# Finolex Cables share price today (Finolex Cables Ltd, NSE: FINCABLES)

> Finolex Cables share price today: ₹1,140.10 at the NSE close on 3 November 2026, up 45.1% in a year. Finolex Cables (NSE: FINCABLES) is worth ₹17,437 crore, trades at a P/E of 21.8 and has closed between ₹721.50 and ₹1,460.90 over the past 52 weeks. > Finolex Cables Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. FINCABLES · Cables - Telecom · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/finolex-cables-ltd

Finolex Cables is one of the companies compared in a full read in the Sector Alpha newsletter: https://newsletter.sectoralpha.in/p/deep-dive-why-e2e-is-beating-nifty?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹1,140.10 (+45.1% in a year)
- P/E: 21.8× (higher than 60% of the last 11 years)
- Revenue (Jun 2026): ₹2,013 Cr (+44.2% on a year ago)
- Profit (Jun 2026): ₹249 Cr (+52.8% on a year ago)
- Operating margin: 12.0% (+2.0 points on a year ago)
- ROCE: 16%, FY26
- ROIC: 12.6%, against a 12.0% cost of capital: +0.6 points

The main question: profits are rising, but only 40% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the Finolex Cables share price today? Finolex Cables Ltd's share price was ₹1,140.10 at the close on 3 November 2026. It has been rising for 28 weeks. That is 2.4% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹722 and ₹1,461, and at that close it sat 57% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 1 week running. Over the last 11 years the share price moved +386% while the NIFTY 500 moved +249%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 30 October 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Finolex Cables this quarter? 2. Revenue up on a year earlier for 6 quarters in a row In the June 2026 quarter revenue was ₹2,013 crore, +44.2% on a year earlier. Why: Sales rose because electrical cable volumes grew strongly in car, battery, flexible, solar and farm uses. From the earnings call on 13 Aug 2026. 3. Highest quarterly profit in 16 quarters Profit of ₹249 crore in the June 2026 quarter is the highest of the last 16 quarters. Why: Profit was the highest in 16 quarters because communication cable margins were very high, helped by selling stock bought at lower raw material cost at current prices. From the earnings call on 13 Aug 2026. ## What are Finolex Cables' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Finolex Cables reported revenue of ₹2,013 crore, up 44.2% from ₹1,396 crore a year earlier, and a profit of ₹249 crore, up 52.8% from ₹163 crore. ### Finolex Cables results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹2,013 crore | ₹1,396 crore | +44.2% |
| Profit | ₹249 crore | ₹163 crore | +52.8% |
| Earnings per share | ₹16.28 | ₹10.63 | +53.2% |
| Operating margin | 12.0% | 10.0% | +2.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Finolex Cables' management discussed these results on a call held on 13 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Finolex Cables share price history? Finolex Cables closed at ₹1,140.10 on 3 November 2026, up 45.1% from ₹785.90 a year earlier (31 October 2025) and up 130.6% over five years. Its highest weekly close since March 2016 was ₹1,666.50 on 5 July 2024. ### Finolex Cables share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹1,090.30 | +4.6% |
| 1 month ago · 1 Oct 2026 | ₹1,458.80 | −21.8% |
| 6 months ago · 30 Apr 2026 | ₹990.55 | +15.1% |
| 1 year ago · 31 Oct 2025 | ₹785.90 | +45.1% |
| 3 years ago · 3 Nov 2023 | ₹910.20 | +25.3% |
| 5 years ago · 4 Nov 2021 | ₹494.35 | +130.6% |
| 10 years ago · 4 Nov 2016 | ₹434.50 | +162.4% |
| Earliest weekly close in our records · 4 Mar 2016 | ₹234.45 | +386.3% |
| Highest weekly close since March 2016 · 5 Jul 2024 | ₹1,666.50 | −31.6% |
| Lowest weekly close since March 2016 · 27 Mar 2020 | ₹188.50 | +504.8% |
| 52-week high (weekly close) · 25 Sep 2026 | ₹1,460.90 | −22.0% |
| 52-week low (weekly close) · 1 Feb 2026 | ₹721.50 | +58.0% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (565 weekly closes from 4 March 2016 to 3 November 2026.)

