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Finolex Cables Ltd.
NSE: FINCABLESIndustrialsElectrical Equipment & Parts
- Last close
- ₹1,090.30
- Day change
- −₹49.60 (−4.35%)vs
- Market cap
- ₹20,918 crIndian rupees
- Research updated
- 1 report
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About Finolex Cables
Finolex Cables Ltd. is a leading manufacturer and marketer of electrical and telecommunication cables in India. The company’s primary function is to produce a wide array of cables that cater to both residential and industrial applications, including electrical cables for power distribution, control and instrumentation cables, and high technology telecommunication cables. Finolex stands out in the industry with its extensive product range that not only includes standard wire and cables but also sophisticated solutions for emerging sectors such as data transmission and solar energy. A prominent player in the Indian cable industry since its inception, Finolex Cables Ltd. plays a crucial role in supporting infrastructure, development, and technological advancements across various sectors. The company serves key markets including telecommunications, IT networking, automobile, railways, and switchgear industries. With its robust distribution network and commitment to quality and innovation, Finolex has carved out a significant market presence. The company’s efforts in expanding its product portfolio and market reach underscore its importance in facilitating modern infrastructure and communications in a rapidly developing economy.
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Listing
- NSE: FINCABLES
- Chief executive
- Mr. Mahesh Viswanathan A.C.A., B.Com ACA, B.Com.
- Employees
- 1,594
- Headquarters
- Pune, India
- ISIN
- INE235A01022
- Website
- finolex.com
Public research · Report of
Business model & financial foundation
Finolex Cables (NSE: FINCABLES), Wires and cables (electrical, communication/optical fibre), copper rod, FMEG: revenue of ₹6,321 crore in FY26 (+18.8% on FY25), an EBITDA margin of 9.8%, net profit of ₹713.7 crore and net cash of ₹2,701 crore.
- Revenue, FY26 (₹ crore)
- 6,321
- consolidated
- Revenue growth, FY26
- +18.8%
- on FY25
- EBITDA margin, FY26
- 9.8%
- EBITDA (Operating EBITDA excluding treasury and associates) / revenue
- Net profit, FY26 (₹ crore)
- 713.7
- to owners
- Return on equity, FY26
- 12.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,701
- Net debt including treasury liquidity (negative net cash)
- Market capitalisation (₹ crore)
- 20,840
- at the close of 16 Oct 2026
Company profile
Finolex Cables makes electrical wires and cables (building wire, auto, industrial flexible, power, solar) sold largely through a retail distribution network, communication cables including optical fibre cable with backward integration into fibre draw and preform, and copper rod used captively. It is debt-free with about INR 2,700 crore of treasury liquidity and equity-accounted stakes in Finolex Industries (PVC pipes) and Finolex J-Power (EHV cables). FMEG (lighting, switches, fans, water heaters) is a small, undisclosed adjunct.
| Item | Value |
|---|---|
| Legal name | Finolex Cables Limited |
| Exchange and ticker | NSE: FINCABLES; BSE: 500144 |
| ISIN | INE235A01022 |
| CIN | L31300MH1967PLC016531 |
| Sector | Capital Goods / Electrical Equipment |
| Industry | Wires and cables (electrical, communication/optical fibre), copper rod, FMEG |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2022-09-28) |
| Market capitalisation | ₹20,840 crore (16 Oct 2026) |
| Shares outstanding | 15.29 crore shares (FY26) |
| Price | ₹1,394 (close, 16 Oct 2026) |
| 52-week range | ₹700.8 - ₹1,499 (to 16 Oct 2026) |
| Website | https://www.finolex.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Finolex Industries Limited (associate) | 32.39% | PVC pipes and fittings and PVC resin; listed NSE FINPIPE; equity-accounted |
