Finolex Industries Limited (FINPIPE)
₹153.64 -0.72% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Finolex Industries' revenue was ₹1,314 Cr (+12.1% year on year, +46.4% on the previous quarter), and net profit ₹261 Cr (+73.7% year on year); the operating margin was 25.3%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹1,314 | +12.1% | +46.4% |
| Operating profit | ₹332 | +93.8% | +169.7% |
| Net profit | ₹261 | +73.7% | +124.8% |
| EPS (₹) | 4.21 | +73.3% | +123.9% |
| Operating margin | 25.3% | — | — |
FINPIPE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 30.08% of the FINPIPE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.01%. That is lower than usual for this stock. It traded 2.2 times its average daily volume.
Delivery in the last 5 sessions: 38.0% · 48.8% · 51.6% · 23.6% · 30.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Finolex Industries Limited conducted its 45th Annual General Meeting on September 22, 2026, through video conferencing. Key ordinary and special resolutions tabled included the adoption of FY26 financial statements, dividend declaration on equity shares, director re-appointment, cost auditor remuneration ratification, and revisions to Non-Executive Directors' remuneration. Remote e-voting was held from September 19 to September 21, 2026, complemented by an instapoll at the meeting. Consolidated voting results are expected within two working days.
- 45th Annual General Meeting held on September 22, 2026, starting at 04:00 p.m. IST and concluding at 5:19 p.m. IST
- Put 5 resolutions to vote, including FY26 dividend declaration and revision of Non-Executive Director remuneration
- Remote e-voting was active from September 19, 2026 (09:00 a.m.) to September 21, 2026 (05:00 p.m.)
- Consolidated voting results to be announced and submitted within 2 working days
Finolex Industries Limited has dispatched physical letters containing web-links to the Notice and Annual Report for FY 2025-26 to shareholders whose email addresses are not registered as of August 21, 2026. The company's 45th Annual General Meeting is scheduled for Tuesday, September 22, 2026, at 4:00 PM IST via video conferencing. The communication also reminds physical shareholders to mandatorily update PAN, KYC, and bank details per SEBI regulations to prevent dividend withholding.
- 45th Annual General Meeting scheduled for Tuesday, September 22, 2026, at 04:00 P.M. IST via VC/OAVM
- Cut-off date for dispatch of physical letters was Friday, August 21, 2026
- Sent pursuant to Regulation 36(1)(b) of SEBI LODR Regulations for FY 2025-26 Annual Report access
- Mandatory update requested for PAN, KYC, nomination, and bank details to avoid dividend withholding
Finolex Industries has fixed Friday, September 11, 2026, as the record date to determine shareholder eligibility for a total dividend of ₹2.75 per equity share (face value ₹2). The aggregate payout consists of a final dividend of ₹2.00 (100%) and a special dividend of ₹0.75 (37.50%) for FY2025-26. The dividend is subject to shareholder approval at the 45th AGM on September 22, 2026, and will be paid within 30 days of the AGM.
- Total dividend recommended of ₹2.75 per share (137.50% on ₹2 face value)
- Dividend comprises ₹2.00 final dividend and ₹0.75 special dividend
- Record date fixed for Friday, September 11, 2026
- 45th Annual General Meeting scheduled for Tuesday, September 22, 2026
- Payment to be completed within 30 days of AGM approval
Finolex Industries Limited has issued the notice for its 45th Annual General Meeting scheduled for September 22, 2026, via video conferencing. Key agenda items include the adoption of FY26 financial statements, dividend declaration, and the re-appointment of Mr. Rambabu Sanka as Director. Additionally, shareholder approval is sought to revise the aggregate annual remuneration cap for Non-Executive Directors from Rs 4 crore to Rs 6 crore (within 1% of net profits) and to ratify cost auditor remuneration of Rs 5 lakh.
- 45th Annual General Meeting scheduled for Tuesday, September 22, 2026, at 4:00 p.m. IST via VC/OAVM.
- Proposed revision of the annual remuneration cap for Non-Executive Directors from Rs 4,00,00,000 to Rs 6,00,00,000, capped at 1% of net profits.
- Ratification of Rs 5,00,000 remuneration plus taxes and expenses for Cost Auditors M/s. S.R. Bhargave & Co. for FY27.
- Re-appointment of Mr. Rambabu Sanka (Director-Technical) who retires by rotation.
