Finolex Industries Limited (FINPIPE)
Micro CapIndustrials stocks · Micro cap · NSE
Finolex Industries Limited is an Indian manufacturer, primarily focused on PVC pipes and fittings. The company's recent financial disclosures highlight its operating performance, revenue trends, and profitability for the fourth quarter and full fiscal year ended March 31, 2026.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 20/100Rev -15% YoY · PAT +17% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹884 Cr | -15.2% | -32.7% |
| EBITDA | ₹107 Cr | +13.8% | -67.8% |
| Operating margin | 12.0% | +300 bps | -1300 bps |
| PAT | ₹115 Cr | +17.4% | -55.9% |
| PAT margin | 13.0% | +361 bps | -685 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 sees strong operating performance with 12% revenue growth and significant EBITDA margin expansion to 25% YoY, driven by better realization. Full-year FY26 revenue remained flat despite lower volumes, but EBITDA margin improved to 17% due to favorable material costs.
The company demonstrated robust Q4 FY26 performance with strong revenue growth and margin expansion, primarily due to better realization and favorable material costs. While full-year revenue was flat and volumes declined, the significant improvement in profitability suggests effective cost management and pricing power, maintaining the investment thesis.
Better Realization
Q4 FY26 revenue improved primarily due to better realization. Overall FY26 revenue remained flat despite lower volume mainly due to improved realization.
Favorable Material Costs
EBITDA movement analysis shows a significant positive impact from 'Materials Consumed' of +82 Cr in Q4 FY26 YoY and +280 Cr in FY26 YoY.
Improved Realization
Revenue improvement in Q4 FY26 and flat FY26 revenue despite lower volume were primarily due to better realization.
Lower Material Costs
EBITDA improvement in Q4 FY26 and FY26 was significantly aided by lower materials consumed.
Lower Sales Volume
Volume was flattish in Q4 FY26 and decreased by 4% for the full year FY26.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
Both YoY and QoQ comparisons are crucial. YoY provides a clear view of annual trends and seasonal performance, while QoQ highlights recent operational momentum, utilization, and the immediate impact of market conditions and execution, which are important for an industrial company.
Q4 FY26 Revenue
Revenue improved by 12% to ₹ 1314 Cr in Q4 FY26 from ₹ 1172 Cr in Q4 FY25.
Q4 FY26 EBITDA
EBITDA stood at ₹ 332 Cr in Q4 FY26 compared to ₹ 171 Cr in Q4 FY25. EBITDA margin improved from 15% to 25% YoY.
Q4 FY26 Sales Volume
Flattish volume during the quarter (Q4 FY26: 101,772 MT vs Q4 FY25: 102,253 MT), a -0.5% change.
FY26 Revenue
Overall revenue remained flat at ₹ 4,113 Cr in FY26 vs. ₹ 4,142 Cr in FY25, a -1% change.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Sales Volume Growth | Q4 FY26: -0.5% YoY; FY26: -4% YoY | Reversal of the negative volume trend and sustained growth in future quarters. |
| Realization Trend | Positive impact on revenue in Q4 FY26 and FY26. | Ability to maintain or improve realization amidst market competition and input cost fluctuations. |
| EBITDA Margin | Q4 FY26: 25%; FY26: 17% | Sustainability of improved margins, especially if material costs normalize or volumes remain subdued. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -3.1% / mo · MACD − · near 52W low
Technical chart
FINPIPEdaily · 1Y · AUTO-14.8%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 44.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.2% over last month) — short-term momentum negative.
- RSI(14) at 44 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 29% off 52W high · 8% 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.
Valuation & score drivers
U-Score 36 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 36 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 12/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -253.0%.
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Growth is weaker at 4/25; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 76th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: OPM spread across recent quarters is 23.7%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 76th pctile, median 68 · Micro: 60th pctile, median 73
130 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.4%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.07.
Trust risks
- ▸OPM spread across recent quarters is 23.7%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 16.00
- P/B
- 1.59
- EV/EBITDA
- 12.86
- Market Cap
- 9843.00Cr
Profitability
- ROE
- 8.57%
- ROCE
- 11.80%
- ROA
- 8.10%
- Dividend Y
- 1.26%
Growth (CAGR)
- Revenue 5Y
- 4.00%
- EPS 5Y
- -7.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 31.45×
- Altman Z
- 6.51
- Book Value
- 100.00
Cash Flow
- FCF Yield
- 0.37%
- FCF Positive Y
- 11/5
- OCF
- 192.00 Cr
- EPS TTM
- 9.92
Shareholding
- Promoter Hold
- 52.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 16%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.