Finolex Cables financials and balance sheet

NSE: FINCABLESBSE: 500144Industrial ProductsSmall Cap

₹1,090.30₹49.60 (4.35%)BSE ₹1,090.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,139.90.

52-week range of traded prices to 23 Oct 2026

₹700.80Low, 30 Jan 2026₹1,499.00High, 8 Oct 2026

Market cap: ₹16,675 Cr457th largest listed
P/E: 20.8
P/E without one-offs: 27.2
P/B: 2.7
Dividend yield: 0.83%
ROE: 13.8%
ROE without one-offs: 10.6%
ROCE: 10.8%
Debt to equity: 0.00
Volume, NSE: 12,74,97639.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Finolex Cables annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹6,321 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.0% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue6,321
Materials and goods−5,150
Employee costs−203
Other expenses−349
Operating profit620
Depreciation−59
Other income+166
One-off items+205
Finance costs−1.8
Profit before tax929
Tax−215
Net profit714

What the company owns

Plant, investments and other assets₹3,553 Cr
Current investments₹1,875 Cr
Inventory₹1,023 Cr
Receivables₹370 Cr
Cash and bank₹168 Cr

What pays for it: net worth and liabilities

Net worth₹6,086 Cr
Other liabilities₹663 Cr
Owed to suppliers₹222 Cr
Borrowings₹19 Cr

Finolex Cables business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Finolex Cables segment results by quarter

Revenue by segment

₹8,395 CrTotal

Electrical cables₹5,490 Cr65.4% of total
Copper rods₹2,143 Cr25.5% of total
Communication cables₹500 Cr6.0% of total
Others₹262 Cr3.1% of total

Profit by segment

Electrical cables₹563 Cr96.3% of total
Copper rods₹3 Cr0.5% of total
Communication cables₹14 Cr2.4% of total
Others₹5 Cr0.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Electrical cables
Revenue, ₹ crore
2,361
2,310
3,193
3,684
4,222
4,499
5,490
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
378
341
405
458
538
476
563
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Copper rods
Revenue, ₹ crore
559
574
682
1,268
1,744
1,684
2,143
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
1
3
3
4
4
3
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Communication cables
Revenue, ₹ crore
409
321
380
579
531
508
500
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
26
8
−13
13
11
8
14
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
88
114
176
195
225
0
262
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−7
4
2
2
3
0
5
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	3,417	3,319	4,432	5,726	6,722	6,691	8,395
Company revenue, as in its results	2,877	2,768	3,768	4,481	5,014	5,319	6,321
Revenue	2,361	2,310	3,193	3,684	4,222	4,499	5,490
Revenue growth	–	−2.2%	38.2%	15.4%	14.6%	6.6%	22.0%
Profit	378	341	405	458	538	476	563
Profit growth	–	−9.8%	18.9%	13.0%	17.5%	−11.5%	18.3%
Margin	16.0%	14.7%	12.7%	12.4%	12.7%	10.6%	10.3%
Return on capital	53.2%	37.2%	48.2%	53.2%	73.5%	49.1%	40.0%
Assets	879	1,091	1,064	1,100	990	1,250	1,724
Liabilities	170	175	223	240	258	280	316
Capital employed	709	916	840	860	732	970	1,408
Revenue	559	574	682	1,268	1,744	1,684	2,143
Revenue growth	–	2.8%	18.9%	85.8%	37.6%	−3.4%	27.2%
Profit	3	1	3	3	4	4	3
Profit growth	–	−67.9%	134.5%	11.6%	44.8%	6.5%	−28.8%
Margin	0.6%	0.2%	0.4%	0.2%	0.2%	0.3%	0.1%
Return on capital	56.4%	10.4%	80.4%	36.6%	15.3%	23.9%	6.8%
Assets	20	28	18	22	29	21	50
Liabilities	14	17	15	14	2	3	3
Capital employed	6	11	3	8	27	19	47
Revenue	409	321	380	579	531	508	500
Revenue growth	–	−21.4%	18.1%	52.5%	−8.3%	−4.4%	−1.4%
Profit	26	8	−13	13	11	8	14
Profit growth	–	−67.7%	–	–	−13.0%	−27.3%	69.8%
Margin	6.3%	2.6%	−3.5%	2.2%	2.1%	1.6%	2.8%
Return on capital	8.6%	3.1%	−6.5%	6.1%	3.6%	1.7%	2.5%
Assets	319	300	230	237	348	499	589
Liabilities	18	26	27	23	33	30	43
Capital employed	302	274	204	214	315	469	546
Revenue	88	114	176	195	225	0	262
Revenue growth	–	28.9%	55.2%	10.8%	15.3%	−100.0%	–
Profit	−7	4	2	2	3	0	5
Profit growth	–	–	−56.0%	17.1%	43.4%	−100.0%	–
Margin	−7.8%	3.7%	1.1%	1.1%	1.4%	–	1.8%
Return on capital	−14.8%	12.5%	4.2%	6.1%	4.0%	–	6.6%
Assets	58	44	53	44	93	0	84
Liabilities	12	10	9	8	14	0	13
Capital employed	46	34	44	36	79	0	71