## What is the latest news on Finolex Cables? 3 Nov 2026: Finolex Cables closed at ₹1,140.10, up 4.6% on the week and down 21.8% on the month. 4 Sep 2026: ex-date for a dividend of ₹9 a share. ### Earlier

- 13 Aug 2026: Finolex Cables held its results call for April to June 2026. Management guided: FY27 capital spending approximately ₹300 crore. - Results for April to June 2026: Revenue up 44.2% and profit up 52.8% on a year earlier. ## What dividend does Finolex Cables pay? Finolex Cables paid ₹9 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.79% at the ₹1,140.10 close on 3 November 2026. The last was a dividend of ₹9 a share, ex-date 4 September 2026. ### Finolex Cables dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 4 Sep 2026 | ₹9 | Dividend | same day |
| 4 Sep 2025 | ₹8 | Dividend | 5 Sep 2025 |
| 17 Sep 2024 | ₹8 | Dividend | 18 Sep 2024 |
| 22 Sep 2023 | ₹7 | Dividend | same day |
| 15 Sep 2022 | ₹6 | Dividend | n/a |
| 16 Sep 2021 | ₹5.50 | Dividend | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Finolex Cables Ltd paid out 19% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Finolex Cables management say on the latest results call? On the call for April to June 2026, held on 13 August 2026, Finolex Cables' management guided: FY27 capital spending approximately ₹300 crore. > “We will continue to evaluate the sustainability of these margins as the year progresses, and therefore we would refrain from annualizing the Q1 communication cables margin.”
> Sachin Nayak, on the call for April to June 2026

### What management guided

- Fiber Draw capacity to reach 8 million fiber-km by September after a timing correction in Q&A. - Cabling capacity to rise to 10 million kilometers; completion timing not stated. - Communication cable margin to remain in double digits by year-end if demand remains similar, after old-cost inventory is consumed. - Communication demand expected robust for at least 2 years; data-center demand may emerge within 6-8 months, with full utilization an objective if demand lasts. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/103/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 13 August 2026.)

## What is the future of Finolex Cables? What is changing in the business? The changes showing up in Finolex Cables' own numbers are a bigger market to serve. It is too early to say whether they last. A bigger market to serve too early to call

Two of the company's markets grew fast at once. Optical fiber went from a glut to a global shortage on data-center, defence and AI demand (fiber volumes up about 33% in the Dec 2025 quarter and about 30% in the Jun 2026 quarter; standard fiber price from under $3 to $12-13 per kilometre after touching $17-18). Electrical cables for cars and batteries, solar, power and industry grew in volume (25-26% overall volume growth in the Dec 2025 quarter; electrical cable revenue ₹1,767 crore, up 47%, in the Jun 2026 quarter). Company revenue rose from ₹1,396 crore to ₹2,013 crore year on year in the latest quarter. Why it may last: Fiber swung from a two-to-three-year glut to a shortage and its price is already off its peak, and copper-linked cable demand rides the power and construction capital spending cycle. Data-center and electric-vehicle demand may prove longer, but that has not been tested through a downturn. What could be flattering it: Higher copper and fiber prices passed through to customers, plus a temporary global fiber shortage, rather than lasting extra demand the company captures; and profit that is not turning into cash. Next check: In the Sep 2026 quarter, revenue stays above ₹1,900 crore with management again reporting double-digit volume growth in electrical cables and fiber, while fiber prices are lower than the $12-13 quoted in August. Quarter by quarter, 4 quarters

July to September 2025

Fiber was still in a glut: communication cable revenue fell 51% on low fiber prices; building wire was flat and farm cables were hit by a long monsoon. Revenue grew only about 5% (₹1,376 crore vs ₹1,312 crore). ✓ fact

From our notes of the call for July to September 2025: Communication cables revenue declined 51% on a year earlier with muted volumes across most product lines. October to December 2025

Fiber prices turned up and fiber volumes rose 33%; electrical volumes rose 25-26% even though the company cut realised prices by about 12% for lower copper, so the growth was units, not price. Revenue rose about 35% year on year (₹1,599 crore vs ₹1,182 crore). ✓ fact

