Finolex Cables Limited (FINCABLES)

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Finolex Cables Limited (FINCABLES) · mywealthgrid

About

Finolex Cables manufactures cables and electrical products within the industrials sector. At ₹19,064 Cr market cap and ₹2,013 Cr quarterly revenue (Jun 2026), the company operates in cables and related electrical products for industrial use. Zero debt and recent revenue growth characterize its financial position.

Face value: ₹2

Market cap

₹22,305 Cr

P/E

27.9×

P/B

3.7×

Dividend yield

0.6%

ROE

12.3%

ROCE

11.4%

Debt / equity

OPM

9.8%

EPS (TTM)

₹52.3

Book value

₹397.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation: PE of 23.83 against ROE of 12.33% indicates premium pricing relative to capital efficiency. Verify what supports the valuation multiple.

Margin pressure: OPM of 9.8% leaves limited cushion against commodity cost inflation. Verify hedging practices for copper and aluminum exposure.

Earnings volatility: Net profit swings sharply (EPS ₹8.89–₹16.28 across recent quarters) despite steady revenue growth. Verify operational drivers of profit variability.

Cyclical exposure: Cables for industrial use track capex and economic cycles. Verify end-market concentration and revenue stability under downturn.

Generated analysis · source review pending

Growth drivers

Revenue grew from ₹1,375.79 Cr (Sep 2025) to ₹2,013.15 Cr (Jun 2026), a 46% increase over nine months.

Operating margin improved to 12.31% (Jun 2026) from reported 9.8% average. Verify sustainability of recent improvement.

Zero debt (D/E 0) provides financial flexibility. Verify whether company deploys this for growth investment, acquisitions, or shareholder returns.

Annual dividends for five consecutive years indicate operating cash generation. Verify payout ratio and sustainability given margin variability.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,458.8+1.6%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 18% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 414.7×

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

57/100

Business quality: 53
Growth: 72
Valuation: 45

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,877	2,768	3,768	4,481	5,014	5,319	6,321
COGS	2,083	2,051	2,966	3,544	3,948	4,292	5,150
Gross profit	794	717	802	937	1,066	1,027	1,171
	333	346	373	427	478	486	552
	461	370	429	509	588	541	620
OPM %	16%	13.4%	11.4%	11.4%	11.7%	10.2%	9.8%
Depreciation	39	39	39	46	44	47	59
Interest	2	1	2	1	2	2	2
	92	300	399	188	321	429	370
Profit before tax	512	631	787	649	864	922	929
Tax	121	169	187	145	212	222	215
Tax %	23.6%	26.9%	23.8%	22.4%	24.6%	24%	23.1%
	391	461	599	504	652	701	714
PAT margin %	13.6%	16.7%	15.9%	11.3%	13%	13.2%	11.3%
EPS (₹)	25.6	30.2	39.2	33	42.6	45.8	46.7
EPS adjusted (₹)	-2.7	30.2	39.2	33	42.6	45.8	46.7
	21.5%	18.2%	15.3%	21.2%	18.8%	17.5%	19.3%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	31	31	31	31	31	31	31
Reserves	—	3,384	3,891	4,340	4,915	5,465	6,055
	—	0	0	14	4	20	19
	—	471	572	596	685	771	885
Total equity & liabilities	—	3,886	4,494	4,980	5,635	6,287	6,990
	387	394	380	435	445	566	831
CWIP	—	26	87	21	168	210	105
Investments	—	1,571	2,014	2,614	3,590	3,986	4,337
	—	1,894	2,013	1,910	1,434	1,524	1,716
Total assets	—	3,886	4,494	4,980	5,635	6,287	6,990

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	339	213	236	114	299	356	577	207	49
	-195	-126	-134	-859	-378	-225	-440	-82	153
	-64	-75	-57	-86	87	-97	-112	-128	-129
Net cash flow	81	11	44	-831	8	35	26	-3	73
Free cash flow	—	—	—	59	232	325	358	-29	-105
CFO / Operating profit %	—	—	—	30.9%	69.8%	70%	98.1%	38.3%	7.9%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Electrical cables	5,490.23	562.85	1,723.88	315.8	1,408.08	39.97
Copper rods	2,142.58	3.16