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Finolex Cables quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 29 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 24 May	Mar 2025Filed 16 Jun	Mar 2026Filed 15 Jul
Revenue from operations	2,671	2,884	3,078	2,877	2,768	3,768	4,481	5,014	5,319	6,321
	2,275	2,443	2,608	2,494	2,398	3,340	3,972	4,426	4,778	5,702
Materials and goods bought	1,953	2,034	2,265	2,083	2,051	2,966	3,544	3,948	4,292	5,150
Employee costs	119	–	141	150	138	146	163	177	185	203
Other expenses	203	–	202	261	209	227	265	301	301	349
Operating profit before depreciation	396	441	470	383	370	429	509	588	541	620
Operating margin	14.8%	15.3%	15.3%	13.3%	13.4%	11.4%	11.4%	11.7%	10.2%	9.8%
Materials, % of revenue	73.1%	–	73.6%	72.4%	74.1%	78.7%	79.1%	78.7%	80.7%	81.5%
Employee costs, % of revenue	4.5%	–	4.6%	5.2%	5.0%	3.9%	3.6%	3.5%	3.5%	3.2%
Other expenses, % of revenue	7.6%	–	6.6%	9.1%	7.5%	6.0%	5.9%	6.0%	5.7%	5.5%
Depreciation and amortisation	48	44	41	39	39	39	46	44	47	59
Operating profit after depreciation	348	397	429	345	331	390	463	544	495	560
Other income	59	81	82	92	77	71	118	175	197	166
Finance costs	4	1	1	2	1	2	1	2	2	2
Profit before one-off items and tax	403	477	510	434	407	460	579	718	690	724
One-off items	0	0	0	0	223	327	70	146	232	205
Profit before tax	403	477	510	434	631	787	649	864	922	929
	103	219	203	121	169	187	145	212	222	215
Current tax	–	132	166	123	113	128	145	158	142	162
Deferred tax	–	87	37	−2	57	60	0	54	80	52
Share of profit of joint ventures and associates	–	72	100	78	–	–	–	–	–	–
Net profit	400	330	407	391	461	599	504	652	701	714
Other comprehensive income	–	–	–	−41	33	−7	36	31	−29	−1
Total comprehensive income	–	–	–	350	495	592	540	683	672	713
Net margin	15.0%	11.4%	13.2%	13.6%	16.7%	15.9%	11.3%	13.0%	13.2%	11.3%
Net margin without joint ventures and associates	–	8.9%	10.0%	10.9%	–	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Share of profit of joint ventures and associates is left blank for the years to Mar 2021, Mar 2022, Mar 2025 and Mar 2026: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2020Filed 29 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 24 May	Mar 2025Filed 16 Jun	Mar 2026Filed 15 Jul
	3,004	3,415	3,922	4,370	4,946	5,495	6,086
Share capital	31	31	31	31	31	31	31
Reserves	2,973	3,384	3,891	4,340	4,915	5,465	6,055
	0	0	0	14	4	20	19
Repayable after a year	0	0	0	10	1	15	14
Repayable within a year	0	0	0	4	3	5	5
	239	251	294	320	336	114	420
Trade payables	159	176	190	209	234	0	222
Other financial liabilities	4	6	6	5	5	64	131
Other liabilities	37	32	68	57	53	–	94
Provisions	7	7	5	7	8	8	10
Tax owed	33	29	24	39	33	38	52
	164	220	278	290	353	677	484
Other financial liabilities	0	4	6	–	–	–	–
Other liabilities	5	–	0	0	–	5	–
Provisions	13	12	10	10	12	13	16
Deferred tax	146	204	262	270	327	402	454
Trade payables	0	0	–	–	14	242	–
Total assets	3,407	3,886	4,494	4,980	5,635	6,287	6,990
	1,338	1,542	1,697	1,769	2,087	2,502	3,458
Plant in use, after depreciation	377	386	370	422	428	566	831
Plant being built	27	26	87	21	168	210	105
Intangible assets	10	9	11	13	17	1	0
Intangible assets being developed	0	–	0	–	–	1	3
Property held to earn rent	0	–	0	1,093	–	181	–
Investments	265	0	92	175	216	0	861
Stakes in joint ventures and associates	609	845	1,095	–	1,194	1,391	1,601
Loans given	4	4	0	0	0	0	0
Other financial assets	0	217	4	0	0	76	16
Deferred tax	20	20	19	21	17	19	19
Other assets	26	35	19	23	48	59	22
	2,069	2,343	2,797	3,212	3,548	3,784	3,532
Inventories	593	755	653	675	576	717	1,023
Trade receivables	187	177	177	218	177	243	370
Cash and cash equivalents	856	25	32	67	93	0	163
Other bank balances	78	29	6	6	5	90	5
Current investments	247	509	827	1,346	2,180	2,414	1,875
Other financial assets	56	778	1,057	878	476	320	95
Other assets	53	71	45	23	41	–	–
Net debt	−1,180	−562	−865	−1,405	−2,273	−2,485	−2,024