From our notes of the call for October to December 2025: Fiber prices are hardening - from slightly under $3 in Q3 to closer to $5 per map today. January to March 2026

Communication cable revenue about ₹160 crore (up 30%); auto-battery cable volume up 30%, power cables up 21%, industrial flexibles up 17%. Revenue rose about 22% (₹1,951 crore vs ₹1,595 crore). Building wire was flat and farm cables fell 15-16%, so the growth was not across every product. ✓ fact

From our notes of the call for January to March 2026: Strong structural tailwinds from data center boom globally and government push for India-hosted data. April to June 2026

Fiber volumes up about 30%, communication revenue ₹176 crore vs ₹109 crore, electrical cables up 47% with high double-digit volume growth in auto, battery, flexible, solar and farm cables. Revenue up about 44% (₹2,013 crore vs ₹1,396 crore). ✓ fact

From our notes of the call for April to June 2026: Fiber volumes rose about 30%; ₹35-40 crore of communication revenue came from exports to the US and Europe. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026.)

## What could change the Finolex Cables story? What are the risks? After the expanded draw capacity becomes available, communication margins fail to remain in double digits while inventory and receivable absorption persist; that would show that added capacity cannot produce the repeatable cash earnings on which this thesis rests. ### Each change stops working if

- Fiber draw capacity ramp: Commissioning or external preform supply prevents the new equipment from producing saleable fiber. - EHV joint-venture order mix: Order intake shifts back toward cash-intensive turnkey work or competition removes the higher-voltage margin premium. ### The main risks

- Working-capital absorption and order quality: Inventory protection explains part of cash absorption, but payment terms and incremental customer quality remain unresolved. ⚠ estimate
- Fiber inventory windfall normalizes: The latest communication margin includes favorable inventory timing and is not a steady-state margin. ✓ fact
- Commissioning and guidance credibility: Successive timetable revisions require delivery evidence rather than another completion goal. ⚠ estimate
- Restricted raw materials and incomplete integration: Germanium restrictions and external preform requirements can constrain utilization even after equipment is installed. ⚠ estimate

(Our read after the latest results, written 10 October 2026.)

## What to watch in Finolex Cables' next results? When Finolex Cables reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: In the Sep 2026 quarter, revenue stays above ₹1,900 crore with management again reporting double-digit volume growth in electrical cables and fiber, while fiber prices are lower than the $12-13 quoted in August. | What to check | Why |
| --- | --- |
| In the Sep 2026 quarter, revenue stays above ₹1,900 crore with management again reporting double-digit volume growth in electrical cables and fiber, while fiber prices are lower than the $12-13 quoted in August. | A bigger market to serve |
| Draw expansion at the flagged completion date - check whether preform stabilization and external supply support the capacity ramp. | From the call |
| Copper rod plant after LPG restriction - check for restart and segment contribution recovery. | From the call |
| FMEG fan and conduit availability after LPG and PVC disruptions - check whether catch-up converts into volume growth. | From the call |

## Which stock lists is Finolex Cables on? Finolex Cables is on 2 of our India lists: Multibagger study list and Small & mid cap stocks. - [Multibagger study list Study stage: late](https://www.sectoralpha.in/multibagger-stocks-india)
- [Small & mid cap stocks Size rank in India: 380](https://www.sectoralpha.in/small-cap-stocks-india)

