Finolex Industries Ltd - Stock Valuation and Financial Performance

BSE: 500940 | NSE: FINPIPE | Plastic Products | Small Cap

Finolex Inds Share Price

246.90 -2.35 -0.94%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Finolex Inds

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Finolex Industries stock performance -

mw4me loader
P/E Ratio (SA):
33.84
Market Cap:
15,304.1 Cr.
52-wk low:
161.5
52-wk high:
259.9

Is Finolex Industries Ltd an attractive stock to invest in?

1. Is Finolex Industries Ltd a good quality company?

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

2. Is Finolex Industries Ltd undervalued or overvalued?

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

3. Is Finolex Industries Ltd a good buy now?

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

10 Year X-Ray of Finolex Inds:

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

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 17.3%7.9%17%17.3%11.5%13.7%14.5%26.4%21.5%5.9%-
Value Creation
Index
0.2-0.40.20.3-0.20.00.11.00.6-0.6-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 2,4532,4762,8432,6022,7383,0912,9853,4624,6474,3974,223
Sales YoY Gr.-0.9%14.8%-8.5%5.2%12.9%-3.5%16%34.2%-5.4%-
Adj EPS 3.51.13.95.64.85.95.52.312.74.27.3
YoY Gr.--69.4%260.2%44.5%-15.5%24.8%-6.9%-58.2%450.2%-67%-
BVPS (₹) 12.712.725.336.944.640.831.149.562.37890.5
Adj Net
Profit
21966.9241349295368343717789259452
Cash Flow from Ops. 245212569252338391106941622302-
Debt/CF from Ops. 2.930.40.40.30.22.70.20.51.7-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 6.7%9.9%13.8%-5.4%
Adj EPS 1.9%-2.5%-8.8%-67%
BVPS22.3%11.9%35.9%25.3%
Share Price 20.5% 19.8% 26.2% 41.9%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
298.520.518.111.713.915.428.722.768.7
Op. Profit
Mgn %
16.28.814.421.617.719.615.828.622.17.414
Net Profit
Mgn %
8.92.78.513.410.811.911.520.7175.910.7
Debt to
Equity
0.90.80.10000.20.10.10.1-
Working Cap
Days
951008392112106123126110113133
Cash Conv.
Cycle
4549272543426457496181

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 13.79%

Return on Equity has declined versus last 3 years average to 8.70%

Net Profit has been subdued in last 3 years -8.78%

Sales growth is not so good in last 4 quarters at -11.21%

Latest Financials - Finolex Industries Ltd.

Standalone Consolidated
TTM EPS (₹) 7.3 7.7
TTM Sales (₹ Cr.) 4,223 4,223
BVPS (₹.) 90.5 91.8
Reserves (₹ Cr.) 5,488 5,570
P/BV 2.73 2.69
PE 33.84 32.21
From the Market
52 Week Low / High (₹) 161.50 / 259.90
All Time Low / High (₹) 0.41 / 268.00
Market Cap (₹ Cr.) 15,304
Equity (₹ Cr.) 124.1
Face Value (₹) 2
Industry PE 35.1

Management X-Ray of Finolex Inds:

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 (%)

Event Update

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Analyst's Notes

Key Ratios of Finolex Inds

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales2,4532,4762,8432,6022,7383,0912,9853,4624,6474,397
Operating Expenses 2,0562,2652,4392,0402,2542,4872,5402,4733,6244,105
Manufacturing Costs249272255234274316321283450633
Material Costs1,6521,8101,9861,5851,7461,8921,9121,9012,8113,034
Employee Cost 727492105116134146167191190
Other Costs 83109106116118145161123172248
Operating Profit 3972114045624846044459891,024293
Operating Profit Margin (%) 16.2%8.5%14.2%21.6%17.7%19.5%14.9%28.6%22.0%6.7%
Other Income 442040252542347583121
Interest 6670451510121191427
Depreciation 62595155617074788389
Exceptional Items -70-212400-28003760
Profit Before Tax 242813735174395363939771,385297
Tax 72331191651401866924933261
Profit After Tax 170482543522993503247281,053237
PAT Margin (%) 6.9%1.9%8.9%13.5%10.9%11.3%10.9%21.0%22.7%5.4%
Adjusted EPS (₹)2.70.84.15.74.85.65.211.717.03.8
Dividend Payout Ratio (%)51%52%49%41%42%35%38%34%24%39%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 7907871,5702,2912,7652,5281,9303,0733,8644,825
Share Capital 124124124124124124124124124124
Reserves 6666631,4462,1672,6402,4041,8062,9493,7404,701
Minority Interest0000000000
Debt6565871129410190283204278526
Long Term Debt23218400000000
Short Term Debt4244031129410190283204278526
Trade Payables111200243227250284228436463289
Others Liabilities 379285424342339371375494656542
Total Liabilities 1,9361,8592,3492,9553,4553,2732,8154,2075,2616,182

Fixed Assets

Gross Block1,8501,8948971,9822,0642,1992,3342,3912,4512,600
Accumulated Depreciation9451,026471,1271,1791,2491,3171,3881,4581,545
Net Fixed Assets9058688508558849511,0171,0029931,055
CWIP 3210722909078944
Investments 2211808171,2221,5551,3035801,5922,6333,844
Inventories5065594475576126208589191,015673
Trade Receivables41491852437473148334298
Cash Equivalents 211210162328933368161
Others Assets209182200230247206187201194208
Total Assets 1,9361,8592,3492,9553,4553,2732,8154,2075,2616,182

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 245212569252338391106941622302
PBT 242813735174395363939771,385297
Adjustment 154121614849408424-352-8
Changes in Working Capital -9849201-138-30-8-258152-7680
Tax Paid -52-39-66-175-120-177-113-212-336-68
Cash Flow From Investing Activity 11022-7735-162-22849-877-440-288
Capex -67-31-31-95-173-102-60-65296-168
Net Investments 16948-931234-14494-851-791-162
Others 9547781816395442
Cash Flow From Financing Activity -344-243-494-282-175-163-105-90-190-29
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 21-5800000000
Interest Paid -67-58-44-18-10-7-11-8-14-28
Dividend Paid -79-98-29-149-172-145-287-4-248-248
Others -220-30-421-1157-11193-7873248
Net Cash Flow 12-9-241051-26-8-15
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)22.526.0621.5918.2411.8113.2214.5429.1130.375.45
ROCE (%)20.1210.3326.0825.5517.0919.9816.7535.9337.736.84
Asset Turnover Ratio1.421.491.521.130.880.920.980.990.980.77
PAT to CFO Conversion(x)1.444.422.240.721.131.120.331.290.591.27
Working Capital Days
Receivable Days5644679121926
Inventory Days65695761757390947670
Payable Days33314154505249645845

Finolex Industries Ltd Stock News

Finolex Industries Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Finolex Inds on 28-Mar-2024 16:01 is ₹246.9.
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 28-Mar-2024 16:01 the market cap of Finolex Inds stood at ₹15,304.1.
The latest P/E ratio of Finolex Inds as of 28-Mar-2024 16:01 is 33.84.
The latest P/B ratio of Finolex Inds as of 28-Mar-2024 16:01 is 2.73.
The 52-week high of Finolex Inds is ₹259.9 and the 52-week low is ₹161.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Finolex Inds is ₹4,223 ( Cr.) .

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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