| Finolex J-Power Systems Limited (joint venture with Sumitomo/J-Power) | 49% | EHV power cables; equity-accounted; company guarantees its bank lines |
No subsidiaries per FY25 and FY26 annual reports. Corning optical fibre JV liquidated in FY24. Promoter Orbit Electricals holds 30.70%; control dispute within Chhabria family pending in Bombay High Court.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 35.86% | 35.86% | 35.86% | 35.86% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 9.42% | 9.62% | 9.65% | 9.63% |
| Domestic institutions | 15.77% | 16.43% | 16.70% | 16.93% |
| of which mutual funds | 10.44% | 11.63% | 11.10% | 12.44% |
| Retail | 19.65% | 18.74% | 18.38% | 17.93% |
| Other | 19.31% | 19.35% | 19.41% | 19.66% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Finolex Cables (NSE FINCABLES) makes building wire, industrial/auto/agriculture/solar/power cables, communication fibre/cables, copper rods and a small trading/FMEG adjunct. Brand and retail reach support electrical margins; copper is passed through with price resets and can inflate revenue without equivalent volume growth. Electrical revenue FY26 was5490.23 of consolidated6321.01. No subsidiaries: equity-accounted Finolex Industries32.39% and J-Power49% add profit above consolidated PBT. Consolidated PAT713.72 versus standalone623 is a basis difference, not minority profit.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Electrical cables | 5,490 | 86.9% | 562.9 | 77.6% |
| Communication cables | 500.3 | 7.9% | 13.9 | 1.9% |
| Copper rods | 2,143 | 33.9% | 3.16 | 0.4% |
| Others mainly trading electrical goods | 261.5 | 4.1% | 4.69 | 0.6% |
| Inter-segment revenue elimination | -2,074 | -32.8% | ||
| Unallocable income net of unallocable expenditure | 141.1 | 19.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Polycab India (POLYCAB) | Market leader in Indian wires and cables with FMEG and OFC presence; same end markets. |
| KEI Industries (KEI) | Wires, power cables and EHV; retail plus institutional mix; copper/aluminium pass-through. |
| RR Kabel (RRKABEL) | Building wire-led retail cable brand with FMEG; closest product mix in house wires. |
| Havells India (HAVELLS) | Cables and wires a large segment plus FMEG; channel overlap in retail electricals. |
| Universal Cables (UNIVCABLES) | Power and EHV cables; associate structure via MP Birla group; smaller-cap cable comparable. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Reported consolidated revenue from operations | 3,699 | 4,410 | 5,014 | 5,319 | 6,321 |
| Cost of revenue (vendor classification) * | 2,992 | 3,578 | 3,985 | 4,333 | 5,192 |
| Other operating costs (vendor classification) * | 199.5 | 223.7 | 259.8 | 268.3 | 290.2 |
| EBITDA (vendor classification) * | 803.7 | 640.6 | 784.7 | 795.9 | 867.9 |
| EBIT * | 788.2 | 650.7 | 865.8 | 924.1 | 930.3 |
| Finance costs | 1.52 | 1.24 | 2.03 | 1.67 | 1.75 |
| Consolidated PBT including equity method | 786.6 | 649.5 | 863.8 | 922.5 | 928.5 |
| Total tax expense | 187.5 | 145.2 | 212.1 | 221.7 | 214.8 |
| Reported consolidated profit after tax | 599.1 | 504.3 | 651.7 | 700.8 | 713.7 |
| Diluted EPS (INR per share) | 39.18 | 32.97 | 42.61 | 45.82 | 46.67 |
| Cost of materials consumed | 3,817 | 4,360 | 5,328 | ||
| Purchases of stock-in-trade | 75.9 | 73.9 | 62.0 | ||
| Signed inventory change | 55.0 | -141.3 | -239.8 | ||
| Materials purchases and inventory change | 3,948 | 4,292 | 5,150 | ||
| Employee benefits expense | 177.3 | 184.6 | 202.7 | ||
| Other expenses consolidated | 300.5 | 300.9 | 348.8 | ||
| Operating EBITDA excluding treasury and associates | 588.2 | 541.3 | 619.5 | ||
| Other income | 175.3 | 197.4 | 165.6 | ||
| Depreciation and amortisation | 43.9 | 46.6 | 59.4 | ||
| Equity-method share of associate and JV net profit | 146.1 | 232.0 | 204.5 | ||
| Current tax | 158.0 | 141.8 | 162.5 | ||