Finolex Industries reported a challenging Q1 FY27 with sales volumes declining 27% YoY to 68,000 MT, driven by PVC price volatility and channel destocking. Despite a 15% drop in revenue to 884 Cr, EBITDA grew 14% to 107 Cr as margins expanded from 9% to 12% due to better realizations. The company maintains a very strong balance sheet with 2,636 Cr in cash, representing approximately 26% of its market capitalization. Management indicated a volume recovery in July and expects a flattish to slightly positive performance for H1 FY27.
- Sales volume declined 27% YoY to 68,000 metric tons in Q1 FY27 due to sharp intra-quarter PVC price corrections.
- EBITDA margins improved to 12% from 9% YoY, with absolute EBITDA rising 14% to 107 Cr.
- Agricultural segment remains the primary volume driver, accounting for 69% of total volumes in Q1.
- Cash and liquidity position remains robust at 2,636 Cr as of June 30, 2026.
- Average PVC prices stood at $875 per metric ton in Q1 FY27, significantly higher than $707 in Q1 FY26.
Finolex Industries Limited has scheduled an interaction with institutional investors and analysts for August 13, 2026. The company will participate in the Equirus Annual India Conference 2026 held in Mumbai. The interaction will consist of one-on-one and group meetings based on publicly available information. This is a routine investor relations activity for the company, which currently has a market capitalization of Rs 9,980 Cr and TTM revenue of Rs 4,114 Cr.
- Meeting scheduled for August 13, 2026, at Sofitel BKC, Mumbai
- Participation in the Equirus Annual India Conference 2026
- Interaction format includes both One-on-One and Group Meetings
- Company reported TTM revenue of Rs 4,114 Cr and TTM PAT of Rs 599 Cr
Finolex Industries has informed the exchanges that the audio recording of its Q1FY27 earnings conference call is now available on its website. The call, held on August 7, 2026, follows the company's recent financial results for the quarter. This is a standard regulatory disclosure under SEBI LODR Regulations to ensure transparency for all shareholders. Investors can use this recording to understand management's commentary on the TTM revenue of ₹4,114 cr and the strategic shift toward a 50:50 agri to non-agri revenue split.
- Audio recording of the Q1FY27 conference call uploaded on August 7, 2026
- Follows the initial intimation of the call provided on August 3, 2026
- Provides management context for the TTM PAT of ₹599 cr
- Relates to the company's ongoing strategy to manage PVC price volatility and volume growth
Finolex Industries reported a 15% YoY decline in revenue to ₹884 Cr for Q1 FY27, primarily driven by a 27% drop in sales volumes to 67,699 MT. Despite the top-line pressure caused by weak demand and PVC price volatility, EBITDA improved to ₹109 Cr, with margins expanding from 9% to 12%. The company maintains a very strong liquidity position with net free cash of ₹2,636 Cr, which represents approximately 25% of its current market capitalization. Profit Before Tax (PBT) also saw a healthy 17% YoY increase to ₹148 Cr.
- Sales volumes decreased by 27% YoY to 67,699 MT in Q1 FY27 from 92,129 MT in Q1 FY26.
- EBITDA margin expanded to 12% from 9% YoY, showing improved operational efficiency despite lower scale.
- Net free cash stands at ₹2,636 Cr, providing significant financial flexibility.
- Revenue for the quarter stood at ₹884 Cr compared to ₹1,043 Cr in the previous year's corresponding quarter.
- PBT improved by 17% to ₹148 Cr, aided by better operating performance and likely other income.
Finolex Industries held its board meeting on August 6, 2026, to approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company scheduled its 45th Annual General Meeting (AGM) for September 22, 2026. While the primary P&L figures were not detailed in the text, the auditor's report highlighted a net profit of ₹5.55 crore from the Employees' Welfare Trust and a ₹0.18 crore share of profit from associates. The company maintains a TTM revenue of ₹4,114 crore with a focus on shifting toward a 50:50 agri to non-agri revenue split.
- Board meeting concluded on August 6, 2026, after a duration of 2 hours and 5 minutes.
- 45th Annual General Meeting scheduled for September 22, 2026, via video conferencing.
- Employees' Welfare Trust reported a net profit after tax of ₹5.55 crore for the June 2026 quarter.
- Consolidated results include a ₹0.18 crore share of net profit from two associates: Finolex Plasson Industries and Pawas Port.
- Company is targeting an 18% expected growth rate driven by non-agri segment expansion.
Finolex Industries has scheduled a conference call on August 7, 2026, at 4:00 PM IST to discuss its financial results for the quarter ended June 30, 2026. The call will be led by Managing Director Mr. Udipt Agarwal and CFO Mr. Chandan Verma. This follows the board meeting previously announced for July 29, 2026. Investors will likely focus on the company's progress toward its 50:50 agri to non-agri revenue target and the impact of PVC price volatility on margins.
