AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 1 Oct - Shareholders approved reappointments of four directors for five-year terms at the 58th AGM, effective 30 September 2026.
Source: Bse
Finolex Cables Limited (FINCABLES)
Large CapIndustrials stocks · Large cap · NSE
Finolex Cables Limited (FINCABLES) manufactures electrical and communication cables. The company also has a presence in other products like fans and lighting. It is headquartered in Pune, India.
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result21 Aug, 03:52 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
54NeutralSMA20 +8.4% / mo · MACD −
Stock trend: 59
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
FINCABLESD candles · FIT view+19.6%Latest close ₹1202.40 on 2026-10-21
Bar
-6.8%
RSI
33
MACD hist
-31.62
52W pos
63%
2026-10-21O ₹1290.00H ₹1295.60L ₹1195.00C ₹1202.40Vol 9.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
FINCABLESNifty India ManufacturingNifty 500
- FINCABLES
- +19.5%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +26.0 pp
Chart stats
21 Oct 2026- From 52W high
- -19.8%
- 52W range position
- 63%
- ATR (14)
- 5.4%
- Volume vs 20D
- 1.66x
- Avg traded value
- ₹86.3 Cr
- 20D price channel
- ₹1,195 - ₹1,499
₹1,499
₹700.8 - ₹1,499
₹64.7
Latest completed session
20-session average
49.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST39
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +44.2% · PAT +52.8% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model+4.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence82
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +44% YoY · PAT +53% YoY · margin expansion · operating leverage
Filed 21 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,013 Cr | +44.2% | +3.2% |
| EBITDA | ₹244 Cr | +79.4% | +35.6% |
| Operating margin | 12.0% | +200 bps | +300 bps |
| PAT | ₹249 Cr | +52.8% | +11.2% |
| PAT margin | 12.4% | +69 bps | +89 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 26.10
- P/B
- 3.44
- EV/EBITDA
- 26.37
- Market Cap
- 20918.00Cr
Profitability
- ROE
- 12.30%
- ROCE
- 16.00%
- ROA
- 11.44%
- Dividend Y
- 0.66%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 9.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 363.50×
- Altman Z
- 8.86
- Book Value
- 398.00
Cash Flow
- FCF Yield
- 0.97%
- FCF Positive Y
- 10/5
- OCF
- 49.00 Cr
- EPS TTM
- 52.31
Shareholding
- Promoter Hold
- 35.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 84%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 6,321+18.8% vs prev
Net Profit
₹ CrLatest: 714+1.9% vs prev
Return on Equity
%Latest: 11.7-8.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 33. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~7.8% over last month) — short-term momentum positive.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 20% off 52W high · 72% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
94
RS percentile
Stage 2 UptrendEstablished S2
1M return
-14.1%
3M return
+19.5%
6M return
+24.2%
1Y return
+51.2%
RS 1D
-1
RS 20D
-1
Sector rank
#6
Industry rank
#1
Stage evidence
- Price is 7.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
27 Apr 2026
S2 age
125 trading sessions
Sector
weakening
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 156.1-5.37%
RS vs Nifty 500156
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation4/30
Growth10/25
Quality5/20
Balance Sheet9/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
39
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
39/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 9/15 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Quality is weaker at 5/20; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
26.1
PB
3.4
EV/EBITDA
26.4
ROE
12.3%
ROCE
16.0%
FCF Yield
1.0%
Debt/Equity
0.0
MoS
+4.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
39
Previous: 36 (+3)
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+4.6%
Previous: -1.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
35
35
35
35
35
35
35
36
36
36
36
36
Factor attribution
Valuation
4+3
was 1
Modelled fair value
Graham Number
₹684.42
-75.7% MoS
Growth-justified P/E
24.1
Growth-justified Value
₹1,260.67
+4.6% MoS
PEG
2.56
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RRKABEL
Large
R R Kabel Limited
Electrical Equipment
match 84
53
49.2
21.3%
-13%
FAIR VALUE
DIACABS
Micro
Diamond Power Infrastructure Limited
Electrical Equipment
match 83
34
115.0
—
-140%
WATCHLIST
VINDHYATEL
Small
Vindhya Telelinks Limited
Electrical Equipment
match 75
29
13.0
5.3%
-164%
OVERVALUED
VMARCIND
SME
V Marc India Ltd.
Electrical Equipment
match 75
56
40.5
41.2%
-12%
FAIR VALUE
MARCO
SME
Marco Cables & Conductors Ltd.
Electrical Equipment
match 74
38
15.2
12.2%
+61%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-12T08:39:44.222Z
Management commentary snapshot
Finolex Cables reported strong Q4 FY26 revenue growth of 22% YoY, driven by healthy volume expansion in Wires & Cables. EBITDA margins improved 7% YoY, with PAT up 6% YoY, despite volatile copper prices and market liquidity issues.
