Finolex Industries Limited (FIL) is a leading manufacturer of PVC Resin and the largest producer of PVC Pipes & Fittings in India. Finolex Industries Limited (FIL) stands tall as India's most trusted pipe manufacturer with a remarkable 43-year legacy. Finolex Industries Limited (formerly Finolex Pipes Limited) was incorporated on March 28, 1981, and its name was subsequently changed to Finolex Industries Limited from Finolex Pipes Limited on February 24, 1995.
The company has established itself as a dominant force in the Indian PVC industry through decades of consistent growth and innovation. Late Shri Pralhad P. Chhabria, a visionary, laid the foundation of Finolex Group in 1958. His legacy lives on, as we cherish the values instilled by him, nurturing his spirit within us. Under the leadership of Executive Chairman Prakash P. Chhabria, the company continues to uphold these founding principles while driving modernization and expansion across its operations.
The company is the 3rd-largest player in the PVC resin market and the 2nd-largest manufacturer of PVC pipes in India. It is the largest and only backward-integrated pipes & fittings company in India. This backward integration represents a significant competitive advantage, as in-house resin manufacture ensures that all our pipe manufacturing facilities in all locations receive a dedicated supply of consistent and superior quality resin.
The company's market dominance is further reinforced by its extensive distribution network. "We have over 900 dealers and 21,000 retail touchpoints across the country." Many of the people in this network have been with us for over 30 years, as members of our parivaar, our family. This deep-rooted network has been instrumental in building brand loyalty and maintaining market share across diverse geographies.
It operates in two segments: PVC Resin and PVC Pipes and Fittings. The company offers a comprehensive range of products designed to meet diverse industry requirements. The company offers agriculture pipes and fittings; column pipes; casing pipes; and solvent cement and lubricants. It also provides plumbing and sanitation pipes and fitting, such as ASTM pipes and fittings; chlorinated PVC pipes and fittings; SWR pipes and fittings; sewerage pipes; and solvent cement, lubricant, and primer.
The Company offers a wide range of PVC pipes and fittings suitable for applications in agriculture, plumbing, and sanitation. The product portfolio is strategically designed to serve two primary market segments: agriculture and plumbing applications, addressing the growing infrastructure needs of rural and urban India.
With an annual production capacity for PVC pipes and fittings now at 470,000 metric tons in FY24, up from 400,000 metric tons in FY23, Finolex has solidified its position in the industry. Additionally, it maintains a strong backward integration with a robust PVC resin production capacity of 272,000 metric tons annually, by its state-of-the-art manufacturing facilities in Gujarat and Maharashtra.
It presently has 4 manufacturing plants. Three in Maharashtra (Ratnagiri, Urse, and Bhadalwadi) and a fourth in Gujarat (Masar). "We have state-of-the-art manufacturing plants based out of Pune and Ratnagiri in Maharashtra and Masar in Gujarat." The company's manufacturing strategy focuses on strategic locations that provide logistical advantages and proximity to key markets.
Finolex Industries Ltd's net profit fell -0.19% since last year same period to ₹164.58 Crore in Q4 FY2024-2025. Revenue: ₹1,171.81 Crore as on March 2025 (Q4 FY25). Net Profit: ₹164.58 Crore as on March 2025 (Q4 FY25).
For the full year, net profit rose 68.93% to ₹800.03 Crore in the year ended March 2025, as against ₹473.59 Crore during the previous year ended March 2024. Sales declined 4.06% to ₹4,141.97 Crore in the year ended March 2025, as against ₹4,317.43 Crore during the previous year ended March 2024.
Finolex Industries Ltd has a market capitalization of ₹13,868 Crore. At the current price of ₹215.6, FINOLEX INDUSTRIES trades at a P/E ratio of 17.61 while its P/B ratio stands at 2.19.
The board recommended a total dividend of ₹3.6 per share, subject to approval. For the financial year 2024, FINOLEX INDUSTRIES declared a dividend amounting to ₹2.5 per share. The company has been maintaining a healthy dividend payout of 33.9%. This consistent dividend policy demonstrates the company's commitment to returning value to shareholders while maintaining adequate capital for growth investments.
Promoter holding in Finolex Industries Ltd has remained stable at 52.47% as of March 2025 (unchanged from June 2024). The stable promoter holding reflects strong management confidence and provides assurance about the company's strategic direction.
"Our ISO 9001:2015 certifications reflect our commitment to excellence." Finolex Industries Limited is the first Indian PVC-U Pipes manufacturer to get the coveted IS/ISO 9001:2008 certification and presently holds 9001: 2015 certification. These certifications underscore the company's dedication to maintaining international quality standards across its operations.
Jefferies has upgraded its target price for Finolex Industries to ₹275, highlighting strong demand in agriculture and plumbing sectors, alongside improved profitability. Exceptional gain amounting to ₹416.99 Crore was recorded in FY25 on completion of transfer of rights on leasehold land admeasuring approximately 25.27 acres situated at Chinchwad, Pune, along with structures.
"We are continuously increasing our product portfolio and production capacity that will enable us to achieve our goal of becoming a 1 Billion USD company in the coming years." The company's strategic focus on capacity expansion, product diversification, and market penetration positions it well to capitalize on India's growing infrastructure development and urbanization trends.
The company's strong balance sheet, with Company has reduced debt. The Company is almost debt-free, provides financial flexibility to pursue growth opportunities and weather market uncertainties. With its established market position, robust manufacturing capabilities, and strategic vision, Finolex Industries remains well-positioned to maintain its leadership in India's PVC pipes and fittings industry.