## Is Finolex Cables profitable? Finolex Cables Ltd earned ₹249 Cr of net profit in the Jun 2026 quarter, +52.8% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹714 Cr. Over 10 years profit has grown 8.1% a year on average. That is 12.4% of the quarter's revenue. The same quarter a year earlier earned ₹163 Cr. For the full year, FY26 profit was ₹714 Cr (+1.9% on the year before). Why profit moved: revenue changed +44.2% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +29.8% and revenue +26.7%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does Finolex Cables make, and is it growing? Finolex Cables Ltd reported ₹2,013 Cr of revenue in the Jun 2026 quarter, +44.2% on the same quarter a year earlier. That is the 6th quarter in a row with growth on the year before. Over 10 years it has grown 10.4% a year on average. The last full year, FY26, came in at ₹6,321 Cr. Why this happened. Management describes electrical growth as volume-led across auto, battery, flexible, solar and agricultural applications. The latest consolidated operating-profit increase corroborates an operating contribution, although commodity pass-through also affects reported sales. Building-wire volumes remain comparatively muted. The Operating Leverage Catapult is not yet proven: the supplied bridge does not isolate fixed-cost absorption from pricing and input costs. The benefit persists only if incremental volumes retain contribution after replacement costs and competitive responses. The last four reported quarters add to ₹6,939 Cr. FY26 revenue was ₹6,321 Cr, +18.8% on the year before. Recent pace: the last four quarters grew +26.7% on average, against 10.4% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +26.5%, against +17.3% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +29.0%, against +4.3% a year (accelerating). ## How much of every ₹100 of sales does Finolex Cables keep? Finolex Cables Ltd's operating margin was 12.0% in the Jun 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between 10.0% and 16.0%. The latest quarter is within that range. Why the margin moved: operating margin changed +2.4 percentage points on the year while gross margin changed +0.4 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. ## Is Finolex Cables' profit turning into cash? Over the last 3 years, 40% of Finolex Cables Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹49.0 Cr of operating cash against ₹714 Cr of profit. After ₹221 Cr of spending on assets, free cash was −₹172 Cr: it spent more than its operations brought in. Why this happened. Management attributes the joint venture's improved economics to more pure supply contracts and selective turnkey work. That mechanism can shorten collection cycles and improve equipment use. It is company-internal evidence from the summary, not a verified consolidated profit attribution. The latest call reports a continuing contribution, but the supplied tables do not isolate the joint venture's consolidated cash or earnings share. Persistence requires favorable order mix as competitors add similar technology. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 40% of profit came in as cash: the cash cycle got 48 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: the bigger use of cash is spending on new assets, at 4.3× depreciation over three years. The next section checks what that spending is building. ## Where does Finolex Cables' cash go? Finolex Cables Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 78 days in FY26, down from 126 days in FY21. It spent ₹649 Cr on assets over the last 3 years. Customers take 21 days to pay, and stock sits for 73 days on average. Why this happened. The Capex Inflection Point applies only after commissioning and saleable production. Management's latest completion goal remains unverified in the supplied evidence. Captive preform production does not cover the expanded draw requirement, so external sourcing remains a gate. The first incremental earnings contribution should follow commissioning and customer acceptance; neither installed capacity nor illustrative revenue potential is booked profit. Supplier repricing could keep part of the scarcity benefit outside Finolex. At FY26 sales of ₹6,321 Cr, each day of that cycle ties up about ₹17.3 Cr, so roughly ₹1,351 Cr is tied up in the business at any time. FY26: customers took 21 days to pay and stock sat for 73 days, about 2.4 months of sales sitting as stock, for a full cycle of 78 days, shorter than FY21's 126. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 73 days. Customers pay about 21 days after that. Suppliers are paid at 16 days. Together that makes the 78-day cycle. Spending on assets: ₹649 Cr over the last 3 years, against ₹150 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹107 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Finolex Cables' P/E ratio, and how does it compare with its own history? Finolex Cables Ltd's P/E is 21.8×, in the middle of its own history: higher than 60% of past readings. Its usual P/E (the middle reading) is 20.9×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +1.9% while the price moved +45.1%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +18.2% a year; about +9.7% a year came from earnings growth and about +8.5 percentage points from the multiple (the market paying more); over 10 years the price moved +10.1% a year; about +10.0% a year came from earnings growth and about +0.1 percentage points from the multiple (roughly no change). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Finolex Cables share price assume? Worked out from its price on 11 October 2026, Finolex Cables Ltd's share price assumed profit growth of about 16.3% a year. Over the past 10 years its profit actually grew 8.1% a year. Today its P/E is 21.8×, higher than 60% of its own last 11 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Finolex Cables business getting better or worse? Finolex Cables Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 16.6%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Finolex Cables story, and has it been checked? Finolex Cables Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: EARLY EXPANSION. Our read, 10 October 2026. From the numbers. The business…

From the price. Price stage 2, week 28, above its 200-day line, relative strength falling. From the research. Where they disagree. The supplied price curve is stage 2, with 25 weeks in that stage. The…