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 30 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 24 May	Mar 2025Filed 16 Jun	Mar 2026Filed 15 Jul
	114	299	356	577	207	49
	231	550	488	737	348	196
	−155	121	−33	140	−180	−445
Receivables	10	−26	−40	38	−60	−128
Inventories	−162	102	−22	98	−141	−306
Payables	17	−14	19	−1	7	−23
Other working capital	−20	59	10	5	14	13
Tax paid	−117	−132	−132	−160	−141	−147
Capital spending	55	67	31	219	236	154
Free cash flow	59	232	325	358	−29	−105
	−859	−378	−225	−440	−82	153
Plant and property sold	0	0	0	0	0	0
Interest received	29	38	50	55	38	25
Dividends received	0	81	81	31	51	73
	−86	87	−97	−112	−128	−129
Borrowings raised	0	0	0	0	0	0
Borrowings repaid	0	–	0	0	0	0
Interest paid	0	1	0	−5	0	0
Lease payments	0	0	−5	0	−122	−122
Dividends paid	84	84	92	107	2	2
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−831	8	35	26	−3	73

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Borrowings repaid is left blank for the year to Mar 2022: the line is filed below nought and is smaller than the rounding of its section's total, so the statement does not show which way it moved cash.

Consolidated, ₹ per share, years to March.Finolex Cables dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 29 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 24 May	Mar 2025Filed 16 Jun	Mar 2026Filed 15 Jul
Earnings per share	₹26.20	₹21.60	₹26.64	₹25.57	₹30.17	₹39.18	₹32.97	₹42.61	₹45.82	₹46.67
Diluted earnings per share	₹26.20	₹21.60	₹26.64	₹25.57	₹30.17	₹39.18	₹32.97	₹42.61	₹45.82	₹46.67
Dividend per share	₹3.00	₹4.00	₹4.50	₹5.50	₹5.50	₹6.00	₹7.00	₹8.00	₹8.00	₹9.00
Book value per share	–	–	–	₹196.39	₹223.24	₹256.43	₹285.74	₹323.36	₹359.28	₹397.90
Dividend payout	11.5%	18.5%	16.9%	21.5%	18.2%	15.3%	21.2%	18.8%	17.5%	19.3%
Shareholder yield	–	–	–	–	1.4%	1.5%	0.7%	0.7%	0.0%	0.0%
Market cap at the year end (₹ crore)	7,900	10,321	7,272	3,116	5,826	5,776	12,428	15,309	13,969	11,876