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	27.6%	25.9%	21.3%	20.9%	21.3%	19.3%	18.5%
EBITDA margin %	13.3%	13.4%	11.4%	11.4%	11.7%	10.2%	9.8%
EBIT margin %	12%	12%	10.3%	10.3%	10.9%	9.3%	8.9%
PAT margin %	13.6%	16.7%	15.9%	11.3%	13%	13.2%	11.3%
Working capital
Receivable days	—	23	17	18	13	17	21
Inventory days	—	134	80	69	53	61	73
Payable days	—	31	23	21	22	0	16
NWC days	—	126	74	66	45	78	78
Leverage
Current ratio	—	9.35	9.53	10.03	10.56	33.12	8.42
Debt to EBITDA	—	0	0	0.03	0.01	0.04	0.03
Debt to equity	—	0	0	0	0	0	0
Interest coverage	281.3	537.1	303.3	468.3	354.5	414.4	414.7
Asset turnover	—	0.71	0.84	0.9	0.89	0.85	0.9
Return ratios
Return on assets %	—	11.9%	13.3%	10.1%	11.6%	11.1%	10.2%
Return on capital employed %	—	11.2%	11.8%	13.1%	14.5%	12.1%	11.4%
Return on equity %	—	13.5%	15.3%	11.5%	13.2%	12.8%	11.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	35.92%	35.92%	35.92%	35.86%	35.86%	35.86%	35.86%	35.86%	35.86%	35.86%	35.86%	35.86%
	11.77%	11.07%	11.58%	11.65%	11.32%	11%	10.57%	10.67%	9.9%	9.42%	9.62%	9.65%
	15.59%	15.93%	15.88%	16.84%	16.74%	16.24%	16.07%	15.57%	15.88%	15.77%	16.43%	16.7%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	36.72%	37.08%	36.62%	35.65%	36.08%	36.9%	37.5%	37.9%	38.36%	38.95%	38.09%	37.79%
No. of shareholders	—	—	—	—	—	—	—	—	1,76,353	1,89,711	1,82,413	1,83,583

Promoter holding down 0.06 percentage points since Sep 2023.

20 deals · 19 Sept 2022 – 12 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
12 Aug 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	8,58,286	₹1,315.76	₹112.93 Cr
12 Aug 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	8,58,286	₹1,314.53	₹112.82 Cr
25 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,82,425	₹953.94	₹93.72 Cr
25 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,82,425	₹953.50	₹93.67 Cr
24 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	16,61,618	₹935.66	₹155.47 Cr
24 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	16,61,618	₹935.02	₹155.36 Cr
13 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	10,13,529	₹963.21	₹97.62 Cr
13 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	10,13,529	₹962.80	₹97.58 Cr
11 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	3,37,375	₹452.25	₹15.26 Cr
11 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	3,37,375	₹452.25	₹15.26 Cr

1–10 of 20

1 / 2

Mr. RATNAKAR BARVEExecutive Director-Chairperson
Mr. Mahesh ViswanathanChief Executive Officer
Mr. ZUBIN BILLIMORIANon-Executive - Independent Director
Mr. SRIRAMAN RAGHURAMANNon-Executive - Independent Director
Mrs. VANESSA SINGHNon-Executive - Independent Director
Mr. NIKHIL NAIKNon-Executive - Non Independent Director
Mr. PRAVIN AHIREExecutive Director
Mr. Sachin NaikChief Financial Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 13 fund houses

Held by these funds

4.24%

of the company's equity

All mutual funds

11.1%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

40 schemes · 13 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	30.4 L	379.16	0.46%	1.988%	-0
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	11.72 L	146.18	0.99%	0.767%	-40,548
SMALL CAP FUND	Tata Mutual Fund	9.01 L	112.33	0.86%	0.589%	-0
Flexi Cap Fund	Nippon India Mutual Fund	5.23 L	65.21	0.66%	0.342%	-0
VALUE FUND	Nippon India Mutual Fund	1.82 L	22.7	0.25%	0.119%	-0
Small Cap Fund	Baroda BNP Paribas Mutual Fund	1.4 L	17.46	1.33%	0.092%	+10,000
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	1.21 L	15.05	0.43%	0.079%	+1,475
FLEXICAP FUND	Samco Mutual Fund	64,312	8.02	3.07%	0.042%	-0