What is proven. What is not proven yet. After the expanded draw capacity becomes available, communication margins fail to remain in double digits while inventory and receivable absorption persist; that would show that added capacity cannot produce the repeatable cash earnings on which this thesis rests. What would change our mind. After the expanded draw capacity becomes available, communication margins fail to remain in double digits while inventory and receivable absorption persist; that would show that added capacity cannot produce the repeatable cash earnings on which this thesis rests. The test written in advance. After the expanded draw capacity becomes available, communication margins fail to remain in double digits while inventory and receivable absorption persist; that would show that added capacity cannot produce the repeatable cash earnings on which this thesis rests. Measured by: the thesis as written as stated by the next result. The test written in advance. The test written in advance. Working-capital absorption and order quality. Measured by: Working-capital absorption and order quality by the next result. What the company does. The latest reported quarter combines revenue growth of 44.2% with PAT growth of 52.8%; operating profit also rises, so the improvement has an operating component. The capacity ramp remains a future delivery test, while preform stabilization and high-count cables could improve the product mix without guaranteeing today's fiber margins. What the surface reading misses. The surface reading is: Higher sales and profit suggest acceleration. The research reads it further: Operating profit also rises against the comparison quarter, but management attributes part of communication profitability to inventory timing; operating growth and durable margin are different questions. What the surface reading misses. The surface reading is: Higher PAT suggests improving profitability. The research reads it further: Operating margin contracts while PAT rises; the supplied non-operating-income flag explains why headline profit overstates the operating improvement. Lever 2 · Value-added mix: building. High-count cable designs and export business may improve mix, but contracted economics remain undisclosed. What proves it keeps working: Higher-value communication products and exports. Sources: our stock research file (10 October 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Finolex Cables management deliver what it promised? What Finolex Cables Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Preform Benefit No Longer Presented as an Immediate Margin Uplift · 13 August 2026. In Aug 2026, management said it did not see margins improving from the current level; although it later allowed that a benefit versus a normalized margin might be possible, it did not reconcile that qualification with the earlier quantified expectation. Fiber Capacity Revenue Potential Rebased Upward · 13 August 2026. The Feb 2026 call estimated total annual revenue from the expanded capacity at INR 600 crores to INR 700 crores, and the May 2026 call put it at around INR 750 crores. The Aug 2026 unit economics imply about INR 220 crores per quarter from fiber alone at the stated conversion, or roughly INR 880 crores annually before cable value addition, but management did not reconcile this materially higher potential with the earlier estimates. Fiber Draw Expansion Completion Slipped · 13 August 2026. In May 2026, management said the 8 million kilometer draw expansion should be completed by July. In Aug 2026, completion moved to the end of Q2; management cited the decision to install the full 4 million to 8 million expansion at once because of market conditions, but did not explain why the milestone moved from the previously stated July date. Fiber Expansion Timeline Delayed · 29 May 2026. Management has repeatedly delayed the completion date for the major optic fiber draw capacity expansion. The planned completion date initially shifted from March 2026 in the Nov 2025 call, to the end of Q1 in the Feb 2026 call, and significantly delayed again to the end of Q2 in the latest May 2026 call without a clear structural explanation for the continued facility commissioning slips. Every quote above is taken word for word from the company’s own earnings calls. ## What is Finolex Cables management's track record? 0% Promoter shares pledged

(Checked 7 June 2026.)

