Finolex Industries Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹8,491 Cr
- P/E
- 13.79
- ROE
- 8.57%
- PEG
- 0.42
- Price to sales
- 2.14
- Debt to equity
- 0.07
- 52W high / low
- ₹192 / ₹137
- Sales growth (5Y)
- 3.51%
- EBITDA margin
- 17.50%
- Net profit margin
- 12.82%
- Promoter holding
- 52.47%
- Sales (last year)
- ₹3,954 Cr
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]
Guidance scorecard · Q2 FY27 call
What Finolex Industries Ltd's management guided
and where it ranks in Industrial Products
RevenueQ1 FY27 call
0–10%- July showed strong volume growth, described as "the best month" of recent months, indicating positive momentum.
- Q2 volume growth could be in mid-teens percentage, but full-year guidance remains uncertain due to market volatility.
- Company maintains a cautious outlook on full-year volume and revenue growth, preferring to review trends after Q2.
- Continue investing organically in current portfolio segments (UPVC and CPVC) to support growth.
- Capacity expansions and debottlenecking are ongoing, with headroom to grow volumes by 10-12% without major new large-scale expansions.
- Market share efforts focus on increasing penetration and presence in underrepresented areas.
2 more points from Finolex Industries Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Finolex Industries Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Finolex Industries is continuing to invest organically in its current business portfolio to support growth across all segments, including UPVC and CPVC.
- Capacity expansion is planned on a mid- to long-term basis, unaffected by short-term market conditions.
- The company is augmenting capacity through debottlenecking, replacing old lower-capacity extruders with higher-capacity ones.
- The capital outlay for capacity enhancement remains around INR 125-200 crores annually.
- Currently, there are no announced large-scale greenfield or brownfield expansion projects underway.
2 more points from Finolex Industries Ltd's call on capex
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FundraisingQ1 FY27 call
See what Finolex Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Ask what Finolex Industries Ltd said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Finolex Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Finolex Industries Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 52.47% | 52.47% | 52.47% | 52.47% | 52.47% | 52.47% | 52.47% | 52.47% | 52.47% | 52.47% | 52.47% | 52.47% |
| FIIs + | 6.45% | 6.41% | 6.90% | 6.40% | 6.64% | 6.48% | 6.03% | 5.93% | 5.87% | 5.86% | 5.85% | 5.78% |
| DIIs + | 11.95% | 10.95% | 11.95% | 12.07% | 12.05% | 11.70% | 11.36% | 12.11% | 12.19% | 12.78% | 11.35% | 11.36% |
| Government + | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Public + | 28.76% | 29.82% | 28.32% | 28.69% | 28.47% | 28.99% | 29.78% | 29.13% | 29.11% | 28.53% | 29.97% | 30.04% |
| Others + | 0.34% | 0.34% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| No. of Shareholders | 2,26,844 | 2,13,679 | 2,11,507 | 2,26,758 | 2,38,785 | 2,51,087 | 2,50,051 | 2,45,505 | 2,46,153 | 2,37,719 | 2,45,937 | 2,43,708 |
Financials of Finolex Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 883 | 1,020 | 1,235 | 1,140 | 828 | 1,001 | 1,172 | 1,043 | 859 | 898 | 1,314 | 884 | 1,094 |
| Expenses + | 780 | 900 | 1,026 | 934 | 818 | 918 | 1,001 | 950 | 729 | 775 | 982 | 777 | 970 |
| Operating Profit | 103 | 120 | 209 | 207 | 11 | 83 | 171 | 94 | 130 | 123 | 332 | 107 | 124 |
| OPM % | 12% | 12% | 17% | 18% | 1.3% | 8% | 15% | 9% | 15% | 14% | 25% | 12% | 11% |
| Other Income + | 70 | 47 | 54 | 472 | 85 | 66 | 85 | 69 | 68 | 63 | 53 | 76 | 57 |
| Interest | 12 | 8 | 7 | 7 | 7 | 10 | 6 | 6 | 4 | 3 | 8 | 7 | 3 |
| Depreciation | 27 | 28 | 27 | 26 | 26 | 27 | 27 | 27 | 27 | 26 | 26 | 27 | 28 |
| Profit before tax | 133 | 132 | 229 | 646 | 62 | 112 | 223 | 131 | 166 | 157 | 351 | 148 | 150 |
| Tax % | 27% | 27% | 28% | 23% | 34% | 16% | 26% | 25% | 26% | 26% | 26% | 23% | 23% |
| Net Profit + | 98 | 95 | 165 | 501 | 41 | 94 | 165 | 98 | 124 | 116 | 261 | 115 | 115 |
| EPS in Rs | 1.58 | 1.54 | 2.66 | 8.07 | 0.66 | 1.52 | 2.65 | 1.58 | 1.99 | 1.87 | 4.21 | 1.85 | 1.85 |
Financials of Finolex Industries Ltd
Profit & Loss
