Finolex Industries Limited (FINPIPE) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Finolex Industries Limited stock ₹157, price ₹145, upside +8.7%, quality 59 out of 100. Rating: fairly valued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.
How to read this chart
60‑month range ₹121.26 – ₹333.70 · fair‑value band ₹103.14 – ₹233.37 · the ₹144.66 price screens below the ₹157.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.
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Finolex Industries Limited manufactures and sells polyvinyl chloride (PVC) pipes and fittings, and PVC resins in India. It operates in two segments, PVC Resin and PVC Pipes and Fittings. The company offers agriculture pipes and fittings; column pipes; casing pipes; and solvent cement and lubricants.
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It also provides plumbing and sanitation pipes and fitting, such as ASTM pipes and fittings; CPVC pipes and fittings; SWR pipes and fittings; sewerage pipes; and solvent cement, lubricant, and primer. The company distributes its products through dealers and retailers.
Finolex Industries Limited was founded in 1956 and is based in Pune, India.
Stock analysis
Finolex Industries Limited (FINPIPE) currently trades at ₹144.66, while our model-based Fair Value estimate is ₹157.21, so the stock looks roughly fairly valued today (gap 8.0%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹165.73 per share, and 5 of the 25 models we run sit above the ₹144.66 price.
Bear case: the Dividend Discount group reads lowest at ₹34.90, and 20 of the 25 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ₹103.14 (bear) to ₹233.37 (bull), the price of ₹144.66 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Finolex Industries Limited reported revenue of ₹41.1B in FY2026 versus ₹46.5B in FY2022, a compound −3.0%/yr. Reported net income was ₹6.0B in FY2026, compounding −13.1%/yr from FY2022.
Key figures
Market cap ₹89.4B (≈ $952M) Small · P/E ratio 14.7 · P/S ratio 2.14 · EPS (TTM) ₹9.82 · Dividend yield 1.9% · Net margin 14.5% · Return on equity 9.0% · Return on assets (EBIT) 17.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 24% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −33% fair-value upside, at 9%, FINPIPE screens cheaper than that median.
Fair Value models
Bear₹103.14Fair Value ₹157.21Bull₹233.37
Price ₹144.66 · Upside +8.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹4.36 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF₹23.02₹29.56₹37.0580
Growth DCF₹23.24₹29.11₹35.5578
Owner Earnings₹38.45₹49.55₹62.2876
All 25 models by family
DCF Models
FCF DCF₹23.02₹29.56₹37.0580
Owner Earnings₹38.45₹49.55₹62.2876
5Y Revenue Exit₹53.46₹87.34₹129.6570
5Y EBITDA Exit₹61.59₹101.81₹147.1472
5Y P/E Exit₹83.09₹140.06₹197.2868
10Y Revenue Exit₹37.15₹61.29₹91.8864
10Y EBITDA Exit₹43.17₹69.54₹102.6366
10Y P/E Exit₹54.53₹91.36₹133.4561
Earnings-Based
Graham-Dodd₹65.88₹157.25₹202.8163
PEG = 1.0₹57.30₹81.85₹106.4155
EPV₹42.39₹47.24₹51.1674
Dividend Discount
Gordon GGM₹24.57₹36.55₹47.1867
DDM Multi-Stage₹24.57₹33.25₹40.8465
Multiples
P/E Multiple₹152.59₹203.46₹254.3263
P/S Multiple₹99.79₹133.05₹166.3258
P/B Multiple₹161.62₹215.49₹269.3755
EV/EBIT₹111.74₹151.06₹190.3966
EV/EBITDA₹100.82₹136.50₹172.1867
EV/Revenue₹77.59₹113.52₹149.4453
Asset-Based
NCAV (Graham)₹27.62₹41.85₹52.3154
Growth DCF
Growth DCF₹23.24₹29.11₹35.5578
Rev-Margin DCF₹53.46₹87.15₹122.9570
Economic Profit
Residual Income₹79.14₹83.80₹92.7174
ROIC Compounder₹42.39₹47.24₹51.1670
Growth Earnings
Growth-Adj P/E₹116.01₹165.73₹215.4565
The fair value above starts from this blend and is adjusted for a year distorted by one-off effects.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−0.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.5%
Start year 2021 (pandemic). Over 10 years: +5.2% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.9%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−2.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.0%
Dividend (yield on the price)1.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−4.0% vs 8.8%, slowing
Profit margin 2005 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.15% → 14%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+31.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +26.6% a year for the price and +4.1% for the forecasts.
