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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 Inds Share Price

₹173.30 0.35 (0.20%)

As on 05-Jun'26 16:59

Finolex Industries Ltd (FINPIPE)

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

₹173.30 0.35 (0.20%)

As on 05-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹10,731 Cr.
Current Price
₹173.3
52-Week Low / High
₹147 / 238
TTM EPS
₹9.4
TTM Sales
₹4,113 Cr.
Book Value per Share
₹98
P/E Ratio
18.49
In line with its 5-year historical median
Industry PE
39
Price to Book (P/B)
1.77
Lower than its 5-year historical median
Price to Sales (P/S)
2.61
Lower than its 5-year historical median
EV/EBITDA
12.45
Lower than its 5-year historical median
Dividend Yield
2.00%
Profitability Efficiency
Return on Equity (ROE)
13.51%
Outperforms industry median
Return on Capital Employed (ROCE)
17.07%
Outperforms industry median
Return on Assets (ROA)
10.99%
Operating Profit Margin
11.6%
Net Profit Margin
18.78%
Gross Profit Margin
16.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-4.06%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
-18.65%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
70.85%
Asset Quality
Promoter Holding
52.47%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹5,954 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

Valuation

Somewhat Undervalued

Price Trend

Semi Strong
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.

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.

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 6.77%, compared to the industry median CAGR of 4.71%, indicating faster growth and gaining 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 7.9% based on the current price.

DeciZen - make an informed investing decision on Finolex Inds

Decision Maker
Standalone basis

1. Right Stock

10 Year X-ray Pro
Long Term Prospect

2. Right Price

3. Right Time

#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'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 26.1%25.6%17.1%20%16.8%35.9%37.7%6.8%11.5%17.1%-
Value Creation
Index
0.90.90.30.50.21.71.8-0.5-0.20.3-

Growth Parameters

Sales 2,8432,6022,7383,0912,9853,4624,6474,3974,3174,1424,113
Sales YoY Gr.--8.5%5.2%12.9%-3.5%16%34.2%-5.4%-1.8%-4.1%-
Adj EPS 3.95.64.85.95.52.312.73.86.77.99.4
YoY Gr.-44.5%-15.5%24.8%-6.9%-58.2%450.2%-70.1%76.3%17.8%-
BVPS (₹) 25.336.944.640.831.149.562.37889.696.798
Adj Net
Profit
241349295368343717789235414488580
Cash Flow from Ops. 569252338391106941622308353383-
Debt/CF from Ops. 0.40.40.30.22.70.20.51.71.10.6-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 4.3%6.8%-3.8%-4.1%
Adj EPS 8.2%7.4%-14.7%17.8%
BVPS16.1%25.5%15.8%8%
Share Price 8.2% 0.6% 1.2% -20.5%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
20.518.111.713.915.428.722.75.488.59.6
Op. Profit
Mgn %
14.421.617.719.615.828.622.17.413.611.616.5
Net Profit
Mgn %
8.513.410.811.911.520.7175.49.611.814.1
Debt to
Equity
0.10000.20.10.10.10.100
Working Cap
Days
8392112106123126110113107116151
Cash Conv.
Cycle
27254342645749616366116

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales2,8432,6022,7383,0912,9853,4624,6474,3974,3174,142
Operating Expenses + 2,4392,0402,2542,4872,5402,4733,6244,1053,7333,666
Manufacturing Costs255234274316321283450618582561
Material Costs1,9861,5851,7461,8921,9121,9012,8113,0342,6972,638
Employee Cost 92105116134146167191190211222
Other Costs 106116118145161123172263243245
Operating Profit 4045624846044459891,024293585476
Operating Profit Margin (%) 14.2%21.6%17.7%19.5%14.9%28.6%22.0%6.7%13.5%11.5%
Other Income + 40252542347583121181248
Exceptional Items 2400-280037600417
Interest 4515101211914273630
Depreciation 5155617074788389116107
Profit Before Tax 3735174395363939771,3852976131,005
Tax 1191651401866924933261158227
Profit After Tax 2543522993503247281,053237455778
PAT Margin (%) 9.0%13.5%10.9%11.3%10.9%21.0%22.7%5.4%10.6%18.8%
Adjusted EPS (₹)4.15.74.85.65.211.717.03.87.412.6
Dividend Payout Ratio (%)48.80%40.50%41.60%35.50%38.30%34.10%23.60%39.20%34%28.60%

Valuation of Finolex Inds - 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

mw4me loader

Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 1,5702,2912,7652,5281,9303,0733,8644,8255,5385,978
Share Capital 124124124124124124124124124124
Reserves 1,4462,1672,6402,4041,8062,9493,7404,7015,4145,855
Debt +1129410190283204278526382221
Long Term Debt0000000000
Short Term Debt1129410190283204278526382221
Minority Interest0000000000
Trade Payables243227250284228436463289289444
Others Liabilities 424342339371375494656542719580
Total Liabilities 2,3492,9553,4553,2732,8154,2075,2616,1826,9287,223

Fixed Assets

Net Fixed Assets +8508558849511,0171,0029931,0551,0551,008
Gross Block8971,9822,0642,1992,3342,3912,4512,6002,7092,767
Accumulated Depreciation471,1271,1791,2491,3171,3881,4581,5451,6541,758
CWIP 7229090789441973
Investments 8171,2221,5551,3035801,5922,6333,8504,4564,751
Inventories4475576126208589191,015673728782
Trade Receivables1852437473148334298458379
Cash Equivalents 1016232893336816132125
Others Assets 200230247206187201194202180104
Total Assets 2,3492,9553,4553,2732,8154,2075,2616,1826,9287,223

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 569252338391106941622308353383
PBT 3735174395363939771,3852976131,005
Adjustment 614849408424-352-8-28-545
Changes in Working Capital 201-138-30-8-258152-7686-88122
Tax Paid -66-175-120-177-113-212-336-68-145-199
Cash Flow From Investing Activity + -7735-162-22849-877-440-294-838
Capex -31-95-173-102-60-65296-168-86305
Net Investments -931234-14494-851-791-168-45-365
Others 477818163954424869
Cash Flow From Financing Activity + -494-282-175-163-105-90-190-29-277-349
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid -44-18-10-7-11-8-14-28-36-31
Dividend Paid -29-149-172-145-287-4-248-248-93-155
Others -421-1157-11193-7873248-148-163
Net Cash Flow -241-051-26-8-15-642

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)21.5918.2411.8113.2214.5429.1130.375.458.7913.51
ROCE (%)26.0825.5517.0919.9816.7535.9337.736.8411.5317.07
Asset Turnover Ratio1.521.130.880.920.980.990.980.770.660.59
PAT to CFO Conversion(x)2.240.721.131.120.331.290.591.30.780.49
Working Capital Days
Receivable Days3.804.306.206.90911.701926.2031.9036.90
Inventory Days57.3061.4075.4072.7090.4093.707670.1059.2066.60
Payable Days40.7054.205051.5048.9063.8058.4045.3039.1050.70

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 (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Finolex Industries Ltd FAQs

The current trading price of Finolex Inds on 05-Jun-2026 16:59 is ₹173.3.

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 04-Jun-2026 the market cap of Finolex Inds stood at ₹10,731.2 Cr

The latest P/E ratio of Finolex Inds as of 04-Jun-2026 is 18.49.

The latest P/B ratio of Finolex Inds as of 04-Jun-2026 is 1.77.

The 52-week high of Finolex Inds is ₹238.0 and the 52-week low is ₹147.4.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Finolex Inds is ₹4,113 ( 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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