8062,9493,7404,7015,4145,8555,954
Debt +9410190283204278526382221437
Long Term Debt0000000000
Short Term Debt9410190283204278526382221437
Minority Interest0000000000
Trade Payables227250284228436463289289444366
Others Liabilities ⓘ 342339371375494656542719580527
Total Liabilities ⓘ 2,9553,4553,2732,8154,2075,2616,1826,9287,2237,408

Fixed Assets

Net Fixed Assets ⓘ +8558849511,0171,0029931,0551,0551,0081,017
Gross Block1,9822,0642,1992,3342,3912,4512,6002,7092,7672,874
Accumulated Depreciation1,1271,1791,2491,3171,3881,4581,5451,6541,7581,856
CWIP ⓘ 22909078944197328
Investments ⓘ 1,2221,5551,3035801,5922,6333,8504,4564,7514,782
Inventories5576126208589191,0156737287821,026
Trade Receivables52437473148334298458379362
Cash Equivalents 1623289333681613212560
Others Assets ⓘ 230247206187201194202180104132
Total Assets ⓘ 2,9553,4553,2732,8154,2075,2616,1826,9287,2237,408
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 252338391106941622308353383192
PBT ⓘ 5174395363939771,3852976131,005765
Adjustment ⓘ 4849408424-352-8-28-545-23
Changes in Working Capital ⓘ -138-30-8-258152-7686-88122-383
Tax Paid ⓘ -175-120-177-113-212-336-68-145-199-168
Cash Flow From Investing Activity ⓘ + 35-162-22849-877-440-294-838-156
Capex -95-173-102-60-65296-168-86305-59
Net Investments 1234-14494-851-791-168-45-365-153
Others ⓘ 781816395442486956
Cash Flow From Financing Activity ⓘ + -282-175-163-105-90-190-29-277-349-49
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 0000000000
Interest Paid ⓘ -18-10-7-11-8-14-28-36-31-20
Dividend Paid ⓘ -149-172-145-287-4-248-248-93-155-223
Others ⓘ -1157-11193-7873248-148-163193
Net Cash Flow ⓘ 41-051-26-8-15-642-13
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)18.2411.8113.2214.5429.1130.375.458.7913.519.63
ROCE (%)25.5517.0919.9816.7535.9337.736.8411.5317.0712.35
Asset Turnover Ratio1.130.880.920.980.990.980.770.660.590.56
PAT to CFO Conversion(x)0.721.131.120.331.290.591.30.780.490.33
Working Capital Days
Receivable Days4.306.206.90911.701926.2031.9036.9032.90
Inventory Days61.4075.4072.7090.4093.707670.1059.2066.6080.20
Payable Days54.205051.5048.9063.8058.4045.3039.1050.7062.80

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Finolex Industries Ltd FAQs

The current trading price of Finolex Industries on 07-Sep-2026 10:25 is ₹158.8.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 06-Sep-2026 the market cap of Finolex Industries stood at ₹9,843.9 Cr

The latest P/E ratio of Finolex Industries as of 06-Sep-2026 is 16.66.

The latest P/B ratio of Finolex Industries as of 06-Sep-2026 is 1.59.

The 52-week high of Finolex Industries is ₹223.0 and the 52-week low is ₹147.4.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Finolex Industries is ₹3,954 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Finolex Industries Ltd is a good quality company.

The key valuation ratios of Finolex Industries Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Finolex Industries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Finolex Industries Ltd

Finolex Industries Limited (FIL), formerly Finolex Pipes Ltd., was incorporated in 1981 and has been in the Plastics business since then. Beginning as a modest rigid PVC (Poly Vinyl Chloride) pipe manufacturer, FIL went on for backward integration and now manufactures PVC resin too.

The company’s manufacturing plants in Pune, Ratnagiri, and Masar house are all the modern-day equipment. Finolex PVC Pipes and Fittings are available in various sizes, pressure classes and diameters making them suitable for diversified applications in both agricultural as well as non-agricultural sectors including housing, industrial and construction. The company has been providing superior quality PVC-U and CPVC Pipes and Fittings, all across the country through its vast direct and indirect retail outlets.

Business area of the company

The company is engaged in the business of manufacturing PVC pipes & fittings and PVC resin. he company's product range includes PVC Resin ,PVC-U Pipes & Fittings, Selfit PVC-U Pipes (for agriculture and potable water supply),Ringfit PVC-U Pipes (for agriculture and potable water supply),Moulded Fittings for Agriculture,Fabricated Fittings for Agriculture,Protector Well Casings and Screens,Underground Sewerage Pipes,Selfit & Ringfit SWR PVC Pipes ,SWR Moulded Fittings,Plumbing Pipes (for domestic plumbing applications),Solvent Cemented Fittings (for domestic plumbing applications),etc. The company is also trading actively in Ethylene Di Chloride and Methanol.These products are used as solvents in the Pharma, Fertilizer, Paints, Lamination, Amines and various other industries in India.

