FINPIPE
Micro CapFinolex Industries Limited
Industrials
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 acceptable, price trend is neutral, and recent execution is weak.
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
Excellent · 90/100Rev +12% YoY · PAT +58% YoY · margin expansion · +46% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,314 Cr | +12.1% | +46.3% |
| EBITDA | ₹332 Cr | +94.2% | +169.9% |
| Operating margin | 25.0% | +1000 bps | +1100 bps |
| PAT | ₹261 Cr | +58.2% | +125.0% |
| PAT margin | 19.9% | +578 bps | +694 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
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.
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
48NeutralSMA20 -1.8% / mo
Technical chart
FINPIPEweekly · 6M+4.5%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 52.
- RSI(14) at 52 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 14% off 52W high · 17% 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
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 13/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -211.8%.
- Quality is weaker at 0/20; 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: +3 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.
Mixed Trust: Claim history is still being built. It ranks around the 53rd percentile of the scored universe and 49th percentile within Industrials. Main check: results consistency is weak at 19/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 49th pctile, median 68 · Micro: 36th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed 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 3.7%.
- ▸10 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 7.1%.
- ▸2/8 recent quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 17%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 17.50
- P/B
- 1.69
- EV/EBITDA
- 13.87
- Market Cap
- 10457.00Cr
Profitability
- ROE
- 9.73%
- ROCE
- 12.70%
- ROA
- 7.89%
- Dividend Y
- 1.18%
Growth (CAGR)
- Revenue 5Y
- 4.00%
- EPS 5Y
- -4.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- 38.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 32.33×
- Altman Z
- 6.80
- Book Value
- 100.00
Cash Flow
- FCF Yield
- 0.34%
- FCF Positive Y
- 11/5
- OCF
- 192.00 Cr
- EPS TTM
- 9.65
Shareholding
- Promoter Hold
- 52.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 24%
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.