| Deferred tax signed expense | 54.1 | 79.9 | 52.3 | ||
| Reported consolidated PAT attributable to owners | 651.7 | 700.8 | 713.7 | ||
| Profit attributable to NCI | 0.00 | 0.00 | 0.00 | ||
| Weighted average diluted shares crore | 15.29 | 15.29 | 15.29 | ||
| Separate signed exceptional adjustment | 0.00 | 0.00 | 0.00 | ||
| Reported net gain on FVTPL investments | 125.7 | 161.3 | 138.7 | ||
| FJPS impairment expense reversal negative | 0.47 | -15.1 | 10.6 | ||
| Receivable impairment expense reversal negative | 2.46 | -5.00 | -0.22 | ||
| Tax charge on undistributed associate profits | 30.9 | 52.5 | 30.7 | ||
| Finolex Industries share of profit | 259.1 | 194.0 | |||
| Finolex J-Power share of profit | -27.1 | 10.5 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 3,922 | 4,370 | 4,946 | 5,495 | 6,086 |
| Gross debt incl finance lease obligation and Ind AS116 leases | 8.79 | 13.6 | 18.1 | 20.0 | 19.1 |
| Cash and cash equivalents | 32.4 | 67.4 | 93.1 | 90.1 | 163.1 |
| Net trade receivables | 177.2 | 217.8 | 177.5 | 242.6 | 370.1 |
| Inventories | 653.1 | 674.6 | 576.3 | 717.0 | 1,023 |
| Reported trade payables including accrued salaries and benefits | 160.8 | 179.6 | 234.2 | 241.7 | 221.9 |
| Net PPE excluding ROU and intangible assets | 13.2 | 21.6 | 427.9 | 565.5 | 831.4 |
| Capital work in progress excluding intangible development | 87.3 | 25.8 | 167.5 | 209.9 | 105.2 |
| Total assets | 4,494 | 4,980 | 5,635 | 6,287 | 6,990 |
| Right of use assets net | 15.4 | 17.0 | 15.7 | ||
| Bank borrowings drawn | 0.00 | 0.00 | |||
| Finance lease obligation classified as borrowing | 0.88 | 0.87 | 0.86 | ||
| Ind AS116 lease liabilities current plus noncurrent | 17.2 | 19.1 | 18.3 | ||
| Strategic associate and JV carrying amount | 1,194 | 1,391 | 1,601 | ||
| Current FVTPL treasury investments | 2,180 | 2,414 | 1,875 | ||
| Noncurrent FVTPL FMP debt index and arbitrage funds | 38.5 | 41.4 | 582.0 | ||
| Other FVTOCI equity portfolio excluded from liquidity | 171.8 | 139.8 | 137.6 | ||
| Bank fixed deposits excluding margins and earmarks | 400.0 | 260.0 | 99.9 | ||
| Other bank balances including earmarks | 4.91 | 55.3 | 4.99 | ||
| Net debt including treasury liquidity (negative net cash) | -2,693 | -2,786 | -2,701 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating cash flow after tax | 879.6 | 547.8 | 576.9 | 207.3 | 49.1 |
| Free cash flow (vendor definition) * | 405.9 | 325.3 | 358.3 | 207.3 | -105.2 |
| Cash dividends paid negative outflow | -83.8 | -91.5 | -107.0 | -122.0 | -122.1 |
| Gross cash capex positive outlay | -66.8 | -31.0 | n.r. | 236.4 | 154.3 |
| Operating profit before working capital | 596.8 | 527.9 | 640.2 | ||
| Cash generated before income tax | 737.0 | 348.2 | 195.7 | ||
| Cash tax paid negative outflow | -160.1 | -140.9 | -146.6 | ||
| Inventory cash flow change | 98.3 | -140.7 | -306.1 | ||
| Receivable cash flow change | 37.5 | -60.1 | -127.6 | ||
| Payable cash flow change | 25.5 | 7.26 | -23.5 | ||
| All cash dividends received investing activity | 31.1 | 51.4 | 72.9 | ||
| Finolex Industries cash dividends received | 30.1 | 50.2 | 72.4 | ||
| FJPS equity investment cash outflow | 0.00 | -88.2 | |||
| Net investing cash flow | -439.6 | -82.1 | 152.8 | ||
| Net financing cash flow | -111.7 | -128.1 | -128.9 | ||
| Cash released from noncash deposits bank balances | 389.1 | 140.0 | 160.1 | ||
| Mutual fund cash purchases negative outflow | -4,948 | -3,692 | -4,623 | ||
| Mutual fund cash sale proceeds | 4,237 | 3,616 | 4,760 | ||
| Cash lease principal repayments negative outflow | -3.87 | -4.44 | -5.06 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued shares outstanding | 15.29 | 15.29 | 15.29 | 15.29 | 15.29 |
| Finolex Industries equity-method ownership (%) | 32.4% | 32.4% | |||
| Finolex J-Power joint ownership (%) | 49.0% | 49.0% | |||
| Finolex Industries shares held | 20.10 | 20.10 | |||
