Industrials 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.
full bear SMA stack · SMA20 -3.4% / mo · MACD + · near 52W low
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue -15.2% · PAT +17.4% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Rev -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.
Updated 20/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Signals are conflicting — long-term trend down. RSI 45. Wait for confirmation.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
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.
12 stored score snapshots. Latest stored move: +0 points.
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.
Growth engines, risks, management commitments and evidence-backed delivery
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.
Q4 FY26 revenue improved primarily due to better realization. Overall FY26 revenue remained flat despite lower volume mainly due to improved realization.
EBITDA movement analysis shows a significant positive impact from 'Materials Consumed' of +82 Cr in Q4 FY26 YoY and +280 Cr in FY26 YoY.
Revenue improvement in Q4 FY26 and flat FY26 revenue despite lower volume were primarily due to better realization.
EBITDA improvement in Q4 FY26 and FY26 was significantly aided by lower materials consumed.
Volume was flattish in Q4 FY26 and decreased by 4% for the full year FY26.
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.
Revenue improved by 12% to ₹ 1314 Cr in Q4 FY26 from ₹ 1172 Cr in Q4 FY25.
EBITDA stood at ₹ 332 Cr in Q4 FY26 compared to ₹ 171 Cr in Q4 FY25. EBITDA margin improved from 15% to 25% YoY.
Flattish volume during the quarter (Q4 FY26: 101,772 MT vs Q4 FY25: 102,253 MT), a -0.5% change.
Overall revenue remained flat at ₹ 4,113 Cr in FY26 vs. ₹ 4,142 Cr in FY25, a -1% change.
| 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.
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 78th percentile of the scored universe and 76th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
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
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.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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