Product portfolio

Agriculture

  • Agriculture Pipes & Fittings
  • Casing Pipes
  • Column Pipes
  • Solvent Cement & Lubricant

Non-agriculture

  • FlowGuard Plus CPVC Pipes & Fittings
  • Plumbing Pipes & Fittings
  • Sewerage Pipes
  • SWR Pipes & Fittings
  • Solvent Cement & Lubricant

Awards

2016-17

  • The company has won Supply Chain Icon of the Year 2017 by Global Logistics Excellence Awards
  • The company has won Water Company of the Year Award by the National CSR Leadership Congress & Awards.

2017-18

  • Finolex Industries Limited and Mukul Madhav Foundation were awarded with the ‘Best CSR Integrated Business under National Excellence for CSR and Sustainability’ at the ‘National CSR Leadership Congress & Awards’, which was held in Bengaluru, Karnataka during September 2017.
  • The company was awarded with the Best CSR Practice and Sustainability Award by ET Now (Feb 2018).

2018-19

  • Brand Leadership award given to Finolex Industries at the “Pune Best Brand Awards in Real Estate Sector” by the “Global Real Estate Congress” in October 2018.
  • Finolex Industries Limited received the Indywood CSR Excellence Award for “Best CSR practices in Speciality Healthcare” in December 2018. The award was given by Ms. Valeria V. Kolesnik, Head of Russian Cultural Ministry of Cinematography
  • Received Gujarat CSR Excellence Award for best Water conservation and Watershed projects at the hands of Shri Dharmendra Pradhan(Hon. Cabinet Minister of Petroleum and Natural Gas) and Shri Ganpatbhai Vasava ( Minister for Tribal development, Tourism, Forest, Women and Child Welfare) in November 2018.

2019-20

  • Finolex Honoured with Yuva Unstoppable Gratitude Award
  • Punyadham Humanitarian Service Award
  • Pride of Pune Award
  • IEBF Excellence Award - 2019
  • B G Deshmukh Award

History and Milestones

  • 1981: Finolex Industries Limited (FIL) was incorporated and had a modest beginning as a rigid PVC (Poly Vinyl Chloride) pipes manufacturer with a manufacturing plant in Pune.
  • 1985: FIL pioneered the concept of “Ringfit’ pressure pipes.
  • 1994: FIL set up a state of the art PVC Resin plant near Ratnagiri on the West Coast of Maharashtra State. The 130,000 M.T. PVC plant was set up in technical collaboration with Uhde GmbH of Germany and under technology license from Hoechst AG. FIL manufactures suspension PVC as well as emulsion/ paste PVC
  • 1996: FIL became India’s first manufacturer of PVC pipes and fittings to be awarded the ISO 9001: 2000 certification.
  • 1999: FIL also started manufacturing PVC pipes at Ratnagiri to meet its growing demand and introduced ASTM Pipes to cater the need of Plumbing sector
  • 2002: PVC Pipes and PVC Resin plants at Ratnagiri were awarded the IS14001 certificate for Environment Management Systems.
  • 2006: Finolex Industries Ltd., proudly celebrated 25 years of its success and the PVC Resin capacity was expanded from 1,30,000 MT to 2,60,000 MT. Further expanding its product range, FIL launched ASTM fittings to its product portfolio.
  • 2007: FIL introduced Underground Sewerage Pipes as per IS: 15328 - 2003.
  • 2008: Taking a step further with advancement in technology, FIL introduced LEAD FREE Plumbing pipes as per ASTM Standards.
  • 2009: FIL started a brand new state-of-the-art unit for manufacturing agriculture pipes and casing pipes at Urse, Pune with the capacity of 28000 MT p.a.
  • 2012: FIL started a new manufacturing plant at Masar, near Vadodara in Gujarat.
  • 2014: FIL set up a warehouse at Cuttack (Odisha)
  • 2016-17: Company has signed the FlowGuard Processor agreement with Lubrizol Corporation, the world leaders in CPVC resin and compounds since 1959.
  • 2017-18: The company participated in Constro 2018 International Fair at Agricultural Ground in Pune, Maharashtra.
  • 2018-19: Finolex Industries Ltd. alongside CSR partner Mukul Madhav Foundation inaugurated 77 toilets for the tribal residents of Palghar District
  • 2019-20: Finolex Pipes showcased its entire range of Agricultural Pipes to farmers and the Agricultural community attending the event.
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