The company delivered solid Q4 FY26 results with robust revenue growth and improved margins, primarily driven by its Wires & Cables segment. Management successfully navigated volatile copper prices and market liquidity issues, reinforcing its market position. The transition in Communication Cables and challenges in 'Others' segment warrant monitoring.
Growth engines
Wires & Cables Segment Volume Expansion
Performance was driven by healthy volume expansion across key product categories in the Wires & Cables segment.
Automobile/Flexibles/Power & Control/Solar Product Lines
All major product lines – Automobile/Flexibles/Power & Control/Solar contributed strongly to the volume growth in the quarter and year as a whole.
Operational Efficiencies
We remain focused on sustaining this momentum through operational efficiencies and market expansion.
Tailwinds
Surging Demand for Optical Fiber
Surging demand in the US and Europe around Data Centre applications for optical fiber solutions.
Market Transition to Optical Fiber
Market transitioning from traditional metal-based cables to optical fiber solutions.
Headwinds
Copper Price Volatility
Copper prices remained volatile throughout the year, further complicated by the war in the Middle East.
Market Liquidity Issues
Liquidity issues in the market during Q4 impacted volumes temporarily.
Restricted RM Availability for Fiber
Disruptions in Russia/Ukraine and Middle East have resulted in restricted RM availability towards year end for fiber.
Unseasonal Monsoon & BIS Norms Impact on Fans
Unseasonal and extended monsoon activity as well as revision to BIS norms impacted sales of Fans.
Risk radar
Commodity Price Volatility
Copper prices remained volatile throughout the year, further complicated by the war in the Middle East.
Supply Chain Disruptions
Disruptions in Russia/Ukraine and Middle East have resulted in restricted RM availability towards year end for fiber.
Market Liquidity
Liquidity issues in the market during Q4 impacted volumes temporarily.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are relevant. YoY shows underlying business growth and seasonal trends, while QoQ highlights sequential momentum, operating leverage, and recent market dynamics, especially in a volatile environment.
Sector KPIs management disclosed
Revenue from Operations
Q4 FY26 Revenue at Rs. 1,951 Cr, a strong 22% year-on-year growth.
EBITDA
Q4 FY26 EBITDA at Rs. 236 Cr, up 7% Y-o-Y and 22% Q-o-Q. EBITDA margins improved by 7% YoY.
PAT
Q4 FY26 PAT stood at Rs. 161 Cr, marking a 6% YoY growth and 19% Q-o-Q growth.
Receivable Days
Receivable Days increased to 17 in Q4 FY26 from 14 in Q4 FY25.
Management forward view
Focus on Sustaining Momentum
We remain focused on sustaining this momentum through operational efficiencies and market expansion.
Reinforced Market Position
Positive trends across key product categories have reinforced our market position and demonstrate the effectiveness of our strategic initiatives.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Wires & Cables Volume Growth | Healthy volume expansion across key product categories. | Sustained volume growth and market share gains in core Wires & Cables segment. |
| EBITDA Margins | Improved by 7% YoY, 22% QoQ. | Ability to maintain or further expand margins amidst commodity price volatility and market competition. |
| Communication Cable Segment Performance | Market transitioning to optical fiber; fiber prices hardening in H2 FY26. | Successful navigation of market transition and impact of raw material availability and pricing on profitability. |
| Working Capital Management | Receivable Days and Inventory Days increased, Payable Days decreased. | Improvement in working capital cycle, particularly receivable and inventory days, to optimize cash flow. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
82Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 94th percentile of the scored universe and 94th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
77 docs text-extracted · 21 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
94th percentile
overall median 67 · Industrials: 94th pctile, median 68 · Large: 86th pctile, median 73
Evidence depth
Financial-only
77 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸10 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Finolex Cables Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 11 Aug - Board approved reappointment of three independent directors and Whole-time Director for five years from 30 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Sep - Finolex Cables will host analysts and institutional investors plant visit at Urse plant, Pune on 9 September 2026.
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 5 Sep - Finolex Cables submitted its FY2025-26 BRSR, forming part of the 58th Annual Report.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer 12 Jun - Company Secretary and Compliance Officer Siddhesh Mandke relieved effective June 11, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 28 May - Mahesh Viswanathan becomes CEO and Sachin Naik appointed CFO from 1 June 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Corporate Action-Board approves Dividend 28 May - Board approved FY26 audited results, 450% dividend, and CEO/CFO changes effective 1 June 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer 2d - Company Secretary and Compliance Officer Siddhesh Mandke resigned, effective after close of business on 11 June 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.