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Finolex Industries Limited
(FINPIPE)
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Rating:66Neutral
Price Target:
₹173.00
▲(5.75% Upside)
Action:Reiterated
Date:08/29/26
The score is driven primarily by solid financial stability (low leverage and growing equity) but held back by weak operating cash flow conversion and inconsistent earnings/margins. Technicals add caution due to a below-trend price and negative MACD, while valuation is supportive with a mid-teens P/E and modest dividend yield.
Positive Factors
Conservative Balance Sheet
Low leverage and a steadily expanding equity base provide financial resilience and flexibility. This reduces balance-sheet risk across construction and agriculture cycles and supports continued investment without excessive reliance on borrowing.
Negative Factors
Weak Operating Cash Conversion
Reported profits are not converting consistently into operating cash, raising the risk that working-capital swings absorb earnings. Persistently weak conversion could constrain reinvestment, dividends, and the company’s ability to fund growth internally.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Low leverage and a steadily expanding equity base provide financial resilience and flexibility. This reduces balance-sheet risk across construction and agriculture cycles and supports continued investment without excessive reliance on borrowing.
Read all positive factors
Finolex Industries Limited (FINPIPE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹99.68B
Dividend Yield1.24%
Average Volume (3M)48.12K
Price to Earnings (P/E)16.1
Beta (1Y)0.97
Revenue Growth-2.24%
EPS Growth54.85%
CountryIN
Employees1,499
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)9.96
Shares Outstanding620,476,900
10 Day Avg. Volume43,104
30 Day Avg. Volume48,120
Financial Highlights & Ratios
PEG Ratio-0.62
Price to Book (P/B)1.49
Price to Sales (P/S)2.25
P/FCF Ratio56.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)8.85
Revenue Forecast (FY)₹44.41B
Finolex Industries Limited Business Overview & Revenue Model
Company Description
Finolex Industries Limited is India's largest manufacturer of PVC pipes and fittings, and one of the largest producers of PVC resin. The company operates through PVC Resin and PVC Pipes & Fittings segments, offering a wide range of products for ag...
How the Company Makes Money
Finolex Industries makes money primarily by manufacturing and selling PVC piping products. Its core revenue stream is the sale of PVC pipes and fittings, which are used in applications such as water supply plumbing, sanitation/drainage, and agricu...
Finolex Industries Limited Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
86
Very Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 39.54B | 41.13B | 41.42B | 43.17B | 43.97B | 46.47B |
| Gross Profit | 14.53B | 13.68B | 14.66B | 15.81B | 12.61B | 17.49B |
| EBITDA | 9.41B | 9.32B | 4.70B | 5.81B | 3.25B | 10.28B |
| Net Income | 6.15B | 5.99B | 8.00B | 4.74B | 2.51B | 10.51B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 75.96B | 73.82B | 70.58B | 62.85B | 53.45B |
| Cash, Cash Equivalents and Short-Term Investments | 24.93B | 24.93B | 22.69B | 19.08B | 18.00B | 16.03B |
| Total Debt | 0.00 | 4.46B | 2.37B | 3.94B | 5.41B | 2.78B |
| Total Liabilities | -62.15B | 13.81B | 12.85B | 14.24B | 13.82B | 14.18B |
| Stockholders Equity | 62.15B | 62.15B | 60.97B | 56.34B | 49.03B | 39.28B |
Cash Flow | ||||||
| Free Cash Flow | -137.90M | 1.64B | 2.67B | 2.67B | 1.33B | 5.38B |
| Operating Cash Flow | 116.30M | 2.29B | 3.83B | 3.53B | 3.02B | 6.22B |
| Investing Cash Flow | 4.07B | -2.12B | 83.40M | -829.70M | -2.88B | -4.40B |
| Financing Cash Flow | -4.41B | -302.20M | -3.49B | -2.77B | -289.40M | -1.90B |
Finolex Industries Limited Technical Analysis
Negative
163.60
Price Trends
166.65
Negative
169.65
Negative
173.12
Negative
Market Momentum
-1.41
Negative
45.10
Neutral
37.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:FINPIPE, the sentiment is Negative. The current price of 163.6 is above the 20-day moving average (MA) of 162.30, below the 50-day MA of 166.65, and below the 200-day MA of 173.12, indicating a bearish trend. The MACD of -1.41 indicates Negative momentum. The RSI at 45.10 is Neutral, neither overbought nor oversold. The STOCH value of 37.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:FINPIPE.
Finolex Industries Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹464.92B | 44.75 | ― | 1.04% | 8.71% | 16.02% | |
67 Neutral | ₹412.36B | 71.50 | ― | 0.26% | 16.79% | 18.82% | |
66 Neutral | ₹99.68B | 16.12 | ― | 1.22% | -2.24% | 54.85% | |
64 Neutral | ₹32.44B | 31.79 | ― | 0.19% | 5.10% | 347.36% | |
58 Neutral | ₹27.96B | -301.91 | ― | 0.23% | -1.99% | -132.14% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | ₹173.48M | -12.54 | ― | ― | ― | 72.79% |
* General Sector Average
IN:FINPIPE
Finolex Industries Limited
160.65
-49.67
-23.62%
IN:APOLLOPIPE
Apollo Pipes Ltd.
634.85
226.52
55.48%
IN:ASTRAL
Astral Limited
1,534.95
131.70
9.39%
IN:PRINCEPIPE
Prince Pipes And Fittings Ltd
293.40
-41.34
-12.35%
IN:SUPREMEIND
Supreme Industries Limited
3,660.00
-870.20
-19.21%
IN:TIJARIA
Tijaria Polypipes Limited
6.06
-0.98
-13.92%
Finolex Industries Limited Corporate Events
Finolex Industries Sets Record Date for FY 2025-26 Dividend Payout
Aug 28, 2026
Finolex Industries Limited has announced that its board has recommended a final dividend of ₹2 per equity share and a special dividend of ₹0.75 per equity share, totaling ₹2.75 per equity share for the financial year 2025-26. The...
Finolex Industries Sends AGM and Annual Report Web-Link to Non-Email Shareholders
Aug 28, 2026
Finolex Industries has notified stock exchanges that it is dispatching physical letters to shareholders who have not registered their email addresses, providing a web link and exact navigation path on its website to access the notice and annual re...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.