- Conference call scheduled for August 7, 2026, at 16:00 hours IST
- Management representation includes the Managing Director and Chief Financial Officer
- Discussion will cover the unaudited standalone and consolidated results for Q1FY27
- The company reported TTM revenue of ₹4,114 Cr and a market cap of ₹10,226 Cr
Finolex Industries has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that securities dematerialized or rematerialized during the quarter ended June 30, 2026, have been appropriately reported to the stock exchanges. This is a standard administrative filing required to maintain the integrity of electronic shareholding records. It has no impact on the company's financial performance or its TTM revenue of Rs 4,114 Cr.
- Compliance certificate issued for the quarter ended June 30, 2026
- Certificate issued by Registrar and Share Transfer Agent, KFin Technologies Limited, on July 1, 2026
- Confirms that details of dematerialized/rematerialized securities were furnished to NSE and BSE
- Filing submitted to exchanges on July 4, 2026
Finolex Industries has responded to a clarification sought by the NSE regarding a discrepancy in its Consolidated Earnings Per Share (EPS) reporting for the quarter ended March 31, 2026. The company stated that EPS figures were inadvertently entered under 'discontinued operations' instead of 'continuing operations' in the XBRL filing utility. The company confirmed that the PDF version of the results, which reported a consolidated EPS of ₹4.21 for the March 2026 quarter, is accurate and the error was purely clerical. This administrative correction does not impact the company's reported profit or operational performance.
- Clarification issued on June 30, 2026, regarding the financial results submitted on May 26, 2026.
- Discrepancy identified in Consolidated EPS figures between PDF and XBRL filings for the quarter ended March 31, 2026.
- EPS figures were incorrectly mapped to 'discontinued operations' in the XBRL utility instead of 'continuing operations'.
- Company confirms the PDF version, showing EPS of ₹4.21 for Q4 FY26, is the correct and board-approved figure.
Finolex Industries has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI Insider Trading regulations. The closure applies to all designated persons and their relatives ahead of the Q1 FY2026-27 financial results for the period ending June 30, 2026. The trading window will remain shut until 48 hours after the board approves and announces the unaudited standalone and consolidated results. The specific board meeting date for the earnings release will be communicated separately in the future.
- Trading window closure effective from Wednesday, July 1, 2026
- Covers the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026
- Applies to all Designated Persons and their immediate relatives as per SEBI regulations
- Window to reopen 48 hours after the official declaration of the Q1 results
Finolex Industries reported a strong Q4 FY26 with revenue growing 12% YoY to ₹1,314 crores, driven by better realizations despite flattish volumes of 101,772 tons. EBITDA nearly doubled to ₹332 crores with margins hitting 25%, aided by approximately ₹35-40 crores in inventory gains and backward integration benefits. For the full year FY26, revenue remained flat at ₹4,113 crores, but EBITDA rose 43% to ₹679 crores. The company maintains a robust net free cash position of ₹2,563 crores and is successfully shifting its product mix, with the non-agri segment now contributing 37% of volumes.
- Q4 FY26 EBITDA surged to ₹332 crores from ₹171 crores YoY, with margins expanding significantly to 25%.
- Full-year FY26 profitability improved with EBITDA up 43% to ₹679 crores, despite a slight volume decline to 332,736 MT.
- Non-agri segment share increased to 37% in FY26 from 33% in FY25, moving toward a long-term 50-50 target split.
- The company reported a strong balance sheet with net free cash of ₹2,563 crores as of March 31, 2026.
- Management noted that April demand was subdued due to price volatility, but May showed signs of recovery ahead of the monsoon.
Finolex Industries Limited has officially released the audio recording of its conference call held to discuss the Q4 FY26 financial results. This follows the company's prior intimation regarding the call schedule on May 20, 2026. The recording is now accessible to the public via the company's website under the Investor's section. This disclosure is a routine compliance requirement under Regulation 30 of the SEBI (LODR) Regulations, 2015.
- Audio recording of the Q4 FY26 financial results conference call is now available.
- The disclosure is made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- The recording follows the initial conference call intimation dated May 20, 2026.
- Investors can access the audio link through the official company website.
Financial Performance
Revenue Growth by Segment
Total income for H1 FY26 was INR 1,902 Cr, a decline of 3.4% from INR 1,969 Cr in H1 FY25. Overall volume for H1 FY26 decreased by 2% to 157,645 MT compared to 159,961 MT in the previous year, primarily due to a prolonged heavy monsoon impacting agricultural demand.