Ratios

Consolidated, years to March.Finolex Cables PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 29 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 24 May	Mar 2025Filed 16 Jun	Mar 2026Filed 15 Jul
Revenue growth	5.0%	8.0%	6.7%	−6.5%	−3.8%	36.1%	18.9%	11.9%	6.1%	18.8%
Operating profit growth	–	11.3%	6.5%	−18.4%	−3.5%	15.8%	18.9%	15.5%	−8.0%	14.5%
Net profit growth	20.4%	−17.5%	23.4%	−4.0%	18.0%	29.8%	−15.8%	29.2%	7.5%	1.8%
Earnings per share growth	–	−17.6%	23.3%	−4.0%	18.0%	29.9%	−15.8%	29.2%	7.5%	1.9%
	–	–	–	13.0%	14.4%	16.3%	12.2%	14.0%	13.4%	12.3%
	–	–	–	–	1.4 pts	2.0 pts	−4.2 pts	1.8 pts	−0.6 pts	−1.1 pts
From the net margin	–	–	–	–	3.0 pts	−0.7 pts	−4.8 pts	1.9 pts	0.2 pts	−1.9 pts
From asset turnover	–	–	–	–	−1.6 pts	2.5 pts	0.6 pts	0.0 pts	−0.8 pts	0.8 pts
From borrowing	–	–	–	–	0.0 pts	0.1 pts	0.0 pts	0.0 pts	0.0 pts	0.0 pts
Return on capital employed	–	–	–	11.5%	9.7%	9.9%	10.6%	11.0%	9.0%	9.2%
Cash conversion	–	–	–	–	24.8%	49.9%	70.7%	88.5%	29.6%	6.9%
Interest cover	81.1	275.7	466.4	222.3	435.8	256.3	373.4	268.2	296.2	320.1
Debt to equity	–	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	–	24	23	17	18	13	17	21
Inventory days	–	–	–	104	134	80	69	53	61	73
Payable days	–	–	–	28	31	23	21	22	0	16
Cash conversion cycle, days	–	–	–	100	126	74	66	45	78	78
Working capital days	–	–	–	82	202	159	120	68	80	62
Asset turnover	–	–	–	0.84	0.76	0.90	0.95	0.94	0.89	0.95
Assets per rupee of net worth	–	–	–	1.13	1.14	1.14	1.14	1.14	1.14	1.15
Sales per rupee of plant	–	–	–	7.64	7.17	10.19	10.63	11.72	9.41	7.60
Capital spending to depreciation	–	–	–	–	1.41	1.73	0.67	4.99	5.07	2.60
Plant being built, % of plant in use	–	–	–	7.2%	6.7%	23.5%	5.0%	39.1%	37.1%	12.7%

No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 10.8%
Cash from operations against operating profit: 7.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.5%	18.0%	12.2%
Profit growth, yearly rate	7.9%	9.1%	12.3%
Return on equity, average	–	13.6%	13.2%
Return on capital employed, average	–	9.9%	9.7%
Operating margin, average	12.7%	10.9%	10.6%
Net margin, average	13.5%	12.9%	12.5%
Asset turnover, average	–	0.93	0.93
Cash conversion cycle, days, average	–	68	67
Interest cover, average	299.5	302.8	294.8
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,489	833	49
Cash from investing	−972	−369	153
Cash from financing	−378	−369	−129
Capital spending	707	609	154
Dividends paid	286	110	2
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	–	1	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	–	7	5	8	4	5
Altman Z-scorePublished threshold 1.81	–	–	–	7.77	10.53	9.36	15.47	16.63	13.84	10.97
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.84	−1.98	−2.20	−2.50	−1.41	−2.27
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	33.09	16.19	7.87	9.69	9.66	7.71
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.49	0.70	0.61	0.40
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	−1.80	−35.79	4.00	−30.40	30.60	33.73
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	28.90	−58.14	−16.20	−25.96	15.71	22.71
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	26.73	6.71	−4.50	−7.64	−3.70	−3.55
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	0.53	3.84	0.21	3.35	1.14	0.32
Effective tax ratePublished threshold 17.16 per cent	25.67	45.94	39.77	27.86	26.85	23.83	22.35	24.55	24.03	23.13
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	7.06	2.06	6.02	8.75	7.34

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
27 Nov 2025	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	WithdrawnReview, Other		150
27 Nov 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		250
27 Nov 2025	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		50
27 Nov 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Re-affirm	Stable	200

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.