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Finolex Industries Limited
(FINPIPE)
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Rating:69Neutral
Price Target:
₹185.00
▲(3.64% Upside)
Action:Downgraded
Date:05/28/26
The score is driven primarily by solid financial resilience from a conservative, low-leverage balance sheet, partially offset by deteriorating and volatile cash generation and uneven earnings/revenue trends. Technicals are supportive due to an uptrend but tempered by near-overbought momentum signals, while valuation is fair with a moderate P/E and modest yield.
Positive Factors
Conservative balance sheet
Sustained low leverage and a doubling of equity (≈31.4B to 62.1B FY2021–FY2026) provide durable financial flexibility. This reduces interest burden, supports capital spending or opportunistic M&A, and helps absorb commodity or demand shocks over the medium term.
Negative Factors
Weak operating cash conversion
Very low cash conversion and a sharp OCF decline suggest profits are not reliably turning into cash. Over months this raises risk around funding working-capital swings, meeting capex or dividend commitments, and increases sensitivity to input-cost volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Sustained low leverage and a doubling of equity (≈31.4B to 62.1B FY2021–FY2026) provide durable financial flexibility. This reduces interest burden, supports capital spending or opportunistic M&A, and helps absorb commodity or demand shocks over the medium term.
Read all positive factors
Finolex Industries Limited (FINPIPE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹103.81B
Dividend Yield1.19%
Average Volume (3M)48.12K
Price to Earnings (P/E)17.5
Beta (1Y)1.02
Revenue Growth-0.69%
EPS Growth-25.08%
CountryIN
Employees1,510
SectorGeneral
Sector StrengthN/A
IndustryConstruction
Share Statistics
EPS (TTM)9.70
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)9.23
Revenue Forecast (FY)₹45.87B
Finolex Industries Limited Business Overview & Revenue Model
Company Description
Finolex Industries Limited, an Indian enterprise, specializes in the production and sale of polyvinyl chloride (PVC) resins, as well as PVC pipes and their associated fittings. The company operates through two distinct divisions: PVC Resin manufac...
How the Company Makes Money
Finolex Industries makes money mainly by manufacturing and selling PVC pipes and fittings. Revenue is generated from volumes sold across multiple end-use segments (notably agriculture/irrigation, building/construction plumbing and drainage, and re...
Finolex Industries Limited Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
86
Very Positive
Cash Flow
52
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 41.13B | 41.42B | 43.17B | 43.97B | 46.47B |
| Gross Profit | 13.68B | 14.66B | 15.81B | 12.61B | 17.49B |
| EBITDA | 9.32B | 4.70B | 5.81B | 3.25B | 10.28B |
| Net Income | 5.99B | 8.00B | 4.74B | 2.51B | 10.51B |
Balance Sheet | |||||
| Total Assets | 75.96B | 73.82B | 70.58B | 62.85B | 53.45B |
| Cash, Cash Equivalents and Short-Term Investments | 24.93B | 22.69B | 19.08B | 18.00B | 16.03B |
| Total Debt | 4.46B | 2.37B | 3.94B | 5.41B | 2.78B |
| Total Liabilities | 13.53B | 12.85B | 14.24B | 13.82B | 14.18B |
| Stockholders Equity | 62.15B | 60.97B | 56.34B | 49.03B | 39.28B |
Cash Flow | |||||
| Free Cash Flow | 1.64B | 2.67B | 2.67B | 1.33B | 5.38B |
| Operating Cash Flow | 2.29B | 3.83B | 3.53B | 3.02B | 6.22B |
| Investing Cash Flow | -2.12B | 83.40M | -829.70M | -2.88B | -4.40B |
| Financing Cash Flow | -302.20M | -3.49B | -2.77B | -289.40M | -1.90B |
Finolex Industries Limited Technical Analysis
Negative
178.50
Price Trends
173.78
Negative
175.01
Negative
179.23
Negative
Market Momentum
-1.33
Positive
43.97
Neutral
18.45
Positive
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 178.5 is above the 20-day moving average (MA) of 174.23, above the 50-day MA of 173.78, and below the 200-day MA of 179.23, indicating a bearish trend. The MACD of -1.33 indicates Positive momentum. The RSI at 43.97 is Neutral, neither overbought nor oversold. The STOCH value of 18.45 is Positive, 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹103.81B | 17.47 | ― | 1.19% | -0.69% | -25.08% | |
69 Neutral | ₹141.41B | 43.68 | ― | 0.15% | 22.01% | 75.16% | |
66 Neutral | ₹113.52B | 68.45 | ― | 1.93% | 12.58% | -62.12% | |
66 Neutral | ₹64.37B | 9.53 | ― | 2.80% | 14.81% | 13.77% | |
65 Neutral | ₹87.32B | 20.46 | ― | 0.67% | 11.88% | 17.67% | |
64 Neutral | ₹43.47B | 24.24 | ― | 0.92% | 8.79% | 47.20% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:FINPIPE
Finolex Industries Limited
169.25
-32.12
-15.95%
IN:GRAPHITE
Graphite India Limited
612.35
37.52
6.53%
IN:GSFC
Gujarat State Fertilizers & Chemicals Limited
160.90
-40.00
-19.91%
IN:PRIVISCL
Privi Speciality Chemicals Limited
3,662.60
1,267.44
52.92%
IN:RALLIS
Rallis India Limited
229.40
-119.92
-34.33%
IN:TIMETECHNO
Time Technoplast Limited
184.45
-37.85
-17.03%
Finolex Industries Limited Corporate Events
Finolex Industries Releases Investor Presentation on FY 2025-26 Results
May 26, 2026
Finolex Industries Limited has released an investor presentation detailing its audited standalone and consolidated financial results for the quarter and full year ended 31 March 2026. The presentation, made available to stock exchanges and on the ...
CRISIL Reaffirms Finolex Industries’ AA+/A1+ Ratings on Rs.1,916 Crore Bank Facilities
May 11, 2026
Finolex Industries Limited announced that CRISIL Ratings has reaffirmed its long-term bank loan rating at CRISIL AA+/Stable and its short-term rating at CRISIL A1+ for total bank facilities of Rs.1916.25 crore. These reaffirmed ratings indicate co...
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.