Finolex Cables Ltd (FINCABLES)
🎯 Key Takeaways
- Finolex Cables is in a strong growth phase driven by expanding product capacity and rising demand in the cable sector. Management is executing strategic investments, including the Fiber Draw Facility expansion, while maintaining financial discipline and returning capital to shareholders.
- Revenue grew 3.2% QoQ to ₹2,013 in Q1FY27.
- ⚠️ Copper price volatility remains a key near-term risk to margins, as explicitly flagged by management despite strong profitability.
📖 The Story
Finolex Cables is in a strong growth phase driven by expanding product capacity and rising demand in the cable sector. Management is executing strategic investments, including the Fiber Draw Facility expansion, while maintaining financial discipline and returning capital to shareholders. The company demonstrates consistent profitability and improving margins, supported by operational efficiencies and pricing power.
📰 What's Happening
In Q1 FY27, Finolex Cables delivered robust financial performance with revenue up 44% YoY to Rs. 2,013.2 Cr and PAT up 59% YoY to Rs. 221.3 Cr, as highlighted in the August 21, 2026 filing. The company re-submitted its Q1 results to NSE on August 11, 2026, following board approvals of director reappointments and the appointment of Nirnoy Sur as Company Secretary and Compliance Officer. The expansion of the Fiber Draw Facility to 4 million fiber kilometers is on track for completion by Q3 FY27, underscoring ongoing capital investment to scale capacity. Additionally, on August 11, 2026, the board approved the re-appointment of four directors for five-year terms effective September 30, 2026, pending shareholder approval, ensuring continuity in leadership.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 1,376 | 1,599 | 1,951 | 2,013 |
| Operating Profit | 131 | 143 | 164 | 223 |
| OPM % | 9.5% | 8.9% | 8.4% | 11.1% |
| Net Profit | 163 | 164 | 224 | 249 |
| EPS | ₹10.63 | ₹10.73 | ₹14.67 | ₹16.28 |
Finolex Cables has shown consistent top-line and bottom-line growth over the past four quarters, with revenue rising from Rs. 1,376 Cr in September 2025 to Rs. 2,013.2 Cr in June 2026, and net profit increasing from Rs. 163 Cr to Rs. 249 Cr in the same period. Operating margins have improved from 8.9% in December 2025 to 11.1% in June 2026, reflecting better cost control and pricing benefits. Despite persistent copper price pressures noted in management commentary, profitability has expanded significantly, indicating strong operational leverage and demand momentum in core cable segments.
🔮 Management Outlook & What's Next
Management has signaled confidence in sustained growth through strategic capacity expansion, particularly with the Fiber Draw Facility nearing completion by Q3 FY27. There is no explicit forward guidance on revenue or margins in the latest filings, but operational updates suggest continued investment in high-growth segments. The company remains focused on executing its expansion plans while maintaining governance standards, as reflected in recent board-level appointments and compliance enhancements.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 31 | 31 | 31 | 31 |
| Reserves | 5,161 | 5,465 | 5,672 | 6,055 |
| Borrowings | 19 | 1 | 22 | 19 |
| Total Liabilities | 6,101 | 6,287 | 6,657 | 6,990 |
| Fixed Assets | 489 | 584 | 574 | 847 |
| Investments | 3,955 | 3,986 | 4,281 | 4,195 |
| Total Assets | 6,101 | 6,287 | 6,657 | 6,990 |
The balance sheet shows a stable capital structure with negligible debt (D/E of 0.00) and growing equity and reserves. Total assets increased from Rs. 6,287 Cr in March 2025 to Rs. 6,990 Cr in March 2026, driven by rising reserves and investments in fixed assets. Borrowings remain low and stable at Rs. 19 Cr, indicating conservative leverage. Reserves grew from Rs. 5,465 Cr to Rs. 6,055 Cr, reflecting retained earnings and capitalization of expansion costs, supporting ongoing investments without external financing pressure.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +207 |
| Investing | -82 |
| Financing | -128 |
| Net Cash Flow | -3 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 35.9% | 35.9% | 35.9% | 35.9% |
| FII | 9.9% | 9.4% | 9.6% | 9.7% |
| DII | 15.9% | 15.8% | 16.4% | 16.7% |
| Public | 19.1% | 19.6% | 18.7% | 18.4% |
| # Shareholders | 1,76,353 | 1,89,711 | 1,82,413 | 1,83,583 |
Institutional investor interest remains stable with FII holding at 9.65% in Q1FY27, up slightly from 9.42% in Q3FY26, while DII holdings increased from 15.77% to 16.7%, indicating growing confidence among domestic institutional investors. Promoter holding remains steady at 35.86% over the last five quarters, suggesting no dilution or stake reduction. The rising number of public shareholders (1,83,583 in Q1FY27) and sustained institutional inflows reflect broadening ownership and market confidence.
