Finolex Cables

FINCABLES · NSE · Mid Cap

K
Data Room
Back to companies
Cables & Conductors·Listed·Directness 30/100

Finolex Cables

Cables and electricals; rooftop and BOS opportunity.

Cables & Conductors
Sell / Avoid
Last price
₹1151.00
52W: ₹701 – ₹1,173
-1.9% from 52W high
Mkt Cap
₹17.60K Cr
P/E
25.8x
EV/EBITDA
32.5x
ROCE
17.7%
ROE
13.4%
Book Value
₹373.0
Promoter
35.9%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

B+
Fundamental (30%)
48
Valuation (20%)
55
Technical (20%)
72
Solar exposure (10%)
30
Policy beneficiary (7.5%)
55
Project pipeline (5%)
50
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹701Current: ₹1,151₹1,173
P/E
25.8x
P/B
3.1x
Div Yield
0.70%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. Finolex Cables: solar capex + rooftop wave + electrification all support double-digit cable demand growth.

Bull case

Bull case for Finolex Cables: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for Finolex Cables: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentCables & Conductors
Directness30/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)25.8x—
Forward P/E——
EV/EBITDA32.5x—
EV/Sales3.3x—
P/B3.1x—
FCF Yield0.7%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker FINCABLES · last updated 2026-05-11

Open on Screener.in
Market Cap
₹17.60K Cr
Price
₹1,151.00
Stock P/E
25.8x
Book Value
₹373.0
ROCE
17.7%
ROE
13.4%
Div Yield
0.70%
52W Range
₹701 – ₹1,173

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y6.1%
Sales 3Y CAGR12.2%
Sales 5Y CAGR17.7%
PAT 1Y7.5%
PAT 3Y CAGR5.4%
PAT 5Y CAGR11.0%
Profitability
OPM latest10.0%
PAT margin latest13.2%
PAT margin 3Y avg12.5%
ROE13.4%
ROCE17.7%
Asset turnover0.85x
Leverage & cash
D / E0.00x
Net Debt / EBITDA0.04x
Borrowings / Assets0.3%
CFO / EBITDA0.38x
CFO / PAT0.30x
FCF (TTM proxy)₹125 Cr
Valuation
P/E25.8x
EV/EBITDA32.5x
EV/Sales3.31x
P/B3.09x
FCF Yield0.71%
Div Yield0.70%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales2,7683,7684,4815,0145,319
Operating Profit370429509588543
OPM %13%11%11%12%10%
Net Profit461599504652701
EPS (₹)30.1739.1832.9742.6145.82

Quarterly results · last 4 quarters

₹ Crore.

MetricJun 2024Sep 2024Dec 2024Mar 2026
Sales1,2301,3121,1821,599
OPM %10%8%12%10%
Net Profit244118147164

Balance sheet · 5 years

₹ Crore.

ItemMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital3131313131
Reserves3,3843,8914,3404,9155,465
Borrowings79141820
Fixed Assets—————
Total Assets3,8864,4944,9805,6356,287

Cash flow · 5 years

₹ Crore.

ActivityMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating114473356577207
Investing-859-378-225-440-82
Financing-86-87-97-112-128
Net Cash Flow-83183425-3

Shareholding pattern

Latest disclosed

Promoters
35.86%
FII
9.62%
DII
16.44%
Public
38.10%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.