1–8 of 40

1 / 5

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

20 announcementsExport CSV

1 Oct 2026, 11:03 amCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	27.6%	25.9%	21.3%	20.9%	21.3%	19.3%	18.5%
EBITDA margin %	13.3%	13.4%	11.4%	11.4%	11.7%	10.2%	9.8%
EBIT margin %	12%	12%	10.3%	10.3%	10.9%	9.3%	8.9%
PAT margin %	13.6%	16.7%	15.9%	11.3%	13%	13.2%	11.3%
Working capital
Receivable days	—	23	17	18	13	17	21
Inventory days	—	134	80	69	53	61	73
Payable days	—	31	23	21	22	0	16
NWC days	—	126	74	66	45	78	78
Leverage
Current ratio	—	9.35	9.53	10.03	10.56	33.12	8.42
Debt to EBITDA	—	0	0	0.03	0.01	0.04	0.03
Debt to equity	—	0	0	0	0	0	0
Interest coverage	281.3	537.1	303.3	468.3	354.5	414.4	414.7
Asset turnover	—	0.71	0.84	0.9	0.89	0.85	0.9
Return ratios
Return on assets %	—	11.9%	13.3%	10.1%	11.6%	11.1%	10.2%
Return on capital employed %	—	11.2%	11.8%	13.1%	14.5%	12.1%	11.4%
Return on equity %	—	13.5%	15.3%	11.5%	13.2%	12.8%	11.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Polycab India LimitedPOLYCABPOLYCAB	₹1,20,329 Cr	₹1,20,462 Cr	₹31,188 Cr	₹4,284 Cr	13.9%	₹2,864 Cr	9.4%	33.9%	24.5%	114
Kei Industries LimitedKEIKEI	₹43,039 Cr	₹43,225 Cr	₹12,343 Cr	₹1,367 Cr	10.5%	₹997 Cr	7.8%	20.3%	14.8%	101
R R Kabel LimitedRRKABELRRKABEL	₹28,481 Cr	₹28,713 Cr	₹10,832 Cr	₹925 Cr	8.1%	₹608 Cr	5.1%	30%	20.8%	56
Finolex Cables LimitedFINCABLESFINCABLES	₹22,305 Cr	₹22,324 Cr	₹6,939 Cr	₹727 Cr	9.8%	₹800 Cr	11.3%	11.4%	12.3%	78
Universal Cables LimitedUNIVCABLESUNIVCABLES	₹5,036 Cr	₹6,212 Cr	₹3,368 Cr	₹294 Cr	8.6%	₹200 Cr	5.4%	9.5%	8.9%	115
Laser Power & Infra LimitedLASERPOWERLASERPOWER	₹3,689 Cr	—	—	—	—	—	—	—	—	—
Lumino Industries LimitedLUMINOLUMINO	₹2,939 Cr	—	—	—	—	—	—	—	—	—
Quadrant Future Tek LimitedQUADFUTUREQUADFUTURE	₹2,126 Cr	₹2,150 Cr	₹165 Cr	₹-33 Cr	-25.7%	₹-39 Cr	-28.1%	-17.4%	-15.5%	387
Dynamic Cables LimitedDYCLDYCL	₹2,076 Cr	₹2,116 Cr	₹1,285 Cr	₹141 Cr	10.8%	₹91 Cr	7.1%	29.4%	20.3%	93
Paramount Communications LimitedPARACABLESPARACABLES	₹1,849 Cr	₹1,965 Cr	₹1,992 Cr	₹86 Cr	3.5%	₹61 Cr	3.1%	13.4%	8%	101
Systematic Industries LtdSYSTEMATICSYSTEMATIC	₹637 Cr	—	₹553 Cr	₹37 Cr	6.6%	₹21 Cr	3.8%	—	—	—
Susan Electricals India LtdSUSANSUSAN	₹629 Cr	—	—	—	—	—	—	—	—	—

Date	Category	Subject	Filing
1 Oct 2026, 11:03 am	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
29 Sept 2026, 3:54 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 4:58 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
28 Sept 2026, 4:39 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
5 Sept 2026, 5:52 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
5 Sept 2026, 5:14 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
5 Sept 2026, 5:01 pm	AGM/EGM AGM	Notice Of The 58Th Annual General Meeting (AGM) Of The Company For Financial Year 2025-26.	PDF
4 Sept 2026, 5:06 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

Finolex Cables Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

20

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Communication cables · revenue

Finolex Cables Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Dividends20

Board meetings1

Profit & loss

Balance sheet

Cash flow

Segment results

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Communication cables · revenue

20

1