## How much does Finolex Cables earn on its capital? Finolex Cables Ltd earned a ROCE of 16% in FY26. Its return on capital used (ROIC) is 0.6 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 11.3% net margin and 0.90× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 11.3% net margin × 0.90× asset turnover × 1.15× leverage (assets divided by equity) ≈ 11.7% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 12.6% − 12.0% = +0.6 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. ## Does Finolex Cables have too much debt? Finolex Cables Ltd has total debt of ₹19.0 Cr against shareholder equity of ₹6,086 Cr as of Jun 2026, so its debt is 0.00× its equity, which is very little. Year by year, that ratio went from 0.00 in FY22 to 0.00 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Finolex Cables shareholding pattern? Foreign institutions cut their stake in Finolex Cables Ltd by 1.7 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 9.6% of the company. Domestic institutions moved +0.2 points over the same period, to 16.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −1.7 points over 8 quarters, to 9.6%; Domestic institutions: +0.2 points over 8 quarters, to 16.9%; Promoters: +0.0 points over 8 quarters, to 35.9%. Why the owners changed: foreign institutions drove it (−1.7 points). They reduced their stake. ## How far is Finolex Cables from balance-sheet trouble? For Finolex Cables Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Finolex Cables rank in its industry? 44.3 out of 100, rank 3 of 5 in Cables - Telecom, with 96% of the evidence available. Finolex Cables Ltd scores 44.3 out of 100 against the 5 companies it is compared with in Cables - Telecom, ranking 3. A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. The four parts add up to the total exactly: 20.3 + 16.5 + 3.3 + 4.2 = 44.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Finolex Cables compared with? Finolex Cables ranks 3 of 5 Cables - Telecom companies on the 4-Factor Sector Score, with 44.3 out of 100. 1. [Birla Cable Ltd](https://www.sectoralpha.in/stocks/birla-cable-ltd) BIRLACABLE · leader · Most evidence points up · 96% evidence 72.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.0/35 · Revenue 28.3% · Profit 100% · Operating margin change 12.6 points · 88% evidence Capital efficiency 11.5/25 · ROCE 9% · Operating margin 17% · 100% evidence Valuation 16.7/20 · P/E 20.5× · PEG 0.86 · 100% evidence Relative strength 15.7/20 · Lead over its industry -1.4% · Lead over NIFTY 500 63.7% · 1 year 98.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29 + 11.5 + 16.7 + 15.7 = 72.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Sterlite Technologies Ltd](https://www.sectoralpha.in/stocks/sterlite-technologies-ltd) STLTECH · leader · Evidence leans up · 75% evidence 58.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.3/35 · Revenue 74% · Profit 100% · Operating margin change 20 points · 95% evidence Capital efficiency 7.0/25 · ROCE 7.7% · Operating margin 32% · 76% evidence Valuation 8.5/20 · P/E 56.6× · PEG n/a · 15% evidence Relative strength 14.0/20 · Lead over its industry 48% · Lead over NIFTY 500 109.7% · 1 year 604.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.3 + 7 + 8.5 + 14 = 58.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. Finolex Cables Ltd this page FINCABLES · breaking out · Evidence leans down · 96% evidence 44.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.3/35 · Revenue 26.5% · Profit 29% · Operating margin change 2 points · 88% evidence Capital efficiency 16.5/25 · ROCE 16% · Operating margin 12% · 100% evidence Valuation 3.3/20 · P/E 21.8× · PEG 2.78 · 100% evidence Relative strength 4.2/20 · Lead over its industry -32.7% · Lead over NIFTY 500 19.4% · 1 year 45.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 20.3 + 16.5 + 3.3 + 4.2 = 44.3 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 4. [Paramount Communications Ltd](https://www.sectoralpha.in/stocks/paramount-communications-ltd) PARACABLES · turning · Evidence leans down · 100% evidence 38.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.5/35 · Revenue 19.4% · Profit -1.4% · Operating margin change 5.6 points · 100% evidence Capital efficiency 11.0/25 · ROCE 12.4% · Operating margin 7% · 100% evidence Valuation 8.2/20 · P/E 28× · PEG 1.68 · 100% evidence Relative strength 5.0/20 · Lead over its industry -25.6% · Lead over NIFTY 500 29.2% · 1 year 41.9% · 100% evidence · 1 of 12 weeks ahead Exact sum: 14.5 + 11 + 8.2 + 5 = 38.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Vindhya Telelinks Ltd](https://www.sectoralpha.in/stocks/vindhya-telelinks-ltd) VINDHYATEL · leader · Evidence leans down · 96% evidence 37.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.6/35 · Revenue -17.5% · Profit 0.4% · Operating margin change 5 points · 88% evidence Capital efficiency 5.8/25 · ROCE 8.2% · Operating margin 12% · 100% evidence Valuation 10.9/20 · P/E 13.6× · PEG 1.22 · 100% evidence Relative strength 11.3/20 · Lead over its industry -6.8% · Lead over NIFTY 500 58.7% · 1 year 97.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 9.6 + 5.8 + 10.9 + 11.3 = 37.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Cables - Telecom](https://www.sectoralpha.in/sectors/cables-telecom), all 5 compared on one page. ## Which companies are close to Finolex Cables in size? Finolex Cables is the 2nd largest of 5 Cables - Telecom companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Sterlite Technologies. Just below it: Vindhya Telelinks, Paramount Communications and Birla Cable. ### Cables - Telecom companies close in size

