Finolex Industries Limited (FINPIPE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+95.1%

₹271.24

vs ₹139.00 price

Levered DCF

₹101.03

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

5.15

Safe zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	15.47×	13.73×	32.51×	42.23×	9.13×	10.7×	14.65×	17.04×
P/B	1.49×	1.8×	2.73×	2.15×	2.44×	2.51×	2.45×	2.43×
P/S	2.25×	2.65×	3.57×	2.4×	2.06×	2.28×	1.63×	2.02×
EV / EBITDA	10.36×	23.32×	27×	34.08×	9.59×	8.15×	10.8×	10.49×
Gross margin	33.3%	35.4%	36.6%	28.7%	37.6%	43.6%	33.3%	36.8%
Operating margin	13.9%	30.0%	31.7%	22.2%	32.0%	37.4%	26.7%	30.2%
Net margin	14.6%	19.3%	11.0%	5.7%	22.6%	21.3%	11.1%	11.9%
Current ratio	3.54×	3.56×	2.9×	2.55×	2.54×	2.12×	1.77×	2.04×
Debt / equity	0.07×	0.04×	0.07×	0.11×	0.07×	0.06×	0.14×	0.04×
Interest coverage	27.8×	59.11×	49.09×	74.13×	417.27×	137.29×	166.68×	121.1×
Dividend yield	2.4%	1.4%	0.6%	2.4%	2.6%	0.1%	5.9%	2.4%
Payout ratio	37.2%	19.3%	19.6%	99.0%	23.6%	0.6%	86.4%	40.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.6%	13.1%	8.4%	5.1%	26.8%	23.5%	16.7%	14.3%
Return on invested capital	6.2%	14.4%	15.7%	13.4%	25.5%	27.0%	25.6%	21.7%
Return on assets	7.9%	10.8%	6.7%	4.0%	19.7%	17.2%	11.5%	11.0%
Free cash flow yield	1.8%	2.4%	1.7%	1.3%	5.6%	11.1%	0.7%	4.9%
Earnings yield	6.5%	7.3%	3.1%	2.4%	11.0%	9.3%	6.8%	5.9%
Enterprise value	₹96.6B	₹111B	₹157.9B	₹110.8B	₹98.5B	₹80.6B	₹51B	₹63.4B
Net debt / EBITDA	0.41×	0.23×	0.67×	1.64×	0.25×	0.17×	0.48×	0.14×
Cash conversion cycle (days)	120	81	99	72	98	107	149	76