⚖️ Peer Comparison — Cables
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| POLYCAB | 1.39 L Cr | 48.1 | 34.1% | 24.2% | 0.01 |
| KEI | 53,536 | 53.7 | 23.6% | 17.2% | 0.03 |
| STLTECH | 37,432 | 146.6 | 14.6% | 11.3% | 0.85 |
| RRKABEL | 32,857 | 54.1 | 32.1% | 23.6% | 0.09 |
| FINCABLES | 19,073 | 23.8 | 19.0% | 14.6% | 0.00 |
| DIACABS | 18,233 | 92.8 | -58.8% | -21.9% | -0.52 |
| UNIVCABLES | 5,729 | 28.6 | 12.5% | 10.6% | 0.62 |
| LASERPOWER | 4,575 | — | — | — | 1.14 |
| ADVAIT | 2,414 | 41.0 | 42.0% | 32.8% | 0.24 |
| DYCL | 2,364 | 25.9 | 26.9% | 19.9% | 0.09 |
⚠️ Risk Factors
1. Copper price volatility remains a key near-term risk to margins, as explicitly flagged by management despite strong profitability. 2. The Fiber Draw Facility expansion, while on track, involves capital intensity and execution risk that could impact timelines or cost efficiency. 3. Director reappointments require shareholder approval, introducing a governance dependency that could delay leadership continuity if not ratified. 4. Growing regulatory scrutiny on compliance and disclosure timelines, as seen in the machine-readable result submission delay, may increase administrative complexity.
📋 Recent Filings
-
🔴 Corporate Action 27 August 2026Finolex Cables announced a dividend of Rs. 9 per share (450% payout) for FY 2025-26, payable by 27 October 2026 to shareholders on record as of 4 Sept...
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🔴 Financial Results 21 August 2026Finolex Cables reported a 44% YoY revenue jump to Rs. 2,013.2 Cr and 59% PAT growth to Rs. 221.3 Cr for Q1 FY2026, driven by strong cable volumes and ...
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Announcement 18 August 2026Finolex Cables reported robust Q1 FY27 results with 44% YoY revenue growth to INR 2,013 crores and 62% YoY PAT growth to INR 221 crores, driven by str...
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Announcement 13 August 2026Finolex Cables announced that audio recordings of its August 13, 2026 investor meet discussing Q1 FY27 earnings are now available on its website, prov...
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Announcement 13 August 2026Finolex Cables reported a 44% YoY revenue jump to Rs. 2,013 crore in Q1 FY27, driven by copper price pass-through and volume growth, with EBITDA margi...
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🟡 Board Meeting 11 August 2026Finolex Cables announced board approval of unaudited Q1 FY27 standalone and consolidated financial results for June 2026, alongside reappointments of ...
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🟡 Board Meeting 11 August 2026Finolex Cables announced the appointment of Nirnoy Sur as Company Secretary, Compliance Officer and General Manager (Legal) effective 11 August 2026, ...
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🟡 Board Meeting 11 August 2026Finolex Cables announced the re-appointment of four directors for second five-year terms effective September 30, 2026, subject to shareholder approval...
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Financial Results 26 June 2026Finolex Cables Limited announced that its trading window will close on 1 July 2026 and remain shut until 48 hours after the unaudited financial result...
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Announcement 13 June 2026Finolex Cables received a tax demand of Rs. 1.30 crores from Uttar Pradesh authorities over duplicate e-way bill generation, though the company argues...
🧠 Analyst's Read
Finolex Cables is executing a disciplined growth strategy with strong financial momentum, operational expansion, and shareholder-friendly capital allocation. Investors should monitor the progress of the Fiber Draw Facility, copper price trends, and shareholder approval of director reappointments as key near-term catalysts and risk drivers.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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