FINCABLES
Large CapFinolex Cables Limited
Industrials
Finolex Cables Limited manufactures electrical and communication cables. Its product portfolio includes Wires & Cables, and 'Others' segment comprising Fans and Lighting. The company reported Q4 FY26 and YTD FY26 results.
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.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
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 31 Mar 2026
Average · 52/100margin compression · Rev +22% YoY · PAT +17% YoY · +22% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,951 Cr | +22.3% | +22.0% |
| EBITDA | ₹180 Cr | +5.3% | +13.9% |
| Operating margin | 9.0% | -200 bps | -100 bps |
| PAT | ₹224 Cr | +16.7% | +36.6% |
| PAT margin | 11.5% | -56 bps | +122 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Finolex Cables reported strong Q4 FY26 revenue growth of 22% YoY to Rs. 1,951 Cr, driven by volume expansion in Wires & Cables. EBITDA grew 7% YoY, and PAT increased 6% YoY, despite a volatile year and liquidity issues.
The company delivered solid Q4 FY26 results with healthy revenue growth and margin expansion, primarily driven by the Wires & Cables segment. Management's focus on operational efficiencies and market expansion is key, but volatility in raw material prices and market liquidity remain concerns.
Wires & Cables Volume Expansion
Performance was driven by healthy volume expansion across key product categories in the Wires & Cables segment.
Contribution from Major Product Lines
All major product lines – Automobile/Flexibles/Power & Control/Solar contributed strongly to the volume growth.
Market Expansion
We remain focused on sustaining this momentum through operational efficiencies and market expansion.
Property, Plant and Equipment Increase
Property, Plant and Equipment increased from Rs. 565.50 Cr (Mar 2025) to Rs. 831.42 Cr (Mar 2026).
Capital Work-in-Progress
Capital Work-in-Progress decreased from Rs. 209.94 Cr (Mar 2025) to Rs. 105.20 Cr (Mar 2026).
Surging Optical Fiber Demand
Surging demand in the US and Europe around Data Centre applications for optical fiber solutions.
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.
Impact on Fans Sales
Unseasonal and extended monsoon activity as well as revision to BIS norms impacted sales of Fans.
Raw Material Price Volatility
Copper prices remained volatile throughout the year.
Geopolitical Disruptions
War in the Middle East and disruptions in Russia/Ukraine and Middle East impacting raw material availability.
Market Liquidity
Liquidity issues in the market during Q4 impacted volumes temporarily.
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.
The presentation explicitly provides and highlights both YoY and QoQ growth rates for key financial metrics (Revenue, EBITDA, PAT), indicating that both comparisons are relevant for assessing performance and sequential momentum.
Revenue from Operations
Q4 FY26: Rs. 1,951 Cr (22% Y-o-Y, 22% Q-o-Q). YTD FY26: Rs. 6,321 Cr (19% Y-o-Y).
EBITDA
Q4 FY26: Rs. 236 Cr (7% Y-o-Y, 22% Q-o-Q). YTD FY26: Rs. 868 Cr (14% Y-o-Y).
PAT
Q4 FY26: Rs. 161 Cr (6% Y-o-Y, 19% Q-o-Q). YTD FY26: Rs. 623 Cr (14% Y-o-Y).
EBITDA Margins
EBITDA margins improved by 7% YoY, reflecting strong operating leverage benefits.
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.
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. | Continued healthy volume expansion across key product categories. |
| EBITDA Margins | Improved by 7% YoY. | Sustained margin expansion through operational efficiencies. |
| Working Capital Cycle | Receivable days 21 (FY26), Payable days 18 (FY26), Inventory days 73 (FY26). | Improvement in working capital days, especially inventory and receivables. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +28.6% / mo
Technical chart
FINCABLESweekly · 1Y+7.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 55. Wait for confirmation.
- SMA20 rising (~22.2% over last month) — short-term momentum positive.
- RSI(14) at 55 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 13% off 52W high · 47% 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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 27.1%.
- Balance sheet contributes 11/15 to the score.
Main drags
- Quality is weaker at 4/20; verify the latest quarterly trend.
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; 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
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 93rd percentile of the scored universe and 94th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 94th pctile, median 68 · Large: 81st pctile, median 74
86 documents indexed, 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 1.3%.
- ▸10 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 21.80
- P/B
- 2.56
- EV/EBITDA
- 22.99
- Market Cap
- 15594.00Cr
Profitability
- ROE
- 12.30%
- ROCE
- 16.00%
- ROA
- 10.21%
- Dividend Y
- 0.78%
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
- 310.00×
- Altman Z
- 8.72
- Book Value
- 398.00
Cash Flow
- FCF Yield
- 1.30%
- FCF Positive Y
- 10/5
- OCF
- 49.00 Cr
- EPS TTM
- 46.67
Shareholding
- Promoter Hold
- 35.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.