Compare Finolex Industries Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Building Products & Equipment · 263 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+8.7% · Above median
Profitability
Return on equity (12 months)9.0% · Above median
Return on assets7.9% · Top 25%
Net margin (12 months)14.5% · Top 25%
Operating margin (12 months)8.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)27.4% · Top 25%
Dividend yield (12 months)1.9% · Below median
Valuation Multiplesvs Building Products & Equipment median · lower = cheaper
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Is Finolex Industries Limited (FINPIPE) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of ₹157.21 versus a price of ₹144.66, about +9% upside (fairly valued).
What is the fair value of FINPIPE?
Our model-based fair value for Finolex Industries Limited is ₹157.21 (as of Nov 11, 2026), built from audited fundamentals. The current price: ₹144.66.
What is the quality score of FINPIPE?
Finolex Industries Limited has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Finolex Industries Limited (FINPIPE)?
Our model-based price target is the fair value of ₹157.21 (as of Nov 11, 2026) from 25 valuation models. Cautious scenario ₹103.14, optimistic scenario ₹233.37. It is a calculation from audited fundamentals, not an analyst target.
What is the Finolex Industries Limited stock forecast for 2026?
Our models put fair value at ₹157.21, about +9% upside versus a price of ₹144.66 (fairly valued). Cautious scenario ₹103.14, optimistic scenario ₹233.37. The calculation is refreshed regularly with new filings.
What is the revenue of Finolex Industries Limited (FINPIPE)?
Finolex Industries Limited reported trailing-twelve-month revenue of about ₹41.9B (latest available figure, as of Nov 11, 2026).
Does Finolex Industries Limited pay a dividend?
Finolex Industries Limited currently shows a dividend yield of 1.90% relative to its recent price (as of Nov 11, 2026).
How much is the dividend of Finolex Industries Limited (FINPIPE) and when is the ex-dividend date?
Finolex Industries Limited pays a dividend of ₹2.75 per share a year, a dividend yield of 1.9%. The last ex-dividend date was Sep 11, 2026. A dividend has been paid every year since at least 2002. The payout ratio is 28.0% of earnings. Free cash flow covers the dividend 0.96 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Finolex Industries Limited (FINPIPE)?
For today's price to be fair in a discounted-cash-flow model, Finolex Industries Limited would have to grow free cash flow by +31.9 % per year for five years (discount rate 12.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.5 % per year. As of Nov 11, 2026.
What discount rate (WACC) does the fair value of FINPIPE use?
Our models discount Finolex Industries Limited at 12.8 %: a base by market capitalisation (small), damped by beta 0.70, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Finolex Industries Limited that is +31.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.8 %) and the same formula as our fair value.
How much growth has Finolex Industries Limited (FINPIPE) delivered so far?
Over the past 5 years revenue at Finolex Industries Limited grew +3.5 % a year. The price currently implies free-cash-flow growth of +31.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Finolex Industries Limited (FINPIPE) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Finolex Industries Limited (+31.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Finolex Industries Limited (FINPIPE)?
The free-cash-flow yield on the price is 1.83 %: that much free cash flow Finolex Industries Limited produces per unit of market value. When it exceeds the discount rate of our models (12.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Finolex Industries Limited (FINPIPE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Finolex Industries Limited it is ₹157.21 per share (as of Nov 11, 2026), against a price of ₹144.66. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Finolex Industries Limited stock overvalued or undervalued in 2026?
As of Nov 11, 2026, FINPIPE trades below its calculated fair value: price ₹144.66, fair value ₹157.21, a gap of about +9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FINPIPE?