Geographic Revenue Split
Not disclosed in available documents, though the company aims to increase geographical reach to improve its business risk profile.
Profitability Margins
Gross margin for Q2 FY26 improved significantly to 42% from 30% in Q2 FY25. PAT margin for FY23 was 5.1%, down from 22.5% in FY22 due to sharp corrections in PVC resin prices.
EBITDA Margin
EBITDA margin for H1 FY26 stood at 12%, up from 11% in H1 FY25. Q2 FY26 EBITDA margin was 15%, a substantial recovery from 1% in Q2 FY25, driven by operational efficiency and a focus on higher-margin segments.
Capital Expenditure
Planned capital expenditure is approximately INR 100-150 Cr per annum, down from previous levels of INR 200 Cr per annum, intended to be funded entirely through internal accruals.
Credit Rating & Borrowing
CRISIL Ratings maintains a 'Stable' outlook, citing a healthy financial risk profile and strong market position. The company maintains a net cash surplus of INR 2,360 Cr as of September 30, 2025, eliminating the need for term debt.
Operational Drivers
Raw Materials
PVC Resins (primary raw material), sourced both through captive production and external imports/domestic suppliers.
Import Sources
Sourced from a combination of global imports and domestic Indian markets to ensure supply chain resilience.
Key Suppliers
Not specifically named in the documents, but the company maintains a diversified supplier base to mitigate vendor dependency.
Capacity Expansion
Current H1 FY26 volume output was 157,645 MT. The company is continuously reviewing capacity utilization and expansion plans to support its goal of a 50:50 agri to non-agri product split.
Raw Material Costs
Raw material costs are highly sensitive to global Polyvinyl Chloride (PVC) resin price corrections. In FY23, sharp price drops led to significant inventory losses and an operating margin plunge to 6.4%.
Manufacturing Efficiency
Focus on operational efficiency helped improve EBITDA by 3% in H1 FY26 despite a 2% dip in volumes.
Strategic Growth
Expected Growth Rate
18%
Growth Strategy
Growth will be driven by a strategic shift toward the non-agri segment (plumbing and sanitation) to achieve a 50:50 revenue split with the agri segment. The company is also focusing on geographical expansion and leveraging its backward integration to sustain margins.
Products & Services
PVC pipes, fittings, and PVC resin.
Brand Portfolio
Finolex Pipes.
New Products/Services
Continued expansion into non-agri plumbing and sanitation products to diversify away from seasonal agricultural demand.
Market Expansion
Targeting increased geographical reach and a higher share of the non-agri market to stabilize year-round demand.
Market Share & Ranking
Maintains a strong market position in the Indian PVC pipes and fittings industry.
External Factors
Industry Trends
The industry is evolving toward higher demand in urban infrastructure and sanitation. Finolex is positioning itself by targeting a 50% revenue contribution from the non-agri segment.
Competitive Landscape
Operates in a commoditized segment with low differentiation, facing competition from both organized and unorganized players.
Competitive Moat
The primary moat is backward integration into PVC resin production, which provides cost leadership and supply security. This is sustainable due to the high capital intensity required for such integration.
Macro Economic Sensitivity
Highly sensitive to monsoon patterns (affecting agri demand) and global crude oil/petrochemical cycles (affecting PVC resin prices).
Consumer Behavior
Shift in consumer demand toward branded, high-quality plumbing solutions for residential and commercial construction.
Geopolitical Risks
Exposure to global trade barriers and supply chain disruptions for imported raw materials.
Regulatory & Governance
Industry Regulations
Continuous monitoring of legal and policy changes relevant to the petrochemical and construction industries to ensure statutory compliance.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 23.9%, with INR 68.05 Cr tax paid on a PBT of INR 284.18 Cr.
Risk Analysis
Key Uncertainties
PVC price volatility (potential for inventory losses) and seasonal monsoon variability (impact on volume growth).
Geographic Concentration Risk
Not disclosed, though the company is actively working to diversify its geographic footprint.
Third Party Dependencies
Maintains a diversified supplier base to reduce dependency on any single third-party vendor.
Technology Obsolescence Risk
The company is undergoing digital transformation and regularly reviews cost structures to maintain agility.
Credit & Counterparty Risk
Debtors' turnover ratio was 9.90 times in FY25, a 13% decline from 11.43 times in FY24, indicating a slight lengthening of the credit cycle.
