Overview

Detailed Summary

Finolex Cables Ltd is a leading Indian manufacturer of electrical and communication cables, continuous cast copper rods, and a growing Fast-Moving Electrical Goods (FMEG) portfolio including fans, switches, lighting, water heaters and retail stores branded 'Finolex House'. The company operates manufacturing facilities in Goa, Pune and Roorkee and supplies both B2B and B2C channels across India.
Q3 FY26 revenue was Rs. 1,599 crore, a strong 35% year-on-year increase and 16% quarter-on-quarter growth, driven by robust volumes across wire and cable product lines; YTD revenue at Rs. 4,370 crore is up 17% year-on-year, reflecting broad-based demand recovery and effective pricing pass-through amid rising raw material costs.
Profitability shows mixed signals: Q3 EBITDA rose 12% YoY to Rs. 194 crore but declined 23% sequentially, with PAT at Rs. 136 crore up 10% YoY yet down 27% sequentially; management cited a Rs. 6 crore charge for new labour code impact and one-off dividend income skew in prior quarter that affected comparability.
The communication cables business shows strategic pivoting: optic fiber cable volumes grew 34% YoY while metal-based communication volumes fell, indicating rising data-infrastructure demand and the company’s increasing positioning in fiber optics. Balance sheet strength is apparent with large investments and current investments of Rs. 2,721.17 crore, and net working capital days improved materially to 29 days in H2 FY26.
Operational improvements include lower inventory days (45 days in H2 FY26 vs. 61 earlier) and tight receivable collection (12 days), supporting cash conversion. Simultaneously, ongoing capital work-in-progress and past capacity enhancements reflect deliberate expansion to capture both electrical and FMEG market opportunities.

Sector: Industrial Products
Industry: Cables - Electricals
Market Cap: 17,147 Cr
Volatility: High Risk
P/E Ratio: 24.0
Industry P/E: 37.8
PEG Ratio: 2.6
P/B Ratio: 2.9
52W High: 1,204.15
52W Low: 701.00

Sales CAGR

1Y: 6.07%
3Y: 12.18%
5Y: 13.08%
10Y: 8.40%

Profit CAGR

1Y: 7.53%
3Y: 10.40%
5Y: 6.23%
10Y: 9.09%

ROE

TTM: 11.73%
3Y: 12.93%
5Y: 12.31%
10Y: 13.45%

ROCE

TTM: 15.24%
3Y: 16.59%
5Y: 15.93%
10Y: 17.75%

Technicals

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Peers

Industrials Capital Goods Industrial Products Cables - Electricals

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RRKABEL		2345.00	26,244 Cr	53.32	10.19	0.41	19.12	25.22	10.65
FINCABLES		1191.90	17,796 Cr	24.93	2.92	0.77	11.73	15.24	10.21
UNIVCABLES		1359.75	4,426 Cr	27.14	2.34	0.35	8.63	10.83	3.77
PARACABLES		70.87	2,229 Cr	37.30	2.86	0.00	7.68	11.32	5.29
DYCL		363.90	1,777 Cr	21.04	3.89	0.14	18.47	24.89	12.37
QUADFUTURE		416.50	1,635 Cr	-38.08	6.34	0.00	-16.65	-18.54	-13.39
JDCABLES		235.00	515 Cr	16.21	4.50	0.00	21.70	23.11	13.37
Median: 7 Co.	—	416.50	2,229 Cr	24.93	3.89	0.14	11.73	15.24	10.21

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	1,222	1,401	1,230	1,312	1,182	1,595	1,396	1,376	1,599	1,951
Expenses	1,088	1,239	1,104	1,206	1,044	1,424	1,259	1,231	1,441	1,771
Operating Profit	134	162	127	106	138	171	136	145	158	180
OPM %	10.94	11.56	10.31	8.07	11.65	10.71	9.77	10.55	9.86	9.25
Other Income	75	100	202	57	67	104	80	76	74	140
Interest	0.42	0.88	0.40	0.38	0.39	0.50	0.42	0.44	0.45	0.44
Depreciation	11	12	11	12	12	12	14	14	15	17
Profit Before Tax	198	250	318	151	193	261	203	206	216	303
Tax %	23.65	25.43	23.24	21.76	23.53	26.68	19.71	21.13	24.20	26.02
Net Profit	151	186	244	118	147	192	163	163	164	224
EPS in Rs	9.87	12.17	15.95	7.71	9.63	12.53	10.63	10.63	10.73	14.67

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,445	2,884	3,078	2,877	2,768	3,768	4,481	5,014	5,319	5,484
Expenses	2,049	2,374	2,608	2,494	2,398	3,340	3,972	4,426	4,778	4,933
Operating Profit	396	510	470	383	370	428	509	588	541	551
OPM %	16.19	17.68	15.26	13.33	13.37	11.37	11.37	11.73	10.18	10.04
Other Income	160	154	182	169	300	399	188	321	429	308
Interest	4.29	1.44	0.92	1.55	0.76	1.52	1.24	2.03	1.67	1.69
Depreciation	48	44	41	39	39	39	46	44	47	50
Profit Before Tax	504	549	610	512	631	787	649	864	922	807
Tax %	20.54	39.89	33.23	23.64	26.85	23.83	22.35	24.55	24.03	23.26
Net Profit	400	330	407	391	461	599	504	652	701	619
EPS in Rs	—	—	26.58	25.57	30.17	39.18	32.97	42.61	45.82	46.66
Dividend Payout %	11.45	18.54	16.89	21.51	18.23	15.31	21.23	18.77	17.46	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	31	31	31	31	31	31	31	31	31	31
Reserves	1,745	2,110	2,398	2,706	2,973	3,384	3,891	4,340	4,915	5,465
Borrowings	26	0.38	0.55	0.38	7.90	6.70	8.79	14	18	20
Other Liabilities	297	288	354	417	395	464	563	596	671	771
Total Liabilities	2,099	2,429	2,784	3,154	3,407	3,886	4,494	4,980	5,635	6,287
Fixed Assets	432	415	409	404	387	394	380	435	445	583
CWIP	3.14	8.15	5.20	10	27	26	87	21	168	210
Investments	881	1,159	1,523	1,767	1,121	1,571	2,014	2,610	3,584	3,986
Other Assets	783	847	847	973	1,872	1,894	2,013	1,915	1,439	1,507
Total Assets	2,099	2,429	2,784	3,154	3,407	3,886	4,494	4,980	5,635	6,287

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	339	352	236	154	309	114	473	356	577	207
Cash from Investing Activity	-195	-300	-134	-110	587	-859	-378	-225	-440	-82
Cash from Financing Activity	-64	-70	-57	-75	-86	-86	-87	-97	-112	-128
Net Cash Flow	81	-18	44	-30	810	-831	7.79	35	26	-2.95

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	35.92%	35.92%	35.92%	35.92%	35.86%	35.86%	35.86%	35.86%	35.86%	35.86%	35.86%	35.86%
FIIs	11.26%	11.77%	11.07%	11.58%	11.65%	11.32%	11.00%	10.57%	2.19%	9.90%	9.42%	9.62%
DIIs	15.56%	15.59%	15.93%	15.88%	16.84%	16.74%	16.24%	16.07%	24.05%	15.88%	15.77%	16.43%
Public	37.26%	36.73%	37.09%	36.63%	35.65%	36.09%	36.90%	37.50%	37.91%	38.36%	38.96%	38.09%
Total Shareholders	1,25,344	1,28,513	1,25,351	1,28,440	1,12,071	1,24,788	1,37,311	1,57,533	1,59,021	1,76,353	1,89,711	1,82,413

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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