Annual income statement trend
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,482 | 2,602 | 2,738 | 3,091 | 2,985 | 3,462 | 4,647 | 4,397 | 4,317 | 4,142 | 4,113 | 4,189 |
| Expenses + | 2,075 | 2,039 | 2,253 | 2,487 | 2,536 | 2,472 | 3,624 | 4,105 | 3,732 | 3,666 | 3,435 | 3,503 |
| Operating Profit | 407 | 563 | 484 | 604 | 448 | 990 | 1,023 | 293 | 585 | 476 | 679 | 686 |
| OPM % | 16% | 22% | 18% | 20% | 15% | 29% | 22% | 7% | 14% | 12% | 16% | 16% |
| Other Income + | 71 | 32 | 40 | 26 | 55 | 87 | 457 | 145 | 218 | 703 | 254 | 249 |
| Interest | 45 | 15 | 10 | 12 | 11 | 7 | 14 | 27 | 36 | 30 | 21 | 21 |
| Depreciation | 51 | 55 | 61 | 70 | 74 | 78 | 83 | 89 | 116 | 107 | 107 | 108 |
| Profit before tax | 383 | 525 | 454 | 548 | 418 | 992 | 1,383 | 321 | 651 | 1,043 | 805 | 806 |
| Tax % | 33% | 32% | 33% | 33% | 20% | 26% | 24% | 22% | 27% | 23% | 26% | |
| Net Profit + | 258 | 355 | 306 | 367 | 333 | 738 | 1,051 | 251 | 474 | 800 | 599 | 607 |
| EPS in Rs | 4.15 | 5.72 | 4.94 | 5.92 | 5.36 | 11.89 | 16.94 | 4.04 | 7.63 | 12.89 | 9.65 | 9.78 |
| Dividend Payout % | 48% | 40% | 41% | 34% | 37% | 34% | 24% | 37% | 33% | 28% | 28% |
Financials of Finolex Industries Ltd
Balance Sheet
Capital structure and asset base
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 |
| Reserves | 1,466 | 2,191 | 2,671 | 2,452 | 1,862 | 3,015 | 3,804 | 4,779 | 5,511 | 5,973 | 6,091 | 7,430 |
| Borrowings + | 212 | 94 | 101 | 90 | 283 | 204 | 278 | 541 | 394 | 237 | 446 | 142 |
| Other Liabilities + | 583 | 588 | 610 | 666 | 623 | 951 | 1,140 | 841 | 1,030 | 1,048 | 935 | 1,190 |
| Total Liabilities | 2,385 | 2,997 | 3,506 | 3,332 | 2,891 | 4,294 | 5,345 | 6,285 | 7,058 | 7,382 | 7,596 | 8,887 |
| Fixed Assets + | 850 | 855 | 884 | 951 | 1,017 | 1,002 | 993 | 1,055 | 1,055 | 1,008 | 1,017 | 999 |
| CWIP | 7 | 22 | 90 | 90 | 7 | 8 | 9 | 44 | 19 | 73 | 28 | 23 |
| Investments | 854 | 1,264 | 1,607 | 1,362 | 656 | 1,679 | 2,718 | 3,952 | 4,586 | 4,910 | 4,969 | 6,153 |
| Other Assets + | 675 | 856 | 925 | 929 | 1,211 | 1,604 | 1,625 | 1,234 | 1,398 | 1,391 | 1,581 | 1,713 |
| Total Assets | 2,385 | 2,997 | 3,506 | 3,332 | 2,891 | 4,294 | 5,345 | 6,285 | 7,058 | 7,382 | 7,596 | 8,887 |
Financials of Finolex Industries Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 569 | 252 | 338 | 391 | 106 | 941 | 622 | 308 | 353 | 383 | 192 |
| Cash from Investing Activity + | -77 | 35 | -162 | -228 | 49 | -877 | -440 | -294 | -83 | 8 | -156 |
| Cash from Financing Activity + | -494 | -282 | -175 | -163 | -105 | -90 | -190 | -29 | -277 | -349 | -49 |
| Net Cash Flow | -2 | 4 | 1 | -0 | 51 | -26 | -8 | -15 | -6 | 42 | -13 |
| Free Cash Flow | 538 | 157 | 166 | 289 | 46 | 876 | 918 | 140 | 267 | 268 | 133 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 156% | 76% | 95% | 94% | 49% | 116% | 94% | 128% | 85% | 122% | 53% |
Financials of Finolex Industries Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 3 | 7 | 6 | 9 | 9 | 16 | 26 | 25 | 39 | 33 | 32 |
| Inventory Days | 100 | 128 | 128 | 120 | 164 | 176 | 132 | 81 | 99 | 108 | 159 |
| Days Payable | 55 | 52 | 52 | 55 | 44 | 84 | 60 | 35 | 39 | 61 | 57 |
| Cash Conversion Cycle | 48 | 83 | 81 | 74 | 129 | 108 | 98 | 71 | 98 | 80 | 134 |
| Working Capital Days | 0 | 28 | 32 | 33 | 39 | 22 | 17 | -6 | 13 | 20 | 32 |
| ROCE % | 25% | 17% | 21% | 17% | 36% | 27% | 7% | 11% | 9% | 12% |
Guidance history
How Finolex Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 0–10% | Flat | Planned | — | — |
| Q3 FY26 call → | 0–10% | Flat | Planned | — | — |
| Q2 FY26 call → | 0–10% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
13 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −27.8% | 27% |
| Last 6 months | −20.6% | 20% |
| Last 3 months | −15.5% | 32% |
The price is 60.9% below its all-time high of ₹350.45 (7 Jun 2024). Stocks more than 20% below their peak have their score halved, so 25 became 13.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Finolex Industries Ltd: 0.4 × 27 + 0.4 × 20 + 0.2 × 32 = 25, halved to 13 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Finolex Industries Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY25 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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