No. The price is what the market pays today (₹144.66); the fair value is what the company's own numbers justify (₹157.21). For Finolex Industries Limited the two are ₹12.55 per share apart. That gap is exactly why we show both numbers side by side.
How much is Finolex Industries Limited worth?
The market values Finolex Industries Limited at about ₹89.4B (market capitalisation, as of Nov 11, 2026). Per share that is ₹144.66; our models calculate a fair value of ₹157.21 per share.
What do the bullish and bearish scenarios say about FINPIPE?
Our models span a range for Finolex Industries Limited: cautious scenario ₹103.14, base ₹157.21, optimistic ₹233.37 per share (as of Nov 11, 2026, price ₹144.66). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FINPIPE?
Finolex Industries Limited trades at a price-to-earnings ratio of 14.7 (as of Nov 11, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹157.21 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2022 to 2026), reported earnings, FY2026 ex one-offs: 15.6. Other multiples: P/B 1.4, P/S 2.1, EV/EBITDA 13.1.
How solid is the balance sheet of Finolex Industries Limited (FINPIPE)?
Balance-sheet figures for Finolex Industries Limited (as of Nov 11, 2026): return on equity 9.0%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is FINPIPE from its 52-week high?
Finolex Industries Limited trades at ₹144.66, about 24% below its 52-week high of ₹189.95 and 5% above the low of ₹137.49 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of ₹157.21 is for.
Which stocks are comparable to Finolex Industries Limited?
From the same area (Industrials) we also value Johnson Controls International plc, Trane Technologies plc, Carrier Global Corporation, Compagnie de Saint-Gobain S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Finolex Industries Limited stock attractive at the current price?
The data as of Nov 11, 2026: price ₹144.66, calculated fair value ₹157.21 (+9%), Quality Score 59/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FINPIPE calculated?
We run Finolex Industries Limited through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ₹157.21 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Finolex Industries Limited currently trades 8% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Finolex Industries Limited (FINPIPE)?
The closing price on Nov 9, 2026 was ₹144.66. Our model-based fair value is ₹157.21, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Finolex Industries Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (₹103.14 to ₹233.37) leaves room in how you read the outcome.
Where does the earnings growth of Finolex Industries Limited (FINPIPE) come from?
Earnings per share at Finolex Industries Limited grew +12.3 % a year from 2015 to 2026. Broken into its drivers: revenue per share +5.9 %, EBIT margin +1.0 %, tax rate +1.3 %, residual (interest, one-offs) +3.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Finolex Industries Limited
How large is the market capitalisation of Finolex Industries Limited (FINPIPE)?
The market capitalisation of Finolex Industries Limited is ₹89.4B (≈ $952M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Finolex Industries Limited (FINPIPE)?
The price-to-sales ratio of Finolex Industries Limited is 2.14 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Finolex Industries Limited (FINPIPE)?
Earnings per share at Finolex Industries Limited are ₹9.82 (price ÷ EPS = P/E 14.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Finolex Industries Limited (FINPIPE)?
The dividend yield of Finolex Industries Limited is 1.9% (payout 28.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Finolex Industries Limited (FINPIPE)?
The net margin of Finolex Industries Limited is 14.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Finolex Industries Limited (FINPIPE)?
The return on equity (ROE) of Finolex Industries Limited is 9.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Finolex Industries Limited (FINPIPE)?
On an EBIT basis the return on assets of Finolex Industries Limited is 17.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Finolex Industries Limited (FINPIPE)?
The operating margin of Finolex Industries Limited is 8.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Finolex Industries Limited (FINPIPE)?
Revenue at Finolex Industries Limited is growing +27.4% versus a year earlier (3y avg −2.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Finolex Industries Limited (FINPIPE)?
Earnings per share at Finolex Industries Limited are growing −7.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Finolex Industries Limited (FINPIPE) carry?
The net debt of Finolex Industries Limited is ₹3.9B (fiscal year 2026, ≈ 2.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 11, 2026