| Finolex J-Power shares held | 23.13 | 31.95 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,312 | 1,182 | 1,595 | 1,396 | 1,376 | 1,599 | 1,951 | 2,013 |
| Cost of revenue (vendor classification) * | 1,088 | 928.7 | 1,324 | 1,130 | 1,105 | 1,305 | 1,610 | 1,622 |
| Other operating costs (vendor classification) * | 70.4 | 68.2 | -63.1 | 80.5 | 75.8 | 77.8 | 114.7 | 91.5 |
| EBITDA (vendor classification) * | 162.8 | 204.7 | 274.4 | 216.7 | 220.7 | 231.8 | 320.5 | 336.5 |
| EBIT * | 151.1 | 193.0 | 262.0 | 203.0 | 206.6 | 216.8 | 303.8 | 314.9 |
| Finance costs | 0.38 | 0.39 | 0.50 | 0.42 | 0.44 | 0.45 | 0.44 | 0.45 |
| PBT including equity-method share | 150.7 | 192.6 | 261.5 | 202.6 | 206.2 | 216.4 | 303.4 | 314.5 |
| Total tax expense | 32.8 | 45.3 | 69.8 | 39.9 | 43.6 | 52.4 | 79.0 | 65.4 |
| Profit after tax | 117.9 | 147.3 | 191.7 | 162.6 | 162.6 | 164.0 | 224.4 | 249.0 |
| Diluted EPS (INR per share) | 7.71 | 9.63 | 12.53 | 10.63 | 10.63 | 10.73 | 14.67 | 16.28 |
| Separate signed exceptional adjustment | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Signed equity-method share above PBT | 5.34 | 22.2 | 48.8 | 26.2 | 38.1 | 32.9 | 107.4 | 40.8 |
| Current tax | 34.4 | 29.4 | 46.7 | 30.8 | 45.0 | 34.4 | 52.4 | 51.5 |
| Deferred tax signed expense | -1.60 | 15.9 | 23.1 | 9.18 | -1.43 | 18.0 | 26.6 | 13.9 |
| Profit attributable to NCI | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 117.9 | 147.3 | 191.7 | 162.6 | 162.6 | 164.0 | 224.4 | 249.0 |
| Shares crore implied by paid-up capital | 15.29 | 15.29 | 15.29 | 15.29 | 15.29 | 15.29 | 15.29 | 15.29 |
| Cost of materials consumed | 823.7 | 1,066 | 1,246 | 1,143 | 1,131 | 1,359 | 1,695 | 1,834 |
| Purchases of stock-in-trade | 18.5 | 15.1 | 18.7 | 20.4 | 14.7 | 14.9 | 12.0 | 26.3 |
| Signed inventory change | 245.9 | -152.2 | 17.5 | -32.7 | -41.0 | -69.0 | -97.1 | -238.8 |
| Materials purchases and inventory change | 1,088 | 928.7 | 1,283 | 1,130 | 1,105 | 1,305 | 1,610 | 1,622 |
| Employee benefits expense | 47.5 | 47.5 | 43.9 | 48.4 | 50.2 | 58.5 | 45.6 | 55.5 |
| Other expenses consolidated | 70.4 | 68.2 | 97.1 | 80.5 | 75.8 | 77.8 | 114.7 | 91.5 |
| Operating EBITDA excluding treasury and associates | 105.9 | 137.7 | 170.8 | 136.4 | 145.1 | 157.6 | 180.5 | 244.2 |
| Other income | 51.6 | 44.7 | 54.8 | 54.1 | 37.5 | 41.4 | 32.7 | 51.5 |
| Depreciation and amortisation | 11.8 | 11.7 | 12.4 | 13.7 | 14.0 | 15.0 | 16.7 | 21.6 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 35.9% | 19.2% | 13.7% | 6.1% | 18.8% |
| EBITDA margin | 11.7% | 10.2% | 9.8% | ||
| Net margin | 13.0% | 13.2% | 11.3% | ||
| Return on equity | 14.0% | 13.4% | 12.3% | ||
| Return on capital employed | 21.4% | 15.7% | 18.5% | 17.6% | 16.0% |
| Return on assets | 12.3% | 11.8% | 10.8% | ||
| Net debt (₹ crore) | -2,693 | -2,786 | -2,701 | ||
| Net debt / EBITDA | -4.58x | -5.15x | -4.36x | ||
| Interest cover | 518.5x | 524.8x | 426.5x | 553.4x | 531.6x |
| Asset turnover | 0.88x | 0.93x | 0.94x | 0.89x | 0.95x |
| Receivable days | 17 | 18 | 13 | 17 | 21 |
| Inventory days (on revenue) | 64 | 56 | 42 | 49 | 59 |
| Payable days (on revenue) | 16 | 15 | 17 | 17 | 13 |
| Cash conversion | 0.89x | 0.30x | 0.07x | ||
| Capex intensity | 1.8% | 0.7% | 4.4% | 2.4% | |
| Free cash flow (₹ crore) | 812.8 | 516.8 | -29.2 | -105.2 | |
| Dividend payout | 16.4% | 17.4% | 17.1% | ||
| EPS, diluted (₹) | 39.18 | 32.97 | 42.61 | 45.82 | 46.67 |
| Book value per share (₹) | 256.4 | 285.8 | 323.4 | 359.3 | 397.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding treasury and associates) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including treasury liquidity (negative net cash).
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding treasury and associates).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Reports on Finolex Cables
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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