1. [Sterlite Technologies Ltd](https://www.sectoralpha.in/stocks/sterlite-technologies-ltd) ₹42,397 crore
2. Finolex Cables Ltd ₹17,435 crore
3. [Vindhya Telelinks Ltd](https://www.sectoralpha.in/stocks/vindhya-telelinks-ltd) ₹3,204 crore
4. [Paramount Communications Ltd](https://www.sectoralpha.in/stocks/paramount-communications-ltd) ₹2,011 crore
5. [Birla Cable Ltd](https://www.sectoralpha.in/stocks/birla-cable-ltd) ₹947 crore

[All 5 Cables - Telecom companies, largest first](https://www.sectoralpha.in/sectors/cables-telecom#all-companies)

### Companies close in size in other industries

1. [Caplin Point Laboratories Ltd](https://www.sectoralpha.in/stocks/caplin-point-laboratories-ltd) ₹17,677 crore · Pharma - Formulators
2. [Chalet Hotels Ltd](https://www.sectoralpha.in/stocks/chalet-hotels-ltd) ₹17,643 crore · Hotels
3. Finolex Cables Ltd ₹17,435 crore
4. [Kajaria Ceramics Ltd](https://www.sectoralpha.in/stocks/kajaria-ceramics-ltd) ₹17,430 crore · Ceramics/Tiles/Sanitaryware
5. [Tenneco Clean Air India Ltd](https://www.sectoralpha.in/stocks/tenneco-clean-air-india-ltd) ₹17,424 crore · Auto Ancillaries - Others

## What else do people ask about Finolex Cables? ### What is Finolex Cables's share price today? Finolex Cables Ltd's share price is ₹1,140.10, +45.1% over the past year. The whole company is worth ₹17,437 Cr on the market. In the last 52 weeks it traded between ₹722 to ₹1,461; today it is 57% of the way up from the low, 2.4% above its 200-day average (as of 3 November 2026). ### What were Finolex Cables's latest quarterly results? Finolex Cables Ltd reported revenue of ₹2,013 Cr and net profit of ₹249 Cr for the Jun 2026 quarter. Revenue rose 44.2% and profit rose 52.8% compared with a year earlier. Earnings per share were ₹16.28. The operating margin was 12.0%, 2.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Finolex Cables's market cap? Finolex Cables Ltd's market capitalisation is ₹17,437 Cr at a share price of ₹1,140.10. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Finolex Cables performing? Finolex Cables Ltd's share price has been rising for 28 weeks. In its latest quarter, revenue rose 44.2% and profit rose 52.8% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 1 week running (as of 3 November 2026). ### Will Finolex Cables's share price go up? This page does not forecast Finolex Cables Ltd's share price. What it shows instead: the share price is ₹1,140.10, and it has been rising for 28 weeks. Its P/E of 21.8× is higher than 60% of its own last 11 years (as of 3 November 2026). ### Where is Finolex Cables in its business cycle? Finolex Cables Ltd's FY26 operating margin was 10.0%, against a 13-year range of 10.0% to 16.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 12.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Finolex Cables story? The main question: profits are rising, but only 40% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Finolex Cables a stock worth studying right now? What the numbers show: Finolex Cables Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Finolex Cables share price forecast for 2026? What management itself guided: FY27 capital spending approximately ₹300 crore. The changes showing up in Finolex Cables' own numbers are a bigger market to serve. It is too early to say whether they last. What would change the story: After the expanded draw capacity becomes available, communication margins fail to remain in double digits while inventory and receivable absorption persist; that would show that added capacity cannot produce the repeatable cash earnings on which this thesis rests. ### Where does this page get Finolex Cables' management information? From Finolex Cables' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india

This is research, not advice. We’re not SEBI-registered.